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8 Ways to Make Your Money Work for You
  • March 24, 2021
  • admin

There are two types of people on this planet, one who works for money while the other make money work for them. There are endless investment opportunities in the market for people from different industries. You can still make the money work for you even if you are not into risky investments.

Many people have achieved financial freedom with no liabilities in their early 30s because they used their savings to make more money. The method is different for everyone that suits their risk profile and affordability. You will get financial benefits in the form of income and tax savings by simply diverting the savings to some investment account.

Here, we have mentioned some ways to make money work for you and help you achieve financial freedom.

1. Debt Repayment

Some people take debt repayment as an obligation only and make the minimum payment each month. On the contrary, it should remain your priority to pay the debt as soon as possible to save significant money on interest. The overall cost of the loan will reduce, and the difference is the money you have saved.

It requires planning and budgeting to repay the debt early with the limited income. You must pay more than the minimum required amount as instalments for at least one debt each month. Even if it means rounding up the payment for the rest of the loans to save one or two instalments in the end.

The borrowers can start with high-interest debts to reduce the stress of repayment and save more money. Many people have applied for unsecured loans in Ireland to repay their existing loans and simplify the repayment. Instead of many debts, you will be managing one instalment each month with a reasonable interest rate.

2. Start a Side Hustle

You can start a side hustle along the regular job to make some additional income. It requires minimal investment to create a blog and buy some professional tools to manage it. Once the blog is established, you will have the opportunity to leave the job and work on your schedule and terms.

There are many other creative jobs as freelancers and independent creators similar to writing in the internet age. You can start your YouTube channel or make an account to share views and industry-related memes on a social media platform. Moreover, graphic designers and website developers are always in demand for a freelancing gig.

There are other options as well for people with a low level of interest in technical or creative gigs. You can start working as a sole trader in the free time to make some money. Apply for doorstep cash loans to cover the cost of the whole setup and increase the inflow of cash.

3. Stock Investment

Stock investment

Stock investment is for the people who have at least basic knowledge of the share market and market behaviour. It is about predicting the success and demand of a company before investing your money in it. The stock prices will appreciate the growth of the company resulting in some handsome returns.

However, it is not the cup of tea for everyone because of the risk of losing money. There is no guarantee of the return as it can vary based on the market. To reduce the chances of loss, you can study the share market and do a little research about the company before investing money.

There are many ways to invest in the market with the introduction of application-based trading. You can contact a broker or some financial expert to help you buy the stokes and give some expert advice. Some smartphone applications allow investors to make a direct investment without the commission of these middlemen.

4. Dividend Shares

Many companies offer a share of profit to their share-holders apart from the appreciation as a dividend. These are more tempting for investors with the promise of additional earnings. The dividend will increase if the company is growing over time in terms of profit and presence in the market.

5. Fixed Annuities

Fixed annuities are a safer alternative than the share market with a fixed income each month. Banks provide them to their customers with a simple process and instant processing. The bank will pay the customers a fixed income on a fixed date for the tenure of the annuity.

You can use the annuity for the rest of your life as a source of fixed income during uncertain times. The money is accessible even during the term of the annuity if you need it for some emergency. However, the returns are considerably lower than the share market.

6. Real Estate

Real estate

Real estate is another option to invest your money if you want a safe and reliable market. There is minimal risk of losing the investment until you make the payments to the mortgage provider on time. You can earn some rent money or live on the property to save the rent money.

During uncertain times, these assets are extremely helpful in providing support during financial distress. They improve your credit profile to get better interest rates on the loan application. Moreover, the value of the property will increase over time as the return of the investment.

7. Credit Cards

Credit Cards

You can use the cashback and discount from credit cards to save money with the daily purchases. The providers are already charging an annual fee for the services. It is advised to make the best from the service with maximum returns from your spending.

Even a 2% return on purchases will result in significant savings after a few months or year. However, you should not get into the habit of using these cards for every purchase. Many people have found themselves in a cycle of debt because of the heavy-interest instalments of some credit card purchases.

8. Lend Money

Lending money to family, friends, or some acquaintance is also an option to earn some interest money. Your friends in need may require money to get financially stable or start a new business. Make sure the interest rate is not more than the banks to affect the bond between you two.

Moreover, it is recommended to have a contract and agreement signed to avoid any dispute. This may seem extreme but may save your relationship and returns from miscommunication.

Conclusion

To sum up, it is simpler to make the money work for you once you have enough savings in the account. There is no guarantee over the returns if you are willing to take the risk. Nonetheless, you should diversify the investment to ensure the money is not lost from a significant market fall.

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