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14 Student
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Lesson 1: Saving money vrs earning money

Usually, when people are trying to grow their income, or develop better financial habits, they look up how to save more money. Now saving money is not a bad thing, but the tips that we find hardly work, are not sustainable and are damn right depressing.

You find advice like “Save 20% of your income” or “Cut back on your spending” (which makes your life boring and unbearable). These may be fine for a while, but what if you want to save more? Does that mean that you have to cut back more? After all, there is a limit to how much you can cut back on. But guess what? There is no limit to how much you can earn.

Let’s take this example. If you want an extra $1000 in the bank every month, how would you go about it?

Saving:

  • You would save between 25% to 40% of your income
  • No more eating out
  • No more movies or entertainment
  • Take the cheapest transportation (walk if you have to)
  • No more going out
  • Reduce how much phone credit you buy


Earn More:

  • Spend 2 hours a day testing out ideas (basically looking at things you are good at – whether that is design, cooking, driving, math, singing, writing, or martial arts – and seeing which one is a potentially profitable idea)
  • Once you have your idea, create your service offering (develop what it is that you can offer your clients that they can pay you for)
  • Identify 50 leads (potential clients), and pitch your business idea to them
  • If you get one client, that is an extra $1000 in the bank for you


The beauty of this is if you can earn $50, you can earn $500. If you can earn $500, you can earn $5000. So why do you want to work for people again? Not only is earning money more scalable, but it is also more sustainable because you do not have to make huge sacrifices or change your lifestyle drastically.

The truth is making more money on the side is not difficult. It’s easy to get started (yes, it takes a while to find your niche), but the great thing is, you don’t have to be the world’s best at it, just better than most. 

The big question for a lot of you is “What service would I offer to clients to make more money?” or “What can I do that people will pay for?” Well, most of us are experts in one field or the other, or at least better than the average person. Think about that time you solved a simple problem for someone. Let’s say, you set up a new iPhone for a friend who isn’t particularly tech-savvy. It might be a straightforward job for you, but it makes you seem like a genius to them. Before you know it, they are going around telling all their friends how you are an Apple Guru.

So to get started, ask yourself:

  • What skills do I already have?
  • What do my friends call me for advice on?
  • What kind of sites do I read?
  • How do you turn your skills into something people will pay for?


Nobody cares about your skills unless they help them solve a problem they have. You may be the best graphic designer, or architect or dog walker in the world, but if you aren’t solving a  problem for someone, they couldn’t care less about it and will definitely not pay for it.

So how do you know if your skill is valuable or not? Put it in this sentence to see: 

“I can help you (some service) so that you can (some benefit).”

Example: I can help you sleep more at night, so you will wake up feeling refreshed, well-rested, and have the energy to go out and make more money.

Here is a practical example of how a skill can become a service. You are a graphic designer who is great with Photoshop, but you also happen to know some HTML, so you decide to start a website design service. The only problem is, your clients really don’t care about website design; they just want a cool looking website that they can boast about and that their customers will like (sad, but true).

Now, where most of us fail is that we go to people and say, “Hey, this is my skill and what I am good at, what do you have for me to do?” The problem with that statement is that you haven’t explained what problem it is that you can actually solve for them. That’s where I come in.

This course will provide you with actionable tips on how you can find an idea and turn it into a second source of income. More on that later.

In the next lesson, we’ll be delving into the truth about earning money on the side.

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