How To Free Up Money To Invest

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If you want to learn how to free up money to invest so you can make passive income and become financially free, here’s the link to where you can access my entire How to Make Passive Income eCourse

Sometimes, the quickest and easiest way to get more money to invest is to just not spend it on something else.

So in this video, we’re going to focus on how to free up money to invest by SAVING money (and in my next video, we’ll do a deep dive on how to boost your income so you can invest more).

STRATEGY #1 is to create a separate savings account just for investing.

The purpose of this account is to allow you to temporarily park money there that’s on its way to being invested in other things without accidentally spending it on something else.

STRATEGY #2 is to set up an automatic transfer into your investment account.

Research shows that people who have money automatically deposited in a savings account, increase their savings by 81% a year.

STRATEGY #3 is to plug the money leaks in your current spending patterns.

And when you save money on a regular monthly expense, add the amount you saved to your auto-transfer (so that money actually gets invested instead of just spent on something else).

You can approach this like a treasure hunt and look for money leaks… places where you’re spending money that aren’t necessary and don’t give you a lot of joy of fulfillment.

If you find $500 a month in money leaks and invest that money instead at 10% for 30 years, you’d have $1,139,662!

STRATEGY #4 is to create and follow a unique Cashflow Plan each month.

A Cashflow Plan is another term for “Budget,” but many people feel contracted when they hear the word “Budget” because it feels like something that’s going to limit them and not let them spend any money or have any fun.

But when you do it right, your Cashflow Plan can actually have you feel like you got a raise and give you PERMISSION to spend money without feeling guilty or scared.

I teach Cashflow Planning in depth at my Financial Freedom 101 Online 3Day Event. Here’s a link where you can get more info about that event and even get a FULL SCHOLARSHIP

When you consciously plan your cashflow ahead like this, you’ll see opportunities for how you can free up money to invest.

STRATEGY #5 is to make a note to transfer any money you unexpectedly save or decide to save.

I have a note on my iPhone called TRANSFERS.

So if I go to the grocery store and it says “You saved $11,” I make a note to transfer $11 to my investment account.

You’ll be surprised how much these little transfers can add up!

STRATEGY #6 is to think of the potential future value of your money before you spend it.

I used to think about this a lot when deciding whether or not to get popcorn at the movies. Last I checked, a large popcorn was around $9.

What if I invested that $9 instead? If my money grew at 10% for 20 years, it would be worth about $66.

Do I want to spend $66 of my future self’s money on popcorn?

If you decide you’d rather invest that money for the future instead of spending it now, remember to make a note on your phone to transfer that money to your investment account so you actually invest it instead of spending it on something else.

STRATEGY #7 is to increase your auto-transfer amount when your income goes up, instead of just increasing your lifestyle.

For example, one of my Financial Freedom Accelerator clients got a new job with a big pay raise, and instead of increasing his expenses, he put the extra $4-5k a month into paying off his consumer debt, maxing out his 401k and investing in his first single family home.

When you combine these 7 strategies for how to free up money to invest, you’ll be able to reach your goals a lot faster!

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