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How to Make Money the Introvert Way
How to Make Money the Introvert Way
Many money making tips may seem to be geared specifically for people who are extroverted, such as selling, marketing, cold calling, and anything that involves being in the public eye. However, people who are introverted have a lot of talents and their own unique ability to build wealth. Introvert strengths include studying a subject in depth, focusing, and astute observation skills. These eight money making tips can also help introverts use their natural personality to create more financial prosperity.
1. Study Money
Spend time thinking about money and about the life you want to afford. Head to the library or bookstore and check out the financial section. A few popular reading recommendations are "Rich Dad Poor Dad", by Robert Kiyosaki, "Your Money or Your Life", by Joe Dominguez, and "Think and Grow Rich", by Napoleon Hill. Read and take notes on how others have built wealth, even if the author is an extrovert. Money can be an emotional subject, but try to look at your finances objectively. Become familiar with financial terms. The internet is great for looking up definitions like asset, liability, stock, bond, mutual fund, compound interest, and such. The more educated you are about money, the better you can understand it and learn how to multiply it.
2. Develop a Financial Plan
While studying money, you will learn about how money can multiply itself through compound interest. A firm financial plan will help you learn how to use compound interest, savings, and earnings power to make more money. It's a good plan that creates wealth, not a quick scheme. So, the time you spend creating a detailed financial plan is well worth it. Take out your bank statements and divide the payments into categories. Keep expenses low, pay down liabilities such as your credit cards and car loans, and increase your assets. How can you keep expenses low and pay down your liabilities? Answer this question with a financial plan.
3. Focus on Getting Out of Debt
Introverts have the natural ability to focus on one subject, almost to the point of excluding other distractions in their surroundings. Use this personality strength to work on paying off debt. Introverts do not have as much energy for social activities as extroverts, so you don't want to expend your energy earning extra money to pay off credit cards. Your personal energy should go towards the things you love. Include a solid debt repayment as part of your overall financial plan, and stick to it. One tip that helps to keep it in perspective is to think of debt in terms of your paycheck. If you save $300 in interest charges and you earn $300 a week, that's like giving yourself seven extra days.
4. Make Money with Introvert Hobbies
Introverts, naturally, have introvert-based hobbies. Popular choices are writing, playing music, reading, drawing, and spending alone time on the Internet. An introvert who loves books could turn their passion into money making by starting a money-making book blog, selling books online, receiving fees to review books, editing, or proofreading books. Think of what you prefer to do in your spare time, and brainstorm two or three money-making ideas. Then choose the one that best fits your personality, develop a plan, and begin.
5. Conserve Money
Introverts are naturally 'wired' to conserve energy, rather than expend it in highly active environments. So, it would be a natural fit for an introvert to conserve money as well and simplify your expenses. Instead of buying books, check them out at the library. Keeping a price book and shopping sales are two common methods for saving money. Find smart alternatives to the big expenses. This is part of studying money - finding new ways to keep expenses low.
6. Roll Savings and Raises into Assets
It's foolish to save $50 on your grocery bill, then eat a $50 restaurant dinner. When you do save $50 on your grocery bill, then transfer that amount to a savings account or pay off debt. Use the same tactic when you receive raises, financial gifts, bonuses, earnings from garage sales, and any other extra money. It is deposited into the asset savings account, which then is used to buy assets like stocks, bonds, and mutual funds. That $50 saved at the grocery store will create more money: interest payments and dividends. The excitement of watching your money grow is better than enjoying a $50 dinner any day!
7. Never Believe or Follow 'Get Rich Quick' Ideas
Gaining financial freedom is a long-term process, which must be cultivated with a strong plan and good habits like keeping expenses low and buying assets. Study money, focus on your plan, and be self-disciplined enough to say no to 'get rich quick' ideas. Introverts are entirely capable of making as much money as they want. Both Warren Buffet and Bill Gates are extremely wealthy introverts.
8. Give Back
Set up three accounts for savings, assets, and donations. Start with a small amount of $25 and donate it. You can send a check or visit an online charity. As you make your money, steadily increase your regular donation amounts.
These eight tips can help you stay on the right financial track and help build wealth for yourself with a strong and steady plan. Keep reading and studying money to learn how to multiply it.
Introverts are well-suited to earn as much as you want. Use your natural Introvert strengths and make money!