Does that old saying “it takes money to make money” ever play on your mind? Most of us choose a frugal lifestyle so that we’re not overspending. But there is a lot to be said for spending wisely, especially if it turns out to be a profitable investment. This isn’t about stocks and shares or crazy make-money-quick schemes. Instead, you can try using a little of your hard-earned cash to invest in you and your family’s future.
More Of You To Offer
You are the best asset you have to make money. You have a wealth of skills and experience that is useful and potentially profitable. Your employer already knows your worth. They’ve put a salary figure down on paper. But if you know you’re worth more than that, then it’s time to show them exactly what you can do.
Making more of yourself involves careful investment into your education and training. It’s important to target the skills that make you more valuable to your current employer, future employers, or your home business. If you want to lead or influence people, then why not invest in that? Make yourself the very best version of the person you want to be.
Start with the simple things. You need to convince your boss you’re worthy of a pay rise. This will take a formal presentation that highlights your contributions and the value of your work to the business. Investing in powerpoint training and presentation skills will help you tackle this challenge with confidence. Best of all, these skills can be used again and again as you influence more business heads, employers, and customers.
Are you happy working in the industry you’re in? If you’re not, then invest in formal training and qualifications that enable you to do something else. Sure, you need a reliable income, and your current employer provides that. But how long are you truly going to be able to stick it out if you’re not happy? Investing in a future career, in this case, is investing in your future happiness. You’re more likely to work hard and succeed in a job you love. And yes, they do exist. You might use your extra training to take the plunge with your own business.
Developing And Adding To Your Assets
If you are a homeowner, you need to consider your property as an asset. This means you need to look after it and improve it just to maintain its value. Of course, if you invest in developing your property, you may be able to reach a much higher value. Take care if you choose this kind of investment. Do your homework. Speak to a local agent who can give you an idea of the ceiling price for properties on your block. You’re unlikely to achieve a higher sale value than that, regardless of the work you do.
Have a look at the properties in your area to see what kind of improvements have been done. You might think about installing a swimming pool, converting the basement, or building a summer house. Some developments and improvements rarely make their costs back. Pick the ones that are highly desirable to the type of people most likely to buy your house. Of course, it’s important to pick the ones you can enjoy too!
Property can be purchased as a way of earning more money. You might earn income as a landlord that will more than cover the cost of your mortgage and renovations. It’s important to pick a property that is right for the rental market. Picking a fixer-upper is often the best way to make maximum profit, but only if you have the skills to renovate yourself. This is because it costs a lot of money to hire contractors to bring a property up to the right standard for renting. There will also be local codes and regulations you must follow.
If you’ve not put your money into property before, it’s worth seeking advice first. Check out local property listings in detail so you can clearly gauge what is attractive to your target market. Ultimately, that property will be yours forever, and there is a good chance it will be worth more by the time you choose to retire than it is worth now.
A Project You Really Love
There are many reasons why you might want to invest in a project that you’re passionate about. Not all of these reasons are about the money. You might just be looking for something to do that you enjoy as a hobby. Downtime is important, and we all need personal challenges to get involved with. That doesn’t mean you can’t monetize this beloved project to make a profit from your investment.
If you really love doing something, you’re more likely to work hard at it and spend the time it takes to see it through. These are also the requirements for running a successful business. You might have bought some tools and equipment to make something. Or you might have treated yourself to a high-quality musical instrument. Think about how many different ways you might be able to turn that into a lucrative income.
The things you make could be sold. You can do this locally at a market stall or online through your own website or somewhere like eBay. If music is your passion, then record a CD and sell that, perform locally for paid gigs, or start teaching instrumental lessons. Perhaps you invested in your health with some running shoes, sportswear, and fitness equipment? There is nothing stopping you from running an exercise class or becoming a personal trainer.
It might take money to make money, but it doesn’t have to take much to make a lot. It will probably take time and hard work though! Still, if your investment starts to bring in a little extra cash, chances are you’ll be happy to keep doing it. You might invest in you and reap far more than just financial benefits. They say money doesn’t make you happy, but it can’t hurt to spend a little on what does make you happy.