Why Having Your Money Work For You Is Better Than Saving It!
I know a majority of us have grown up in a household where we heard things like "save money for a rainy day," "make sure to open a saving account," and the list goes on. Trust me I know that in some instances this is true, you shouldn't carelessly spend every dollar you make, but in other instances it is in todays world not the best option that exists.
We live in a world where you can literally download apps like Stash on your smartphone, and begin to invest in real companies, causes, etc instantly. You can begin to receive "Stock-Back" on some of your monthly expenses with companies like #Netflix, #Hulu, and #Lyft just to name a few.
Not only is this cool, but what it's really doing one thing... putting your money to work. Allowing you to make money on your money is something that can help you in the short, and long-term. On average today banks offer anywhere from 0.1%-0.2% on a basic savings account. Now it's not hard to do the math on that because thats practically nothing!! Why should you store your money in a bank that is actually using it to make money for them?
Right now we have seen an emerging amount of outlets that you can go down that will help you make a move on "putting your money to work." Heres a quick list...
Drop-Shipping (Creating an online store)
Foreign Exchange Trading (Forex)
Stock Investments (Stash, NYSE etc)
Real Estate (Airbnb)
Majority of the above options have different attributes to them, and for the most part a different learning curve associated with it. Plus this may be a no brainer, but all of them require #capital. The amount varies for all, but one of the least expensive on that list is in my opinion drop-shipping (if done correctly.) Drop-shipping is essentially selling products online from third-party wholesalers.
You being the store-front does not handle the inventory or the fulfillment. All you do is collect the "retail-value" and then send the supplier the wholesale price, and shipping cost so they can fulfill. Literally, extremely simple, and easy to get started if you have a technology / marketing edge.
Oh let me not forget to mention that we offer options 1 & 2 in our line of services if in fact you want to get started with a helping hand, and a full jumpstart! I'll drop that link to schedule an opportunity call right here :).
*Back to scheduled programming*
If you are thinking about any of those then I say take action. Even if you're making a few hundred a month on top of your income, then hey why not? That can easily turn into another vacation, fund a move to the place you want to live, support a healthier lifestyle, the list truly goes on.
If you've religiously been putting 20-30% away in savings then think of an amount you're comfortable with, and begin to do more research on an outlet you want to potentially invest in. It can even be something as investing in a family or friends business.
You have to think about having more assets, and less liabilities! #Assets make you money, and #liabilities take money away from you! The car, the house, the expenses etc are all liabilities. Besides your job what else is bringing in money for you? If the answer is "nothing" then begin to change that.
The goal should be to have multiple streams of revenue, that allow you to fund the lifestyle you desire. Now by all means, if you are content with storing money away, without it accumulating in anyway feel free to continue to do what works for you. This post is for those that are eager to grow financially in multiple ways.
Having your money work for you instead of working for money is something we all can achieve. It may take time, some smart moves, and us taking action, but nonetheless is 100% possible. I challenge you to think about this more in depth. Where can you put some money into, who can you invest with, what can you learn to grow your money, and once you do that just take action!
The Ecom Way is always is here help along the way if you need us!