This is the final installment of this series, and I trust that it has been helpful to you! This final one is one that I am very passionate about.
#5 – Start A Successful Business
Of course, this is easier said than done. However, if you look around, there are TONS of successful businesses and someone started them! Why not you?
Do you have a marketable skill set? Do you have an idea that would allow you to serve customers in ways that they have never been served before? What can you do that people would recognize value in and be willing to pay for?
A business can allow you to win with money and put several zeros behind it! Starting a business can be one of the most rewarding things a person can do. It certainly has been that way for me!
This next part of this series can be painful, but the end result can be worth it!
#4 – Sell Possessions
What do you have that you could sell?
- Camera equipment
I have no idea what you possess, but it might make sense to sell it if you are flat broke! Let’s face it, no one likes to sell their stuff. We like stuff. However, if that stuff is preventing you from winning financially, it is time to wave goodbye to it!
Don’t worry, you will be able to buy it back later once you have began prospering – and probably at an incredible discount!
We’re continuing in this series “Top 5 Ways To Gain Financial Margin” and this next method can be tiresome and time-consuming, but it can be the springboard to substantial financial margin.
#3 – Increase Income
This seems obvious, but so many people do not even consider it! There are multiple ways to increase income – and while some of them might sound enjoyable or desirable – ANYTHING is better than living BROKE!
- Work overtime at current job
- Negotiate a pay raise
- Obtain a 2nd job
- Start a side business
- Invest something
- Write a book
- Dig up small trees in the ditch and sell for $3 each
- Rent out a part of your house
Anyone can do one or more of these, and it will increase income.
WARNING: If you do not have a plan for the extra income, it can very easily end up being spent. Be sure to be diligent and prepare a plan BEFORE spending any of it!
We are continuing in this series of “Top 5 Ways To Gain Financial Margin” and this next part takes a little while, but it is SO WORTH IT!
#2 – Eliminate Debt
Most people have no idea just how much of their monthly income goes to service debt. They have the obvious debt payments for their car or furniture, but they also have loans that are automatically paid via on-line bill-pay services or through payroll automatic deduction.
Do YOU know how much of your money is being sent to a lender each month? If you have debt, I recommend that you stop right now and add it up. The car, credit cards, student loans, 401(k) loan, furniture debt, personal debt owed to another person, and the house. Seriously, use this tool to add up how much you owe total and the amount of money you are paying to the lender each and every month.
NOW – consider what life would be like if you were debt free. ALL of that money would now be available to you to pursue so many other things and dreams. You could bless your family and so many others in need. And … you could breathe more easily.
Even just paying off a couple of debts can create substantial financial margin and breathing room.
Welcome to the latest series on the wildly popular JosephSangl.com – “Top 5 Ways To Gain Financial Margin”
Financial margin is something we all want and need in order to stay focused on the far more important things in our lives!
#1 – Reduce interest rates on existing debt
This escapes many people because the interest rate of debt is usually “out of sight – out of mind”, but it could very well be the greatest one step you could take to gain financial margin.
I highly recommend that you use our free tool – the “Actual Cost of Debt calculator” to determine just how much your debt is costing you – be sure to find out your actual interest rates so that the numbers will be accurate.
Here are two areas I where I see people save tons of money by reducing their interest rates.
- Mortgage Interest Rate For every $10,000 finances, a 1% reduction in interest rate will save $100. So if you have a $150,000 mortgage and could lower your interest rate by 1%, you will save $1,500 per year in interest – $125 per month! I encourage you to use CNN’s Refinance calculator to see what refinance deals would work best for you.
- Credit Card Interest Rate This is where I typically see ridiculous interest rate charges that are simply not necessary! Consider $6,000 in credit card debt at 21.99%. That will result in interest charges of nearly $1,300 a year. This is why I am such a fan of 0% Balance Transfer Credit Card offers and maintain a list of offers on this website. If that $6,000 of debt were moved to a 0% balance transfer credit card offer, that incredible amount of interest would actually be applied to debt reduction!
Here are other areas to look at – vehicle loans, medical debts, furniture loans, personal loans, payday loans, 401(k) loans, and any type of loan where interest is being charged.