We can understand that we can make more money only by making our existing money do the work. Most entrepreneurs have this thought but ultimately end up working hard and trying to make money by themselves instead of making the money work for them. Everything starts with understanding the importance of earning and saving enough to secure our future.
If someone is thinking about saving money and making money change the quality of our life, then we are already ahead and ready for financial freedom. The only challenge is in making our money work hard to generate us more money. But for everything that is a start required and some baby steps and then a giant push.
Start with working hard
During the initial stages of our career, we have to do the heavy lifting and make money. This can be to cover the basic needs and after that, we will work towards making the money work for us instead of us continuing to do the heavy lifting. But sometimes what happens is, that we find challenges in making the money work for us and then end up exhausting ourselves again to make the money and cover the day-to-day expenses.
To stay wealthy, we should be mentally prepared first instead of being financially prepared. If we are not mentally prepared and if we start getting the money, we will not keep the money properly and ultimately end up losing the money on something. At the end of the day, we will again go back to doing the heavy lifting and covering the day-to-day expenses with the money we earned.
Multiple income streams
Keeping multiple income streams is important. Only a single source of income is always risky and not reliable. We have to ask the "What if?" question and try to find the answers for that. Multiple income stream can be from many things but it shouldn't be something that again requires our presence or our time. This is where our money can make a passive income avenue for us. Let the money do the hard work and earn us a passive income stream.
Everybody starts with an active income. There is nothing wrong with that. Having multiple active income is good but we have to try and see if that can be slowly converted to a passive income.
Asking Chat GPT the right questions
Today Chat GPT is the biggest advisor for everyone. We have the opportunity to interact with Chat GPT or any other similar AI model and get some ideas on specific topics. The interaction will be very helpful in providing some insights and gather some ideas for execution. We also have the freedom to decide which one we would like to explore. Usually when we do the prompt with Chat GPT, it not only provides 5 answers but it also gives additional ideas if prompted again.
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Making our money work for us is a smart idea. Though not many people know how to do it. Many work all their lives and remain poor. Others invest their money and it makes more money for them. Thanks for this insightful post. Happy Sunday.
indeed multiple income sources are the best thing to do...as we say lice makes lice and money makes more money
Having multiple income streams is important. Even though the profits may be little, making money from different means helps a lot
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Great reminder! Transitioning from active to passive income can unlock more financial freedom. Leveraging AI insights can be a game changer in this journey!
I learnt that if we want to be rich, we should come to a point whereby money works for you