If you’ve been thinking of ways to add more cash to your stash, but you’re not sure how to get started, we’ve got some advice for you. Your first step toward improving your finances is adjusting the way you approach your money. Certain types of people make more money than others. Are you one of them? Here are the types of people making the most money in 2016.
Multitasking has gotten a bad rap, but it’s actually a good thing when it comes to creating wealth. What we’re talking about here is having multiple income streams. The more streams you have, the better. Generating additional income each month can transition you out of the paycheck-to-paycheck lifestyle and help you move toward financial independence.
Author Robert G. Allen says it’s smart to put yourself in a position where you have other sources of income to tap in the event you lose your main income source. “It’s a volatile future, and you’d be wise to have multiple streams of income flowing into your life. Prosperous people have always known this. If one stream dries up, they have many more to tap into for support,” said Allen in his book Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth.
Another key to turbocharging your wealth is becoming your own boss. Entrepreneurship is the way to go if you have hopes of becoming a millionaire one day. So let those creative juices flow and think of ways you can use your talents to make additional income. We’re not suggesting you quit your job tomorrow and immediately realize your startup dream without a plan, but we do suggest carefully thinking out your next steps and going slow before you dive into your entrepreneurial pursuits. You could start a side business that you nurture after work and on the weekends, or you could take a hobby to the next level and start charging for your services. The possibilities are endless.
Do you go to work, put in your time, and then go home? Then you’re missing out on opportunities that could change your financial future. The movers and shakers will be the ones to realize their income potential. Forming and staying in touch with a solid career network can not only help you brush up on your social skills, but also lead you right to your next job opportunity. So stay connected and engaged with those who can help you move forward. The key, however, is to make sure you work on developing genuine relationships with your network. Be sure to demonstrate an interest in each person’s life and work — not just what he or she can do for you.
Authors Keith Ferrazzi and Tahl Raz emphasize that networking is an integral part of success in life, career, and ultimately finances. “‘Networking,’ once a dirty word, has become the lingua franca of our times, acknowledged as an inherently human pursuit — not ugly or exploitative, but inherent to the forces of reciprocity that drive human development and a collaborative economy,” said Ferrazzi and Raz in the book Never Eat Alone And Other Secrets to Success, One Relationship at a Time. “Today’s most valuable currency is social capital, defined as the information, expertise, trust, and total value that exist in the relationships you have and social networks to which you belong.”
Most personal finance publications and experts will tell you the same thing: Save your money. You may reason that you have plenty of time to save, but you really don’t. Your next financial emergency is likely waiting around the corner. Besides being prepared for an emergency, another benefit of actively saving your cash is you can make some money while you save. Doing some research and shopping around for the best high-yield savings account can pay off in the long run. One good place to start your search is by taking a look at NerdWallet’s list of top high-yield savings accounts. (Rates may have changed, so make sure to check with the bank for updates.)