Money makes the world go round, or so we are told. Unfortunately, not having enough money can certainly be an uncomfortable place to be. It puts a strain on your life and relationships. Everything becomes about money, it is all you can think about. This is a sad fact of the world we live in. A lot of what we do depends on money, where we go, shop, who we are friends with. It really does seep into almost every facet of life. However, there are ways you can make the money you have work better for you. It’s not all doom and gloom. Okay so here are some tips to help you grow your money and have a better future:
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Acceptance
The first thing you need to do above everything else is accept where you are in life at the moment. You cannot go about living a champagne lifestyle on ginger beer money. It is unsustainable. The truth of the matter is, it does not actually matter what you earn, it matters what you do with it. If you earn $15000 a year and save $100 a month, you are better off than the person who earns $100,000 a year but spends $120,000, meaning they have a considerable debt. When the next financial crisis happens, who is going to be better off? However, the only way to save is to live within your means. So, be honest with yourself, what can you buy? What should you buy? Who cares where you got that coat from anyway? If friends are judging you because you haven’t got branded clothes, are they really your friends? Make changes to how you shop with the intention of saving something every month.
Stocks and shares
Before you look to make any sort of investment, you need to do a bit of research. Perhaps, have a conversation with a financial expert, or a few experts to gain as much knowledge as possible. Read as much as you can online, learn as much information as you can before you look to put your savings into any sort of investment. Even the most sturdy stocks are not without risk. The whole reason people make money on the stock exchange is because it is marred with risk. However, there are ways to mitigate the risk and research is one. You also need to choose what type of investment you want to make. Long term or short term. High-risk, or low risk. Think about dividends and what sort of returns you can get in that aspect. Maybe you are inspired to invest based on ethics. Whatever you end up doing, remember that you need to diversify. Never put all your money into one type of stock.
Spread-betting
If you have not heard of financial spread-betting, you may be missing out. This is a form of investment which is done using the stock market. However, you do not buy stocks. What you do is place a bet on the likelihood of a particular share price rising or falling. Instead of a straight-up bet, it is more informed as you are using your knowledge of the stock market to mitigate the risk involved. There is a lot of money to be made in this sort of thing, just as there is potential in making money by searching for the latest casino offers.
Start a side hustle
Another way to maximise the money you have is to start a business on the side, while keeping that full-time regular job. Think about what you would like to do and maybe it could be a little money earner. There are so many avenues you could go down. If you are one for bargain hunting, perhaps you could open up something on eBay or Amazon and start doing it semi-professionally. What is stopping you? If you have a passion and know a lot about something, you could make money selling your knowledge. Perhaps you could write blogs on the side, or turn your make-up skills into a vocation. When you start thinking down the entrepreneurial road, the world opens up, and there are many opportunities. The added bonus with doing something like this is the feel-good sense you get from it. You have created something on your own for yourself, and no one will ever be able to take that away from you. And if this side hustle kicks off, you may end up doing what you love full time and being your own boss. Life is what you make of it, and sometimes it is through struggle that we achieve.
When you retire, that doesn’t mean that the
money has to stop flowing. People that plan for retirement are often set for
life. But workers that don’t plan for retirement can still hire private equity experts to maximize income after
retirement. It’s easy to become versatile with your money-making abilities by
exploring multiple opportunities. Check out the list below to see all of the
available choices for retirees.
Photo by Craig Adderley from Pexels
Rent Out Extra
Space
You can turn an extra room or an outhouse
into profit by renting it out to guests. There are websites that handle setting
up visitors so that minor work is required on your side to get the money
rolling in. You set the rates, along with any rules for the guests to follow.
This setup works best if you have a space that is disconnected from the main
house. That way you can maintain the integrity of your own personal space
without compromising privacy. Renting out space is done a lot, and depending on
the situation, some retirees have rented out their entire homes to go on long
vacations.
Rent Out Your
Parking Lot
Do you live in a prime location that is
only a few miles from the biggest events in the city? Then this option is for
you, and can potentially make more than renting out extra space. You rent out
parking for less time than renting a room but get much more money as a result.
Usually when a big event takes place near a neighborhood, homeowners will block
off their parking so that tourists don’t sneak in a free space. Instead of
going through that trouble, rent out the spot and get paid to let a tourist do
the blocking for you. It is a win-win situation that keeps you from worrying
about a stranger taking up a precious parking spot.
Become A Life Coach
The best life coaches are the ones that
have years of experience to draw from. That can be you, and the competition
isn’t as bad as you think. Since every life coach has a unique perspective,
there isn’t a lot of overlap with specialties. A life coach that helps with
dieting is completely different from another coach that offers the same set of
skills. Consumers are looking for someone with knowledge, and also someone that
they can connect with. If that is you, then the marketing takes care of itself
after the first customer. You can further enhance your chances of making money
from this tip by becoming a certified life coach.
