There’s no shortage of articles explaining how cutting back on minor spending, like daily coffees, can help jump-start savings (or paying down debt), and while not spending as much on coffee will certainly help, it most likely won’t make or break a financial plan. The realest answer to the problem of wanting or needing to save more is to make more money–yes, I know that’s an obvious answer and may sound a bit elitist, but it’s true, so we should discuss it and not act like this option doesn’t exist.
Making more money is not easy to do, but it also is not an impossible task. The barriers to entry to get started with a business have never been lower–if that’s your preferred method of generating more income–think side hustle. The labor market is strong and demand for good employees is high, which is a positive for asking for a raise, more responsibilities, or even looking elsewhere.
This may not be an option for everyone, but IT IS an option that should at least be explored and discussed if you are serious about saving more, paying down more debt, or just having more breathing room in your budget.
Give today’s Rundown a listen and think about your answers to them. And while you are at it, go ahead and subscribe to the RLS Wealth Management Rundown Flash Briefing.
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.