When it comes to getting ahead financially, there are two main schools of thought. First, you can hack your expenses to save more – perhaps cutting cable television, brown-bagging your lunch, or riding a bike to work. By saving more money, you'll have more money to invest.
If that kind of sacrifice sounds awful, you can focus on the other side of the spectrum – earning more - instead. With more money at your disposal, you have more freedom, more choice, and more opportunities to build wealth without living frugally or going without.
12 Money-Making Ideas Financial Advisors Wish You’d Try
While either strategy is a good one, I tend to believe earning more money is a smarter long-term goal. You can only cut your expenses so much, right? On the flip side, your potential to earn more money is only limited by your level of skill, your creativity, and how much time you have.
And, let's face it; securing multiple income streams is never a bad idea for anyone, nor is learning a new skill or tackling a new business idea.
If you want to boost your income, increase your savings rate, and free up more cash to invest, these money-making strategies from financial advisors can help:
#1: Monetize your fitness.
If you’re especially fit and into a fitness regimen such as CrossFit, it’s possible to turn your love of exercise into a profitable side hustle. Getting certified as a personal trainer or aerobics instructor isn’t that difficult if you have the skill and the time, says Orange County Financial Advisor Anthony Montenegro.
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