Want to be $1,000 richer this Friday? Sure! Who wouldn’t? There are two ways to make that happen: make more money or pay less in expenses. If I stopped there, though, this would be the shortest blog post I’ve ever written.
This week we’re going to take a bit of a departure from taxes to talk about how to put more cash in your pocket.
If you pay less taxes, you’ll have more cash. That’s because taxes are probably one of your biggest expenses. When you cut your expenses, you definitely will put more money in your pocket. And if those expenses are after tax (not deductible), you’ll actually do better saving $1,000 then making $1,000. That’s because the $1,000 will be subject to taxes. If you want to find ways to pay less tax, then please scan the archived blog posts. You’ll find plenty of ideas.
How about ways to pay less in expenses? One of the best tricks I know is “Cashflow Sunday”. Every Sunday, my family comes up with a list of 10 things we can do during the next week to create cashflow. Some of the items will be ways to collect money. Others are ways to decrease expenses. Usually the expense items are easier to identify and put in place right away. But there is a limit to how much you can cut. On the other hand, there are very few limits to how much cash you can create.
If you don’t have a business, start one. If you have one, how are you doing at creating/ all three types of income: (1) active (2) leveraged and (3) passive?
We’ll be talking about all those ideas more this week in the blog posts.
You can also find dozens of other tips in this week’s featured product, 58 Strategies for Creating Cashflow Quick. You’ll get a 40+ page eBook, an accompanying audio file and our “1,000 Deductions List”, designed to help you find missing or overlooked tax deductions that can lower your tax bill and put that money into your pocket instead.