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Essential Guide to Financial Freedom

If you have big financial goals or desire to be financially comfortable, you may need more money than you make at your 9 to 5 job. Today it’s easier than ever to make additional money. You can start a few side hustles, ask for a raise, or learn how to invest.

It’s not hard to make additional money but also how much you save and keep. Side gigs allow you to take advantage of tax laws and reduce taxes from your 9–5 job (look for my upcoming article on tax savings). It just takes some forethought and effort. Here are several ways to make additional money to reach your financial goals.

Side hustles are ‘jobs’ you start yourself and they could be online or in-person. Think about your passions or things you excel at and make a side gig out of it. How much you make depends on the quality, speed, and complexity of the work. For example, if you complete a complex task with high quality work and on time, you could expect to generate more money. You can also generate more money by working on smaller easier tasks but with high volume. Few popular side gigs can be online, such as:

· Freelance writing

· Graphic design

· Data entry

· Completing online surveys

· Writing an e-book

· Creating an online course

· Starting a blog with affiliate marketing

If you’d prefer to stay off the computer and do something in-person, consider:

· Dog walking

· Driving for Uber or Lyft

· Shopping for Instacart

· Babysitting

· Cleaning houses

With side hustles, you are the boss. You set your hours and how much money you want to make. You can work as little or as much as you want. You could expand your side gig to a full-time business, once you establish yourself. As mentioned above, there are tax-saving and advantages that help you keep more of your hard-earned money. If you are not comfortable using some of the tax strategies (see my upcoming article), then remember to set aside at least 20% of the money you bring in for taxes.

Sometimes making additional money starts at the job you already have. If you don’t think you’re making what you’re worth, ask for a raise. This may be the most anxiety-provoking option, but it’s the most convenient option to make more money. The key is asking for a raise the right way. Use these steps:

· Do your research: Know the average salary for your position. How does your salary compare? If you’re making less than the average person in your area, gather your evidence.

· List your strengths: Go into the meeting with your boss prepared. List the reasons you think you deserve a raise besides that you make less than others in the area. What are your strengths? What accomplishments have you made that benefitted the company? And most importantly what value your strength brings to the company.

· Schedule a meeting: Schedule a time to talk to your boss rather than springing the idea on him or her. Let your boss know you need ½ hour of his or her time and undivided attention. This gives you time to present your case and explain why you feel you deserve a raise. Keep a positive and good attitude, even if you don’t like what you may hear from your boss. It will pay off later.

· Be patient: Your boss may not be expecting the request for a raise or may have to ask higher-ups for approval. Present your case and then let him or her do the job to determine if a raise is in the budget or applicable for your position.

If your company won’t give you a raise, look for a new job. This may take time, especially if you work a unique job. Don’t quit your job and then look for a new one. Looking for a new job while employed is the best option. Don’t jeopardize your current job while looking. Do your research at home, and prepare your resume. If you don’t have an updated resume, do that first.

Look at other resumes online to see what may have changed. If it’s been even a few years, your resume needs updating. Make it as modern and informative as possible. Next, send your resume out to as many companies as possible.

While you wait, practice interview questions. Google the most common questions interviewers ask and say the answers out loud. You’ll feel comfortable if you’re prepared.

If you receive an offer, compare it to your current salary and benefits. Your benefits are a part of the financial aspect too. Look at things like:

· Health insurance

· 401K benefits

· Stock options

· Paid time off

· Tuition reimbursement

· Adoption assistance

Investing your money is a great way to make additional money. When you invest, you make your money work for you (instead of you working for money). The earlier you invest, the more your money can grow. It is called the power of compounding interest. There are many ways to invest your money including:

· Savings accounts: This is the least risky investment. You’ll also make the least amount of interest. Savings accounts are best for emergency funds or reserves. Look for an online high-yield savings account to make the most interest. This is a low-risk, lowest option.

· Certificate of Deposits (CDs): CDs are a step up from savings accounts. They aren’t risky but pay more interest if you choose longer terms. CDs are available in terms of 3 months to 10 years. Choose the term you can leave your money untouched. If you withdraw early, you’ll pay a penalty. This is a low-risk, lowest option.

· Bonds: Bonds are riskier than bank accounts, but low risk. You’ll earn a fixed rate of interest on them. You may earn interest quarterly, annually, or at maturity depending on the type of bond. Make sure you re-invest the interest for even more explosive growth. This is a low-risk, low-medium return option.

· Stocks: Stocks are the riskiest but most rewarding investment. You buy an interest in a company. Some stocks pay dividends (parts of their profits). The goal is to sell the stocks at a price higher than you paid for them, after holding on to them for a period of time. If you are a value investor and want to hold on to the stock, make sure you understand the company's financials and understand the business. Don’t invest based on your emotions, news, or friend’s tip. This is a high-risk, high return option.

· Exchange Traded Funds (ETFs) and Mutual Funds: If investing directly in stocks scares you, consider a diversified fund like an ETF or mutual fund. They pool funds to invest in various assets including stocks and bonds. They typically mimic the returns of an index like the S&P 500. Just watch the expense ratios on ETFs and mutual funds. One of the most advised approaches is to buy S&P 500 index fund, add to it with your new side hustle, re-invest the dividends, and watch your money grow. Historically, S&P 500 index has an average return ofabout 10% annually. This is a medium risk, medium return option.

· Real Estate: If you stashed enough money for a down payment, you can invest in rental or commercial property. You must do your homework before investing in real estate and it will require active supervision. If you are not a hands-on type, you could invest in Real Estate Investment Trusts (REITs) which are companies that own or finance income-producing real estate across a range of property sectors. REITs have decent dividends and are an alternative option to buying real estate, especially if you do not have enough funds.

Find ways to make additional money today. Any money you make should be invested. Whether you put the money in your savings account, CD, or invest it, let it grow.

The earlier you invest your money, the more it will grow. Think about your goals and find ways to achieve them. If your goals are long-term (retirement), invest aggressively. If they are shorter-term (buying a house or car), invest conservatively. Either way, you’ll come out with the money needed for your financial goals. Don’t put all your eggs in one basket. Diversify your additional income and watch how easy it is to achieve your money goals.

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