Getting your personal finances in order isn’t complicated. That’s not to say it’s easy, but for most people it’s not hard.*
- Spend less money than you make
- Invest that difference
- Eliminate/avoid debt
Make a habit of these things and your finances will be on autopilot. Run on autopilot long enough and you’ll #GetRichQuickish. It just takes a bit of time, and this is where it gets hard. For me the most difficult part of personal finances is the waiting game.
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Hurry Up And Wait
Depending on where you’re at in your financial journey, waiting can take YEARS! And that can be excruciating.
Once your personal finances are on autopilot financial freedom becomes a waiting game & I don’t have time for that.
Need to boost my income
— Ty Roberts (@GetRichQuickish) November 12, 2017
There are really only two things you can do to shorten the waiting game:
- Cut back on your expenses
- Earn more money
Cutting expenses is great example of the personal finance multiplier effect in action because it means you need to save LESS money to reach your long term goals while simultaneously allowing you to save MORE money each month so that you can reach those goals faster.
Here are some creative things I’ve done to save money.
Earn More Money
Reducing your expenses makes an immediate impact on your finances, but there’s only so much you can cut from your budget. On the other hand, earning more money takes time but there’s no limit to how much you can make.
Of course earning more money doesn’t help you reach financial independence unless you use it to pay off debt or put it to work by investing it, letting it grow, and shaving YEARS off of your working career.
Here are some side hustles I’ve done to make more money.
Once your finances are on auto pilot, all that’s left to do is hurry up and wait. For me this stage is both hard and great. Hard because I’m impatient and want to Get Rich Quick’ish. Great because being on autopilot frees up time for you improve your situation, work on your passions, and plan a better future.
Is it hard for you to hurry up and wait? Are your finances on auto pilot? Have I overlooked something that could be done to shorten the waiting game?
* I get it – there are times and scenarios when finances are complicated and significantly more difficult (you’re unemployed, going through a divorce, have a failing business, etc.). If you’re in one of these situations then I truly feel bad. I’ve been there and can empathize. Hang in there!