Cut back or make more?
Some common financial advice:
- Make a budget
- Limit spending
- Save more
These are all great things to do and most people would drastically change their financial future by doing just those 3 things.
But there comes a point when you genuinely can't cut back anymore. It costs money to live. Think about it - if you cut all your expenses to save a little money, when are you going to have the chance to spend more on anything else?
It usually turns into a never-ending cycle of cutting back and operating in a scarcity mindset rather than positioning yourself on the offense and taking control of your future.
So then what?
The other, more enjoyable option, is to increase your income.
As a creator or entrepreneur, this may be easier to do. Maybe you add another service, raise fees, or release a new product.
If you can't control your income, there are still things you can do:
- Learn a valuable skill for today's workplace (copywriting, design, coding, sales, etc)
- Pick up a side hustle
- Start creating and putting your work out there
Truth is, there are unlimited ways to approach increasing your income, but only one of them needs to work for you.
Cutting back is like trying to lose weight and get healthy, but just by not eating. Yeah, you'll lose probably lose weight, but you're missing out on many ways to accelerate it.
To build wealth or work towards financial freedom, cutting back is a start, but increasing your income is like adding a workout routine and a personal chef to your diet.