Tip 4: Banking your money. Why is this so important? Because banking interest is simply free money! Try and find a bank that pays high interest and deposit your money there. Another reason this way better than having it at home, is because its less tempting to spend. When you see a stash of money sitting in front of you, you can almost hear it whispering, "Spend me!" But that's not the case if its tucked away in the bank earning you free money. Also, your money simply isn't safe from theft when its sitting at your house. Putting the cash in the bank decreases the chance of theft to less then one percent.
Tip 5: Use money to make money. Invest, invest, invest! Find places to put your money where it will grow. The bank is one, but there are many other places to invest into. One of these, is the Stock Market. Here, you can purchase stocks and hope that your stocks will gradually be worth more and more. Then sell them for profit. Also, houses and land are always increasing in price, you can invest in that! Try buying some land and then selling it a few years later. Or better, buy a house and rent it out for other people! If you really want to make some money, buy or build a duplex. The building cost for these is basically the same as a house, AND you can rent it out to two people at once! Money is the greatest money maker in the world!
Tip 6: Use your talents for profit. You can make money with almost any talent, so use it! Can you write music? Can you Crochet or Cross Stitch? Can you draw great pictures? You can use any of those talents to produce something, and production=profit. How can you sell your items? There are many ways, you can try: Ebay (recommended) or Craigslist, making your own website to sell your products on, having a local garage sale, etc. Ebay I think is the easiest because using paypal makes money transfers much easier. Also, with ebay you are going to get a lot more people viewing your item than at a garage sale. However, your method of selling is up to you.
Tip 7: Avoid Monthly or Annual fees. Many magazine and other subscriptions are very cheap. Often they are as low as $20 a year. But they all add up! If you could, before you subscribed for something, take a look at how much money that will consume by the end of your life, it would make you think twice before subscribing. Plus, some other things are more expensive, as high as or even higher than $20 a month! That's $140 a year! That means that 50 years from now, that seemingly little subscription will have robbed $7,000 from your pocket. Now imagine you are subscribed to just three simple services that charge $20 dollars a month, that triples that $7,000 and turns it into a staggering $21,000! A good way to keep track of how much these little bits are charging you is to make a list of all the subscriptions you have and their monthly/annual fees. Try and calculate how much you are charged a year through subscriptions, you might find that it is as high as $1,000 a year. Be careful, and be aware of your money. |
