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Are you seeking ways to earn more? You may find spending money helps you earn more money. Check out a few examples of spending that could benefit your wallet. [[{“value”:”
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Spending money to earn money may sound like an unwise decision, but it’s not a bad idea. To be clear, you don’t have to spend money to make money, and spending a lot of money without thinking it through is unwise. But spending money on some purchases could be a win for your wallet. Here are a few examples of ways you could earn more money by spending money.
1. Take a class or learn a new skill
We can all benefit from continued learning. Spending money on a course or training that helps you advance your skills could be a win for your career and your savings account. Some people find continued education helps them become more qualified for other jobs with higher pay.
Whether you’re looking to transition to a completely different industry, advance your career by applying for a new job or a promotion, or start a small business offering freelance services, investing in training could help you take your skills to a new level and earn more money.
2. Hire a financial planner
Knowing how to improve your finances can be difficult if you don’t have guidance. Guessing your way through important financial decisions can be risky. Some people hire a financial planner to help guide them through financial planning so they can benefit from expert advice.
Working with a financial expert could help you earn, save, and invest more throughout your lifetime, and it could help you make fewer costly mistakes. There’s plenty of quality, free financial advice online, but you can still benefit from working with a professional who tailors their advice to your specific situation.
3. Investing in your business
Another way spending money to make money can be a smart move is by investing in your business. You can do this in many ways, but some examples include hiring part-time help, paying for software that lets you do your job better, or paying for marketing services.
You should only spend money if you can afford it, and it’s wise to consider your overall business goals before spending a significant amount on business expenses like the ones highlighted above. You don’t want to rack up credit card debt on your business credit cards.
However, you may be able to grow your business and earn more by making strategic spending decisions. Consider whether certain purchases could help you reach your business goals sooner. Some companies may decide to invest in products and services to increase their revenue.
4. Buy a warehouse club membership
Many shoppers invest in warehouse club memberships to get a deal on bulk buys. While you won’t earn a paycheck from this endeavor, it could help you save money on everyday purchases. A Costco membership will run you $60 to $120 annually. But as a member, you can get a better deal on groceries, clothes, cleaning supplies, and much more. Spending less on household essentials could help you free up more money to prioritize your financial goals.
Don’t be afraid to spend money
Always keep your personal finance in mind. You shouldn’t rush to make purchase decisions, otherwise you could drain the funds in your checking account or rack up costly debt. But remember that you work hard to earn your money and it’s OK to spend it. Making intentional purchases beyond your everyday spending could help you earn more money in the long run.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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