Know Your Worth..!

Posted by Rochelle Davis on

Realistically, life can get expensive! Here are a few suggestions to make you feel more confident about stepping into the life you’ve always wanted. The average millionaire has seven streams of income. The idea of being a millionaire is, naturally, very desirable and would nearly guarantee the luxury and extravagance that so many crave. Living comfortably is a common goal shared by most if not all Americans and working people everywhere. Ideally, people want the maximum pay for minimal use of resources, work, or effort. If we cannot have that, we will accept, as a close second, being paid to do the things we love and are passionate about.

Is there an actual income benchmark that will guarantee the life you desire? Every social media outlet to be named is filled with quotes and images of inspiration and motivation encouraging us to pursue our passions and never give up! These admonitions are edifying, however, a common conception about business is that “It takes money to make money.” After reading this article, hopefully you will not find it so far-fetched that one can live quite comfortably and maintain a healthy credit score with any family size, income, or demographic.

At the core of this conversation is quality. Having good credit provides access and resources that improve the quality of our lives and mobilize us to do the things we want to most with the people we care for most. Naturally, what is comfortable of one may not be for the other. Family size, geographic location, and cost of living, are just a few factors impacting what it takes to live comfortably. However, what we do all have share is the fact that, unless you were born into wealth, you likely spend your time trying to strike a balance between the time you spend making a living and the time you spend actually living!

Nevertheless, there are a great many who do not seem to have an overwhelming yearning to accumulate wealth far beyond what they require to support a comfortable life for themselves and their families. In fact, more often than not, what many people really desire is the liberty that comes with no longer needing to trade time for money. Ultimately, what defines luxury for the majority is to simply reduce the amount of time spent trying to make money.

  • Millionaire Money: Earning a second income to supplement your salary and add a little luxury to your life sounds great. The only question is where and when will I find the time? Most people have a lot more time than they think. We tend to fill up our schedules with unnecessary duties, errands, and chores. If you stop and think about what is truly important this will help you prioritize your schedule and carve out time to earn some additional income. If you have any specialized skills, knowledge, or expertise you may consider occasional contract work. Alternately, you may simply enjoy a fun retail position that come with other added perks like discounts! 
  •  Rent vs. Own: When you’re thinking of buying, plan…plan…plan! There’s no reason to rush into a mortgage or property purchase. If you cannot comfortably handle the down payment, closing costs, and annual taxes don’t sweat it. It may not be time for you to buy. When you do buy, try to make a habit of paying “mortgage and a half”. By that I mean pay one half mortgage payment more than you are required. For example, if your payment is $800, pay $1200 to burn your mortgage early and free up your future income! A little discipline now can lead to a lot more freedom later. 
  •  Decrease Your Driving Distance: If you live far from your current job you may want to consider a move. Cutting your commute will increase your quality of life by reducing the stress and anxiety associated with driving in traffic. You will also save on gas and vehicle maintenance.  
  • Give It Away!: This may seem counter intuitive. But, hear me out! Luxury is not just about labels and digits on a paycheck. It is also very much about living your best life and doing the things that make you most happy and fulfilled. While volunteering will not earn you money, it’s a great way to incorporate doing something you enjoy and helping others all at once. Also, the skills you acquire can always be added to your resume and may even give you an advantage for future opportunities.

These simple steps are may encourage or even compel you to begin moving towards your best life, beginning with your credit!

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