Budgeting is only half the solution

Budgeting is only half the solution

Budgeting is good. Budgeting is great. Budgeting is a critical skill to acquire while you?re young if you hope to retire filthy rich. But in case you never pondered it, there?s another side to the creating wealth equation ? increase your income!

?I?m lucky to have one job. Where am I going to find another?? you say.

Oh ye of mundane thinking. You are not constrained to forever cash pay checks in the current amount. Stop thinking about limitations and start figuring out sideline careers/businesses to work during your down time. Here are a few ideas: author, internet marketer, real estate agent, investor. Use your primary job that you have right now to maintain your lifestyle and pour everything from the secondary income into increasing your net worth.

Investing in income property is a great way to go. Not only do you reap incredible tax benefits but you?re establishing a flow of passive income.

So clip coupons and micro manage that budget for short term disposable cash. Undertake a business endeavor where you don?t trade time for money on the side. That?s where the secret to creating a life of financial independence can be found.

The Young Wealth Team