Saving animals and establishing humane laws takes money.  Therefore, I’m dedicating every Friday to Fiscal Fitness.

Many articles coach people how to save money making the assumption that everyone has a good income.  There are many bright, creative, hardworking individuals who make close to minimum wage.  This is not caused by a recession but rather a lack of planning and the ability to implement a good plan.  Your economic needs will vary depending on housing cost in your area but if you make less than $40,000 a year you may want to ask yourself some hard questions. 

1.       Look for ways to make passive income.  Passive income is any money earned through little effort.  I call it sleeping money.  If you invest in the stock market and your portfolio increases, that’s passive income.  If you automate a website to sell products that’s passive income.  If you invest in real estate and spend little to no time managing it, that’s passive income.  Passive income is the only way to substantial wealth.  The good news though, is you can start generating passive income with very little cash.  Consider investing as little as $50/month in a no load mutual fund.

2.       Can I make money following my passion?  If not, what’s the next best thing that will provide substantial income for me?  If you can make a living following your passion, hire a marketing coach so you can increase your earnings.

3.       If you are employed, and you like your job, ask your supervisor what you could do to increase your earnings. 

4.       If you like your full time job but just run short now and then, consider taking on some freelance work or a part-time job.

5.       If you like your work and you can start your own business give it some serious thought.  For example, one massage therapist I knew began her own business.  She was great at marketing and within the first year had enough work to hire a second therapist.  Another massage therapist I knew left to start her own business.  She was a great therapist but hated marketing.  The last time I saw her she was busy work several part time jobs.  She would have been better off staying where she was and increasing her client base.  Kate’s book, “Anyone Can Make a Million Investing in Real Estate” has many more practical tips on ways to save money and increase earnings.  $10 will buy either an ebook or a paperback copy (while supplies last).  Click here.