- Personal Finance
Get Rich: How to
This article is not meant to show you some miracle way to make millions tomorrow, because there is no consistent way to do that, no matter what you read online. It is my goal to show a few ways that with a little work can provide enormous wealth.
The first thing I want to do is define wealth. Wealth is not defined by a set dollar amount under your mattress, the car you drive or the places you go. I define wealth as:
The amount of time you can live your current lifestyle if you lost your job.
Sure, if you had millions in the bank you could live a very long time off it if you didn't have full time employment. But I believe the key to wealth lies in making money, not earning income. That is, generating wealth by doing very little or nothing.
Here are my top ways towards wealth:
1. Real Estate. Even with the economic downturn, Real Estate is still a fantastic way to generate additional income with little effort and various amounts of investment money. From Buying and Selling to Being a Landlord, there are so many great ways to make money when you own property. Here is my article which teaches you the best ways to make money through real estate: http://sevenpoint.hubpages.com/hub/Real-Estate-How-to-make-money
2. Earn Passive Income through Small Business. No matter what you do on a day to day basis, chances are you have the time or know how to start and run a small business on the side. With various amounts of start up capital you can start a lucrative business which generates income while you do very little to nothing. My tip is start with something you know and do already and determine whether other people would pay for your services. Here is my article which teaches you my favourite Small Business Ideas: http://sevenpoint.hubpages.com/hub/Great-Passive-Income-Ideas
3. Write and publish articles online. Did you know that most of the articles you read online are generating someone income somewhere? Google, Amazon, and many others will pay authors for ads placed in their articles. Hubpages is just one of many places to publish articles online and be paid to do it. The income generated is often quite small, but the best part is that it only takes a single investment of your time and effort then continues to generate income long after. My tips: Choose topics that you already know, that interest you, and you feel will interest other people. Learn about tagging, linking, and the best ways to be seen.
4. Stocks, Bonds, Mutual Funds. This sounds like a no brainer but I can't stress the importance of investing your savings properly. The stock market is a fickle thing, but having a great broker can really help. The best thing about the stock market is that for people who know what they're doing, even with the ups and downs it almost always generates a steady source of returns. Tip: Stay away from trading. It can be a viable way to make money, but it's risky, has commission charges with each trade, and requires a lot of your time. Good stocks are well run companies with long term growth potential. And don't forget about dividends!
Besides making great additional income, the above all come with fantastic tax breaks which can allow you to write off so many things you use on a regular basis.
If you use one, or more of the above as well as your full time job, you'll find your savings and personal wealth will grow very fast. We live in an uncertain time where most of us can lose our full time employment at any time. How long would you last if all of a sudden it ended? If you employ one or some of the above methods you would be able to take much more time searching for a new job, or decide you don't need one at all!
Do you have any great ways to earn extra income and become wealthy? Add them to the comments below!