No one has ever started a business on a Monday and on the following Friday had a fat bank account, fancy car or a big house. All of the people you see who have such things spent years sometimes even decades building up to that point of complete financial freedom.
Everyone wants to make their first million dollars but before we do realistic goals and expectations will help us get the ball rolling as well as build up our confidence.
I’m going to show you how small amounts of extra monthly income can make a difference in your life.
What you can do with an extra $100 a month
Sure, $100 is only $100. But never underestimate how far that money can go when you put it to good use.
Go to the movies
They say that experiences are a better use of money than things, so why not take your family out to a movie. Even a family of four can get into a movie for $100 and chances are you can afford some concessions as well, depending on where you live and how much movie theaters charge.
Eat out for dinner
Dining out can be a nice escape from your house into a fun environment. The best part is no cooking or cleaning! Depending on how many people you’re treating $100 could get you 2 times out a month.
Pay extra on your debt
This is my personal favorite because it’s exactly what I did when small amounts of money started to roll in for me. Putting any extra income you have to pay off your debts save you money in interest for the long haul. Nothing is more freeing to the mind than wiping out your debt. Paying off my debts before buying things has increased my happiness with life 100 fold.
What you can do with an extra $500 a month
This is where you’ll start to really feel all that hard work you’ve been putting into your business. Your confidence is now growing as well as your personal life. You can do things that you couldn’t afford to do before.
Think about this for a minute. Earning just $17 a day will give you the freedom to take not one but at least 2 “real” vacations a year. When my wife and I started our business all those years ago we never imagined we’d be taking multiple vacations a year.
Buy/Lease a vehicle
You read that right you can now finally get yourself a new vehicle paid for by your growing business. $500/m can land you quite the ride and cover the cost of keeping it fueled up.
We all want to grow our businesses so we can make more money and have better opportunities. Imagine how you will expedite this process by dumping an extra $500/m into your advertising budget. The easiest way to increase your income is by increasing the amount of paying customers you have.
What you can do with an extra $1000 a month
An extra $1,000/month can be life-changing. It only takes $34 a day in extra income to enjoy some of the finer things in life.
Remodel your house
I’m currently doing this right now with $1000/m budget. My wife and I set aside projects we want to do in the coming year to make our house more enjoyable. We’ve recently remodeled my office (including all new furniture) as well as all new floors in my basement. Projects in 2016 include a new front porch and new central air. We just save up $1000/m until we have enough to start a new project. You’ll never have to borrow money again to replace that leaky roof or remodel that outdated bathroom.
Unlike my parents I’m not waiting until I’m retired to work on my bucket list. We should learn to enjoy things when we are young as well and an extra $1000/m can afford you to do just that. Over the last year I’ve crossed 2 things off my bucket list that I would have never been able to without that extra disposable income.
Big kid toys
Who wouldn’t love to have some big kid toys completely guilt free? With an extra $1000 in monthly income you afford some really cool toys. This is where your interests in life get the proper attention they deserve. Planes, boats, ATVs, jet skis, sport cars, the list can go one forever.
Those were just a few things I thought of, but what about you? Leave me a comment and let me know what you’d do with an extra $100, $500 or $1,000/month.