You are clocking 10 – 12 hours per day on the job… you have kids… you manage your household and any other duties that come up. You are just too busy to think about your money and build your wealth. You don’t even know where to start. You are just happy to get your paycheck, but you know it’s not enough and won’t give you the future you desire.
“Ordinary people work very hard for little money, clinging to the illusion of job security and looking forward to a three-week vacation each year and maybe a skimpy pension after 45 years of service.” -Robert Kiyosaki
When you learn about money, you learn you can make money work for you even if you are ‘too busy to think about money”
Let us look at a few ways you can make money and build your wealth when you have no time for anything:
- Passive Income – Passive income is income earned by doing little or nothing. Therefore, it fits quite nicely into someone’s life who is busy. Ways of earning passive income include buying dividend-paying stocks, allowing you to receive an expected cash flow from your investments. Free money is always nice.
Another way to earn passive income is via receiving a rental income. You can perhaps rent out a room in your home or buy an investment property and rent it out. The trick to buying an investment property is that the rent should cover your mortgage, plus provide a little extra cash for you.
While I spoke about the passive income you earn from both dividend-paying stocks and rental income, there is another major benefit. Your stock price will quite likely increase in value over time and your property will also appreciate; both these benefits will contribute to building your wealth and creating generational wealth.
- Invest in ETFs or Unit Trusts: ETFs and Unit Trusts are managed funds that rebalance, so you don’t have to manage the stocks yourself. Experts manage these funds by buying, selling, and re-allocating on a daily basis. ETFs and Unit Trusts are a safe bet when it comes to setting up your investment portfolio.
- Set a Money Day – Super busy, I know but it is important to create a money day. As you do with meetings calendar at least an hour in your day per week to check your accounts, your bills, and your investments. It is important you make time for this to avoid, late payments and unnecessary fees. You also need to check on your investment portfolio to see how it is performing, so you can make decisions that will impact your wealth.
- Invest in Yourself – There is no better investment but yourself, learn about money and how money works. I promise you it will change your life and how you see the money. Here are some books I recommend that you read:
- One up on Wall Street: How to Use What You Already Know To Make Money
- Money: Master the Game: 7 Simple Steps to Financial Freedom
- I Will Teach You to Be Rich
Learning about money and investing is important to building wealth. In the MoneySquad I share with my community the basics and skills that I have garnered over the many years, simplifying investment and training you all to be ‘snipers’. Join me on the money side MoneySquad.