Your money should always be working for you. Money has a nature and characteristics that are universal. We all use money to buy products and services.
What is not the same is how you are using money. What are we spending money on? Are you buying luxury items? Shoes, jewerly, fancy cars? These are all things that will depreciate over time and leave you with nothing. Or are you investing in assets.
In my mind an asset is anything that makes you money. Liabilities are anything that cost you money.
You want to always be purchasing assets.
You are a business and your money is your employee. It works for you 24/7. You should always be earnings something from your money. If you spending money you should be earning, if your money is sitting in the bank you should be earning interest on that money. And you should always be maximizing how much you earn off of your assets.
You can double dip your asset earnings. If you own real estate your property will appreciate in value over time and you can receive rental income.
If you own equities your stock can rise in price and you can receive dividends. Dividends are one of my favorite topics.
Here are the 8 ways that you can grow your income:
- Invest in the Stock Market – This is the greatest way to build your wealth over time.
- Invest in Real Estate – No other asset appreciates over time the way that real estate does.
- Start a side hustle – Multiple streams of income is the goal. Your snowball will grow that much faster.
- Start Shopping – become a personal shopper and pay using credit to earn cash back rewards.
- Lend Money – Become a bank. Peer to peer lending platforms is becoming more popular. Sell your house and finance it yourself to earn the interest on the loan.
- Write an eBook – It has never been easier in the history of the world to write and publish something to the masses. You have knowledge that someone will find valuable.
- Create an Online Course – Ideas matter. You can easily sell knowledge you have gained over your life.
- Open a Savings Acct – There is no easier way to make money. Open an account and let time and interest do the rest. Online savings accounts have the best interest rates. They also change over time when the FED changes the rates.
This is a small list of ways to make moeny. There is really no limit to the number of ways that you can grow your income. The only limit is your imagination.
Elon Musk created an electric car company when everyone told him there was no way it was going to work.
Disney created a business by entertaining children.
J.K. Rolling wrote books about a boy wizard.
Ideas are the new currency. And do not wait for the perfect idea. Just start doing things. Failure is the best teacher.
And do not stop. Keep making small steps until something works.
The most important thing you can do is believe that you are going to be rich. That is what this whole community is about. You have to believe in yourself and your abilities. If you have a negative mindset there is no amount of money in the world that can fix you.
That by choosing yourself and then take action.
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