Everyone wants to win the rat race, but no one wants to live like a rat. Making money doesn’t have to be a dirty, unprincipled contest to join the 1%. Instead, there are several things you can do to bring in serious cash while pursuing fulfilling goals. You can buy and manage real estate.
You could invest to pay off your mortgage early. You could write a blog and grow income through online engagement. Every one of these ideas has the potential to generate big funds for you. They can also co-exist with your life goals and values.
How to Turn a Profit from Property
Buying, selling, and managing real estate has always been a good wealth-building option. Buy a discounted property, fix it up, and then rent it out or sell it. This simple strategy has helped thousands of people build a financial portfolio.
Yet this strategy is also full of risk. The property market could cool off. A tenant could wreck your investment. The bank might tighten up its lending rules. How can you pursue this strategy while also avoiding the hassles and worries of these difficulties?
Thankfully, guides for real estate investment are legion. Modestmoney.com published a brilliantly simple guide to the five best rules for mitigating risk and building a profit. Here are the headlines:
- . Work within your budget.
- . Capitalize on valuable locations.
- . Partner with professionals to leverage their expertise.
- . Nurture value instead of flipping properties.
- . Protect your portfolio by curating your tenants.
Follow these rules and you’ll be amazed at how your investments can grow into serious wealth in just a few years.
Pay Off Your Mortgage with No Extra Payments
Mortgage debt is “good debt.” But that’s a little like saying, “That was a good loss.” No one likes losing and not many people like debt. Getting out of debt is step one for many people on their journey to creating financial security and prosperity.
So how can you pay off your mortgage early without making any extra payments? Follow this step-by-step plan. Without spoiling the fun of reading the full article, here is a little summary:
- Choose the date you want to pay off your mortgage.
- Use an amortization table to determine the amount you will need.
- Make regular payments into an investment fund to generate the repayment funds.
- Stick to your plan and pay it off early.
- Go party!
The basic principle is clear. Earning interest on your money is better than paying interest on a loan. Leverage the interest equation in your favor rather than the bank’s.
Write Your Next Paycheck
Writing a blog is simple. Buy a domain name, set it up on WordPress or some other blogging space, and then churn out a few posts. Watch the money never roll in.
Wait! That last part doesn’t sound right. Blogs are moneymakers, right? Well, they can be if you do it correctly.
Ryan Robinson has created multiple blogs and business opportunities. His tutorial about blog building is clear and gets right to the point.
The most important thing about starting a blog as a business venture is to follow your own passion. Don’t try to create a blog, as a business, about something that doesn’t interest you at all. A great litmus test is to sit down to write a 1,000-word post about your subject. If you can’t manage it or find it to be too difficult, then you could choose a different blog idea.
Pick your passion and then follow the rest of the guide to write your next paycheck.
Summary
You can escape the normal way of working by following any – or all – of these three strategies for wealth-building. Write a blog. Buy a property. Pay off your mortgage. Mayve even try stock trading (try the best free trading eBooks about stock trading). These things can create financial freedom.
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