Private Banking

Make Money In These 7 Steps By Design.

Make Money In These 7 Steps By Design.

Have you ever wondered why there are a few people you know who always seem to have enough money yet you know you make more money than they do? It’s because they design their lives that way. They can eventually make more money than you will ever realize.

 

Want to know how they do it? You can make money by designing your activities with these 7 steps like they do.

1) Fine tune your entire investment portfolio
- include – mutual funds, stocks, bonds, investment certificates, etc. This is often disposable cash but don’t treat them as such! Look for the best interest rates, the best returns, buy at lower prices or buy stocks that also pays dividends. Do some due diligence. Anyone who does so are pleasantly surprised how much better off they are. Tip: don’t ever fall to your broker’s fear mongering – they are paid to do that.

2) Program your funds to repay any oustanding loans within a maximum alloted time frame; but whenever you can pay them down even faster. Over the long run, avoiding that expensive dinner that month alone can allow you to pay down a significant amount to debt. You keep more simply by saving the interest you pay. Do it often enough, and again you’ll be pleasantly surprised how much “found” cash you have that you otherwise would not.

3) Remove all cash or credit leakages:
Do you have recurring bills or subscriptions for something you don’t care about? Cancel them. Remove and cut up any store credit cards with huge interest rates. Get tough and persistant on the companies that try to weasel you out of your hard earned money. Remove any other expenses for items you do not need. Forget signing up for programs you do not need. E.g. most people do not use their gym membership, so consider using a simple and inexpensive work at home program instead. On average, a family can save about $3K a year.

4) Search for bargains, value for money or discounts.
This is a big issue with at least 96% of people. We all buy on at least a certain amount of emotion, justified by logical arguments. “Quick, rush to get the latest X-box before they get sold out and the price will go up.” Now, how many people rushed to pay tripple the original price on E-Bay? Wait a few months; or buy a cheaper substitute or get into another activity like fencing. You’ll get a workout too and save on the gym. Look for great quality clothes during special discount periods, discount stores or use discount vouchers and coupons.

5) Maximize everything that your tax incentives and deductions allow.
Have you ever investigated if you have write offs or overpaid taxes in the recent years? Look for the receipts and present them to your tax accounted and keep his nose it! Many of them will not even bother helping you here as they don’t get paid any extra. But remember, they can’t if you don’t have the paperwork.

6) Get into a small business for more write offs.
Believe it! A small business can already be a payoff for itself with the allowable wirte offs it has as either expenses or losses. E.G. your daughter may be paid a book keeping salary you write off. And do your due diligence as there are a few, very few business tax specialists who can get you so many write offs legally, you may not pay any taxes at all, while much of your family expenses like medical may be covered too. Remember, the keyword is legally!

7) Reinvest for profit.
Most people simply take the money they had recovered in the above 6 steps and go blow it in a matter of weeks! Go figure. You work all year to build up that little pile of cash and it’s gone – and you do it all over again! Reinvest it. build a business for real profit, reinvest in your portfolio, or even take a portion of it to educate yourself. This is a very powerful way of building your wealth. Then Reinvest the rest. In a very few number of years, realise that as your investment income grows, so to your disposable income. Do the math.

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Technorati Tags: Investment Portfolio, Make Money, Reinvest For Profit, Repay Any Oustanding Loans, Search For Bargains, Store Credit Cards, Tax Incentives

Tags: Investment Portfolio, Make Money, Reinvest For Profit, Repay Any Oustanding Loans, Search For Bargains, Store Credit Cards, Tax Incentives
Posted in Achieving Financial Freedom, Make Money In 7 Steps | 4 Comments »