As we work on our Wealth Formula, we continue to find ways to get money working for us NOW. Last month, we looked at freeing up cash to invest on our existing income. Now, let's level up our game and make more MONEY!!
MONEY x Consistency x Time x Return = WEALTH!
Here are 10 ways you can start making money that require little energy on your part to generate extra cash to invest and reinvest.
1. Real Estate: If you have the deposit, get a rental property and collect rent every month. Don't have the lumpsum for a deposit on a house, you still have options. Buy into a Real Estate Investment Trusts (REITs) on the stock exchange or find private options and still benefit from the property appreciation and rental income via dividends distributed by REITs.
2. Dividend Stocks: Ever thought about owning a piece of your favorite companies? By investing in dividend stocks, you can receive regular dividend payments, allowing you to grow your wealth over time. Stock appreciation is another way your wealth can grow.
3. High-Yield Savings Accounts: High-yield savings accounts give your money a chance to grow without you lifting a finger and without downside risk. Find one that provides an interest rate that is higher than the inflation rate for real growth.
4. Peer-to-peer/Private Lending: Feel like helping out small businesses, real estate investors or folks who need a loan? Peer-to-peer lending platforms or brokerages can help to facilitate this. Your money does the work, and you rake in the interest.
5. Create and Sell Digital Products: Got skills? Of course, you do! Whether it's writing, teaching, or snapping pics, turn it into cash. Create e-books, online courses, or sell your photos online, and watch the cash flow.
6. Be the Referral Rockstar a.k.a. Affiliate Marketing: Know a great product or service? Spread the word and earn a piece of the pie through affiliate marketing by using a niche website or social media platforms.
7. Create Art or Write Stuff: Are you an artist? Do you have a way with words? Your creative side can pay off. Books, music, and art can keep making money long after you've finished them by providing recurring royalty income.
8. Patent Your Genius: Ever invented something amazing? Patent it! Others can pay you royalties whenever they use your genius invention. Now go to the basement and dig out that thing you built!
9. Automated Online Business: Online businesses that run themselves? You bet! Think drop shipping, print-on-demand, or software as a service (SaaS). Minimal effort, maximum cash.
10. Rent Out Your Stuff: Turn your unused stuff into cash cows. Rent out your car, parking spot, tools or spare room. Platforms like Airbnb and Turo can help you generate extra cash with the stuff you have.
Making money can be easy and fun. Lean into your talent, keep it simple and start now! No excuses! Your financial dreams are within reach, and it's time to grab them. No action, no results!
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