Every Monday we are dropping new money making tips. Let’s be real, with enough money, Mondays wouldn’t seem so mundane now would it? You see, eventually you will look forward to Mondays. The money markets open then. Your whole weekend will be spent looking forward to it. So let’s get into it..
Money makes more money under these 5 conditions.
1. YOU MUST OWN THE MONEY
A dollar can only work for its master. If you choose to spend your dollar, it can no longer work for you. You are no longer its master.
2. TIME IS A DOUBLE EDGE SWORD
An idle dollar becomes less valuable over time. A working dollar becomes more valuable over time. Don’t let your money sit idle. Make sure time is on your side.
- Carrying a balance on High Interest credit cards
- Extending loan terms for a lower payment(without pay extra towards principal)
- Saving money in your “No interest checking” or “super low yielding savings”
3. PUT YOUR MONEY TO WORK
Invest in things that have a measurable ROI (return on investment) like Stocks, Real estate, or a business. Dollars aren’t picky about where they work, but will need to be invested in order to go to work.
* side note: cars are not investments nor are they assets(don’t lie to yourself)
4. DEBT DESTROYS DOLLARS
Eliminating high interest debt is effectively an investment. A penny saved is a penny earned in this scenario. You can earn more money if you rescue more dollars from debt.
the only “good debt“out there is any debt that doesn’t severely hamper your “cost of opportunity“
5. MONEY MAKES MORE MONEY
Compound interest is the 8th wonder of the world. Its the ticket to getting rich faster than just working and saving here and there.
Money makes money. And the money that makes money…makes money.Benjamin Franklin
Think of your dollars as employees. The more employees you’ve got working for you, the more money they can make for you, and the faster you can reach financial independence!