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How to Save More in a High-Inflation Era

Are you feeling the pinch of high prices in the post-pandemic world? You're not alone. Many young families, still in the wealth accumulation stage, find it increasingly difficult to save as inflation outpaces salary increases. The solution seems simple: earn more and spend less. While much has been said about budgeting and cutting expenses, this article will focus on the often-overlooked aspect of increasing income.

Before anything else, explore the upsides in your current job. Is there an opportunity to negotiate a higher salary or bonus? Are there ways to invest in your credentials or skills to boost your value at work? If you've maximized your potential in your profession, let's delve into the idea of passive income.

The Myth of Passive Income: 

The concept of passive income is widely discussed and promoted among personal finance influencers. However, passive income is not a viable strategy for most families in the wealth accumulation stage, especially those with children. Options like rental properties, dividend stocks, and being a silent business partner are not truly passive. They require significant capital, carry inherent risks, and often demand substantial time investment. So, what realistic options do young, busy families have?

Practical Income-Generating Strategies:

·         Freelance Work: Capitalize on the skills you've honed in your career by diving into freelance opportunities. Platforms like Upwork and Freelancer connect you with projects matching your expertise, from writing and design to coding and consulting.

·         Online Tutoring or Coaching: Excel in a subject? Online tutoring is in high demand, especially with the rise of remote learning. Sites like VIPKid and Chegg Tutors can be your gateway to teaching students globally. Coaching in areas like fitness, music, or languages

can also be lucrative.

·         Virtual Assistant Services: Offer your organizational skills as a virtual assistant. Many businesses need help with administrative tasks, scheduling, and social media management. This role can be flexible and fit into your busy schedule.

·         Content Creation: Passionate about a topic like cooking, travel, or fashion? Start a blog, YouTube channel, or podcast. While it takes time to build an audience, successful creators can monetize through ads and sponsorships.

·         Gardening: If you have a green thumb, consider selling your homegrown produce or herbs at local markets. You can even share your gardening journey online to engage with a wider audience.

·         Crafts and Handmade Goods: For the creatively inclined, platforms like Etsy are perfect for selling handmade items like jewelry and candles.

·         Renting Out Baby Gear: Have baby gear you no longer use? Rent it out to traveling families through services like BabyQuip.

·         Online Market Research: Share your opinions or industry expertise through paid surveys and research studies. Consulting for market research firms can be especially profitable, but be mindful of confidentiality agreements with your employer.

·         Write and Publish a Kindle eBook: Use your knowledge or storytelling skills to write an eBook. Amazon's Kindle Direct Publishing can help you reach a vast audience.

If you are proactive and creative, the list can go on and go. The essence is to fully leverage your existing skills, hobbies, and opportunistic moments - what I like to call the 'time confetti' in life to maximize your earnings in the wealth accumulation stage.

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