The first thing you need to do is to change your money mindset. Go back and read our first article on transforming how you think about money. Move from thinking about scarcity to focusing on abundance.
Going from being homeless to earning $100,000 is a significant financial achievement, but it won’t happen overnight. Reaching your goal will require dedication, hard work, and a well-thought-out plan.
Focus on What You Need Right Now
Next address your immediate needs. Secure your basic necessities like food, shelter, transportation, and clothing. It’s what financial expert Dave Ramsey calls your “four walls.” Link into programs that can help you with temporary support while you work on your long-term plan.
It may seem hard putting that plan together, but here’s the rule that will help you succeed. Commit to doing five things every day that will help you move forward. It can be making a phone call to a food bank to ensure you have meals for the next week, or finding a more stable housing situation. Get a notebook and write down those five things at the start of each day and cross them off as you accomplish them.
Train, Retrain or Focus on Your Brain
Education is the key to high-paying job opportunities. Look for training programs or classes that will give you an in-demand skill. Check out vocational programs, community colleges or online courses. Your income will be your greatest source of wealth going forward. Gain skills in technology, health care, or skilled trades like plumbing or construction.
Set Clear Goals
Set realistic goals for how much salary you ultimately want to make and plan for achieving that number. Remember that entry-level and mid-level positions may not be high paying but they will give you valuable skills to help you move forward. Every position you take on should teach you something new you can add to your resume. Building up a solid portfolio of work skills will propel your income upwards.
While you work towards your main career goal, consider taking on side hustles or freelancing work to generate additional income. This could involve offering services related to your skills or utilizing platforms that allow you to sell products or services.
Education and Skill Development
Invest in education and skill development that aligns with high-paying job opportunities. This could involve attending vocational schools, community colleges, or pursuing online courses to gain valuable skills in fields like technology, healthcare, finance, or skilled trades.
Create a Detailed Plan
Outline your financial and career goals, and create a detailed plan on how to achieve them. Break down your objectives into smaller, achievable steps, and set realistic timelines.
Network and Mentors
Building a strong network can be crucial for finding job opportunities and getting advice from people who have already achieved what you aspire to. Attend networking events, use LinkedIn, and seek out mentors who can guide you on your journey.
Job Search and Salary Negotiation
Look for job openings in your chosen field and apply diligently. Tailor your resume and cover letter to highlight your skills and passion for the industry. Additionally, when you receive job offers, don’t be afraid to negotiate for a competitive salary.
Side Hustles and Freelancing
While you work towards your main career goal, consider taking on side hustles or freelancing work to generate additional income. This could involve offering services related to your skills or utilizing platforms that allow you to sell products or services.
Financial Management
As your income grows, it’s crucial to manage your finances wisely. Create a budget to track your expenses and save a portion of your earnings. Consider investments that can grow your money over time.
Continuous Learning
Keep learning and improving your skills. Attend workshops, conferences, and online courses to stay updated with industry trends and advancements.
Take Calculated Risks
Once you have a stable income, consider investing in opportunities that have the potential for higher returns. However, be cautious and do thorough research before taking any risks.
Persistence and Perseverance
Building a successful career and reaching a $100,000 income level will likely involve facing challenges and setbacks. Stay persistent and determined, and don’t let obstacles discourage you from pursuing your goals.
Remember, the path from homelessness to a six-figure income will vary for each individual, and there is no one-size-fits-all approach. Seek guidance from career counselors or non-profit organizations that assist individuals transitioning from homelessness to stable employment. Keep a positive mindset, stay committed to your goals, and be open to adapting your plan as needed.
