How To Take Control Of Your Credit Cards
- Hide your credit card on top of the wardrobe out of sight out of mind.
- Stop all use of your credit cards, If you do not stop using them or take control of them you will become a slave to debt this should not be an option you should take lightly.
- Don’t cancel your cards having available credit for the right deal or investment is something that you can use to build wealth at a later date.
- Add up the total monthly payment and interest on your credit card start by paying the minimum payment and an extra amount that you afford the more the better but don’t leave yourself broke.
- Keep paying the same amount monthly or more when you can afford it, as the amount owed goes down you will pay less interest and now the extra money you pay will pay the card off quicker as it will be paying off more of the balance owed instead of the interest.
- Make sure to remove your card from Apple Pay and any other places where payment could be taken or you could be tempted to spend money from it, many credit cards now come with an app that allows you to freeze payments, if you have this facility you can temporarily freeze any payments coming from your credit card via the app.
- Start an extra part-time job and use all or part of the money to pay off your credit card/cards
- Start A Side Hustle – Start an extra business on the side part-time then use some of the profits from the business to pay extra money off your highest-interest credit card we have a list of a few side-hustle ideas at the bottom of this post
- Don’t try doing this with multiple cards at once first take the highest interest credit card and apply the payment rules as explained meanwhile just pay the minimum payment on your other cards, by focusing on paying the highest interest cards first you will get the best result. When you finish paying off the highest interest card then do the same process with the next highest interest card one card at a time, until they are all paid off.
PS. Remember if you keep buying things on your credit card that don’t make you a higher return than the cost of the credit then you are digging a big debt hole for yourself that will get bigger and bigger until you no longer have the money to pay it, or you will be running your body into the ground working to pay the interest every month. Also when you miss payments or default on the debt this affects your credit score for up to six years so if you are going to borrow money and default then you may want to think if the default amount is worth six years of paying huge interest rates on loans, mortgages and or being refused any credit.
Here are some business ideas for a side hustle.
Selling hosting – Hosting is something that any business with a website or blog needs, with the right hosting company you can get paid nearly 50% commissions residually Monthly Or Annually, and is a way to make extra money promoting these services.
Selling Funnel Builders – Most online businesses need a sales funnel and some sort of opt-in page whether they know it or not, you can offer people a low-cost funnel builder and get paid 80% commissions in the process.
Having a Shopping Cart – With the right shopping cart taking payments online is a breeze, you can take one-off payments, split payments, and daily, weekly, monthly, and annual residual payments you can also create a pay-what-you-want button to give the people the link to tell them what you owe them and get paid easily via multiple different payment methods instantly.
Best Long term value
Best Short-Term Value (If Using For 3 Months Or Less)
Sell Stuff On eBay
Start-Up An Affiliate Marketing Business
Start Up Your Own Blog Or Website Selling Products And Services
Create A Sales Funnel To Sell Your Product Or Service
Sell Stuff as a seller on Amazon
Start up your own Powerwashing Business
Start up Your Own Gardening Service Business
Start up a Window Cleaning Business
Start up a bin-cleaning business
Start up your own handyman/woman business
Most of these businesses can be started up for under $1000 the funnel builder is one I highly recommend which you can actually get started today for only $25
Active VS Passive Income
If you want to get more time freedom then I would suggest you use the money you get from active income to buy more assets that will build you up a passive income so you don’t have to work all the time.
Income is a fundamental aspect of our financial lives, providing us with the means to cover expenses, achieve goals, and secure our future. When it comes to earning money, there are two primary categories: active income and passive income. Understanding the difference between these two types of income is crucial for making informed financial decisions. In this blog post, we’ll explore the key distinctions between active and passive income and their respective benefits and drawbacks. Let’s dive in!
Active income refers to money earned through direct, ongoing efforts and labor. It is the income generated by actively trading your time, skills, or expertise for compensation. Some common examples of active income include:
- Salary and Wages: Income earned from working a job, where you receive regular pay in exchange for your time and skills.
- Freelance or Consulting Services: Earnings from providing services to clients or companies on a project-by-project basis.
- Commission-Based Income: Income earned through sales or deals where you receive a percentage of the revenue generated.
- Business Profits from Active Involvement: If you run a business and actively participate in its day-to-day operations, the profits you earn are considered active income.
Benefits of Active Income:
- Predictable: Active income is relatively stable and can be more predictable, especially if you have a steady job.
- Instant Gratification: You receive immediate compensation for the work you do.
- Skill Development: Active income often involves hands-on work, allowing you to refine and enhance your skills.
Drawbacks of Active Income:
- Time-Dependency: Active income requires your continuous time and effort. If you stop working, the income stops too.
- Limited Scalability: Your earnings are typically limited by the number of hours you can work or the rate you charge.
Passive income, on the other hand, refers to money earned with minimal ongoing effort or direct involvement. It involves setting up income streams that generate earnings over time with little day-to-day attention. Some common examples of passive income include:
- Rental Income: Earnings from owning and renting out real estate properties.
- Dividends: Income generated from owning shares of stocks that pay dividends.
- Royalties: Income earned from intellectual property, such as books, music, or patents.
- Affiliate Marketing: Earnings from promoting products or services and earning commissions on sales.
Benefits of Passive Income:
- Financial Freedom: Passive income streams can provide financial stability and independence, freeing you from the need to work actively for money.
- Scalability: Passive income has the potential to grow without requiring additional time or effort.
- Diversification: Building multiple passive income streams can diversify your sources of revenue and reduce financial risks.
Drawbacks of Passive Income:
- Initial Effort: Setting up passive income streams often requires significant upfront time and investment.
- Time to Build: Passive income takes time to develop and may not produce immediate results.
Both active and passive income play essential roles in achieving financial success. Active income offers stability and instant gratification, while passive income provides the potential for financial freedom and scalability. Striking the right balance between active and passive income can be a powerful strategy for securing your financial future. Whether you focus on advancing your career, starting a business, or building passive income streams, diversifying your income sources can help you create a solid foundation for long-term financial prosperity.