How You Can Earn More and Spend Less

Two essential investment principles to achieve financial freedom.

Eva Keiffenheim, MSc
Jul 13 · 11 min read
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Linear vs. Exponential Growth (Source: Wikimedia Commons)

6 Ways To Earn More Money

1) Do great work, then renegotiate your salary.

You only get what you dare to ask for. And you only dare to ask for things, you’re confident you deserve.

How to apply this advice:

You want to ask for so long until you figure out what you can do to make your employer more successful.

2) Be intentional on how you spend your time.

Time is money. Yet, we give away our time without thinking about it. Or as Seneca puts it,

How to apply this advice:

Build default options that protect your time instead of robbing your time.

3) Visualize your financial goals.

Many people want to change their financial situation but fail. Instead, they find themselves in the same thought pattern over and over again.

How to apply this advice:

Take seven minutes to answer the above questions. Then, browse through google or Pinterest to find pictures that represent your goals. Print the pictures or make a collage to save them as your wallpaper.

4) Diversify your income streams.

It’s easier to make more money by diversifying your income streams than to increase the one income stream you have.

How to apply this advice:

If you already started a side hustle, execute. If you’re clueless, listen to Chris Guillebeau’s Side Hustle School Podcast, where he shares the ideas of >100 entrepreneurs.

  • Sell Photos & Stock Footage on Websites like Shutterstock, iStock/Getty Images, and Fotolia
  • Offer language courses online
  • Sublet your apartment on AirBnB

5) Invest in yourself.

Investing in yourself will change your self-worth. Or as Benjamin Franklin put it:

How to apply this advice:

Buy books and read every day. Set 50$ aside every month to invest in coaching sessions, networks, online courses, or masterclasses.

6) Have a clear WHY you want to earn more.

Striving for wealth for the sole purpose of accumulating money isn’t sexy.

  1. What is different from nowadays?
  2. Why do you want to have ______ (fill in answer from 2)?

How to Apply this advice:

Take a pen and a piece of paper, set a timer for 10 minutes. Start scribbling your answers and only stop writing when your timer rings. Then, go back to your answers and highlight your quintessence.

4 Ways To Spend Less Money

1) Spend more quality time with friends

Many people waste their youth climbing the corporate ladder. Workaholics trade lifetime for high paychecks. And after working long hours, they feel they deserve some material stuff.

How to apply this advice:

Avoid long working hours that leave you with nothing but money and void.

2) Meditate daily to find joy within you

In our Western world, we think doing comes before being. We need to engage in stuff to increase our self-worth.

How to apply this advice:

Download and install Calm, Headspace, or Insight Timer, to get started. If you’re an experienced meditator, consider joining a donation-based Vipassana course.

3) Sleep a night before buying >20$ consumer goods

Advertisements are incredibly good at suggesting what we should possess. However, we don’t need most things you buy. Or, as Dave Ramsey puts it:

How to apply this advice:

Research popular minimalist advocates such as Leo Babauta, Matt D’Avella, and Joshua Fields Millburn & Ryan Nicodemus.

4) Track Your Spending Habits

We sometimes spend money on things we don’t need without even realizing it. By tracking what you spend your money on, you’ll get better at spending less.

How to apply this advice:

Analyze how you spend your money right now. Apps like Mint, Monefy, Wallet, or Goodbudget can help.

The Bottom Line

Your salary won’t make you rich, but your spending habits will.

  • Treat your time like money and spend it with intention
  • Visualize your financial goals whenever you can
  • Diversify your income streams by starting side projects
  • Read more and invest money in yourself
  • Find your reason for working more
  • Meditate to find the abundance within you
  • Think twice and sleep a night before buying new stuff
  • Track your spending habits and cut down things you don’t need

The Ascent

A community of storytellers documenting the journey to happiness and fulfillment.

Eva Keiffenheim, MSc

Written by

Entrepreneur | Professional Writer | Education Specialist | Founder | Let’s connect: https://evakeiffenheim.ck.page/1ad123c0e1

The Ascent

A community of storytellers documenting the journey to happiness & fulfillment. Join 138,000+ others making the climb on one of the fastest-growing pubs on Medium.

Eva Keiffenheim, MSc

Written by

Entrepreneur | Professional Writer | Education Specialist | Founder | Let’s connect: https://evakeiffenheim.ck.page/1ad123c0e1

The Ascent

A community of storytellers documenting the journey to happiness & fulfillment. Join 138,000+ others making the climb on one of the fastest-growing pubs on Medium.

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