Hustle! Conventionally the first thing that occurs in our minds when we talk about making money or rather making money faster is constant hustle. Contrary to the popular opinion, constant hustle is not the only potential way to make money faster / making money ‘grow’. Smart analysis and a superior grip on your personal finances is the ethos of making money grow.If you’re looking for ways you can earn a few extra bucks with a side hustle, you’d likely encounter hundreds of strategies for making some money. However, depending on your unique needs and your skills, earning a respectable amount of cash, and doing it quickly, might be well within your reach.

No matter where you’re from or what you do for a living, thanks to the conveniences afforded to us by the internet, making money grow for you is no longer a constant and never-ending struggle. With the proverbial world at our fingertips, as long as you know how to tap into the vast amount of opportunities found in the digital ether of cyberspace, you can earn some extra income, even if you’re in a tight bind.

Some of the legal ways and strategies listed below offer a quick fix for making some money, others will take a sizable investment of your time. Either way, select a method that fits within your skill set and ensure that you deliver a serious amount of value. At the end of the day, that’s what it’s all about. The underlying fact is that you need to figure out which one is your elixir. Here are a few simple and interesting ways to make your money grow.

1. Save It!

The golden rule irrespective of the nature of your employment is the rule of 50-30-20. The basic rule is to divide up post tax and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% towards savings. Here, we briefly profile this easy-to-follow budgeting plan.Half of your after-tax income should be all that you need to cover your needs and obligations. If you are spending more than that on your needs, you will have to either cut down on wants which are not essential expenses. Finally, try to allocate 20% of your net income to savings and investments. This includes adding money to an emergency fund in a bank savings account, investing in Liquid Mutual funds account, and investing in the stock market. You should have at least three months of emergency savings on hand in case you lose your job or an unforeseen event occurs. After that, focus on retirement and meeting other financial goals down the road.Experts suggest that savings should be maintained in a separate account, so that it’s not spent in a spurge.

2. Intelligent Investments

Smart and timely investments have always been proved to be fruitful. There’s a deluge of trained professionals willing to help you and not to mention the digital nomad’s best friend, the internet. The avalanche of potential investment options come with potential short term and long term risks. A well sorted savings plan trumps most of the risky investment options.  Maintaining an intelligent state of mind is all about shutting down the emotional buttons  of the investing process, and committing costly cognitive errors. Develop the right philosophical approach to investing; set up the right investment architecture; monitor investments closely and setting up investment rules; and diversify across asset categories rather than just inside asset categories. Simply said,  Intelligent investing is a game of both economics and psychology. Economics provides the principles for allocating funds across asset and within asset categories. Psychology provides the principles for understanding and preventing the cognitive errors. Learning how to play this game can be fun and rewarding.

3. Rule of 72

One ventures into investing with a singular objective of getting a hefty return on his investment. Doubling the investment is what most investors look for and it’s the same regardless of the nature of their investment. We need to come to terms with one empirical fact that doubling of investment does not happen overnight.  Yes, there might have been examples of people pulling that off but that cannot be the bandwagon to jump into blindly. Tried and tested methods concrete your investments. 

One simple formula for you is – 

                      The estimated time period to double = 72/ the rate of interest.

For example, perse your investment is of 1000 rupees and the interest you get on it is 8%. Now you want to find out when this 1000 rupees investment will double and become 2000. Time period = 72/8 = 9 years. This means that you’ll be able to see your investment double in 9 years. You can use this as a soft indicator of how much time, effort, and money would be needed for your varied investments. So when someone tells you that they’ll double your investment in 2 years’ time, it just means that you’ll be getting an interest of almost 36%. That’s just unrealistic and most likely to be a scam.

4. Parallel earning

When you want to make extra money, you either spend less or find different ways to earn more. Trimming costs and saving money can help you spend less but getting a second job can provide you with that extra buffer buck. There’s again a plethora of options to fixate as your second job. It need not be as challenging and demanding as your full time job, it could be menial or probably a hobby which could help you earn more. One of the most popular sayings goes like, “when you’re good at something, never do it for free”. These second jobs are preferably work for home as it can be the least taxing. Some of the most common parallel jobs are blogging, freelance content creation, medical transcription, buying-selling and pawning etcetera.  This is an easy way to make extra money but also you need to keep in mind that this would make complete hustle your mundane.  And always remember, perhaps the easiest way to be financially secure is by simply staying away from debts. Debt creates a void which is completely draining and exhausting to fill, and the payoff is often not that worth it. Growing your money takes discipline, but with these four strategies, it’s easier than you might think. Start with a budget and get comfortable tracking your money. When you know where your money is going then you will know how to control it.