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4 ways to stop living paycheck to paycheck

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Money is always tight when you depend on a monthly wage to survive. That’s why some of these techniques for creating disposable income are worth exploring.

A huge downside of a regular nine-to-five employment is that your earnings are more or less capped. Even with an occasional raise, you’ll still be hard pressed to cover the ever-growing costs of normal, middle class family life. In order to provide a comfortable situation for your family, you have to think beyond traditional jobs and find a more lucrative source of revenues.

Here is a listing of ideas that could empower you to gain financial independence and never again worry whether your paycheck will arrive in time to cover the bills:

Run your own technology startup

Success stories are very frequent in the technology sector, with computers and mobile devices literally taking over the world over the past decade or so. However, starting from scratch is harder than it might seem, especially if you don’t have an extensive background in IT business. Only a tiny fraction of all startups become serious competitors in their markets, with a huge majority struggling to survive for the first couple of years. Of course, just a single successful product could be enough to launch the company into the big leagues and allow the founders to cash in.

Buy, develop and sell properties

Real estate markets have been a bit stagnant lately in most countries, but that masks the potential for deriving income from this field. The price of a property is certain to go up if the owner makes upgrades, so many people make a career or buying underdeveloped assets and selling them at a markup after renovating or expanding them. This can be a constant source of income that doesn’t require you to get up every morning and sit in an office cubicle, though it does require a lot of sacrifice and responsibility.

Make a bulletproof investment plan

Perhaps the most common way to make your money work for you is to make an investment. A lot of people are using their hard-earned money to buy stocks, hoping to identify the right company just before the prices blow up. Of course, even expert brokers can miss, losing a lot of money when the stock starts trending downwards. That can be avoided by staying away from the open market and investing through a low-risk plan that will keep you protected even if the economy is in a bad shape.

Publish your work and charge royalties

If you are knowledgeable about a certain topic, you should capitalize on your expertise by publishing scientific papers, books, e-books, blogs or any other form of intellectual property. A lion’s share of this work might go unrewarded, since it’s not easy to stand out and make a name for yourself overnight. However, if you manage to break through and your work starts garnering attention, you could draw checks for years to come without as much as lifting your finger. 

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