Introduction of How To Make Your Money Work For You
How To Make Your Money Work For You. if you want to know a little more about me follow me on my personal Instagram at sebas Ellis putting your money to work for you is a goal that you really should seriously consider doing in reality even if it is not in the short term even in now but that you have it as a plan and a determination from now on of course to achieve it you have to have certain things in mind and you have to have your finances in a certain way before Let’s say you can actually put money to work for you.
The first of course is to take control of your money, this is where we talk about budgeting, knowing exactly how much money you are spending that your income is enough to cover expenses and of course you have money to spare To precisely put it to work, you are also debt-free or at least on your way to being a debt-free person, let’s say that if we are talking about a 15 or 20-year mortgage, we can suddenly say that if the rate is low enough, then maybe it does not affect us considerably but really if.
We have credit card debt-free investment credits vehicle credits or any other loan like that with a significant interest rate before thinking about putting our money to work and in fact only mentioning the video of saving invest or pay debts the ideal is that you are completely debt-free to start to put money to work for you in other words to invest and of course have to develop the habit of saving many people say that savers are losers and that is totally false because now it does not necessarily mean keeping the money under the mattress or putting.
money precisely multiply it through
It is an account Now you can save money and with the savings investor put it to work for you is that you are more or less the key what happens is that first before saying that you are going to have money precisely multiply it through who knows what mechanism is the ideal to have the habit of precisely saving money every month every fortnight or every time you receive the money so that it is precisely that you have a percentage available and this is already integrated into your mind and your financial behavior and of course leave to think that putting your money to work means.
That I have $ 500 2,000 available and I just put it somewhere an opportunity that arose I forget about them completely and with that, I am going to get rich with that I am going to generate monthly income or with that, I am going to triple in a few months that is not how it works and that mentality in which many scammers Amen that people think like that because people fall for their scams believing that they will be able to double their money in a short time which normally does not happen.
This is not a quick way to get rich overnight this is a way to generating wealth little by little but generating wealth definitely someone has to say it easy and automatic money does not exist or it is not easy or it is not automatic or in any case, it is not in large quantities, of course, the key to putting your money to work is investment We are not necessarily talking about investing in the financial markets although it is an option of course however we are also talking about putting your knowledge to work or investing your time let’s say that putting your money to work does not have to mean that.
working but something else different
It is only money that we work, something like that is exchanging your time for money in the form of a job where there is definitely your money you are not working but something else different and we are going to see examples is when you support yourself and help your money work for you complimenting the way I work is like when you plant a tree and the seed is first and you have to water it to protect it, take care of it from the elements and After the tree is already big and it can simply support itself with the water cycle, let’s say.
That you probably don’t have to be there and pay much attention to it, even so, many already large trees need care and fertilizers depending on the environment of course, but let’s say that as a general rule, normally at the beginning putting your money to work means that you also work on their side so we have the three s categories basically active income semi-passive income and totally passive income in terms of the ways to put your money to work for you and generate income then let’s talk about active income we know that income is active.
If you stop working suddenly you stop generating Income, for example, we could relate it to a job but it does not necessarily have to be that way, let’s talk about a job as a freelancer, although similar to a job, you don’t really have a boss but you have clients, it may be similar or more complicated in some cases but you define your rate you define your time you define your services define their scope and really your growth is not even limited only to you because as a freelancer even at some point you can outsource to another person for certain services and.
face-to-face business that investment
It will start to grow it is really a job it is an active income in which you can put part of your money Depending on what you invest into work for yourself, it is a start that you can have, many people say that this is not how you could work your money and therefore you start not even with that we also have an investment in our own ventures and you believe a virtual or face-to-face business that investment could be in raw materials it could be in training it could be in work teams and once you have those work teams or those supplies or that inventory or whatever you have to do.
When you complement it with your knowledge or your experience or your practice or your education because it is simply at that moment that that money investing in those things goes to work even if you are there hand in hand helping since that money works precisely that means that you through your time and other resources that you invest from yourself, you reduce the risk and improve the probability that there will be higher profitability otherwise that too that to double your money simply takes time or risk is required and in those cases, you have to look at.
The way things are balanced we also have the investment in education let’s say we have the best ways to put your money to work is that that money educates you and gives you knowledge that allows you to achieve results depending on the things you learn investing a small amount of money in a book or some training allows you to later generate a lot of income I personally have gotten a lot of money from learning something simple that I see in half a page of a book or even in a YouTube video that has no cost, although.
business of another person
We would talk about, for example, the cost of the internet for that education can be brutally shocking, let’s move on to talk about semi-passive income and in this case, we could keep in mind that we are going to invest in the business of third parties in the business of another person If you know a business that someone has and you see potential, whether you participate as a shareholder or even promote their products, earning a commission as a seller, you can even put capital to work, either investment capital in the sense that you buy inventory. to sell and Vanessa that commission.
That I tell you and you have a profit margin or that you say I am a shareholder of this company and I am going to invest this capital with that the company with the financing it needs to start is obtained and after 1 2 3 years that it is already working and that it already has profits because you will be able to receive, let’s say so, dividends we can also talk about real estate because many people believe that real estate can generate you directly from one, simply passive income but the reality is that most Of the time, real estate income is semi-passive income.
property as such or commercial premises
Because you have to be aware of the tenants h There is a need to charge, you have to make sure that they pay on time, maybe cover maintenance costs, repairs, whether it is a home property as such or commercial premises, there will always be some maintenance, something to be aware of, especially if the property itself is unoccupied and you have to look for tenants even so.
It can yield very good results taking a little time in the month and that it is truly my money in that property that produces returns every month and is an excellent investment and in the case of the income from my liabilities we can also have to Take into account the ventures that they raise come back and continue working alone because precisely the semi-passive income works in such a way that if you retire completely and leave as such, that is the mechanism of putting your money to work.