What should i do with my salary? #moneytips #businessstartup #sidehustles

There are a few things you can do with your salary. Here are a few ideas:

* **Pay off debt:** If you have any debt, such as student loans or credit card debt, you may want to use your salary to pay it off. This will save you money in the long run and free up more of your income for other things.

* **Build an emergency fund:** An emergency fund is money that you set aside for unexpected expenses, such as car repairs or medical bills. It is recommended to have at least 3 to 6 months' worth of living expenses saved in an emergency fund.

* **Invest for retirement:** No matter how young you are, it is never too early to start saving for retirement. You can contribute to a retirement savings plan, such as a 401(k) or IRA. Learn about dollar cost averaging

* **Invest in yourself:** Investing in yourself can mean taking courses to improve your skills, attending conferences to network with other professionals, personal development, or starting your own business. Investing in yourself can help you to earn more money and achieve your goals. Investing in yourself is the ultimate leverage you can do.

* **Spend on experiences:** Experiences, like traveling, joining live events, or taking classes, can be more rewarding than material possessions. When you spend money on experiences, you are creating memories that will last a lifetime. Special bonus if you spend time on experiences with people who are important to you, such as family.

* **Give back:** You can use your salary to give back to your community or to a cause that you care about. This can be a veryrewarding way to use your money and make a difference in your world.

**Start a side hustle:** A side hustle is a great way to make extra money and to have something to fall back on if your current job goes away. Think of it as the lifeboat on the ship of your career. There are many different side hustles that you can start, such as freelancing, starting an online store, becoming a virtual assistant, or starting up an all in one business like mine.

Starting a side hustle can be a great way to test out your entrepreneurial skills and to see if you have what it takes to run your own business. It can also be a way to make extra money and to build up your savings. If your current job goes away, you will have a source of income to fall back on. And if your side income outgrows your salary, you'll have the "problem" of deciding IF you should leave your job if you want to.

If you are thinking about starting a side hustle, here are a few things to keep in mind:

* **Choose a side hustle that you are passionate about:** If you are passionate about your side hustle, you will be more likely to stick with it.

* **Do your research:** There are many different side hustles out there, so it is important to do your research and choose one that is right for you.

You DON'T want to pick a side hustle that takes up too much of your time, so look for simplicity. Look for "done for you" funnels and don't reinvent the wheel.

* **Set realistic goals:** Don't expect to make a lot of money from your side hustle overnight. Set realistic goals and gradually work your way up. If your side hustle has low operating costs, you can bootstrap it with a fraction of your salary, so there's no pressure to repay loans or pander to investors.

* **Be patient:** It takes time to build a successful side hustle. Be patient and don't give up.

If you want to learn from someone who's paid a high price in terms of money and failure, then I suggest you visit the link in my bio and download my six figure Escape Plan for free, which will answer all the points I mentioned advice.

Starting a side hustle can be a great way to have a lifeline in case your current job goes away. It can also be a great way to make extra money and to pursue your entrepreneurial dreams without losing the security of your job.
In other words, you can have the best of both worlds.

--
Alpha Lim, Malaysian Home Business Daddy
Helping busy parents (and would-be parents) start a home business for themselves

Download my six-figure Escape Plan for free at my website https://marketwithalpha.com/