Unselfish People Are Higher Earners, So Start Being More Generous Now

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According to the Journal of Personality and Psychology, it’s actually fiscally viable to be altruistic.Researchers at the University of Stockholm, The University of South Carolina and The Institute for Future Studies recently observed 6,000 Europeans and Americans in an attempt to better understand prosociality and its effect on income.

Prosociality is defined as behavior that is positive, helpful and intended to promote social acceptance and friendship (things like volunteering, sharing and donating for example).

The team has previously established a positive correlation between prosociality and psychological well-being but they had yet to explore the potential economic benefits.

Unselfish people are higher earners

Despite conventional wisdom, the five studies conducted by the three organizations repeatedly disclosed “selfish people” as the lower earners when compared to altruistic ones.  More specifically they found that people that we’re “moderately prosocial” but not completely giving or selfish earned the most, in four out of the five studies.

“The result is clear in both the American and the European data. The most unselfish people receive the highest salaries. And we also find this result over time – the people who are most generous at one point in time have the largest salary increases when researchers revisit them later in time,” summates Kimmo Eriksson, a researcher at the Centre for Cultural Evolution at Stockholm University.

The reasoning can only be guessed at, though some experts have attempted. The authors of the study for one, believe the selflessness, wealth correlation is due to overall social health. Those that are giving also tend to excel in other areas important to establishing bonds which, in turn, has been independently proven to promote wealth.

Adam Grant, the author of Give and Take, corroborates with the warning that we let our altruism be attended by prudence: “Being Generous without sacrificing yourself.”

Grant also makes the important distinction that having a stake in the well being of others isn’t strictly defined by monetary terms. Giving good advice, providing mentorship, and imparting knowledge” are all valid and integral parts of prosociality.

7 Ways To Get Paid For Your Knowledge

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Create extra streams of revenue by sharing your knowledge.

I spent most of my career working as a psychotherapist. I saw patients in my office five days per week. And while it was good income, I felt stuck on a hamster wheel. I only earned money for the hours that I worked.

Fortunately, in 2013, I realized I could start earning even more money by sharing my knowledge in other ways. And soon, I was able to earn money in my sleep. I created several different revenue streams by sharing the same advice I was giving to clients in my therapy office in new ways.

You don’t have to be a therapist to get paid to share your knowledge. Whether you’re a plumber, accountant or entrepreneur, you have knowledge and expertise that other people want.

You might start by creating a small side hustle that allows you to earn extra income. After a while, however, you might find you can earn more money with these extra income sources than in your day job (I certainly did).

Here are seven ways to earn a living from the knowledge you already have:

1) Provide coaching/consultation.

Coaching doesn’t always have to be about your exact area of expertise. For example, if you’re an author who writes about happiness, you might not coach people how to be happy.

Instead, you might coach other authors about how to write, launch, and sell books. Or, if you’ve launched a successful home-based side hustle, you might find there are plenty of other people out there who want to learn how to do the same.

Think about what questions people ask you. That will help you see what information people are eager to learn and you can begin to provide coaching services.

2) Write articles.

While some bloggers earn a decent income, most never do. Blogging is a good way to drive traffic to your other products, but you’re not likely to earn much from sponsors or ad revenue.

You can, however, earn money writing articles for magazines and high-end websites. Some pay by the page view while others offer a flat fee.

3) Create courses.

Online courses are a lucrative source of passive income. You can create a course that you host on your own website or put it up on a website, like Udemy.

If your content appeals to organizations or private companies, you may be able to get big licensing deals. While it’s a fair amount of work upfront to create a course, you can earn money in your sleep for years.

4) Give talks.

Whether you offer full-day workshops or 60-minute keynotes, professional speakers earn money by teaching and motivating audiences. It can be a tough industry to break into, but once you begin speaking regularly—and you do a good job—you can earn a living through speaking alone.

5) Write a book.

While some people insist a self-published book is the way to go, others say traditional publishing is more profitable. But, publishing isn’t a one-size-fits-all. It depends on your topic.

If you have (a) small niche market, you may need to self-publish. Then, it’s up to you to decide whether to create a $50 manual or a $l.99 eBook.

If your book is likely to appeal to the masses, a traditionally published book might help you best reach your audience. You’ll earn an advance and you might earn royalties. Your publisher will be in charge of paying for editing, design and printing fees. You’ll also have professional publicists and a sales team working to sell your book.

6) Create a live event.

From intimate retreats at luxury resorts to a giant conference at a hotel, host your own event. The event might feature your content only or it could include several other speakers.

Just make sure you don’t try to do anything too crazy. No one wants their event to end up like the Fyre Festival debacle.

7) Develop a mastermind group.

Professionals want a place to network and ask questions. So why not bring people together for a fee?

