There comes a time when you have adjusted your forecast expenses down as far as possible. Then it is time to target the income area of your forecast. Use the quote of “Limited Expenses – Unlimited Income” to create a mindset that allows for financial freedom.
There is only so low you can take your expenses before you reach a lower limit and you can’t get it for any cheaper.
Say for example, your grocery bill.
You could do all the things possible to reduce your bill such as buying own brand items. Buying heavily discounted items. Using vouchers and coupons. Cashback credit cards. Meal planning and batch cooking. Growing your own food at home. However, it is likely that there are things you just have no option but to buy!
You have hit that Grocery lower limit. It can’t go any lower than zero.
Paid to shop
Although sometimes yes you could actually get paid to shop as my story below happens, buy I presume this is more a loophole than anything else. It just happened to work out extremely well for the customer:
My first job as a school kid was in our local convenience store. As was often the case, items that had a use by or sell by date that was nearing were reduced throughout the day. By the end of the evening, they would be pretty much at 10% of their usual sale price.
We had a 2 for £5 promotion on some big Cornish Pasty Pies that were normally £4 each. So a saving of £3. We had around 20 or so of these pies left. They had been reduced down to just 20p each!
This guy comes in, a regular, and looks at them and takes the lot and adds them to his trolley. He continues doing whatever shopping he needed and comes to pay. The strangest thing happened. The til system added the £3 discount to each purchase of 2. So the computer would take off £2.60 for every 2 pies he had. £2.60 x (20/2)= £26 credit.
With everything else he bought, the sub total was around -£14. Unsure as to whether I should be paying him the cash I called my manager. He came, and laughed, but advised that as a shop, they would still get the credit for promotion and so aren’t losing out.
The customer was actually embarrassed as he didn’t expect this. I counted out what we somehow owed him – and he left the shop with 8 bags of shopping and about £14 more in his pocket than what he came in with.
Yes – he came back in the next day looking for more pies. No – we didn’t have any. That loophole was very quickly sorted after that.
Now think about your income!
The amazing thing about Income, is that it has a pretty much unlimited ceiling. You can always earn more somehow. Most working class people however are either hourly paid or have a fixed salary – so again, there is a limit to how much you can earn this way in your job.
It is at this point that you will need to take a step back and think outside the box to earn some more money.
If available, doing some overtime if you are hourly paid is probably the easiest way to get some extra money. This is because you already know what you are doing and likely only have to tag some more time to the end of your usual working day.
Otherwise there are still many, many more options to making more money:
- Asking for a raise is one that can likely pay off for the rest of your life.
- Changing jobs to earn more is another. If you are truly great at your job, and can prove how much value you give your employer, then you become attractive to other employers.
- Get another Part Time job to earn more in the evenings and weekends.
- Start a side hustle and make money doing something completely different. This is what could potentially eventually take you out of the working class!
Side hustles and creating income streams
It is through these side hustles and other income streams that you have the potential for Unlimited Income.
There is nothing to stop you from making as much money as you so desire. Sure, it will take you a lot of effort. You will however have the opportunity then to transform your Financial Forecast in any way that you desire.
Another benefit to creating extra income streams is that you are no longer 100% reliant on your job. If you lost your job, you would still have some form of money coming in. This helps reduce pressure, and can open up opportunities to leave a toxic job!
You also learn new things as you create your new income streams, and learn more about yourself. Learn what you like and what you don’t. You get more life experience too, and an appreciation of how things work outside of your usual life. All of these non-financial benefits are the gravy on top and will only enhance your own personal marketability.
Create the life you want
Once you come to terms with the fact that you can only lower your expenses so much, but you can increase your income as much as possible, you will start to focus more on how much you earn.
You can then amend your Financial Forecast to create the life that YOU want, rather than the life your situation allows.
Just make sure to remember that your expenses can only go so low, but your income can go as high as you want!