You might feel it’s impossible to grow your wealth because you believe you have to spend money to make money. But it’s not–just look at the dozens of celebrities who made it big despite coming from nothing. Nicki Minaj, Viola Davis, and of course, Oprah Winfrey are just a few names that went from rags to riches. The truth is you can make money whether you’re already rich or starting from zero. Here are 10 things you need to know about spending money to make money.
Money doesn’t make money, you do
Nicki Minaj, Viola Davis, and Oprah all got to where they are today because of their skills and talents. They didn’t have rich families bankrolling their careers, yet they still found success in their relative industries. Minaj is one of the best-selling rappers of all time, Davis is an award-winning actress, and Oprah is, well, Oprah. Like these women, you can find success and riches if you develop your skills and leverage them.
There are dozens of skills that are in demand in today’s job market. Thankfully, you can learn many of them completely remotely and, in many cases, free of charge! Here’s how you can learn some skills for free to get a high-paying job and boost your net worth.
Visit your library
Technically, libraries aren’t free since you’re paying for their maintenance with your taxes. However, that means you are entitled to access public libraries and all the books they have in them. Some of these books can have useful information and tips on various topics, like programming, personal finance, and more.
Speaking of personal finance books, here’s an article of mine about the best books to read for beginner investors. Be sure to drop by your library and see if you have them if you have the time!
Coursera, Skillshare, YouTube, and more
It’s no secret that the internet has opened up many ways to learn new skills. Online education platforms, like Coursera and Skillshare, have made learning incredibly accessible. Even YouTube, with thousands of hours of free content, has become an avenue for tutorials. You can leverage these education platforms and get the promotion (or new job) you’ve been needing. Free education from these websites proves that you don’t have to spend money to make money.
Talk to your peers
Got a relative or a friend who’s been seeing success in their field? You can always sit down with them and ask for some important advice. More often than not, people will be happy to share what they learned with others.
8 Investments that can help you make more money
You don’t have to spend money to make money. However, you can spend money to make even more money. You can earn some lucrative gains by investing your money in the right areas. Here are eight investments you can make that will help you make more money.
Education and coaching
While much education is free, as I’ve mentioned, there are some reasons you may want to pay for higher education. For example, if you want to enter a field that requires a degree or learn better in a traditional environment.
Additionally, while personal finance books and other resources can give tips, they tend to be general. The best way to get a better understanding of your financial situation is to have an expert look at your specific situation. This way, you can have a plan that’s tailored to you and your own personal goals.
Buying in bulk
I promise this isn’t a paid sponsorship, but do you know why people buy Costco memberships? A bulk purchase from Costco plus an annual membership tends to be cheaper than buying from a regular supermarket. You get more for your dollar when you buy in bulk rather than buying individual items repeatedly.
Quality clothes
When investing in your wardrobe, you want pieces that will hold up over time. For example, spending $40 on a jacket you’ll be wearing for years is a good purchase. You’re freeing up that money for other avenues by spending less money on clothes.
You don’t have to go broke to look expensive. I have a guide on how to look stylish on a budget. Check it out if you want to learn more!
Quality appliances
Have you ever had a fridge, oven, or dishwasher break on you? It’s incredibly inconvenient and will cost a lot of time and money if it’s out of warranty. You’re investing in better longevity and peace of mind by buying quality appliances.
Traditional investments
Stocks, index funds, bonds, and other assets are always good options to help you earn more money. Doing your research before investing in them is important, as there are key differences between investments. For example, stocks can be lucrative, short-term investments but profiting from them requires time and research. Meanwhile, index funds are stable, hands-off investments that help you earn more money over time.
Your own small business
If you have the time and the passion, starting a small business could be a great way to grow your money. It doesn’t have to be an enterprise. 99% of businesses in America are small businesses.
Whether you’re selling products or services, every business needs capital. In this case, you actually do have to spend money to make money.
Your retirement fund
Investing in your retirement fund is one of the best things you can do with your money. This is especially true if you do it as early as possible because of compound interest. Once you’re 60, you’ll be thankful that you chose to invest in it when you did.
There are different retirement funds, like the 401(k) and the Roth IRA. Check out my article on the different retirement funds if you want to learn more about them.
Yourself
Just like I said, money doesn’t make money; you do. Remember to pay yourself first by setting money aside in your savings, whether for a purchase or a rainy day. You also have to take care of yourself, because if something happens to you, you can’t earn money.
This includes mental health. Take vacations and treat yourself to dinner. Investing in your happiness is one of the best things you can do with your money. It’ll keep you motivated to earn more.
What if I told you there’s a way to get even more tips, and for free? All you have to do is sign up for the money squad. It only takes a few seconds, and as a member, you’ll receive potentially life-changing financial tips every week. Sign up today!
