We’d all like to get rich quick, but as real estate guru Jason Hartman knows, it isn’t that simple. Building wealth takes a lot of hard work, knowledge, and time. Fortunately, there are ways to passively build income once you’ve put in the time. With these simple strategies, you’ll be on your way to wealth in no time!
First, you’ll need to focus on putting money to work. If you can get your money to do more than one job, you’re doing it right. This creates multiple streams of income, which works to build wealth, obviously—but also helps reduce risk should you lose a client, experience a layoff, or encounter unexpected expenses. Passive income provides a safety net should something happen to you or your family.
While extra income can take a variety of forms (freelance design or writing, an Etsy shop, etc.), passive income is usually the most appealing because, after the initial effort, it requires very little from the earner. Think of passive income as the most low maintenance way to make money.
There are a lot of ways to make money in the real estate industry, but our favorite way is the simplest—invest in a property and begin renting it out. You won’t need to perfect the art of flipping houses, which can be incredibly risky, but instead invest in properties that are ready or near ready for tenants. You can act as your own landlord or have somebody else do it, if that’s more your style.
Find a property within your means and put in some work to make sure that you’re making the most money possible out of it. Set your rent higher than you think it will go for and work your way down if it doesn’t rent—you never know what people are willing to pay!
Checking and Savings Accounts
If you’ve already got money tucked away in a checking or savings account, you may be able to make it do double duty. Find a high yield account to increase your cash flow with no effort from you. Check credit unions, which are more likely to offer higher interest rates on checking and savings accounts. You may be subject to more rules—minimum number of debit or credit card transactions, for example—but the extra money is probably worth it.
You might also look for cards that offer a rewards program.
These options aren’t going to make you rich, but a little extra money can be invested, and then it can go a long way—plus, its free and painless.
If you’re already actively earning income by running your own blog, there might be more you can do. If you’ve got a specialized blog that gets a lot of traffic, you may be able to sell ad space or participate in an affiliate marketing program.
Be careful—there are a lot of spammy programs out there, but with a little research, you might be able to make a few extra bucks. (photo credit: chris.corwin via photopin cc)