There’s an often misquoted American study that states any annual salary above $75,000 does not contribute to increased happiness. Although it may be true if your only objective is to purchase more material items such as the iPhone X, Y or Z other studies have suggested that most happiness is attained when you’re able to buy your time back.
So how does one buy time?
If you spend an hour by foot and train but a taxi journey only takes half the time, you’ve just bought yourself half an hour of time. As a result you’ll certainly be much more satisfied than if you had to stand in a crowded train for twice the time.
Buying lunch and hiring a cleaner or gardener for your house are other examples of buying your time back. And basically there is no limit when it comes to happiness levels that are a result of time saved. Here are five awesome and almost effortless ways you can increase your income and time.
Although I disagree with conspicuous consumption, certain expenses such as groceries and experiences are unavoidable. Buying gifts for special occasions are another area where money should not be saved.
If you have to use money anyway why not receive money back for doing so, no strings attached.
TopCashBack is the UK’s most generous website when it comes to rewarding users for spending. For example, if you’re planning to online shop for a new pair of trainers anyway, doing so via one of their links can currently save you 15% in Adidas or 11% in Nike.
After paying the full retail price for your trainers, TopCashBack return that 11% or 15% back to your account. As you can imagine this can quickly add up to quite a substantial amount and the good news is that there are no minimum thresholds for payouts. Therefore you can use their site prior to a particular period full of significant purchases e.g. Christmas and withdraw whatever amount you earn immediately. Learn more here.
Few things require less effort than switching on an audiobook on your smartphone and relaxing with a glass of wine after work. It’s by far the most convenient way to learn I’ve found. Regardless of whether you’re driving or using public transport audiobooks are a great option for everyone.
And they often say knowledge becomes wealth if you turn it into action. Simply listening for 15 minutes per day (if you can’t even spare 15 minutes then you don’t have a life as the great Tony Robbins would say!) means you can get through 10 high quality books in just one year.
Give me anyone and I can change that person’s mindset entirely with 10 books. Think about how your life would be transformed if 10 mentors, each one as great as Warren Buffett were to teach you every night for the next year.
If you follow this link you can get your first audiobook entirely free via their 30-day free trial. Try the service out and if you don’t like it you can cancel immediately with the click of a button and still keep the initial book.
From receiving cash back for nothing to being educated by the world’s greatest, matched betting comes in as the third easy way to earn money but there’s the risk of human error to consider with this one. Let me try and explain the concept of MB very simply:
Gambling websites often entice punters with offers such as a £20 free bet in the hopes you’ll come back. Matched betting is using your own money and placing it on a match, for instance football. You place your own £20 on Red Team to win but you also place your free bet on a second website for Red Team to not win. Not for red team to lose because there’s a chance of a tie, but for red team to NOT win.
As a result you’ll certainly win one of the two bets as Red Team will either win or not win (draw or lose). Due to specific odds you might only be left with £36 but because you only invested £20, you’ve just made £16.
Firstly matched betting is not gambling. If done properly there are actually people out there earning in excess of £3,000 per month consistently. That’s better than my full-time salary, but it does take some time and effort. Unfortunately I’m not one of those high earners but I’ve made matched betting work in the past by earning more than £500 through initial bonus sign up offers alone.
You can learn more and sign up to their free trial here. This dedicated website will train you to become a matched betting expert, update you with the most profitable ongoing offers and give you access to all the calculators you ever need. As mentioned the only risk is human error so if you struggled with primary school maths then I would skip this one..
Pay off your mortgage ASAP – although the stock market has returned an average of 7% annually this obviously isn’t guaranteed for the near or permanent future. One thing that is guaranteed however is the return you’ll achieve if you pay off some or all of your mortgage ASAP. If your mortgage interest is 4% and you pay off a chunk, you’ve just picked the low hanging fruit that is your mortgage interest and banked it in your own wallet.
Scrap your car or move closer to work – this one might not be possible as I understand most people love the freedom of their cars but that doesn’t mean you shouldn’t consider this option. Having 100 channels on your SmartTV also gives you a certain amount of freedom but zaps your productivity, negatively impacts on your health and reduces your happiness in the long run. Cars, especially new and lifestyle-inflation ones, are money drains even when purchased with cash. On the other hand, purchasing a depreciating asset on finance is an even bigger mistake.
Cars are obviously the only feasible option if you live far away from work but that’s why moving closer to work should be another consideration. Although you can listen to more audiobooks during your long commute, long distance driving is very stressful and turns an eight hour shift into nine or even ten hours when you could be spending that time with your loved ones instead of other angry road users. Every single day. When you scrap your car (or one of your cars even) you can invest the money and also invest in your future fitness as you’ll be forced to use your hamstrings and calves more.
P.S. I learned everything I know about finance from this book, this book and finally this one, amongst some others. If you prefer learning through listening use this link for a free Audiobook of your choice by signing up to their 30-day free trial. Simply cancel with the click of a button if you decide later on that the service isn’t for you and still keep your book.