Tips for letting your money work for you
Tips for letting your money work for you will allow you to build wealth while you sleep. Trading hours for money means you only make money while you work and any time away from work means you are not making money. Many successful professions trade hours for dollars. Lawyers charge by the hour as do most trades. However, the truly wealthy learn and implement tips for letting your money for you.
Invest in multiple streams of income
Investing in more than one stream of income is one of the top tips for letting your money work for you. Making money while you sleep and waking up each morning a little bit wealthier is an amazing feeling. My business would receive funds on a daily basis and I always enjoyed seeing those deposits come in for work I did months or even years ago. The best deposits come while you are away from work on vacation somewhere halfway across the world.
Recently I spoke to a new tribe member. She recently moved here from the Dominican Republic. She started working at Walmart and was in the process of moving out of her brother’s house and into her own apartment or house. She was planning to rent with the goal of saving enough money to buy her own home. Then she received word that her employment was in question.
Her one slim stream of income was not in serious jeopardy of derailing her financial goals. Together we spoke about immediately building a secondary and potentially third stream of income. We started by trading hours for dollars but created a long term plan to build the necessary multiple streams of income. Today she is on the path to home ownership and is building wealth for herself and her family.
Hire a great tax advisor
A good tax advisor will help you maximize your multiple income streams. Furthermore it will allow you to put those earnings back into investments which grow while you sleep. Find a good tax advisor which will properly organize and structure your business. A business is one of the most important tips for letting your money work for you. As an employee you have little to no deductions. However, as a business you have many legal tax opportunities. Again find a good tax advisor.
Hire a great financial advisor
Your board of directors should include a tax advisor and a financial advisor. Having both of those individuals on your team will help you navigate complex financial decisions and build generational wealth. Everyone at all income levels should have a team on their side. Interview multiple advisors and work with someone that makes you feel comfortable and will be honest with you during the good times and the not so good times.
Tips for letting your money work for you
We teach our community the basics of investing to complex trading strategies and the different investment vehicles available to them. We teach our community the benefits of entrepreneurship and how to have success as a business owner.
Our resources create a blueprint for building generational wealth, by better understanding; insurance, taxes, credit and what it means to leave a lasting legacy.
