Whatever sport you prefer, you’re definitely aware that your team needs to play both sides of the ball. Even if you prefer the offense over the defense or vice versa, both are essential in winning the game. I mean Tom Brady, LeBron James, Mike Trout, or Cristiano Ronaldo can put up all the points in the world. But, if their defense crumbles, it’s all for nothing.
Due – Due
In a way, the same is true with your finances. If you want to keep your head in the money game, then you need to step up and bolster both your offense and defense in the following ways.
Offensive planning to build and manage wealth.
Boost your income.
“It’s about winning games and scoring as many goals as possible.” — Romelu Lukaku
You know it’s impossible to be victorious when you can’t score more points than your opponent. And, when it comes to your finances, that means increasing your income.
Some of you may be rolling your eyes and muttering, “Thanks, Captain Obvious.” While others may be proclaiming, “That’s easy for you to stay.” Regardless of what camp you fall into, your first financial offensive move is to increase your income.
- Grow your career. Whether you’re hunkering down or partaking in the ‘Great Resignation,’ make yourself more valuable. The simplest way? Enhance your existing skills or learn new ones that are connected to your job.
- Optimize your 9-to-5. “Negotiate a raise and work remote opportunities, so you have more control over your time and more time to make money on the side,” advises Grant Sabatier of Millennial Money. “Make sure you’re maximizing all of your employee benefits, including commuter benefits, HSAs, and all retirement investing account opportunities.”
- Work a second job. While not glamorous, and you may not have the availability, you could work a part-time job temporarily. For example, you could work in a department store during the holiday season in order to pay off your credit card debt.
- Start a side hustle. A side hustle may offer more flexibility than a second job. Also, if it’s something that you’re passionate about, it could eventually become your full-time gig. But, for the time being, a side hustle can be an effective way to introduce a second income stream.
- Build a passive income. After putting in the initial time and money, a passive income is another income source where you can earn money while you sleep. Check out these 101 Passive Business and Income Ideas to get started.