What are the best tips to have money working for you?
Not just having it working for you but how to keep it going over and over and over again… Even years to come, so you and your family could benefit in the futur!
Let’s see what they are and how it could help you escape the traditional 9-5 or i must say not to quit your job if you love it but a way to give you more choices ,help you get going.
The first to my list is Real Estate Investing.
We all have a story about real estate investing…”Son don’t invest ,you will lose your money” or “Did you see this guys went bankrupt because of bad tenants”. If you flip the coin, you have stories also stating, that some of the ritchests on this planet have some sort of real estate investment.
We should consider this avenue for a moment, this is a form of investment that do require a form of capital to get started.If you have a good credit, you could use a loan from the bank with a interest base loan of a fix or variable term. When you have bad credit what is possible? You could try to find a private lander for a loan considering the interest rate ,try to stay with a year or two max fix loan.
Another option would be to go with a lease including a option to buy , this is really popular because it doesn’t require any bank loan even with a bad credit but you will need a good amount of money as a form of deposit. There is maybe other creative options around, you have to look at your situation and see what is best for you.The only thing is, try to find a way to generate some income working for you.
“What about it and what it will do for me, i don’t understand it and how to make it work for me?” Most of us have those questions going in our head because we never had a chance to understand this principle, having money working for us. Just by using the word investing, we have a bunch of informations but maybe not accurate as it should be.
A dividend is a form of payment coming from the company i did purchase a stock from. Example: You did purchase from the bank or directly from the company (stock broker could also help you, insurance broker…) a stock (it is a micro portion of the company that you own) and if the company generate some profits it will split those profits with the investors who did purchase some stocks in a form of a dividend.
Is it simple to understand? I think it is ,if you have the right guidance from your bank or stock broker it should be ok. You could also take a look online about how to invest in the stock market or get a book called: “ The intelligent Investor from Benjamin Graham “. It is really good and it is explain in simple words and easy to understand.
Owning a Business…
I understand this is not for everybody but it is possible for all of us. To have a company generating money but again this is not totaly passive ,there is a lot of work involve but at the end, it is a really good option.
We have the Franchise way ,where you purchase from a major brand a license to operate one of their branch offices.It require a lot of capital to get started and sometime not, it all depends on wich direction your going,always do your due diligence.The benefits could be extraordinary rewarding, if you have a good work ethic, the right team and of course the right franchise.
Having a online business where you sell products : Amazon affiliate, t-shirts,energy drinks/shakes, online courses,physical goods and more… There is so many products to sell online ,there is no limit but you have to be aware… You will need a small amount of money to get started and sometime a lot but you will need the knowledge or the guidance from a mentor to help you along the way if possible. Take the necessary informations prior to start any online ventures.
I encourage all of you to work on any form of money making options that will help you generate a good income, i must say… That could replace or protect in a way your family revenue, so you have less stress when you go to bed and to wake up to a brand new day knowing that your roof is secure.
Take good care.
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