We live in an equal access world. Armed with the Internet and hunger for passion, anybody can become somebody in this world.
A lot of people want to live better lives but don’t know how to get there. They want to live a wealthier life. For those of you who want to get your affairs in order, here it is.
If you have a plan in place and money is coming in, it is very hard to lose all your wealth if you invest in the right things.
- Move away from a Traditional Job
One of the things that I keep telling people is to Invest in yourself and your skills. Even if you lose every single thing, you have your skill. A growth in a traditional job makes you stagnant and doesn’t keep you sharp between the ears. The money that you make is also dependent on your boss. The people who are really killing it are consultants. People who are able to pick up a skill that is in demand, have good communication skills and are able to brand themselves can increase their incomes by 4 to 5 fold.
This is actually a very low risk – high return action. Being a consultant, you do have a day job, except you get the major chunk of the money.
One of the most underrated ways to make a lot of money is build a consultancy with remote employees. If you get good at your trade, you can attract like minded people to work with you. Working with 15 to 20 freelancers and facilitating between your consultants and the clients can easily net you millions of dollars a year.
- Invest in assets that make money for you
The best way to make more money is to putting your money to work. If you have an opportunity to invest in land or an apartment, immediately get a space and put it out for rent. There are always people who need places to stay or work out of. This way, you own an asset that makes money. Rental income is also liquid cash and you don’t have to worry about liquidity at all.
- Invest for the future and build wealth
When people get into the Stock Market they are thinking money. You should be thinking wealth. There are companies out there that are building for the future and will grow for decades to come. Their share price will increase and they will give out dividends.
If you accumulate good stocks in growing industries you can build wealth considerably. Don’t trade, Invest. There are experiences money managers out there who can spot opportunities.
Also read:How to Invest in Singapore with Little Money
- Run side businesses that make money
A lot of people in the world are making a lot of money on side projects. A friend of mine made solid money by renting out two rooms in his apartment. He gets requests from Airbnb. He has a cook who cooks food for him and a maid who cleans the house. He gives an extra set of keys to the people who rent out his apartment. He in fact doesn’t own the apartment, but covers the rent and makes a handsome profit. A side business like this can be very lucrative without putting a lot of effort.
- Prepare for the worst
One should always have a fail safe. You should have money saved for a rainy day. You should have money ready for an accident, you should have money ready for an unforeseen recession. When you are prepared, you can overcome the situation without denting your wealth too much.
- Invest in other businesses
One of the best ways to make solid income is actually fund young and upcoming businesses. Even a single digit percentage can become a mammoth addition to your wealth if the company becomes big. Focus on money making businesses that target a niche.
Here is a simple checklist that you need to keep in mind.
- Build your skill and look to consult and build a personal brand. Make sure to maximize this income.
- Take some of the money you’ve made and put it into assets or a side business that brings more revenue. Now you have two sources of Income.
- Next step is to Invest in stocks and shares that are dividend paying.
- Invest in young and up-coming businesses and if they hit decent revenues, you could always withdraw a small salary because you are a director in the company.