Unless you have been living on the Moon, you will have noticed that there is a current cost of living crisis and a global recession looming.
Things have not been looking good for the cost of energy for quite some time.
People’s electricity and gas bills have increased astronomically. Some have gone up five times their previous monthly amounts.
That means that what they once paid for FIVE months, they are now expected to pay for just ONE!
If fact here is a bill I’ve just received for the last 3 months of Gas and Electricity… And yes most of that was probably just for heating our outdoor swimming pool, the bill has come in at a whopping £1,554.99 GBP ($1,820.17 USD)
One Chinese takeaway in Aberdeen, the Royal Crown, which has been serving the community since the 1980s is being forced to close after their gas and electricity bills rocketed from £4,000 ($4,659) per quarter to £14,000 ($16,308) per quarter.
There is no way they can afford to continue with those prices. If they were to pass on the increase to the customer, a chicken curry would cost over $30.
With the locals themselves struggling with the increased cost of living, they have cut back on buying takeaway food so the Royal Crown is already struggling with a fall in custom. Increasing their prices would be the death knell for the business.
A pub in Great Chesterford, Essex, has had its £13,000 ($15,115) yearly gas and electricity cost increase to £35,000 ($40,695). They would need to make an extra £1,800 ($2,092) per week to cover that.
With food costs going up and customer numbers on the decline, it’s going to be real hard to find £1,800 ($2,092) extra each week!
Here’s another example of how the price increases are crippling people.
With little warning, people are expected to find that extra money virtually overnight. British Gas has kindly offered 10% back to the customers out of the £1.3 billion they made last year which will hardly help anyone.
Ofgem, the UK’s energy industry regulator, has increased the price cap to 80%. Next year, the average UK energy bill is expected to be five times what it was in 2019.
Something is wrong somewhere and something needs doing. But it is clear that politicians and those who are put in place to regulate the energy industry are not doing enough to help the ‘average person’ on the street.
So, the responsibility is placed squarely on your shoulders.
Only you can bail yourself out here.
Save… The Fastest Way To The Grave
You could batten down the hatches, cut back on using gas and electricity, eat cheap branded food cold and turn off the heating to reduce your bills and save money.
You can cancel your magazine subscriptions and your streaming services like Netflix and Amazon to help save a few dollars.
And that is all you will do… save a few dollars.
Nearly 400,000 households in the UK have canceled their subscriptions to streaming services this year with many saying that they will re-subscribe once they are in a better position.
Netflix basic is around $10, Amazon Prime Video is somewhere around $9. Canceling them is not going to put a dent in any huge energy bills.
I know you need to do something, but saving a few dollars makes your life more miserable and it doesn’t address the problem much either.
When you need to find an extra £266 ($313) like the woman in the screenshot below, canceling $10 Netflix isn’t going to be much help.
You don’t need $10, you need $313!
Saving a few dollars when you need several hundred each month is more likely to send you to an early grave. And none of us want that!
Here’s a prime example right here… The Sun media company here in the UK recommending people to wash their clothes on a cooler cycle to save them an incredible £12 ($14) a YEAR!
That $14 is not going to touch anything when you need several hundred dollars extra each month.
I’ve said it before and I’ll say it again, you cannot save yourself rich. You need to make money not save it.
I know what you are thinking, that’s easier said than done… but it’s no easier said than saying ‘I’ll cut back on non essentials and save all the money I need!’ Saying it doesn’t make it so either.
You’re right though, talk is cheap.
We can spend all day talking about making money and saving money and get nowhere.
The only way to make money is to do something and intentionally going out to make money is always going to be better than cutting back on a few subscriptions and turning the lights off an hour earlier.
Let’s face it. Times are tough and they are only going to get harder for most people.
Whether you are in the United States, the United Kingdom, (or anywhere else in the world), you are facing increasing living costs and if you don’t do anything about them soon, you will become swamped and overwhelmed.
