A Certain Way to Make More Money Today!
Give Yourself Financial Certainty
***This email is only for the people who are currently NOT financially independent but want to be.***
For those of you who are or those who feel that a 4-decade death sentence is more ideal, today’s letter is not for you.
I want to challenge everyone reading this to take a few steps to start making more money immediately.
I promise you that by the end of this short letter, you’re absolutely going to be able to put more money in your pocket starting today!
When most people think of making more money, they assume that you have to get another job, side gig, or add some sort of value to your job or business. Those will work, but that’s not what I’m talking about today.
I’m not even going to touch investing or cash flow.
Right now, there are multiple ways you can make more money by simply optimizing your life.
Here are my top 7 methods:
1. I challenge you to review your own bank statement and credit card statement, and I almost guarantee that you’re going to find what I call “leaks.” These are $1.99 per month iTunes accounts to $15 per month subscriptions for some Website you needed access to years ago.
I want you to take a yellow marker for everything that is automatically being taken out of your account that you no longer want or need.
Now, take a red marker and circle everything that was just stupid: a $500 dinner, a pattern of $80 lunches, or an unusually high spend. Red flag it!
Now, consciously make the decision as to if that’s what you really want to be doing with your money.
This is because the biggest cost you’ll ever pay is opportunity cost.
If the money didn’t get wasted in one place, where could it have gone instead?
2. Your bills. If you can’t completely eliminate it, like a cable bill, where can you cut it? This is something I’m certain of: when you call a cell phone company, cable TV, Internet provider, or any non-essential bill and tell them you’re going to cancel, they respond with a better deal.
For DirecTV, I recently had my assistant cancel it. I only needed it for The Walking Dead and Shark Tank, and I was just done with it, as I figured I can get it all on Amazon Prime. When she called to cancel DirecTV, they made me an offer I couldn’t refuse (I still canceled): my bill went from $180 per month for all channels to $33 for a year of the exact same program. Crazy, right?
This isn’t the first time it’s happened to me. 10 years ago when I was canceling bills in order to slash my spending, the Internet, cell phone, and cable TV providers came in with their absolute best deals.
The same will happen for gym memberships, newsletter services, and even your insurance, which can be a big one.
3. Actually, insurance is such a big one, let’s give it its own number on this list. If you really want to save money, optimize your insurance for both auto and home.
I’m not talking about higher premiums, I’m saying to tell these F**kers you’re going to cancel because you simply can’t afford this. See what happens, or go call another insurance agent and email them a copy of your exact insurance policy and ask them to beat it. Send it to 3 and watch what happens as a bidding war ensues in your favor.
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4. Interest payments: if your investments are yielding a lower return than your debt, sell your investments, cash them out, and pay your debt off.
Think about it: if you’re killing it right now over at FundRise and making an 8% yield but you’re paying Visa a 16% interest rate, if you sell your investment to pay off your debt, that’s like a 100% net gain for yourself.
Remember that financial independence is nothing if you don’t feel safe and comfortable, and you really can’t do that with a lot of debt hanging over you, so just pay it off and get that monster out of your life.
5. Taxes: it’s that time of season, and I hope you’re not using some computer program.Don’t allow the government to get a single penny more than they can legally steal from you.
Find a real CPA, ideally one that services the rich or businesses, and make sure they go over your taxes and lifestyle to see where you can save money.
Don’t give the government an interest-free loan, either; optimize your monthly taxes so that you don’t ever get a refund again! Refunds are for idiots, plain and simple. Sorry, there is just no other way to describe it, so stop overpaying the government, be a grown adult, and take your money and use it wisely… Wisely meaning that anything’s better than loaning it to the government interest-free.
6. Investment FEES… This is a big one.
401(k)s, IRAs, and regular accounts… Know your fees, and if you have someone managing your money, I have to ask you why.
Study after study has shown that you’re far better off just buying a low-cost index fund that tracks the S&P 500 if you’re looking for exposure to the broader stock market.
Don’t ever trust your 401(k) manager, as these are the worst whores on the planet.
You can go to https://americasbest401k.com/fee-checker/ and they will show you all of the insane fees you’re actually paying, and then they can actually help free you from these scam fees.
7. Pay yourself like a bill. If a $500 repair bill came in for the car, or even a $5,000 bill came in, you would find a way to pay it. It would happen, and you would move on.
Decide how much you want to pay yourself, and then set up a separate account, maybe even at a different bank, and treat yourself like a bill.
Pay yourself first. You’ve heard it before, but now I want you to take it to the next step and treat yourself the same way you treat the electric bill: make sure that it gets paid – it’s NOT an option!
Summary: This is easy stuff. My wife and I got rid of our dogs and sold her wedding ring – we didn’t even touch on real sacrifices.
All I’m suggesting is a little bit of your time. Review your bills, make a few phone calls, cancel or threaten to cancel, and then make sure you’re paying yourself and setting some cash to the side for future opportunities.
Apply these and you will absolutely put more money in your pocket today!
Next week, we will be making an important update on one of our stock suggestions that is up 25% since our initial alert just a few months ago, as I believe it is positioned for a stunning move higher in 2019.
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