5 ways to Generate money

I have a very simple rule to getting rich. It's not a secret, it's not some super fancy or complicated rule. It's just a simple 4 word statement: Spend less than you earn. How do you do that? Save more. Here are 5 money-generating tips to help along the way. Minimum effort, maximum rewards to help grow your money tree.

1. You need a budget (YNAB)

Don't take my word for it, but the words of millions of others before me. YNAB is a simple website, that will help you budget and track your spending. You'll also get access to tons of free workshops along the way and an amazing community. How does that help save you money? By knowing exactly what is coming in, and what needs to come out, you can look for opportunities to save a little money here and there. We lived from paycheck to paycheck before YNAB and since, we have enough money in the bank for close to 2 months of all expenses paid. Not magic, just budget. And yes, sometimes you have to spend money to save money. 

2. Compound interest

We all hate banks but it is time to re-evaluate who you are banking with. Don't settle for a 0.15% interest rate if you can get more. By looking into online banking (Ally.com, for example), you can get a much higher interest rate (1.05%) with no tricks or gimmick. For example, see below over 5 years on the basis of $1,000.00 you get $36 extra dollars with the higher interest savings than you do with a regular one. Think about that over 50 years if you keep adding $50 every month. That's when the magic happens. 

3. Side hustle

Ah. This is the one that we all look for. Something to do on the side to help make ends meet or just to finance a nice long weekend at the beach. I am looking to this blog to help and I also started tutoring. What can you do? Take up another part-time job, like Uber or Lyft, baby-sitting, waiting tables, task-rabbit etc. There are tons of options around there that might pickle your fancy and help along the way. 

4. Sublet / Rent out space

Going to be leaving for a week? Rather than leave your space empty, why not rent it out? Have an extra room in your apartment, rent it out long term to help pay for housing. Watch for rules and regulations in the building before hand, just to make sure you are good to go.

There are so many ways to generate cash, and some are not as hard as you think. It starts with a little bit of effort and spending less than you earn. Then, finding a way to capitalize the extra cash by putting it in a high-interest saving or investing it.