How to Get Richer in 2021

I hope the title doesn’t sound misleading because I’m not going to talk about quick get rich schemes. I personally don’t believe in easy money.

However, there are tons of ways nowadays that can make all of us a bit (or a lot) richer in 2021 compared to our net worth in the previous years. If you are looking for ways on how to improve your financial well-being or how to get richer in 2021 then read on.

I’m sure that you already know most of these but for those who are new to the personal finance world, here are some ways on how to get richer in 2021.

Earn Money From Your Own Online Business

If there’s one thing that is easier now compared to the previous years, it’s our ability to earn more. Thanks to the internet and everyone around the world regardless of age, race, gender, the color of your skin, etc, can earn money online.

As long as you have a mobile phone, laptop, and internet access then the possibility is endless. However, not everyone still realizes this gift. Most people still use the internet for entertainment purposes only.

Imagine decades ago when the only option to earn money is either to work for other people (become employees) or to work for yourself (become an entrepreneur). Jobs are limited and setting up a brick and mortar business needs capital.

Fast forward to our present era, the cost of setting up a Youtube account or a blog is very minimal compared to setting up a traditional brick and mortar business. Marketing costs for small businesses can also be free thanks to Social Media.

As months go by, I am also noticing an increasing number of people making money in a variety of ways online. The number of Filipino Youtubers with thousands and millions of subscribers is increasing and some of them are not even in their 20s.

Can you imagine now the almost endless possibilities that the internet can provide? Now that this amazing tool is within your reach, what will you do about it?

Here are some ways to earn money online. I’m sure that there are tons of other ways that I’m not familiar with, but, you can start with this list.

• Sell Online 
• Start a Blog
• Create a Youtube Channel
• Earn Money from Affiliate Marketing
• Create an Instagram Marketing Page
• Print On Demand

 

Get an Online Part-time Job

If you’re not keen yet on setting up your own online business then start by getting an online part-time job. There are so many small and medium businesses nowadays that are looking for people to help them grow their business.

I remember one of my staff in my previous work who gets free three meals per day from a specialized diet catering business. All she had to do was to take pictures of the meals she received and post them on the Instagram page of the business that hired her.

Sure, she did not get paid any money but she also did not work that much in order to do this. She took photographs of the food items in our office and it took her less than 15 minutes to photograph and post on Instagram.

Another colleague of mine used to edit pictures for her client from the US. She gets clients from Upwork and she edits the pictures as soon as she gets home or on weekends.

If you don’t know where to look for part-time gigs then start with your local online classified ads or to search Google and Facebook for part-time or freelancing jobs. Some of the most common part-time jobs include (but not limited to):

• Writers/Bloggers
• Photo Editor
• Virtual Assistant
• Customer Service Assistant
• Video Editor
• Data Entry Clerk

Earn More Money by Transferring Your Savings to Digital Banks

You can earn more money by simply moving your savings from traditional banks to digital banks. Nowadays, the interest in the traditional banks for regular savings accounts is less than 1%, a lot of them are even at 0.25%. Digital banks are offering 3% and above. During promotional months, they even offer 4 – 5%.

Digital banks are also covered by PDIC so your savings are insured up to P500,000. Some of the most popular digital banks in the Philippines include CIMB, ING, Diskartech, KOMO, and more.

I don’t know how long this high-interest rate offer will last but take advantage of it while it’s still available. Aside from the high-interest rate, you can even earn more by referring your friends and family (this option is available only for Diskartech and GCash as of the time of writing).

Make Money by Selling Your Clutter

Selling my clutter at home is how I started with my online selling gig. I used to buy tons of clothes and stuff for myself until I reached the maximum storage capacity of my apartment. There was a time in my life when I had more than 50 jackets and tons of jeans, shirts, bags, shoes, and accessories.

One day, I had enough of staring at my apartment who started looking like a dumpsite because of the boxes full of stuff that was not being used anymore.

I started posting them in Sulit (which became OLX and now Carousell) and sold everything. And that made me realized that I could make a living selling used stuff. It’s now my full-time gig now. Selling online is not as hard as it seems. Thanks to online platforms such as eBay, Carousell, Instagram, Shopee, etc, selling online is possible for everyone.

 

Harness the Amazing Power of Credit Cards (with Caveat)

Credit cards are powerful financial tools that can help or break you financially (and sometimes emotionally as well). But, if you use it mindfully, then you will reap its benefits. I had had some stumbling moments with my first credit card, but, I learned my costly lesson quite well.

After that first stumbling block, I have gained so much by just using my credit cards. I have earned miles and I have redeemed numerous flights with my Citi PremierMiles Credit Card in the past few years. I have also enjoyed free airport lounge access using my Citibank credit card.

