Money makes the world go around, and this is painfully obvious. Even from an early age, we worry about money. Before ten it’s all about the pocket money, isn’t it? Have we saved enough to buy that toy that we really want? Well, then it’s time to do a little budgeting and stop wasting so much on sweets. In the teens, we start to think about college and little luxuries that our parents won’t pay for like say, a car? They tell us if we want a car we’ll have to pay for it ourselves. So we find a way to make some money, and we start saving until we have enough to afford a basic vehicle. By the time we hit twenty the idea is that we know how to handle money. We understand the pressures and we get how to budget, how to save and how to raise. Did anyone ever realize that all this fun with money was preparing us for the future? A time where we would have to spend and save wisely to keep a good quality of life. Probably not but that’s exactly why our parents did it. They wanted to prepare us. Did it work?
Arguably not because a massive section of the population lives over their means. They can’t afford to just spend what they make and so they borrow to make ends meet. This leads to more problems when they can’t afford to pay back what they borrowed. It’s just the beginning of course because there are other issues too. We constantly go over the budget we said we’d stick to and increase the debt even further.
Some people claim that they have to borrow money to afford even the most basic quality of life. They’re right too because research shows that individuals with disabilities hardly ever earn enough to make ends meet.
Still if you are frugal, sensible and a little savvy there are ways to boost your income, build your finances and earn more than you are making right now. Let’s look at some of these possibilities and consider how they could improve your quality of life.
Saving Up Is Hard To Do
The best way to make some extra money for you and your family is to invest. However to do that you first need to save up some cash and some people find that difficult. Usually, because it involves living on a budget and carefully managing what they spend and what they save. The greatest advice we can give you here is to think of savings as another bill that you have to pay at the end of each month. It’s not optional, there’s no way around it and if you’re really brave you can set it up as a direct debit. That means it leaves your account regardless of whether you want it to or not.
You need to aim to save roughly one-quarter of your monthly paycheck. We can already hear some of our readers claiming that to be impossible. Is it though or are you just spending in areas where you could save. For instance, when you head out on the weekly shop, you should be looking for deals on the market. Obviously, that’s not going to save you a fortune, but it could cut your spending down enough that you notice. You can also think about reducing the amount of money that you spend on household bills. This is dead cash, you don’t see any return or benefit from this spend. Thus it makes sense to cut it down as much as possible. By the end of year one on this plan, we imagine you’ll have at least a few grand in the bank. That’s the aim so now we need to think about what to do with it.
Investing Is Easy, But Investing Correctly…
Isn’t because you can trick yourself into saying you’re investing in the future when in reality you’re just spending. An example of this type of behavior would be purchasing a new car. If you buy a brand new vehicle you might think, when I sell it, I’ll get the money back. You won’t though because depreciation will kill any value that it once held. By the time you sell it, all the money you saved will have been worth it.
It’s far better to invest in things that can actually make you money, like property. If you have quite a lot of savings, you can invest in what is called a triple net property. A triple net property could be a brilliant way to earn money, as long as you pick the right one. To find the right type of property to invest in, you can use a specialist like TripleNet Gateway. They can recommend the best opportunities on the market and ensure you make the right investment decision.
Remember, with any investment, there is always a risk involved. You have to understand exactly what that risk is and essentially, whether or not you can afford to take it on. At the very least you should be able to know that you’ll walk away from any investment at least breaking even. Although obviously, the goal is to make a pretty decent profit.
You should also make sure that you are setting up investments in different areas. By focusing on one investment, you will be putting all your eggs in one basket. If the investment fails, you could stand to lose everything.
Using Your Investments
You can use your ROI in two ways. Either you can happily watch it build until it’s time to retire and spend it. Or, you can spend it on something that could make you, even more, money as a business plan. If you have an idea for a potential business, it might be worth pouring some cash into it. Then you can be self-made and at that point, you’re almost bullet proof. Work hard to make your business a success, and you will never have to worry about money again. All you need to do is take that first step.