When you are overwhelmed, you are unlikely to perform in an efficient and positive manner so you need to wise up and act now.
Not tomorrow, not next week, not next month, you need to ACT NOW!
The longer you wait to get started, the harder it will be to go forward when life gets even harder. Let’s not forget, the cost of living is increasing across the world and it’s not something that you have forced on yourself.
This isn’t down to you mismanaging your money; this is being forced on you by external forces that don’t care whether you are able to ride the storm or not.
It may have been forced on you and not your fault… but it is your responsibility to ensure that you are prepared for the oncoming storm.
It’s up to you to ride it out as best as you can and that means putting yourself out and taking full control of not just what you are spending, but what you are earning too.
You can only get rid of debt with money… unless you manage to get it written off but that is unlikely to happen when it comes to energy bills.
You need to find a way to make money to help you ride the storm.
Don’t Become A Cocoon!
One of the worst problems that can happen when times are hard is that people lock themselves away from the world.
I call it ‘cocooning’.
People become cocooned away from the world and bury their heads in the sand, hoping that it will all go away.
Their confidence goes to pot and they go within themselves, they pull the duvet up over their heads and hide away. They avoid talking to people and they avoid starting a business or a way to make money because ‘it’s not the right time’.
The truth is… there is never a right time… but there is no better time to get started than right now.
When times are hard and your back is up against the wall, now is the best time to get started.
You may argue that you cannot get started because you don’t have any spare money to use, let me tell you this… it isn’t money that you need to make money, it is courage.
When you are short on funds and things are a bit of a struggle, it is courage that will change your circumstances.
You simply need the courage to make a start.
Fortunately, you are now alive in the greatest time ever to be able to make money from the comfort of your own home.
You don’t need a huge amount of money; you just need a little courage to get started and the determination to do what needs to be done.
Today, you can sell products and services to people all across the world without having to leave your home.
And that means that you have a bigger potential pool of customers or clients.
You can sell to and work for people who can afford to pay you what you ask.
You are not reliant on those who live in your area who, as you saw in the case of the pub and the Chinese takeaway, are also cutting back on their spending.
There are millions of people around the world who can still afford to buy products and services which means that there is a lifeline for you.
There is a way for you to make more money to help ease and possibly eradicate the cost of living crisis for you.
Life needn’t be as hard as it seems.
Where there is despair, there’s opportunity.
The term ‘Multiple Sources of Income‘ has been used a lot – probably overused – but they are vital to financial survival as much as they are vital to success.
I prefer to use the term ‘pillars’.
Think of a building with many pillars, when one of those pillars collapses, the building doesn’t fall down because it has the other pillars giving it support and holding it up.
Two or three pillars can collapse, but the building can still stay standing.
What you need to do is create another pillar for you. When you have two or more pillars you can easily ride the storm when times are hard like they are now.
If you’d like to see what this strategy means in the real world, take a look at the screenshot below. That’s exactly how much was banked last month using the exact multiple pillars of income strategy you’re reading about in this article.
Last month we generated over $70k from our small collection of information products that we sell online.
Listen I’m not showing you this to brag, (I could certainly provide details of months where I have generated three times as much if I wanted to do that). Instead, I want to show you some proof…
… Proof that having multiple ‘pillars’ of income works to overcome any challenge you’re faced with. Even if you’re presented with a $1,800 energy bill.
So, why not give yourself a fighting chance and create your second pillar, starting today? Even if you think it’s not the right time, make a start because…
This time next year, you’ll be grateful you started today!
Focus on creating only one new pillar for now.
You don’t need to worry about creating multiple pillars until you have at least one in place earning you money.
And that is what we are going to do, you and I are going to build you your first pillar selling a digital product (or service) online.
To discover more, go get yourself a free copy of my best-selling book Six Figures a Year In Info Publishing.
(A small contribution of $6.95 towards the cost of the shipping and handling is required in order to send the book to wherever you live in this big beautiful world of ours).