I treat my credit cards as cash and I only charge what I can pay in full when the due date comes. After my first stumble with my first ever credit card, I have never paid a single cent on interest nor have I been charged with late fees whatsoever because I always paid them in full and on time.

If used properly and mindfully, you will enjoy tons of benefits such as freebies, discounts, and more.

 

Upskill and Improve at No Cost

Again, thanks to the internet, we can now upskill and improve ourselves at no cost at all. You can do this by reading blogs or websites or by watching Youtube tutorials.

I have learned how to blog by reading other blogs and watching Youtube tutorials online. Learning nowadays is easy and free. The only barrier is ourselves.

Instead of spending all of your time watching Netflix all day, why not spare an hour or two learning something new. I’m not saying that you stop watching movies, no, not at all. I personally love watching movies. But, you can strike a balance between building your skills and relaxing or entertaining yourself.

If you’re reading this blog post, then chances are, you’re looking for ways on how to generate additional income for 2021. I highly suggest that you start reading similar blogs and watch Youtube videos about similar topics.

And then, execute one of your ideas by 2021. For me, practice is the best teacher. I learn faster when I’m actually doing the task. So, if you’re thinking of creating a Youtube Channel or a Blog to earn additional income next year, then watch all the tutorials available online until the end of this year and then execute your idea by January 2021.

You can continue learning and improving as you go along.

Save More Money

Saving money is the key to financial independence. And when you’re financially independent, it’s easier to make better decisions for your overall well-being. You don’t have to stick to things that do not really give much value to your life anymore just because of a paycheck.

This is why saving money should also be one of our top priorities this 2021.

If you don’t have one yet, the first kind of savings that you should build is your Emergency Fund. This will cushion a lot of financial emergencies that you might experience in the future.

 

Continue Living Within Your Means

In my observation of the people around me, one of the reasons why people stay broke is that they spend more once their income grows. A lot of them even spend more than way what they earn. Even if they earn more than P100,000 each month, they indulge in various luxuries that cost way above their paycheck.

They may have looked richer because of all the flashy stuff that they have bought, but they’re still cash-strapped like everybody else who are earning way less than them. If I’m being honest with myself, I also became a victim of lifestyle inflation when I was younger. Luckily, I was able to break free of that and I now focus on only buying things that will generate further money.

Living within your means is one of the most effective ways to become rich once you follow this advice with all your heart.

 

Invest

Saving money alone in the banks will not help you become rich. Because even with the help of compounding interest, it’s still very small especially if you have just a small amount of money in the bank. There are other financial vehicles that you can invest in that can help you grow your money faster.

Although, please be aware that financial investments have risks associated with them so please do your own diligence before investing your hard-earned money in any form of investments. And also, please be aware that these are not get-rich-quick schemes, it will take some time, effort, and financial capital before you see gains.

Again, please tread carefully before jumping into any form of financial investment.

Some of the know investments that are available in most if not all countries include:

• Stocks
• Bonds
• Forex
• Time-deposits
• Real Estate

The higher the potential returns, the higher the risks. Again, if you will be investing your hard-earned money, please do your own due diligence. Do not just invest just because a colleague, a friend, or a family member told you to do so.

If you do not have enough money to invest in any of the above-mentioned options, I suggest that you invest your time by building your knowledge and skills first.

Personally, I invest my time and money by building online businesses such as online stores and hopefully this blog (in the future when I decide to monetize it). I also use a huge portion of my earnings to pay for the apartment rental unit that I bought a few years ago. This coming 2021, I plan to also invest in stocks to help me further build my income streams.

Take Good Care of Yourself

This is probably one of the best ways to keep on getting richer not only in 2021 but also in the succeeding years. Take good care of yourself. Take good care of your physical body and your mind. A healthy body and a calm mind can take you to even greater heights that you have never dreamed of.

If you have a healthy body, then you can endure handling multiple tasks. If you have a calm mind, then you can make better decisions.

This is one of my goals at the start of 2020 which I plan to continue on in the next few years. I personally believe that it’s the foundation of any material wealth because, at the end of the day, you are the driving force behind your businesses/financial endeavors. And if the driving force is weak and unstable, what kind of results do you expect to gain?

 

Final Thoughts

I’m excited, not only for my own journey but for the entire world as well. This pandemic has opened our eyes to a reality that we have forgotten or that we have refused to see.

In my opinion, a lot of businesses and other wealth-generating platforms have been generated even during the pandemic era and a lot of those ideas will be executed in 2021 and the years to come.

I’m excited to see eco-friendly and sustainable businesses finally getting recognized by the masses. This pandemic also gave birth to a lot of new entrepreneurs. The competition in any business has just become more exciting and more competitive. The gate to becoming an entrepreneur is widely open for anyone thanks to the internet.

Again, as I have mentioned above, the only barrier is ourselves. Exciting times ahead my friends. I’m wishing everyone the best of luck!

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