Skills Pay The Bills
Everything starts with having a sense of curiosity and goals for the future. Curiosity can lead you to seek for knowledge and master different skills to pay the bills. This will lead to different opportunities such as a job or a start-up business. Learning to save once you have these opportunities is just as equally important for your future goals.
Value of Learning
In general, the old ways of just going to school in hopes of learning enough to be hired is outdated logic. The new generation of thinkers and do’ers are finding outside of the box ways to increase income streams. But it all starts with what you are able to learn and master.
Wealth Comes Comes You First Start By Mastering A Skill Set
The first step to wealth starts by mastering the skill set that is needed. Workshops, free online courses, and bootcamps are now easily accessible. Some examples are Google Certificates, CTA Workshops, and Coding Bootcamps. At the end of the day, skills pay the bills. All you need to do is do your research, take advantage of the opportunity and take that first step.
Debt Makes it Harder to Complete any Task
It is important to be aware of your spendings and savings. Keep away from revolving debt like credit cards. Stay debt free so you can afford to grow your wealth.
Prioritize Your Debt From Most Important To Less
Keep a record of your debt and organize it according to what is important. For example, a car is number one asset to invest into but don’t go into debt trying to buy the best car. Get something affordable to get you from point a to point b reliably. Next start working towards a stable place to lay your head, even if it’s a room with a bed. From there, set your priorities according to what you need to do to reach your goals.
Save For An Emergency
You need to understand that saving is different than investing. The market is very volatile so you never know what will happen therefore it is important to save for an emergency. It is recommended to save 3-6 months of your income for emergencies. An amount of $100 can make a meaningful difference in your financial stability during unexpected situations such as the pandemic.
Put Away for Future Investments
When it comes to saving, it is important to put a percentage of your pay away for future investments. Identify your goals for the future and save accordingly.
Save for Retirement
It is important to think about your retirement and save up for it. You can open and set up an account once you start working. Open a 401(k) plan (usually match by your employers) or an IRA account. These payroll deduction plan are tax-deductible accounts. You can also put your savings into a Roth 401(k) or a Roth IRA account.
Experts recommends certain percentages according to when you start your retirement savings:
- In your 20s, save 10-15 percent of your pre-tax income.
- In your 30s, save 15-20 percent of your pre-tax income.
- In your early 40s, save 25-35 percent of your pre-tax income.
It is important to plan accordingly and keep an open mind to other strategies and options when saving.
Save for your biggest investment
Becoming an entrepreneur doesn’t have to be difficult and it can increase your wealth by teaching others what you have mastered. Increase your network and socialize to understand the field you are in or trying to enter. Mentor and work with people that share the same mindset and goals as you work towards accomplishing your business plans.
A good entrepreneur must communicate effectively, focus, strategize, and keep an open mind. It is also good to have a sense of curiosity and drive to continue learning and growing.
Becoming an entrepreneur…
Becoming an entrepreneur doesn’t have to be difficult and it can increase your wealth by teaching others what you have mastered.
Being successful in the future starts with having the drive to learn and master the skills you need to get started. Understand that skills do pay the bills as it will introduce you to many different opportunities. It is also just as important to learn how to save and plan for the future. The market and economy is very volatile so it’s important to be prepared during unexpected situations. Set a goal and plan accordingly for the future. In your steps towards entrepreneurship, start by sharing your knowledge and skills with other like-minded people.
By Shannea Sumabal
Shannea is a web designer and writer with a passion for creating engaging websites and helping clients grow their global web presence. With a background in marketing, she has an interest in creating content and enjoys any opportunity to help people learn to use digital tools and grow their own skills. When she’s not working on web design projects or blog posts, you can find her reading a good book, watching movies, and crocheting different projects.