Payday to Paycheck Paradise: How to Escape the Rat Race this Labor day
Labor Day has come and gone and we have all rejoiced about the mid-week off while rejuvenating for the remaining weekdays. Labor Day is a day dedicated to celebrating the contributions of working people across all sectors and industries. Not only does the day highlight the importance of the working class, but it also empowers them to be aware of their rights.
May Day honors the hard work of the workers but more than half this population lives paycheck to paycheck, struggling to make ends meet. To have a financially fulfilled life, it is crucial to rise above the paycheck mania.
But how can we do it in this economy? This blog will guide you on your journey to paycheck paradise!
Financial May-Day
Living paycheck to paycheck might seem fine for a few years but as you grow older and your life responsibilities increase, the paycheck might not seem as huge and fulfilling as it did in the beginning.
Moreover, it would never be enough to chase your dreams of having a home or take an expensive vacation with your family. To live the life you dream of, you should be financially stable.
How do you escape the reality that is a paycheck and move to a paycheck paradise? It is not simple but not impossible either.
Here are a few simple suggestions you could use to escape the rat race!
The best way would be to win a lottery but since the chances of that happening are really slim, we are going to suggest some tried and true methods to help you.
Tax Savings
As an employee, the biggest risk to our paycheck is the tax cuttings. Once you are in the tax bracket, a significant part of your salary goes towards taxation. The government, understanding the plight of the taxpayers, introduced several schemes to reduce their burden.
Schemes such as EPF, NPS, and more help you get back some amount in the form of returns. Moreover, you can also invest the money in tax-saving insurance programs, gold bonds, and more.
Side Hustle
It is no secret that most days we are all running on fumes and by the time the clock strikes 6(or whatever time you get off), we just wanna go home and do a shavasan.
Nonetheless, to make money work us, we have to work a little harder. A small side hustle overtime can help you accumulate some savings. While it initially requires you to invest your hard-earned savings, with time and patience, this side hustle could be the one paying for your dreams.
YouTube
YouTube is an easy way to get money in India, and it is undoubtedly the most profitable platform for earning money online without investing in India. Create your own channel, start uploading videos, and grow your following. Once you’ve accumulated a sufficient number of views, you can begin to monetize your account. Set up an account with Google AdSense, and you’re done!
Freelancing
Freelancing is a another popular option in today’s gig economy. It is one of the most effective and simple ways to generate money in India.
There are numerous platforms that provide work to freelancers from various industries. As a freelancer, you can work as a graphic designer, data scientist, writer, and more, serving a wide range of clients.
You are not employed by a boss or corporation; instead, you are free to choose the tasks you want to complete. All you need to do to maintain a positive reputation in the industry is to deliver your work on schedule.
Stock Trading
One source of income that might make you wealthy is the stock market. However, not knowing enough about this business can also cost you a lot of money. Which is why, it is usually recommended to start off small with stock trading and to take your time learning the fundamentals. Consider the risks and advantages of this endeavor. Nevertheless, it is still among the easiest ways to make money in India.
In Conclusion,
India offers a plethora of simple ways to make money. There are numerous choices available, such as social media marketing, freelancing, survey taking, etc. The speed at which you can make money, however, is not set in stone. You require patience, a little money for initial investments, and some smart moves to ensure you are on top of your game. While hustling hard is crucial currently, taking a little break is also equally important.