When venturing out into the online world of personal finance, you’ll find a diverse mix of blogs and websites espousing different types of financial advice.
First, there’s the “earn more” crowd of bloggers who praise the virtues of investing and career advancement. In addition to giving solid investment advice, they sometimes advocate strategies involving high risk for big returns.
Second, you’ll find an array of bloggers planted squarely in the “spend less” crowd. These blogs make cutting costs into an art form. They may even make their own laundry detergent or buy their kid’s birthday presents at garage sales.
You’ve probably also stumbled across the early retirement crowd. And keep in mind, “retiring early” means different things to different people. Some bloggers in the early retirement crowd have retired as young as 30 years old. Sound impossible? I assure you that it isn’t. Although this lifestyle can’t be achieved by everyone, it can be done if you make the right decisions at a young age.
How to Get Rich Slowly
Diversity. That’s what I love about the Get Rich Slowly mentality. As a long-time reader and current staff writer, I enjoy the fact that we share a variety of different viewpoints. After all, why should anyone have to subscribe to only one personal finance philosophy?
Why should you have to choose between earning more and spending less? Wouldn’t it make sense to try to do both? The fact that you’re reading Making Sense of Cents means that you’re searching for ways to get ahead.
If your personal finance philosophy isn’t extreme, it’s quite possible that taking a balanced approach is your best bet. And you don’t have to knit your own underwear or invest 90 percent of your income to get ahead. In fact, there are many smart and subtle ways to get rich slowly that don’t involve any extreme measures on your part.
Get Rich Slowly By Earning More
Earning more is a great idea, right? Of course it is. However, boosting your income may take some creative thinking. Current economic conditions dictate that getting a raise from your employer may be a challenge.
Looking for a second job is always an option, but doing so may mean giving up more than you gain. So, what are some other ways to earn more?
Sell things you don’t need to help get rich slowly. Selling unneeded items is an extremely easy way to add to your bottom line. All you have to do is take inventory of your possessions and determine which items you no longer use. Once you’ve determined what you no longer need, you can choose to sell your stuff in a variety of ways. Some of your options include having a garage sale, auctioning them off on eBay or selling them yourself on Craigslist.
Chase credit card reward offers to get rich slowly. It may sound crazy, but credit card rewards are a great way to earn some extra money each month. If you have a high enough credit score, one of the easiest ways to earn some extra cash is to churn credit cards for sign-up bonuses. Most credit card sign-up bonus offers require that you spend $1,000 to $3,000 within a time frame of usually three to six months in order to earn the reward.
Since sign-up bonuses can range anywhere from $100 to $500, it can definitely be worth your time and effort. Of course, paying interest on your balance may cancel out any advantage, so it’s important to pay your balance in full every month.
Start a blog. One way to start earning some side income is to start a blog. Although Michelle has definitely made it look easy, starting a blog can take some serious time and effort.
The great thing about starting a blog, however, is that it doesn’t cost much to take the plunge. Depending on what your needs are, you can get your blog up and running for as little as $100. The fact that it costs so little to get started makes turning a profit that much easier. Read here to see Michelle’s tips on starting a blog of your own.
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Get Rich Slowly By Spending Less
If you’re having trouble earning more, one of the best ways to start getting ahead is to start spending less. If you think about it, cutting your spending is like giving yourself a big fat raise.
The more you cut, the bigger your raise will be. Of course, cutting everything out may not be the answer. You still have to eat, take care of your kids and pay for basic living expenses. Fortunately, there are a lot of fairly painless ways to cut your spending and increase the amount of money you’re able to keep.
Reconsider all of your expenses to get rich slowly. Put everything on the table. This may mean renegotiating your cable television package or canceling it altogether. Do you really need a landline? How about a second car? You should also take a close look at how much you’re going out to eat and how much you’re spending on groceries. When it comes to cutting expenses, the possibilities are great.
Re-evaluate your insurance needs to get rich slowly. Due to increased competition, it’s possible to save a significant amount of cash on your various insurance policies just by switching to another company. You may also consider changing your deductible or signing up for special promotions in order to get discounted rates. For instance, certain insurance companies offer policy discounts if you sign up to get statements by email.
Stop keeping up with the Joneses. Although this is vague advice, not keeping up with others is one of the best financial moves you can make. Trying to compete with neighbors can completely wreck your financial future, and it’s important to stop outsiders from influencing your spending. If you’re experiencing consumer envy due to the possessions of family or friends, try to remember that their financial position may be completely different than yours — for better or for worse.