The 5 Ways to Make My Money Work for Me

I always ask myself what are The 5 Ways to Make My Money Work for Me? Why do we need to make money work harder? Cos if our money doesn’t work hard for us, we will have to work even harder for money.

How if we get old, physically unhealthy, we are not able to work, who is going to sustain our daily life? Once we can make our savings and money to work efficiently, we don’t have to work so hard perhaps the rest of our life. Especially when we get older, our body getting less efficient, companies may rather hire younger employees, pay them lesser than us, but they can be trained to do our job. We can easily be replaced.

What I have here today, is the most effective way of most well-known investors who do all these years. Let’s find out what are The 5 Ways to Make My Money Work for Me?

1. Place money at the right place

The 5 Ways to Make My Money Work for Me?

To make your money worth placing and grow, make sure the growth of our investment will at least beat the economy inflation.

The annual inflation rate for the United States is 1.6% for the 12 months ended June 2019, compared to 1.8% previously, as published on July 11, 2019, by the U.S. Labor Department.”

Singapore’s annual inflation rate edged up unexpectedly to a two year-high of 0.9 percent in May 2019, from 0.7 percent in the previous month and above market expectations of 0.7 percent.”

2. Invest in good company stocks/dividend stocks

The 5 Ways to Make My Money Work for Me?

Placing money in profitable businesses and take the dividend later. Most of the companies are giving dividends when you buy some stocks from their companies. If buying shares and wait for it to grow or fall is too risky, do have a long term investment mindset.

Looking into the company’s financial health is important, the past 10 years of earnings per share, what is the debt of the company, does the net income and liability ratio gap is not too far off.

This homework might sound tedious, but once we found the gems, we keep the gems for the annual dividend and see it grow. When the company is making money, they can pay you the dividend that able to beat the year inflation rate.

3. Rental Income

You can go for long term rental or Airbnb homestay. Some of us might have our parent’s house that already finished the repayment to the bank loan, we can make money by renting a room for travelers to stay for a night or two.

The rental can help you to pay the bank loan if is not 100%, at least half. So that the rental will reduce our monthly payment to the bank.

Making your place a little nicer, more comfortable, and you can rent it out for a better price.

4. Store it in retirement fund fixed deposit/government 5-8% (slow but safe)

After all, if you are too lazy to find ways to make money works for you and no cash to buy a house, no property, no interest to look for good companies, and you just want to work for employers. You can also consider top up your retirement fund that contributed by yourself and employer monthly, to the government retirement scheme account.

Check out how many accounts are there, and load inconsistent money to the account that able to generate a higher rate of interest. From there your money will grow faster, and work harder for your retirement.

5. Invest in good businesses

The 5 Ways to Make My Money Work for Me?

This idea might sound like you need to fork out a big chunk of money, but I did once, it only cost me $5K. Let me explain. Once I join an investment opportunity. A maximum of 20 pax, we approach a profitable Thai food restaurant in Singapore, we put in funds that we can afford, from $5 – 20K each to joint venture with the company.

So that the restaurant can have more funds to branch out, to open more stalls elsewhere. Last year we can make 10% of what we invested. This isn’t a bad idea at all right? As long as we do our homework to analyze the business

What’s next?

Keep looking for ways to make our money work harder for us!

Eventually, we don’t want to compromise the quality of our lifestyle too much, we spend within our means, minimize the debt, spend less on credit cards, make sure the cards we use has a rebate program.

Save whenever we can place the money at the right place to avoid depreciation.

Keep looking for ways to make our money work hard for us, and eventually, the goal is to beat the yearly economy inflation.

Any thoughts about The 5 Ways to Make My Money Work for Me? Please feel free to leave me a comment below.

To know more on how I make a living doing affiliate marketing, you can check out this post, to learn a full package of Affiliate Marketing Business online you can check out the training here.

Leave a Reply