3. Start a side hustle
In my second year of saving, I became very interested in photography. I purchased an entry-level DSLR camera and decided to start a side gig as a lifestyle and wedding photographer.
I studied my craft and did a lot of free work to start. As I got better, I began to raise my prices. Within a few months, my business was growing and becoming very profitable. Networking with other photographers was helpful because they were able to refer me to new clients.
Running a side business while also working a full-time job wasn’t easy, but it was worth it: The first year of my business, I earned around $10,000; the second year, I earned around $30,000; and in subsequent years, my profits only continued to increase.
Around the same time, I started learning about investing outside of retirement funds and used some of the money I earned from my photography business to do that. This helped push my savings well over the $100,000 mark.
If you have a hobby or particular skill set that people compliment you on all the time, consider starting a side hustle. You can also make extra cash by selling electronics, clothing, shoes or anything else you no longer use.