How To Make Money Work For You

There is power when you invest your money in  something that will later yield a profit without   requiring much thought or effort. When you get  to this point, it’s safe to say that your money   is successfully working for you. Unfortunately,  not so many people know how to do this properly.   Some people find themselves regretting their  investment decisions because they were impatient   or did not plan carefully. You do not have  to be like them and by the end of this video,   you’ll come to see that with  discipline, it’s all extremely easy! So, before we get into today’s topic, give  this video a big thumbs up for that algorithm   and subscribe if this is your first time here. Now, let’s get into it. 1.Open a high yield saving account  Basically, high-yield savings accounts pay  off 20 to 25 times the national average of   a standard savings account. This is a profit  considering that all you did was save your money   and you ended up gaining more than you had  initially put in. Who wouldn’t want this?   Putting money aside in a high-interest savings  account on a regular basis can help

you protect   your principle while also contributing to your  savings goal. Things that you should constantly   be on the lookout for when searching for a  high-yield savings account are interest rates, the   initial deposit required, fees, how to access your  money, deposit options, and compounding methods.   If you do all these things right, nothing about  a high-yield account will catch you by surprise. 2.Invest in real estate History has it that if you have the cash   and the risk tolerance, investing in real estate  is the best way to get your money working for you   as soon as possible. Despite the large amount of  capital required to enter the real estate market,   it is more accessible than you might think. For  example, there’re numerous ways to participate in   this lucrative asset. One can get in through pure  investment plays, which don’t require hands-

on   management. These may include crowdfunding, buying  into real estate trusts, and investing in real   estate partnerships. Another way is through direct  ownership which involves purchasing your own home,   a rental property, or a property to fix up and  flip. The aforementioned methods will always be   considered long-term investments and once you get  started, know that the money will eventually come   flowing in. It’s best you do your homework and  figure out what will work best for you. Investing   in real estate always depends on the market and  the need for rentals. Therefore, it may not be   the number one option for some as it takes some  time to pay off. I would suggest investing in real   estate when you already have other sources that  are generating you some cash on a

regular basis. 3.Pursue a professional degree or certification In our current world, settling for what you have   right now may be considered a bad decision. You  should get out there and strive for more since   every day presents new opportunities. A perfect  way to do this is by continuing to enrich your   mind. Investing in one’s education can probably  be considered one of the best financial decisions   that you’ll ever make. This can even be considered  a side hustle. You can take a professional course   in trading stocks or marketing, which you can  use later in life. It doesn’t even matter if   it’s of no use to you currently. Eventually it  will pay off. All you have to do is figure out   what you are passionate about and acquire  the knowledge related to it. After that,   be on the lookout for incoming opportunities or  simply start one if you already have the idea. 4.Develop sources of passive income The ultimate form of making

your money work   for you is by having a source of passive income.  Passive income is just a fancy term for a means   to earn money with little or no effort at all  but don’t mistake it as a way to get rich fast.   There are numerous ways to earn passive income.  Some examples are blog writing, freelancing and   part-time marketing. Opportunities are available  on numerous social media sites. If you are able   to juggle a few of these, you’ll be earning  more money in no time! Quite amazing, right? 5.Pay yourself first After receiving a fat check,   most individuals rush to pay off their debts  or to buy themselves something nice. Whether   it’s a fashionable new outfit or a meal at a  fancy restaurant we might feel like it’s all   acceptable – we’ve earned the money after all. But  is it the best way to start spending our money?   By rushing to spend our hard-earned money  we end up paying someone else and forgetting   about ourselves. You should always treat your  efforts as an expense, in the sense that with   every paycheck you receive, you must place  a fixed percentage in your savings account.   You can consider this percentage to be  your effort’s salary. This is just one   more way you can be on the right track  towards achieving your financial goals.  6.Become a silent partner in a new business If you ever want to be successful in the business   world, you have to have the skill of identifying  opportunities that most others take for granted.   The good thing is, opportunities present  themselves every day and all we have to do   is be on the lookout. One way to do this is by  becoming a silent partner in a new business that   you believe has the potential to grow and yield  huge profits. There is no doubt that everyone has   at least one or two brilliant friends. They know  that by taking one good guess, you’re

