I know people who have wrecked themselves financially because they get given the same old financial advice:
- Maximise your pension
- Get on the property ladder
- Pay off debt ASAP
This advice isn’t just tired, it’s positively worn-out.
Each of those activities involves tying up your money in assets, yes, but those assets are inaccessible by you.
People would rather listen to their out-of-touch parents and wealthy people on the internet who couldn’t care about them less. I’ve been both homeless and broke in my life, so trust me when I say:
- If you’ve got 300k in a rubbish flat in Croydon nobody wants to buy, you’ve basically got minus money and it pains me that nobody understands that.
- If you’ve maxed out your pension contributions when you’re earning an entry-level salary you’ll probably have to sacrifice your Netflix subscription and Avocados.
- If you plunge money into a stocks and shares ISA that you’re going to need to break out again before you’ve received many benefits, what was the point?
- If you pay off debt that can be delayed almost indefinitely (such as student loans) you are reducing your quality of life immediately.
I moved to London with minus three hundred quid and in a few years was being paid a six-figure sum to travel the world trying to help people with breast cancer — then the pandemic happened and I lost it all.
Now I’m back, four months later, likely to earn far more than before whilst working less.
Because I understand how to maximise your earnings. Forget making savings through sacrifice, earn enough that you have some leftover by the time more arrives!
I appreciate saying that, that it’s easier said than done. I gave a talk to some students recently and when they asked about unpaid internships I asked if they wanted to be paid.
What do you think the answer was?
How to get paid:
- Register on Fiverr and offer a gig like writing, editing or translating
- Write for sites like this one
- Get some free stocks and shares by using learning programs like Coinbase Earn or by convincing your employer to give you some
- Use legit apps like OnePulse and Lucky Day that send money to your PayPal
- Ask your boss (if you have one) what risks you could take on their behalf to earn more rewards. If you don’t have a boss, ask this of yourself.
- Monetize your spare time by selling a service; for me that’s writing but for you, it could be teaching, photography or anything really.
- Find a mentor and offer mentorship yourself, as mentors will be able to spot commercial opportunities for you and when you coach others you can begin to charge once they’re gaining value
These are just some ideas that anyone can do and will help you maximise your earnings — we’ll talk about saving another day.