You can actually change your life by just making an extra $500 per month in extra income. It’s true!
If you look around at the hype on the internet about starting a business, all you read about is making an extra $5,000-10,000 in 30 days with very little effort. Now, I am not against that and nor do I believe that there aren’t people doing that, however that is not the norm.
In this post, I would like to get you to think about the possibilities of what you could do in your life by just making an exta $17 a day or $500 a month. I think you will be shocked…and hopefully inspired.
1. Pay Off Debt
It is no secret that debt destroys marriages and relationships. Having debt causes massive stress in the lives of individuals. Also, by having debt, you miss out on business and investment opportunities that could really change your life. The quicker that you get a plan to pay it off the better.
When I was in college, I ran up A LOT of student loan debt (and I am not even a Dr. lol). Instead of credit cards, I used my 0% interest loans. Terrible mistake! As I got older, I got a few more loans and some other debt. It was not good. Slowly but surely, I paid off all my debt except for my student loans. Lord willing, I will be debt free within a year. I can tell you, those times were stressful for me.
There are tons of financial books out there with various plans. Find one that you feel good about and FOLLOW it. Listen, $500 extra per month thrown on your debt can make a big difference in your life. That is how I got started.
Leo Quinn is a good friend of mine and has a great system for paying off debt. I used his program to get my credit report looking better. He has sample letters and such that I used to clean everything up. You can check out his “How To Own Your Paycheck Again!” program. I highly endorse it.
2. Remodel Your House
Have the pictures in Southern Living created the desire to make a few changes around the old homestead? Are you simply tired of the way your house looks—both inside and out? Is your kitchen from the 1950’s, but you are still using it in the 2000’s? Or has your family outgrown your house, but you do not want to move?
If you earn an extra $500 a month that can be dedicated solely to your remodel project, you have the potential to get a great return on your investment when you go to sell your house or just provide a nicer atmosphere for your family to enjoy.
What would you remodel with your extra money?
3. Invest For Retirement
Wouldn’t it be nice to have the cash reserves readily available to take advantage of a good investment when it comes along?
If you had an extra $500 a month to invest in mutual funds, real estate, or the stock market, you could start building a portfolio that would allow you to make more investments, travel, or retire.
A simple investment of $500 per month could earn you interest for number of years. That would be your extra money working for you to help you create the life you only dream about now.
Take a look at many of the financial calculators online and start playing with some numbers. You will be amazed at how just a little investment of $500 can add up to thousands of dollars.
Have you figured out what your number is so you can retire?
4. Buy Your Dream Car
Is your car about to give up the ghost? Maybe there is a car that you have been wanting for a while but couldn’t afford it on your family budget. An extra $500 a month coming in should be enough to cover a car payment and insurance.
Even better, use that money and pay cash for your car like I did last year. That way you don’t take on any new debt. The picture of the car above is mine. I was able to pay cash for it last September with the extra money I made in my home based greeting card business.
I LOVE my turbo charged Saturn Sky Redline (260hp )and have wanted one ever since it came out back in 2007. I just wanted to wait until the timing was right.
What type of vehicle would you buy if you had an extra $500 a month coming in each month?
5. Go On A Family Vacation
I know of one family that goes to Disney world each year. It cost about $5000 and they do it every year. Imagine all the memories that they have created on those family vacations. That could be you if you have $500 a month extra you could put towards saving for that epic vacation.
One of the things I have been able to do is pay for a log cabin in one of our favorite places which is Gatlinburg, Tennessee. It feels good to walk in and pay for it each year. We invite my family and my in-laws to join us for three days. We LOVE it.
Where would you go to create memories?
6. Give More To Charity
I think most people are good people. I think most people would love to do more for people if they had the means. $500 a month that goes to your favorite charities or maybe your church could go a LONG WAY in someone’s life. There are some great organizations that could use a generous donation.
John D. Rockefeller is my favorite businessman of all time. He made a ton of money while he was alive. That isn’t all he did either. He gave away a massive amount of money to start schools and other ventures. You might of heard of the Rockefeller Medical Institute. That one institute has saved thousands of lives by curing diseases. All of this has happened, and keeps happening, long after Mr. Rockefeller has passed.
Who would you give to if you made another $500 a month?
7. Pay For Childcare
Owning a daycare…THAT is the business to be in! ha!
We are expecting our first child in October and so I have now been enlightened on the cost of child care. It’s NUTS!!!!
With an extra $500 a month of passive income coming in each month, child care wouldn’t hurt so much.
I hope this has given you some ideas on how $500 a month could change your life. One of the things that has worked for me is creating projects to pay for my lifestyle. I have websites that pay for my debt, mortgage and health insurance….all with passive income.
So what would YOU spend your $500 on if you had it coming in each month passively? Please comment below.
P.S. Another idea for you is to pay your house off early.
P. P. S. If you are needing to raise money quick, you might take a look at my ebook “50 Ways To Raise $50-1,000 In 30 Days Or Less“.