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Do you want to be rich? Or, would you settle for not having to deal with money issues every so often through the year? If you answered yes to either of these questions, you need to think about how people make money and, more importantly how they keep it. You might be surprised, once you explore the possibilities, how easy it is to end up in a financially great situation. Here are a few tricks that you can learn from the rich.
Multiple Incomes
This is perhaps one of the most important factors to consider. People who are rich and we’re talking stinking rich here, never need to only rely on one income. Instead, they have multiple pots and pans on the stove. Some are waiting to simmer, and others are at the boil. If you have multiple ways to make money, you limit the chance of ending up in a situation where you are struggling due to high bills and heavy costs. Or, due to the fact that you are living past your means. We’ll discuss that more a little further down.
For now, we need to think about the various different incomes that you could use to boost your finances, even just a little. We can get started by considering ways to earn more at home and naturally, an ideal option to consider here would certainly be blogging. By blogging, it’s possible that you earn a solid amount to add to your income each month. You will need to make sure your blog is successful, and you can learn more about that on Entrepreneur.com.
Or, perhaps you are more interested in the possibility of freelance work. Freelance work from home could be anything from creative design to freelance writing. You might even provide computer assistance to individuals in need. Again, this is another way to boost your income, and the best part is that you complete these jobs as much or as little as you like.
Next, consider the possibility of working away from your home a little more. We all have unique skills, some of which, can be profitable in the right environment. For instance, you might be fantastic at music, and if that is the case, you would be foolish not to consider teaching it in your spare time.
Next, let’s think about borrowing money.
Avoid Borrowing If You Can
There’s really only one time where you should be borrowing money and that’s when you are borrowing to pay off a loan with a greater level of interest. Consolidation loans are a brilliant example of this, and if you visit DebtConsolidationLoans.com, you’ll find more info about that. With a debt consolidation loan, you can consolidate all the money you owe and hopefully, ensure it’s far easier to pay back. In cases like this, a loan can be useful.
However, you should avoid borrowing in other circumstances, except for times when you are never going to be able to afford a purchase like a home. A home is something you need, and it’s very difficult these days to buy one without a mortgage which, is, of course, a loan under another name.
But what about buying a car? If you need to take out a large loan to buy a car, you should be asking yourself a few questions. First, are you spending too much money on the vehicle? Second, is it something you need or something you want and third, should you perhaps cut the costs and buy second hand. Not everyone who is rich or well off financially are because they have money to burn. They are well off because they know when they should and shouldn’t spend money. For instance, since cars depreciate in value so rapidly it makes no sense to buy one brand new. Instead, you should purchase it second hand and cut your losses.
As for borrowing money, even with low levels of interest or a zero interest rate credit card, things can be rather dicey. You might find that the money you owe grows out of control and at that point it’s only a matter of time before things to start to get the better of you. So, how do you avoid borrowing?
Well, the easiest way to avoid the borrow is to save. Save what you can through the month, and you’ll rarely need to borrow because you’ll always have the money you need in your accounts, for rainy days. Of course, saving isn’t enough, and that’s something else that the rich do.
They Invest
Have you ever rented a property from a private landlord? The property in question doesn’t look like much, and yet the landlord pulls up in a 100,000 Land Rover. How on earth do they afford that? Well, it’s quite simple, that won’t be their only property. They might have at least ten in the surrounding area perhaps more, and they probably make a nice little living on it.
As such, when you think about investments you can start with the property. One piece of property will give you a nice cushion of cash and an easy life. Multiple properties will give you the chance to live a life of luxury. It’s important to realise that investing in property won’t necessarily mean you’re an expert. Plenty of people get started with very little knowledge and if you don’t want to learn, the advice would be to hire a property manager. They will deal with all the issues for you, so you don’t have to worry about them at all.
Alternatively, you can start investing in stocks. Penny stocks are a great place to start if you don’t have much cash to burn. However, if you do have a little more in your accounts invest in a major business, even if it costs a lot. Keep an eye on the stock and be sure to use a broker to make sure that you know when to sell and when to buy. Find out more about this on Investors.com.
Take this advice, and you’ll be able to keep your finances healthy, even if you’re not filthy rich.
