The following contribution is from MMD at MyMoneyDesign.com and IRAvs401kCentral.com; two blogs that are all about making more money and putting it hard to work so that you don’t have to.
One of the greatest things I’ve come to learn about growing my fortune is that you can greatly increase your chances of success if you just simply use the money you have NOW to do so. As a young man I thought that a high paying job or even a second job would be my only ticket to increase the amount of money I brought home every two weeks. Thankfully I was wrong and discovered there are a lot simpler money making opportunities out there that could enhance my ability for achievement.
Here are just a few of the highlights of ones you can start using today:
The first major investment I ever made was in a mutual fund. I recall researching and looking back at its past performance to see that since inception (1950’s) it made an average return of 8%. When you stop and consider how much value there is to an 8% compound return over that long of a time period, you can’t help but want to get in on the action and take advantage of this money making opportunity.
Even though a mutual fund, stock, or pretty much any major investment is NOT guaranteed, history has proven that over the long haul the majority of successful companies do prosper and so do their investors.
You don’t have to jump right into hardcore stocks in order to strike it rich. You can get your toes wet with investing by just merely buying shares of an index mutual fund. This is one of the easiest tricks to use when it comes to stock investing because you’ll simply be trailing the market average.
It wasn’t long after I got into personal investing that I discovered my retirement fund options. In addition to the possibility of compound returns, these were even better because they offered tax sheltering incentives that my other investments did not.
In the U.S., the two most popular ones are the 401k (what you get at work) and the IRA (one that you set up yourself). Both plans offer versions where you can either pay your taxes now or pay taxes later when you finally retire. The result in both situations is that your money grows tax free!
With a 401k, the money making becomes even sweeter because your employer will often kick in some kind of matching contribution. How great is that to receive free money simply for just contributing to the plan?
Other countries such as Canada and England have their own versions of similar plans. If you aren’t participating in one, then I encourage you to talk to someone or get on the Internet to see what’s available to you.
Other Money Making Opportunities:
Investing is not the only way to make more money. There is a wealth of passive income ideas out there that you can start doing on the side to supplement or even replace your employment income. These would be things like:
- Earning advertising revenue from your blog
- Getting rental income from a property you own
- Receiving royalty income from your photos or music
- Using drop shipping to sell things on eBay
- And many more!
The best part about these opportunities is that you can do whatever fits YOU! You can do as many or as few of them as you feel comfortable with – the choice is yours.
Although they might seem like a lot of work in the beginning, over time as you automate them and get more efficient at maintaining them, you’ll begin to appreciate the dividends that they pay.
Readers – What kind of money making opportunities do you take advantage of?