6 Smart Things to Do With the Money You Make From Your Blog
Blogging is a booming business for .side hustlers and full-time writers alike. Bloggers that want to make the most money possible from blogging should do more than let the money earned from their blogs sit in their checking accounts. Read the following six ideas for the best things bloggers can do with the money made from writing.
1. Pay Off Debt
If you’re excited about the extra income you’re making from your blog, don’t fall into the trap of spending it all. One of the smartest ways to use your extra earnings is to pay off debt. Though you may not enjoy giving your hard-earned money to credit card companies and your student loan lender, paying off debt is one of the wisest spendings moves anyone can make. As you use more of your blog profits to pay off debt, you’ll be one step closer to becoming debt-free.
2. Save for the Future
In addition to paying off debt, another way to spend the earnings from your blog is to save. With 34% of Americans reportedly without a savings account of any kind, it’s important for you to start growing your savings as soon as possible. As your money sits in a bank account, it will continue to accrue interest and provide you with the funds you need in the event of an emergency.
3. Make an Investment
Whether you’re making a lot of money through blogging or just a few dollars a day, you can use these earnings to completely transform your net worth. If you’re looking for smart ways to spend your blogging money, consider making an investment. By putting these earnings into investments like stocks, real estate, bank products, or bonds, you’ll be able to transform these earnings into much more money.
4. Upgrade Your Home
If your home is your largest investment, it’s a good idea to consider making a few upgrades with your blogging earnings. Should you put your home on the market in the near future, you’ll receive a huge return on your investment. Items to consider upgrading are broken appliances, outdated fixtures, your color scheme, the layout, and the like. With a new coat of paint, energy-saving appliances, and updated curb appeal, your home will yield a tidy sum once you put it on the market.
5. Plan Your Retirement
Retirement is another area to consider when it comes to investing your blogging earnings. If you haven’t started putting money away for retirement yet, now is the best time to start. Experts like Jason Vanclef recommend investing in a 401(k) or an individual retirement account. With your money safely growing in these retirement funds, you’ll have a tidy sum of money once you retire.
6. Expand Your Brand
Many bloggers with successful sites are able to monetize their brands with everything from affiliate marketing to clothing sales. If you’d like to go this route, consider investing in yourself and growing your brand. Take your blog to the next level by investing in better promotional material, creative content, and social media marketing. With greater brand awareness, you’ll be able to attract more people to your blog.
In addition to continuing to monetize your blog, Jason Vanclef suggests that bloggers invest in developing products or services. With the right products or services for your niche audience, you’ll make even more money from your brand.
Don’t make the mistake of spending all your blogging money. Try these ideas to make the most of your blog-generated earnings as you put your money into savings and investments to grow your wealth.
