Improving my finances so that I had more money to dedicate to debt repayments required me to decrease my expenses. I decided to live the minimalist lifestyle and incur expenses only that were necessary for survival. That meant eliminating subscriptions, eating out, buying clothing and even cutting back on going out.
Making that lifestyle change definitely helped me to have more money at the end of the month, but it wasn’t enough. I wanted to pay off my debt fast, so I knew that I had to increase my income. The increased income and the expense reductions would optimise my savings.
But that was easier to imagine than to do. I wasn’t due for a promotion, and other companies were paying more or less what I had earned where I worked.
I eventually found a second job, which was part-time. That increased my income slightly, but it still wasn’t enough. Not only did I work six days a week, but the slight boost in income didn’t help me to progress significantly on my journey to being debt-free.
While watching self-help videos, I came across Jim Rohn. Mr Rohn said something that I’ll never forget. “If you want to solve your problems, you have to learn.” That might not be the exact quote, but its message hits home.
Learn
I realised that I had to learn a new skill or expand my knowledge of my current field to earn more. Not only did I learn how to be a better writer, but I also learnt several other skills.
I joined a writer’s group, where fellow writers critiqued my writing and provided feedback. Man, was that valuable? I saw how good their writing was, and they used their knowledge to help me become a better writer. As a result of that one action, I signed on two more clients, increasing my income significantly. But that wasn’t enough.
I wanted to make my money work for me, so I began to learn about the financial markets. I learnt how to read charts, interpret fundamental analysis and market sentiment. Those skills helped me to buy when the asset prices were low and avoid greed so that I could lock in profits.
Diversification was another important element that I learnt. I didn’t want to invest all my money in one market, so I diversified. I found high-yield savings accounts that paid great interest rates and physical assets that generated revenue.
Diversify in Skills, Not Only Assets
It’s important to have different skills, in case your profession becomes obsolete. That happened to me. Well, kind of. With the advent of artificial intelligence (AI), the publishing industry opted for robots to write their blogs because they were more affordable and efficient than humans.
I lost several clients because of AI. That meant a reduction in my income, which I minded. But I didn’t mind losing the clients because I wanted to write only for myself. I didn’t want to use my expertise to enrich my clients. So I created this blog and a YouTube channel to share my knowledge.
While learning to monetise my blog and the video content, I had to earn an income. Moreover, I realised that it was very difficult for me to work for somebody and I would be most content if I were in my own business.
Uncertain of the business to open, I searched the market for products/services that were high in demand but limited in supply. I found that answer in coffee vending machines. Sure, you can find those machines in hospitals and schools but not in high foot-traffic areas. At least, that was the case where I lived.
Before I opened the business, I wanted to determine if it was a profitable venture. That would help me not to waste money and time. Also, I wanted to learn how vending machines operated so that I could maintain them without needing to pay consultants or high employees.
How did I accomplish both? I found a job in the vending machine industry. Not only did I have direct access to the revenue and expenses, but I also worked on the machines. I knew how to replace certain parts and correct errors that resulted in it malfunctioning.
Taking that job was one of the best things I did for my business.
I quit that job and opened up my business two weeks later. Now, I have coffee vending machines in busy spots, and they’re generating an income while I’m at home or out with my friends. It’s a fantastic business model, but I only discovered that after I found employment in that industry and learnt the skill set that was necessary to open my own business.
How to Learn a New Skill Set
The best way I found to learn a new skill is to get a mentor. That could be a manager at a job or a coach that you hire. I’d suggest the former because you get paid while learning.
Circling back, where it all started for me was discovering that I needed to learn a new skill to solve my problems and increase my income. And that information was free online. I watched videos, read blogs and attended seminars.
There’s a ton of valuable information online, and it doesn’t cost a cent. But you have to find it. And that happens when you decide the skill that you want to learn and you begin searching for the information. You’ll find, no doubt.
CHECK OUT MY NEW BOOK — From Homeless to Debtless with Savings
READ NEXT: The Best Way to Increase Your Savings
Leave a Reply