When one thinks logically about it, there is only one way to grow one’s wealth: increase the gap between your income and your expenses. On the one hand, you should try to limit everyday expenses as much as possible. This is not fun, and, at times, even depressing! But where you can really become innovative is in finding interesting ways to increase your income. Here are a few ideas.
Buy a Fixer-Upper House
If you are going to buy a house, think carefully. This may potentially be one of your greatest investments. Instead of buying your dream house in an expensive area that you can barely afford, think again. Rather, look at areas that might not be that sought after now, but that are steadily growing in popularity. Secondly, buy a house that is a fixer-upper, give the property a makeover, and then sell when property prices start to boom. Then, do it again!
Investing in the stock market is a well-known way of accumulating wealth. If you are already trading or perhaps thinking of doing so, options trading is worth a consideration. Although it may seem complex at first, options trading basics are actually not that difficult to grasp.
Essentially it involves buying a contract that gives you the right to buy or sell stock at a predetermined price before a certain date. You are thus able to buy stock at a lower price than its market value or sell stock for more than its devaluated price as long as you have predicted the rise or fall of the stock prices correctly. This allows you, then, to make money on the stock market without incurring to much risk or to minimize losses.
If your predictions are incorrect or do not happen before the expiration date, the only money you will lose is the amount you spent on the contract.
Have you been working at a company forever and you’re just not getting that promotion or salary increase that could potentially change your life? Then it’s time you take your professional know-how online and start doing freelancing jobs in your spare time. There are literally hundreds of websites that hire freelancers. Whether you are an IT specialist, web designer, teacher, writer, architect, or whatever else, there are freelancing opportunities available to you online. Some people actually make so much money doing freelancing that they give up their day jobs.
List Your Place or Room With Airbnb
Is there an extra room in your house that you rarely use or are you perhaps frequently out of town? A great way to earn extra income is to become a host through Airbnb. The listing process is free and you are able to decide when your space will be available and for how much. It is, however, advisable to look at the going rates in your neighborhood by checking out competitor’s listings. You do not have to worry about clients not paying as payment is done through Airbnb within 24 hours after a client has booked in.
It is important to curb expenses, but there are also many exciting and relatively easy ways of increasing your income and growing your wealth. In the end, your wealth is in your own hands!