Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. (1 Tim. 6:17-18)

Wednesday, October 21, 2009

Control your back-end | Focus on your front-end

When you're in the middle of a financial crisis, it's easy to focus on controlling the money that is going out of your budget. You become tight-fisted and concerned about your everyday spending. I call this the back-end of your personal finances.

Controlling the back-end of your finances is very important, but it shouldn't be your long-term focus. Once you have your budget expenses under control, focus your time and energy on your front-end. This is your income.

Here are some questions to ask as you focus on increasing the front-end of your finances:
  1. Do I have some stuff that I can sell to at least boost my front-end in the short-term?
  2. Is it possible to get a raise at work?
  3. Is it possible to transfer to a higher paying position at my workplace?
  4. Is it possible to take advantage of benefits at work that will gain me money?
  5. Should I look for a better paying job?
  6. Do I have the time and energy to pick-up a second job for a period of time to get out of debt faster and help me through my financial difficulty?
  7. Do I have a talent or ability that I can transform into a valuable service for people in order to gain part-time additional income? Maybe you could become a wedding singer, a painter, a landscaper, or a tax return preparer? Be creative and see if you can create a niche market offering your services. Doing this can sometimes lead to a full-time business that brings in more money than your original job.
  8. Can I build a part-time business out of my house in order to bring in additional income?
  9. Can I rent out a part of my house for an additional stream of income?
  10. If my spouse is not working, should they pick-up a part-time or full-time job?
Be creative. Use the assets, talents, and abilities that God has given you to increase your front-end income. As you dig out of a financial mess, you need the big shovel of your income to help get you out.

Do you have a story about picking up a second job or starting a part-time business in order to increase your front-end income? If so, leave a comment. I'd love to hear your story.

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