Issue link: https://read.dmtmag.com/i/614658
The Art of Manliness Continued JOBS for TEAMS | 20 www.jobsfor teams.com that you focus on index funds for your investments. It's what I do and it's what several extremely wealthy and smart individuals recommend as well, like the Oracle of Omaha, Mr. Warren Buffet himself. Index funds provide myriad benefits over traditional stocks and actively managed mutual funds. In fact, re- search shows that, over the long-haul, index funds outperform actively man- aged funds. Moreover, you keep more of your money because you pay less in fees and taxes. To compound the tax savings of index funds, hold them in a retirement account like a 401(k) or IRA. Find ways to increase your immediate income. Thus far we've focused on the saving and investing part of creating wealth rather than on increasing your income. That's because I really want to hit home the point that creating wealth isn't just a matter of making a lot of money. I want you thinking net worth, not just paycheck. But increasing your income does have a role to play in boosting your net worth, of course. The fastest and easiest way to increase your income is to ask for a raise from your employer. Lots of guys get sweaty palms just thinking about doing that, but it never hurts to try. Before you sidle into your boss' office to ask for a paycheck enhancement, do your research and put together a solid case for how you add value to the company. If it looks like you've peaked at your salary level with your current em- ployer, then it's time to start looking for another job. And if you're self-employed, consid- er raising your rates or increasing the number of clients you take on/prod- ucts you make/services you offer. In addition to finding ways to make more money with your day job, look for ways to increase your income by starting a side hustle. A side hustle is something you do to earn money during your spare time when you're not on the clock at work. The sky's the limit with side hustles. Just take inven- tory of your talents and figure out if they could be turned into a product or service for which people are willing to pay. For example, I speak Spanish fluently. So when I was in college, in addition to waiting tables, I also tutored fellow students in Español. All I did to create that side hustle was put up some flyers on bulletin boards around campus with my email address and my rate of $20 an hour. Within days I had several regular clients. Besides creating a side hustle, another way to increase your income is to sell your old crap on Amazon, Craigslist, eBay, or through an old-fash- ioned yard sale. Kate and I were able to significantly increase our cash flow by doing this. Shifting from a paycheck mental- ity to a net worth mentality is a shift from short-term to long-term think- ing. Because the long-term future is so fuzzy and amorphous, it can be hard to plan your finances around something so abstract. But remem- ber: One day an old man will visit you, and that old man will be you. By switching to a net worth mentality, you can be confident that the financ- es you leave him will be secure.>