Good morning Dinks. I keep hearing about get rich quick schemes of people who are frauding other people and trying to make millions without working hard. Every time I hear about a new scam or get rich quick venture that failedI always think to myself…do people really do that?
I come from a family where you have to do what you need to in order to get what you want. I am a certified financial planner and working in retail sales wasn’t below me when the market crashed. I had a comfortable childhood where my parents were happy to give my younger sister and I the things that we wanted. But when I was old enough to work my parents made it very clear that I was expected to get a job. I loved having my own money and I started working two jobs in high school because my parents didn’t want to support the lifestyle that I wanted to have.
Did you get your work ethic from your parents?
I honestly don’t believe that there is such a thing as easy money, however I do believe that people can have sustainable money. In plain and simple English, if you are responsible with your money you will always have money. In my opinion having a stable income flow over the long term is a lot more valuable than becoming rich over night or trying to get rich with the possibility of losing it all.
Make your money work for you with these 3 easy tips:
1. Invest it wisely. Getting rich over night with the perfect investment at the perfect time just doesn’t happen. This is why investing all of your money in the same place is never a good idea. If you are hoping to make a big profit in a short period of time then you can just as easily lose your money just as fast if your investment option is too risky.
2. Passive income is all the rage. If you are an avid reader of financial blogs you probably already know that passive income is a thing of the present. Many people are buying rental properties to guaranteed a secondary income month after month. A lot of financial experts are also coming out with helpful products such as books, budgeting tools and how to guides. The continuous sale of products ensures that a steady flow of income keeps coming in on a regular basis.
3. Stop spending and save money. It is a well known fact that money that is not spent is money that can be saved. If you live on a budget and spend less money than you make you will also always have money. People who live on credit will never be wealthy or financially stable because money can’t be saved if it is being used to pay off your debts. I am not saying that we should never pay for our weekly expenses with a credit card and I am not saying that we should never take a chance – all I am saying is that we should always live within our means. If we have a fixed income we should also have fixed expenses.
Photo by greggoconnell