Charge a monthly or annual membership fee to become part of a mastermind group. You might offer regular webinars or exclusive content as well as an opportunity for members to connect with one another regularly.

How to Get Started

If you’re thinking about adding some new streams of revenue to your income, start testing your ideas. Put content into the world and see which of your ideas sparks interest.

The simplest way to do that is through social media. If people appreciate your content, they’ll like, share, or comment.

You can also start a blog, vlog or podcast to gauge interest. Once you establish you have an audience who wants to learn more, begin creating content that will help you earn money from your knowledge.

Amy Morin is a psychotherapist and the author of 13 Things Mentally Strong Women Don’t Do.

People Who Value Time More Than Money Are Happier and More Productive

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Money is deeply rooted in how we’ve evolved. It continues to produce powerful effects on our behavior.We spend a great deal of time thinking about money.

We talk about it, worry over it, stress over it, and wonder if we have enough to meet our immediate needs now and in the future.


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Most of us never seem to have enough, and we’re spending a good chunk of it earning money.

An additional $5,000 a year could make a huge difference in your life.

But, according to research, people who value time more than money are happier and more productive in life.

Prioritizing time is associated with greater happiness.

The scientists ran several studies, both online and in-person.

Over 4,000 people were asked the same question:

You guessed right.

Most people were practical: Around 64 percent surveyed answered “more money.”

But the people who said they’d prefer more time were generally happier.

But the research goes beyond that.

“What matters is the value people place on each resource,” the authors said.

“Beyond the amount of these resources people have, happiness is linked to the resource people want.”

The study further revealed something else about the participants. Brian Resnick of Vox writes:

People who tended to choose more time also tended to be:

  • Older, which suggests perhaps as we age we get more satisfaction from valuing our time over money
  • Parents, which suggests children can change our values on the time-money question
  • Married
  • Wealthier (but when the analysis controlled for this, the correlation between choosing time and happiness remained)

The study suggests that if you want to become a happier person — and you already make enough money to provide the essentials — you should start placing more value on time.

It’s also important to note that for some people, prioritizing money over time is a necessity, not a choice because they otherwise could not afford the essentials, even if they might prefer to prioritize time if they had a choice.

Plan your future time, today

Wealth is the ability to fully experience life. — Henry David Thoreau

The findings suggest your mentally towards TIME and MONEY has a lot to do with your happiness and level of productivity in life.

It doesn’t really matter which of the two a person has more of — instead, it’s all about a person’s mentality toward the two.

Even though money — or the lack thereof — is often cited as one of the most stress-inducing aspects of life, people who value their time more than their money are more likely be happier despite the amount of money they have.

Think about it: Money can come and go, but time only goes and doesn’t come back. Once lost, it’s gone.

“No matter what the outcome of our efforts, we all feel increasingly strapped for time, and often the things that we think will make us happy — the accomplishments we work so hard for — don’t. They most certainly do not give us back moments with our families and friends or more hours to ourselves,” writes Ashley Whillans on HBR.

How much is your time is worth?

What price would you put on an experience that broadens the mind, or brings you inner peace?

There are two kinds of people: those with time-first mindset and those with money-first mindset.

Many people fall in the second category.

When faced with a time-or-money decision, most people will choose money?

It’s more difficult to shift to a time-first mindset if you have valued money more than time for a very long time.

Shifting to a time-first mindset is really hard, especially when everything in your life depends on that income you make every month.

If you don’t know much your time is worth, it won’t even cross your mind to value time more than money.

How you use your time might be slightly more in your control than how much money you earn.

With more time, you can plan to use it better. How you value time is absolutely in your control.

Assuming basic needs are met, more money will give you just that — more money.

Research shows that once people make more than enough to meet their basic needs, additional money does not reliably promote greater happiness.

Yet over and over, our choices do not reflect this reality.

More time, on the other hand, could lead to all kinds of amazing experiences and shifts that might mean more to you than money ever could.

A focus on time builds more-rewarding careers.

People who value their time are more likely to pursue careers that they love.

And when people love what they do, they are less negatively affected by the stress of work, and are more likely to be more productive, creative and effective.

They also are less likely to quit.

Key takeaway

Time, not money, is your greatest investment.

Money helps you strive to live your life, but it’s time itself that gives you the greatest benefit.

Budget time carefully — as carefully as you would money.

Make choices that give you more time.

The next time you’re making a tough choice between having more time or more money, think of your happiness, stress-free life, if you can, not just your wallet.

This article first appeared on Medium

7 Lucrative Side Hustles

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7 Lucrative Side Hustles

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Opinions expressed by Entrepreneur contributors are their own.

Whether you need a little extra cash to make rent or you simply want to explore your passions outside of work and get paid for it, a side hustle can be a lucrative way to bring in more income — without waiting for your boss to hand out a raise.

