One personal finance writer, whose work appears over at CNBC, is pushing back against a lot of what we read out there nowadays about how “easy” it is, ultimately, to fix one’s financial woes; she says that, when it comes down to it, those who are really “better with money” are so because they generally have more of it.
And if you have more of it, well, then, of course it’s easier to be better with it.
In her piece, entitled “Being ‘good’ with money is easier if you have more,” Megan Reynolds makes a bit of mincemeat of the subject of a 2015 Business Insider article hailed as “a 25-year-old who's better with money than many people twice his age.”
Reynolds breaks down the young man’s financial profile in some detail, but the bottom line, she concludes, is that as a 25-year-old who’s making over $70,000 per year when the average salary in the U.S. in 2014 – for folks of any age – was just under $45,000 per year, the fellow is in a built-in situation where it’s easier to be “better with money” because he simply has more cash than so many others do.
The purpose of Reynolds’ article is to inject a dose of realism into other articles out there that marvel at the Herculean achievements of some in building substantial wealth, paying down enormous debt, and doing any of a variety of other things with their personal incomes that look, at first glance, to be truly impressive.
Beyond that, however, there is an important lesson for the rest of us that is of particular significance.
If you want to be better with money, then go make more of it…and a great way to do that is with something called a “side hustle.”
“Side hustle” is a term that has become a popular way to describe making extra dough for yourself by working at something you enjoy, usually in the form of a gig; something that, while still work, is slightly more entrepreneurial in nature and often done in a genuinely self-employed capacity.
“Side hustles” have become especially popular, in part, because of the difficulty encountered by many folks in earning enough from their day jobs to do all of the things that people who are ostensibly “better with money” seem to accomplish.
In the end, if you feel a little unworthy because you’re apparently not as good with money as others about whom flattering articles are written, remember that their smart moves are not likely attributable to the fact that they’re smarter than you, or have better judgment than you.
It’s simply because they have more than you.
So go get more….and join the ranks of those who are “better with money.”
Indulge your side hustle.
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