Money Is A Tool
Money is often associated with greed, and corruption (Thanks Financial Crisis of 2008 and the $7.7 TRILLION bank bailout) but it’s simply a tool that we can use to gain freedoms and choices. Consider a brick. You can use it to build a house, or throw it, and break a window. As creative entrepreneurs, we need to adopt a more positive relationship with money so that we don’t sabotage our own success by our sheer aversion to it. This leads to weakness is pricing our products and services, under-education on money management, and even guilt for being paid for our goods and services. Evilization of money will cripple you in business. If it helps, think of all the good things that money does in the world. Check out the world-changing work of the Bill and Melinda Gates Foundation for a start. Prepare to feel good about money!
Money Isn’t The Best Way To Get Rich
Have you known someone with lots of money, but little joy? Me too! Being an entrepreneur since age 19, I’ve had times with plenty of money, and I’ve had less than zero money after one of my businesses failed. Having a negative amount of money was painful, but it opened my eyes to what was really valuable in my life. It wasn’t a single possession. In fact, I sold quite a few possessions in order to pay my bills. At that time, I had nothing in the bank, but I realized I was very, very rich. The things that I value the most are my husband, my friends, my family, my health, my podcast, my improv troupe, and my burning desire to build businesses. Everything else is gravy.
This article from RichDad.com points out that many people who make a lot of money are not monetarily rich because they spend too much on living expenses and taxes. They often spend what they earn, and then some. This is worth a read. Just because someone drives a nice car, and lives in a big house does not mean they are rich in any way.
Time Is Worth More Than Money
We always here that time is money, but that isn’t exactly correct. Time is infinitely more valuable than money. You can always make more money which is one reason I don’t stress too much about it. I do stress out about time. Once you realize time is a non-renewable finite resource, you will guard it, value it, and cut out a lot of life’s bullsh*t. We start each day with the same 24 hours as everyone else. It’s empowering to know that we can take that even playing field and crush it by the end of each day. Here is a great post from Success.com on why time is more important than money. It turns out that people who value their time over money are much happier. And that is science, folks!
Money Should Work For YOU
How can we get money working for us, and stop our daily scramble to pay our bills and get ahead? Good news, JellyVisionaries, there are lots of things you can do!
Pay yourself first. When money comes in, set aside 10% and put it in an interest savings account. We all waste at least 10% of our money, so trust me, you will still pay your bills, but you may go out to eat less. Once you save a thousand dollars, consider moving it our of a low interest savings account into a higher return investment. Here are some smart ways to invest $1,000 in 2016.
Use affiliate marketing to make passive income. Affiliate marketing is the process of earning a commission by promoting other businesses’ products. Establish yourself as an affiliate with your favorite businesses, and start promoting them to your audiences with your affiliate code or link which will typically give your audience a discount and earn you a commission. Consult this article from ProBlogger on the ins and outs of Affiliate Marketing.
Sell products online. Your business can earn income while you sleep when you sell products online. Your store is never closed and is open to people all over the world. You just have to help them find you. Here is my post 10 Minutes To Selling Your Art Online but that method does take more monitoring than an online shop like etsy or having a shop live on your website. Here is an article on how to set up a store on your website. It’s not as hard as you think!