Show me the money… The Finn Review | Earning more money
The only way that we can influence the number of financial assets we’re going to have in the future is by having more funds available in the present to invest.
This means that we need to create a surplus from our income compared to our expenses. There are only two ways of doing this.
WE usually talk a lot about spending less, today WE’d like to talk about earning more money.
Right now your greatest financial asset is yourself. So having a comprehensive back-up plan/insurance is critical!
As millennials, we’ve got many years ahead of us to work and turn our human capital into financial capital. Let’s talk about four different ways of earning more money:
1. Become more valuable
The greatest investment you can ever make is investing in yourself.
Start thinking about how you can develop and become more valuable to others. Is there a qualification, a course or a workshop you could undertake? A skill, a technique or a language you could learn?
When you increase your value, you actually increase your chances of being rewarded with higher remuneration.
2. Be a tall poppy
Be honest with yourself. Are you performing at your full potential in your current role?
If the answer is no, you’re basically leaving money on the table.
A Players are people who crush their roles and exceed expectations. They stand out from the crowd and get recognised by those people who determine how much they earn.
Stand tall as a poppy. The more sun you get, the more you will grow.
3. Ask for what you’re worth
Unfortunately not every work environment supports worth recognition.
Many people earn a lot less than what they’re worth. It makes me very sad that often women fall into this category. If you feel like you’re undervalued, then it’s your responsibility to step up and ask for what you’re worth.
Let me give you an insight from my experience as a leader that may help you have greater success.
Many of us leaders want our team members to be rewarded more than fairly. The challenge, however, is that we have limited resources and need to get a good return on all of our investments. Yes, you’re an investment!
You have to help us help you.
The simplest way to achieve this is by following step one and step two mentioned above and then presenting a case showing what you’ve done rather than what you’re going to do.
If you do this, you will rarely ever face knock-backs and if you do, then it’s a sign you should go somewhere else where you’ll enjoy recognition.
4. Side hustle
We live in a time of abundance.
It has never been easier to make money and we have so many different options that we can explore to earn side money.
Have some spare hours in the day and you could be an Uber driver, a consultant or a freelancer.
What skill do you have that others would be willing to pay for? If you don’t have a skill which is easily transferable then start learning one! There are plenty of free online education courses now where you can pick up a new, valuable skill.
Another option is to embrace the sharing economy and make money off your under-utilised assets. Pretty much every WE gladiator has a side hustle they use to accelerate the achievement of their goals. What is your side hustle going to be?
Next time you catch yourself or someone else complaining about their financial situation or being limited by their income, have another look at these points.
Challenge yourself or others to take control of their situation and their future and put in some extra work.
Back to School
WE Investment Philosophy Additional Principle 8: Focus on how your investments translate into your everyday life.
WE don’t allow you to keep all of your investments in one giant pool and look at the balance go up and down because it’s not tangible.
There are numerous benefits to linking different investments to different goals. It helps you be more connected to them and when you are contemplating spending money rather than contributing to a particular investment there is a psychological connection to what goal you are jeopardising.
When investments drop in value then you’re in a better place to make decisions on if you have the time to stay the course. When you achieve the investment goal you will use the funds for the goal you had allocated them to and enjoy it instead of feeling guilty for reducing your overall net worth.
This is why we never allow people to set a goal to build up a large amount of money or to just have an investment property. We want goals that translate into your life and then we work out what is the best tool to help you achieve them.
Finn’s fun facts
Millennials are coming of age and becoming the most important generation in the world.
Here is a cool infographic that gives you some insights into this awesome generation. You can see why we’ve chosen to go all in with them!
We all need more fun in our lives.
When was the last time you were intentional about doing something fun?
Having fun increases our positive emotions which in turn increases our positive thoughts. Positive thoughts increase our overall state of wellbeing which in turn leads to a higher level of self-love, self-confidence and likelihood of doing the necessary actions that will improve our chances of achieving our dreams and aspirations.
I make the case that fun is a leading indicator of success.
I’ll ask you again: What are you doing to intentionally have fun?
I was in Byron Bay last week and on Tuesday I had a challenging day. I could feel my thoughts turning negative.
Knowing that fun is a leading indicator of success I looked for an activity that could be fun. I saw an ad for “No lights, No Lycra” and thought why not give it a try. The concept is quite genius: you enter a dim lit room where someone is playing cool dance songs and for an hour you dance among others with the freedom to dance any way you feel drawn to do without the fear of being judged as you don’t know who else is in there and they can’t see your face.
Boy did I have fun!
I danced up a storm and pulled off moves I didn’t know were possible! ?
I had fun, got a great workout and most importantly I quickly improved my thoughts and I set myself up for a great next day.
Kids have it right. Take their example and seek out fun. You’ll be surprised at how much better life can be.
Disclaimer: all information contained within this article is of a general nature. Do not rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.