Rent Out Your Home
While On Vacation
There are people that pay you to house sit
their home. It sounds weird when you first hear it, but is actually a real and
legit thing. If you opt for international house sitting, you can visit exotic
locations for weeks or months at a time and rent out your home while away.
Getting paid to take a vacation is a retiree’s dream, but in this case, it is a
reality. Your chances for getting picked are enhanced due to your status as a
retiree. Homeowners are more likely to trust someone older and responsible that
has put in years of hard work over someone younger and inexperienced. Getting
paid to house sit is probably one of the few positions where ageism is
reversed.
Find And Sell Older
Photos
Your memories are worth more than you think
if they have historical significance. It doesn’t need to be a perfect 4k high
definition photo to be valuable. Pictures from known world events are always
sought after. That moment is in the past, and there are still an unlimited
number of pictures and videos in the wild that show the events from completely
different angles. This is a lot different than paparazzi photos on popular
blogging websites. If you think that your pictures or videos have historical
significance, there are plenty of buyers willing to gain exclusive rights to
them.
Write Letters The
Old Fashioned Way
This is more of a niche way to make money,
and requires a bit of background. There are a few buyers around the world that
pay for typewritten notes using older equipment. Out of all the choices on the
list, this one will probably be the hardest to make money from. You have to own
an old typewriter, and you also have to develop a rapport with the client. As
small as this industry is, it is one of the most fulfilling to do as a retiree.
The work is calming, non-hectic and has a very relaxed schedule. While working
at your own pace you discover new people, new stories and a brand-new way to
make extra money.
Use Your Crafting
Skills
Websites make selling your crafts to the
world easy. This is another hobby that can turn into a big money maker without
you putting in a lot of effort. The fun thing about crafting is that you can
make whatever you want. Your customer base will come to you, and you can choose
whether or not to offer customization options. You’re technically in control of
a small business where your working hours are ‘whenever you feel like it’. Some
people make a few extra bucks a month while others have replaced their entire
retirement income. The level of success is all up to your own flexibility and
knowledge of customer needs.
Tutor In A
Specialized Subject
This is similar to being a life coach except
you get to teach a class on something that you’re specialized in. So instead of
coaching up a single student on how to get through the tougher parts of life,
you are teaching several students a brand-new skill. Once you get a few
students, word of mouth will help you get even more money. As a retiree, there
are several skills that you can teach based off of personal experience. A
manager in training may reach out to you for tips on becoming a manager. A
homeowner may need help dealing with the financial burden of a new home.
Whatever your personal experience is, turn it into a money-making machine.
Bloggers Are
Everywhere
Just because there are countless bloggers online that
doesn’t mean there is no money to be made. Blogging will always bring in the
advertising bucks, even if you are small time. The most interesting aspect
about this money maker is that you gain more attention by being yourself. Make
the blog persona, and write about your own personal life experiences. People
read blogs for unique takes most of all, so being natural with your personality
is a must. Out of all the choices on this list, blogging is the one that takes
the most setup. If you’ve got the time, consider it a great carefree option to
journal your life online while making some money on the side.
Sell Your Items
Online
Over the years, your multiple hours of work
weeks allowed you to collect a lot of things that you probably don’t use
anymore. Usually a garage jail or drop off at goodwill would take care of these
unused items. Retirees that never got around to either option can sell their
unused items online for a tidy profit. Selling products online starts out
small, and then turns into something special when you get a lot of positive
reviews. There are dedicated platforms for this that cover the initial setup
and expand your reach well beyond what a simple garage sale would cover. You
can sell items internationally all from the comfort of your own home.
Trade Stocks
This is the logical step for a lot of
retirees that have already invested in stocks while they were working. Plenty
of retirement packages include stocks that turn into a sizable chunk after
retirement. When you have all of the time in the world, dabbling in stocks can
quickly become overwhelming. Retirees are encouraged to trade on the stock
market, but to a certain extent. Don’t treat the market like a casino, and
never put in more than you’re willing to lose. Short term and long-term gains
will get you a lot of money if you’re smart about the initial investment.
Invest In A Startup
Company
There is a low buy in for some startup
companies that end up making millions in profit later on. With this type of
deal, you can be a hands-off partner that collects a check without doing any of
the work. There is room for error in this, so tread lightly. Former jobs can
sometimes provide insight into such companies and will already have profiles on
them. Depending on your relationship with a current employer, you may have a
goldmine right under your nose. The lesson here is to not burn any bridges while you are working so
that there is always a potential money-making opportunity down the line.
Wrap Up
Once you get the ball rolling, passive
income is the best residual money you’ll ever make. With enough success, it can
even be more lucrative than normal employment. Make a list to get started, and
find out what choice works to get the money you deserve.
