Thursday, March 5, 2015

How to Earn - Step 1: Learn New Skills

If you tried to spend less as recommended in "How to Save - Step 1: Spend Less Than You Earn" but found that there's still not enough leftover to save, maybe it's time for you to earn more money.

The equation is simple. Earnings - Spending = Savings. Sometimes just spending less is not enough. Once you've cut your spending down, it's time to maximize your earnings to achieve greater savings.

The best way to increase earnings is to invest in yourself. That means learning a new skill that will increase your earnings potential.

As technology and the economy changes, some jobs will be replaced while others will get more valuable. New York Times has a great infographic that highlights this change at: The Changing Nature of Middle-Class Jobs - NYTimes.com

You need to learn new skills in a field that 1) you're interested in and 2) offers greater earning potential and job availability in the future.

For example, some areas that offer excellent potential include:
- Financial Analysts / Accountants
- Programming / Mathematics / Data Science / Technology
- Healthcare / Nursing

By having these new skills, you'll be able to find part-time work to supplement your existing income or upgrade your current job to a better one.

Learning is hard, but it gets easier if you're interested in the subject and you keep in mind the brighter future that's in store.

Are you learning something new? Post in the comments below!

Summary (TLDR): Spending less is not enough. You need to earn more. A great way of doing that is to learn new skills that will make your labour more valuable.

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