Getting out of debt
Getting out of debt is one of the most searched topics on the internet and one of the biggest pursuits that people have in life. Let's face it...times are tough and we all struggle financially from time to time. But the good news is we don't have to continue to live in that debt, we have ways to break free of that word of bondage. The problem I notice on the internet, however, is every blog or site you visit mentions the same old rhetoric to getting out of debt. They talk about making a budget, reduce your expenses, create a game plan, and get another job. The thing is we all know this already. Most of us have implemented these ideas already but a lot of us are already deep in debt and trouble where more is needed than these steps. This article is going to point out some more non traditional tips and advice that will help you eradicate debt and live free from owing money forever.
Step 1: Turn to passive income
Passive income is something many people don't really understand despite knowing what those words mean. People think they can't do it, that earning money passively is for people who already have money or who have a ton of time and knowledge to research how. This is a lie as myself and thousands of others have found ways to make money passively. Let's give a few examples here.
1. Stocks, investments, and DRIPs
Investing in stocks and other venues is not hard, but it can be intimidating. It does require some money upfront but this has proven to be a great strategy for those who have a little money in the bank to offer. Stocks are buying partial ownership into a company, so you basically become part of what they are doing by investing into their operation. When looking to buy stock always look for healthy companies with a good ROI (return on investment) and healthy financial records. My favorite thing about stocks is another passive attribute besides buying stocks and hoping they go up which is dividends. I always would recommend you look for good companies that pay a healthy dividend to it's owners. This is money that they pay out according to how many shares of stock you have. You can choose to take these dividends and cash out, or you can reinvest them back into the company to buy more stock. The reinvestment strategy is compounding, so the more you put in the more you can make.
DRIPs are in essence what that does is it's a dividend reinvestment program. People aren't dealing with brokers because a DRIP program is a direct connection to the company. The beauty behind this stock investment strategy is it avoids commissions and fees from brokers and allows you to steadily build up shares of stock to further reinvest.
2. Passive online income
This one causes a lot of people to roll their eyes, but another way to get out of debt is to find programs and work online. Be very careful about online scams, they are very prevalent and all over the place hoping to prey upon uneducated web surfers. You cannot make $3000 a day doing nothing, that's just not how the world works. You can make passive income online but it takes dedication and work. There's no magic easy button you can press and bang...the money comes in. Here's just a few of many opportunities you can use to build up some passive online income.
Infobarrel is of course my favorite because it allows me to do something I truly enjoy which is writing articles on things I know and love. This website wants original and well written content so if you have a desire to write and you want to be paid for your expertise start out by joining Infobarrel! You won't be making tons of money overnight, but over time as you write articles and get your knowledge published to the internet you will start to see a slow but steady gain in income.
Amazon and Ebay are other sources of income you can make. If you write a lot and have a website or a blog, you can use Amazon or Ebay's referral links and earn passive income. This is accomplished when people who visit your website or blog click on those links and make purchases. Because you were the source of that referral and amazon or ebay made money they give you a portion of that purchase. Look for ways to promote your site and drive traffic there and make passive income simply by writing and having viewers click those links
2. Utilize your gifts and talents
I know a bunch of people that have gifts and talents that they love but don't turn them into profit. What does that mean exactly? Look at the talents you possess and the gifts you have and find ways to use them to make money and drive the debt out of your life. Here's a few examples:
One of my friends plays guitar. He's excellent at it but he just played in a small band occasionally and at home. Through this advice he decided to use that talent and become a teacher and charged his students a low rate to teach guitar basics. Bam instant money for something he was already good at. He didn't even really take in a ton of students, just some acquaintances and a few people and he was off in no time.
My mother is fantastic at making arts and crafts but she just made them for fun and gave them to some friends. Instead of just making them and giving them away she started to get this idea that she can buy a lot of supplies for cheap, making a simple craft, and go to a craft show or gallery and resell them at 5-10 times the cost of the materials. Wow what a huge leap forward!
These are just a few of many examples of how we have talents that we can use for more than just our own enjoyment. Let others enjoy your talents and pay you for them! After all your time is worth it since likely you have been giving your gifts and talents away for free already. Turn them into a profit so you can tear up that debt.
3. Sell stuff you don't want
This isn't what you might think. Most people when they have old stuff and junk lying around in the house or in the garage they start up a garage sale and get rid of everything. Partially to get rid of it and also to make money. The thing is many people go to garage sales not because they want your stuff, but because they look for things cheap that you want to get rid of so they can resell it for many times that cost on Ebay or Craigslist! Don't be a sucker and let them buy your baseball cards for pennies when for all you know you have a vintage card that can sell on Ebay for over $500! Find websites that value your possessions and look at what you can do with them. Have some old furniture that isn't worth anything? Why not paint a cool design or fix it up and add a feature and resell it as a new retro product. Someone just might like what you did and pay top dollar for it. They just have to have it!
This is how many people make a living or an extra income source. They go to goodwill stores, garage sales, and flea markets to buy cheap things that they know have more value and flip it on sites just like Ebay and Craigslist. Don't let them have that money, it's your stuff; sell it and make it for yourself!
The sky is the limit
Here was just a few out of many helpful tips and advice to making more money to pay off debt. After all, you probably already have 2 jobs and have a budget but you really want to push yourself to get rid of those credit cards or take a much needed vacation. And this is just the beginning! If you have a mindset of "I like this, how can I make money off it?" then you can come up with limitless possibilities that go way beyond the scope of this article. Start earning today and stop living in slavery to that nasty four letter word of "Debt".