No matter where you are in your financial journey, you would love to turn your financial status around and have money in abundance so that you can buy everything that your heart desires. There are a few things that you can do in order to obtain or own money in abundance. This, however, does not come without a few sacrifices.
The human brain is currently trained in a way where no matter how much money you earn, it seems like it is never enough. One of the reasons for this is because we fear the future and want to be prepared for anything and everything. Be it based on assumptions about inflation or the stock market, fear of losing your job or even fear of death, all these fears are about an event that may or may not occur in the future.
People who live in fear can never be satisfied no matter what. It is indeed detrimental to their own well-being. No amount of money will allow them to sleep soundly at night.
There is another sect of people who require instant gratification. They find it difficult to wait in order to obtain what they want. These people generally tend to be shopaholics and compulsive spenders.
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Such thoughts and beliefs may lead to a self-defeating behaviour. Fear is always at the heart of such thoughts : fear of failure, future or of missing out. One must recognise these in order to achieve financial freedom. You must adopt a positive mentality and think about the present. This can only happen from understanding that there is plenty of money, love and time. There is plenty for all now and there will be plenty tomorrow as well!
How to master the art of having money in abundance?
Unless you already make tons of money and spend like a bon vivant, most people just cannot eke out that much more from their budget by trimming their expenses. Living a frugal life will only help to a certain extent. Other ways to achieve this target and reach the state of financial independence will be the focal point of this blog.
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There are two broad ways in which you can have abundant money. One way is to earn more money and the other is to save more money. The ideal way would be a mixture of the two where you earn a lot and save a lot of money at the same time while doing your best not to sacrifice too much and live comfortably.
How do you earn more money?
It’s always good to dream about earning more money than what you do currently. However, having a mindset that you always need more only means that you are greedy. You just need enough to live your life and save up a little more for the next generation. You should not only have a legacy for your assets but also your knowledge! Here are some ways by which you can earn more money.
1. Change your job
The best way to boost your earnings is to change your job. Go to a company that wants you but isn’t sure if it can get you. However, if you are very happy with your current job or if it is something that you are passionate about, don’t quit the job. Happiness is superior to Money!
2. Request a raise
Getting a raise is an excellent option especially when you want to stay in the same company. It is also very convenient since it requires you to put in the same amount of effort and time for more money. It is very tricky to ask for a raise, so you’ve got to make strong points stating why you deserve it.
3. Freelance
Freelancing happens to be the next best thing to earn more for your full-time work, because professional work pays a lot. You can also earn by teaching what you already know for money. Maybe even monetise your passion projects. If you’ve got a large social following, become an influencer and promote other companies!
4. Become the master of auctions
Go for auctions, buy stuff that you can afford. Later, sell it to someone who needs it for a higher price. As it is said, one man’s trash is another man’s treasure! Maybe become so good at it that all your profits can be invested in savings or elsewhere. Make your money work for you from there.
How do you save more money?
Saving money, the most common advice that anyone can ever give to you, is easier said than done. Everyone tends to overspend for a variety of reasons, and of course there may be reasons that are unavoidable for such a massive spend. However, there are certain things that you can take control of and cut down on in order to save more money. Here are a few ways by which you can do it.
1. Reduce monthly expenses
One way to save is by deciding where you’d like to save money on a monthly basis. You can start off by scrutinising your subscriptions. Ask yourself — when was the last time you actually used the product or service, is it worth the money, is there a cheaper alternative, is it something you can’t live without? These can determine whether you should remain subscribed or not. Work out at home instead of paying for a gym membership if you aren’t able to go regularly. If you aren’t watching cable TV often, stop paying for it if you can find it online later. Check your cell phone service plan. If you aren’t utilizing all the services, opt for plans that have exactly what you need. Maybe even get a cheaper internet plan.
2. Saving on major expenses
It is too obvious, where you live is one of your major expenses. If you’re renting an apartment, try to move out to a cheaper place where you have enough room to sustain yourself. Get a bike if you travel alone often instead of using your car. You can save on fuel. Get insurance for almost everything from house to health. Don’t clutter your house with appliances you don’t use often, however make sure you maintain your appliances well so they don’t need repair often.
How else can you save money easily?
Finin can help you save up enough while living your life comfortably. With features such as budgeting, goal setting and hyper-personalised experience we’re aiming to build an outstanding Neobank in India.
With the aim of making India a more financially literate country, we work towards helping you start managing your finances better as well as aid you to save more without having to make drastic changes to your lifestyle. We offer multiple services to help you make smart financial decisions. It’s not too late to move to a neobank.
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