The side hustle economy is booming. In fact, according to a study from BankRate, nearly 37 percent of Americans have a side job, and they’re making an average of more than $8,000 every single year.

Your side hustle is exactly what it sounds like: A gig that you juggle alongside your day job. Balancing your side hustle against everything else isn’t easy, but it can be lucrative, not to mention fulfilling.

Related: The Best Employees Have Side Hustles — Here’s Why

If you’ve got a passion that pays, you probably already have a good side hustle going. But if you’re in the market for a little extra dough and you’re not sure where to start, this list of the seven best hustles should help.

Start up your sole proprietorship and see which of these options might work best for you:

1. Instagram influencer.

Influencers are so effective as marketers because they are seen as authentic and trusted — to their followers, they are friends, not advertisers. Therefore, you might find incredible traction within your field (and beyond) if you’re able to monetize your social media activity, particularly on Instagram.

Take, for example, the growing community of teachers as Instagram influencers. They inspire fellow education with their color-coding, organizing, decorations and curriculum planning, and some of them get paid more — much more — for their IG work than their “full-time” job. This is a long-term play, however. You need to be well-established in your niche before brands think about approaching you for paid work.

2. Real estate agent.

If you live in a competitive real estate market, you probably know someone in this business. The real estate business is enormous and can be lucrative, based on how much time and energy you have to devote to it. Real estate is a great venture to start part-time as you build a client base and learn the intricacies of the business.

To become an agent, you’ll need to take a course and pass a test to obtain your local real estate license. You may also want to work under a brokerage that offers you protection and leads on clients, so there is a bit of an upfront, as well as ongoing, cost.

Showing houses and apartments, however, typically happens during unusual or non-work hours, like nights and weekends — which means it could fit right into your schedule.

Related: The Top 10 Side Gigs for 2019

3. Accountant.

Helping small businesses or other sole proprietors with their taxes sounds like a tough side gig, especially with the rise of easy-to-use tax software. But about 70 percent of small businesses outsource their tax preparation duties, meaning there’s a market for being willing to roll up your sleeves and learn how to prepare taxes for others.

Doing remote monthly bookkeeping for small businesses on retainer, writing and producing a web seminar or e-book on how to file, or helping businesses craft a business plan they can use when applying for a loan are all small, but focused, ways to put some accounting knowledge to good use.

4. Photographer or videographer.

Taking photos or videos is an excellent example of a popular hobby that can become a lucrative side hustle if you’re willing to invest in the tools and in building up your client base.

Good freelance photographers and videographers are often hired by individuals, businesses and organizations to document events, take headshots and work at parties like weddings or engagements. You can set your own rates depending on the quality of your equipment, your time in business, your particular style and whatever other variables go into the difficulty of taking the pictures/videos and editing them on the side.

5. SEO/content writer.

A great way to break into freelance writing is to offer businesses your services as a content writer, with an emphasis on helping with search engine optimization. If you’ve always been a skilled creative writer and want to start making money from the craft, a few free courses or blog posts can teach you the basics of writing with an eye towards SEO-friendly content that businesses need to rank higher in search.

Small businesses are increasingly using blogs and social media content to attract new customers and drive traffic to their website. Create a website, craft an introductory email, and start pitching businesses on the idea of you writing content for them on topics related to their industry.

6. Coaching or consulting.

Have you become an expert in your chosen field and want to pass your knowledge and skills on to those trying to make a name for themselves? Are you the friend everyone turns to for advice, because you’re not just a good listener but preternaturally wise? If so, professional or life coaching could be a fun avenue to explore.

Good coaches are typically credentialed by an organization like the ICF in order to assure clients of their background, but there is no law that says you need one. You could start coaching on an informal basis before making the leap to more professional coaching. Coaches typically have a niche in leadership or executive coaching, life coaching, relationship coaching or career coaching.

Consulting in your field is also a strong possibility if you’re experienced enough to justify the role. Selecting a niche and setting up a website or platform to begin marketing yourself is the first step. Networking to find and develop clients is the next.cra

7. Crafting.

This one is worth mentioning because of its popularity. It’s one of the biggest side hustles out there that is arguably available to everyone — unlike a slightly more specialized hustle like construction/repair work. If crafting is your hobby and you feel confident that you can sell your wares to people outside of your friend group, it’s easier than ever to set up an Etsy or Shopify page to promote and sell whatever it is you make to the masses.

Be careful not to turn a hobby you love into an ecommerce job you hate: Stay true to what drew you to the craft in the first place and don’t overextend yourself.

A side hustle isn’t just about the money. According to The Hustle, a larger percentage of survey respondents say they “love” their side gig more than their actual job –and since side hustlers make an average of just $686 a month, it likely has to be a labor of love. If you can find a hustle that helps you save for a vacation or afford a nicer apartment, however, you’ll love it even more.