absolutely   sure that their business will pay off. These are  the types of friends you should spend your money   on and then sit back and watch your money work for  you. As a silent partner, you should always avoid   bringing your personal feelings into the business.  Just don’t interfere and let the active partner do   their thing. I know there will be trust issues  along the way, especially when the business does   not seem profitable at times, but letting your  money work for you at this point should be your   job description. Be patient. 7.Clear your debts  The one thing that will cause your financial  growth to stagnate is debt. Debts can have such   a huge impact that many find it hard to pay them  off while maintaining a comfortable lifestyle.   Nonetheless, this should be the first thing you  get rid of if you want your money to work for you.   It’s

easy to start wondering how you  can get rid of all of them at once.   Well, you can’t. All you have to do is plan  how you are going to pay them off periodically,   starting with the smallest debts as you continue  to save money to pay off the bigger ones.   Once you’re done with the small debts, you  pay off the big ones. It’s not a promise that   it will happen overnight, but we all have  our firsts and eventually, we get there. 8.Create a budget for yourself Having a budget isn’t something new to anyone.   In fact, many people think that they  can make a mental note about how   they’ll spend their money without having to  actually jot anything down. This often goes   terribly wrong since they find themselves  spending even the last of their savings.   Carefully planning out a budget and strictly  sticking to it will not only save your money   but also get you started with getting money  to work for you. A budget will restrict you   to buying only what you need and you’ll  have no choice but to save up the rest.   Having a budget is the most essential thing  you need to have if you really want to have   money working for you. So sit down and plan your 

budget right if you really want to get there. 9.Buy assets that can beat inflation When I talk about assets that beat inflation,   fancy cars or any machinery shouldn’t be on your  list as we all know that they depreciate with   time. The best option is to invest in things like  the stock market or cryptocurrency. In this case,   be patient. Many people who do get to invest in  such sectors become greedy at the slightest profit   they see on their charts and this is usually the  wrong move. You should let your assets stay there   since markets inevitably fluctuate every day, but  they eventually go up. A good example is Cooper   Turley, a 25-year old who is now a millionaire.  He invested in cryptocurrency for only five years.   If he had decided to withdraw all his  profits based on the slightest inconvenience,   he wouldn’t be as rich as he is currently. Just  be patient with it because it just takes a few   years and never happens overnight. 10.Start a retirement fund  Many young and aspiring people find it difficult  to understand this. All you’ll hear them talk   about is what they want to do most in their youth  and this isn’t a crime at all. The thing is,   time keeps moving, and the sooner you  realize that, the sooner you’ll realize how   important it is to have a retirement account.  The point is to save some money for retirement,   which will then help you out when you are  unable to work. Thinking of it this way   doesn’t hurt at all. In fact, it seems like you  are just looking out for yourself. Trust me,   a retirement fund will always come in handy if you  start saving up early. Imagine how relieved you’ll   be if you don’t have to worry about cash when  you get old. I bet you’ll be proud of yourself. 11.Save as you spend The main reason we want

money   is to spend it on something we’ve  always needed or wished to have.   This doesn’t mean you go out and buy anything  you want just because you worked and are capable   of purchasing it. At the same time, be stingy  with your money and bargain for a lower price.   Always try to save as much as you can. It  doesn’t matter how insignificant it seems.   The extra money you’ve just saved after  bargaining can be used on something else,   and if not, you can just add it up to your savings  account. Other strategies to save money include   smartly claiming rebates and rewards. You can also  use credit cards that reward you when you spend,   meaning for every amount spent, your  credit card does double the work for you.   Eventually, you’ll realize you’ve spent a  lesser amount than what you had budgeted for.   Another helpful tip is to always  remember to buy what you need,   not what you want. Getting your money to work  for you requires these kinds of sacrifices. All these are simple and achievable  ways to make money work for you.   I’d be exaggerating your chances of success  if I said you’d see results right away   because the truth is that it takes a lot of  patience, and the sooner you get started,  

the better. It all starts with a plan and the  determination to stick to it no matter what.   There are plenty of options to pick from which  all depend on your net worth at the moment.   Never let a day go by and miss an  opportunity to grow your money.   A sensible financial strategy does not entail  taking excessive risks, it is all about thorough   preparation and charting a course toward a secure  financial future. So what are you waiting for?  Thanks for watching guys have a great  day and I’ll see you all in the next one.

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