All You Need To Know To Make Your Money Work Harder For You

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Some people live from paycheck to paycheck, spending their money without a care in the world, and not thinking about how they can put their money to work for them. This is how some people like to live their lives, and that’s absolutely fine. However, if you want more out of life, and you want to build real wealth, then you need to know how to make your money work harder for you.

Let’s take a look at a few points that will help you put your cash to work immediately:

Have A Cash Cushion

Start off by building up a cash cushion. Your cash cushion serves many purposes; it not only gives you peace of mind, it can also stop you from getting into debt if you have an emergency payment to make for whatever reason. Set a goal, save that much money, and then forget about it. It can be a good idea to have your money in a high interest savings account. Just don’t be fooled into thinking this money is all you need – money depreciates over time, so you would need to keep on adding and adding to it. By the time you’d build up a substantial amount, it would likely be worth much less than when you set your goal.

Passive / Residual incomes

Creating passive income is one of the keys to building wealth. There are many streams you can look at, and people are doing it all over the world. There’s no reason that you can’t too! You can create passive income online by doing things like writing e-books, drop shipping certain products, and affiliate marketing. You can teach yourself about all of these things online too, so don’t make any excuses. Investing your money is another way to make passive income, whether you’re looking at investment property for sale or trying to figure out which stocks you should put some money into. Just make sure you assess your risk tolerance first, and speak to an advisor if you need to.

How does residual incomes work for artists and designers?

Ever dreamed of sitting back, doing nothing and just watching your bank balance grow?

This is not blue sky thinking, but a savvy way to generate income even when you’re asleep.

Welcome to the world of residual income – a term that enables you to earn money round the clock. This passive income generator is what can happen after you have put a lot of effort into a job that continues to pay months or even years later.

Setting up to earn residual income is relatively straight forward and there are different ways to keep generating money from royalties from intellectual property, such as books and patents to subscriptions and affiliate links from your blog/website.

Equally, transferring the rights to a song you recorded or a software program you created to a company agreeing to pay you a percentage of each copy of your work sold to e-book sales are all forms of residual income

Good at art or photography, then what about stock photography royalties or art licensing?

How to keep the money rolling in

The ideal income stream means you won’t have to market personally or interact with the business. However, realistically, you’ll have to put effort into continuing receiving residual income on the business you started. Marketing your online sales through social media and your network will help earn. Think of it as a part time job that can potentially bring in full-time pay.

Residual income advantages

You can be financially independent if your residual income produces enough money.

Having residual income allows you to do more important things.

You’ll have a constant flow of income. Critical if you get injured or sick, can’t work because of another emergency, or if you just want to take an extended vacation. You’ll make money no matter where you live, unlike a fixed job income.

Of course, before the money starts rolling in you will have to put time, effort and money into the project. Patience and determination will seal future residual income.

Residual income also unbinds your ties to your everyday business. Small business owners often cite a lack of hours, staff problems, cash-flow struggles and frustration at being tied down.

So, ask yourself: What if I had a business coach alongside me right now, urging me onwards and upwards? What if I had a mentor who’s been where I’m going? Would that sort of support make a real difference to you and your business?

Here’s our guarantee. We can help you drive your residual income through our business coaching. We’ll enable you to get more control faster, make money sooner; enable you to spend more time doing what you really enjoy and live the dream you first set out to achieve.

For more information

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Look At Smaller Investments

You need to be in the investment game for the long haul, so start off with smaller investments first. You can download micro investing apps that simply round off your purchases and invest your spare change, which is a great way to get started.

Choose Cards With Usable Rewards

Having a credit card can be useful, providing you’re not going to turn to it for every single purchase. Using it with big purchases can mean having more protection, and enjoying rewards. However, you need to make sure you’re going to use the rewards on your card, or it’s a pretty pointless affair!

Invest In Yourself

What better way to make your money work harder than by investing in yourself? Do some courses on things you know you need to improve on. Usually, investing in yourself can mean promotion, or even making more money as you work for yourself.

Start making your money work harder for you today with these tips and you’ll see the wealth you can build!