By Babajide Komolafe

Some people are always broke because their income is not enough to cover the items on their needs’ list. There are two ways of solving this problem.

The first is limited and not sustainable. So, the second method is most recommended and it is what you must do if you want to be rich.

The first method is to remove some of the items on your list of basic needs or reduce the quantity. Then control yourself not to exceed that quantity.

However, there is a limit to which you can reduce or eliminate items on your list. There are many basic needs you can’t eliminate. This also limits your standard or quality of living over time.

Hence, the second method of solving this problem, which is to increase your income.
There are many ways to increase your income. Some are easy and immediate,{ while others are not easy and take time.

One easy way to quickly increase your income is to buy bulk where your present income can allow you. You can save up to 15 per cent by buying most food items and essential commodities in bulk.

Another way is to put your idle cash or savings in interest yielding investment, like mutual funds. Presently, you can earn as much as 17% interest on your savings in a mutual fund, which is designed for small irregular savings.

These two steps are one of the low hanging fruits of increasing your income. Just imagine, you earn 10% by buying bulk, and you earn another 17% by saving in a mutual fund. This can provide you money to cover another basic need for a whole month.

Another option, in addition to these two methods, is to create a side hustle and generate more income.

I once knew a young lady who is in a salaried employment but also sells footwear online. While others are using their time and data to read gossip and less profitable content, this lady is using hers to promote her business and earn additional income. There are many like her.
There are people who invest time to learn a new skill like fashion, and use the skill to make money in their spare time. Others provide services like car wash, home cleaning, laundry, shopping, soup making etc.

To avoid being always broke, you must do these things continuously, combined with the steps discussed in the first part of this article published last week.