FINANCIAL BLUEPRINT
The financial blueprint of commonly known as the “budget” is the estimation of the income and expenses of the month or year. The hack here is to write it down in print so that it will become a tangible guide whenever we received our monthly net income. Net income is the amount of money we received after taxes and other necessary deductions in our salary. Experts suggest that the best division of the net pay is 50-30-20. Fifty(50) percent of the net income should go to our needs. Needs are things that we can not live without. Groceries, utilities, rent, or mortgages are the common needs that we all have. Thirty (30) percent of the income should be allotted for our wants. Wants are the fancy things we love to buy or sometimes called our cravings. These things improve the quality of our lives, but it is not necessary to our day to day routine. It can be the hobbies that help us to improve the quality of our well-being, disposition, or fitness. Furthermore, twenty (20) percent of our income should directly go to our savings. Putting up an emergency fund and savings fund is necessary during this time of uncertainties, but the sad truth is that some people barely have savings because they have debts and loans. Honestly, the 50-30-20 budget scheme is too good to be true. I’ll be discussing ways to improve this financial blueprint in this content. Towards the end, I will present one of the ideal financial budget schemes based on my research.
SIDE HUSTLE
Debts, bills, and inflation are extremely frustrating, heartbreaking, and demoralizing words for everyone. I am not exaggerating, but it is a hard truth that everyone goes through. Economically defined, inflation is the decline of the purchasing power of a given currency over time. 20 years from now, your 100 dollars cannot buy the same things you can buy today. Innovations in technology also require people to upgrade phones and laptops since it depreciates as years go by. There’s an infamous saying that “Every next level of your life will demand a different you”. This is related to the fact that we need to improve ourselves but acquiring skills that are financially beneficial to us. A good friend of mine once told me, “If you want to acquire a new skill or invest on a hobby, make it something that is financially rewarding.” This hobby should be able to help you beat your debts, bills, and inflation. To be able to do this, you have to reassess your current skills. If you are creative, innovative, and introspective, you would want to improve your writing, painting, or sculpting skills. If you have great interpersonal skills, you would want to try putting up an online business or take up short courses in marketing and advertising. For those who love sports as a hobby, they can teach kids their expertise in their certain field of sports. As the internet and world wide web revolutionize, an infinite number of opportunities to enhance and combine your hobbies and side hustles can be done so that learning can be accompanied by earning. The most important part is to assess yourself and find your niche. Once you found your niche, you can take up short courses, do research and watch videos to improve it. If you mastered everything you need to know and improved those skills, you must apply for a job or create a job or business in all the platforms available. Research and the internet are the best friends you can have if you are looking for a side hustle that you can earn from and have fun with.
0 Comments