DISCLAIMER: Links in this post may contain affiliate links. Honesty above all. Please read our disclosure policy here.
Let’s learn how to take control of our financial freedom today. Use the exact same blueprint I used for my financial freedom.
WHAT IS THE BEST MONEY MAKING APPROACH?
There are thousands’ of money making models out there, so I guess you are here to see which of them is the best fit for you. If you need someone with a financial background, like a B.A. in Accounting, you get one here, for free. I’ve been trying different approaches at growing my money in order to not depend solely on my job; especially after retirement.
I learned that the average millionaire has 7 to 8 sources of income. Following on their footsteps, I have become financially free. What I mean by free is, my passive income is making me an amount of money which surpasses my expenses.
DO YOU NEED A BACHELORS IN FINANCE TO DO THIS?
Now remember, it was not done in a month or two. It took some work, sacrifices, discipline and time. It takes money to make money, right?
HOW DID I DO IT?
1. Automate your savings and grow them at the same time
First thing I did was opening a savings account that will help me grow my money over time. It has an easy set up and it is one of those set it and forget it type of models. Just let it compound over the years.
It has several features:
A. Saves your money automatically by rounding up your debit/credit card to the next dollar. When it hits $5, it transfers it out from your checking account into the app account. Then the next feature takes place…
B. The money that you just saved will automatically be invested in the stock market. You can choose if you want to be more heavily invested in stocks, bonds or a mix of both. This step needs to be done only once. It will automatically do it for you after first time set up. Also receive dividends from the stocks you hold.
C. Found money feature lets you buy at your favorite brands and stores through the app and they will give you cash back or reinvest into your account.
Get your ACORNS account.
2. Easy source of income with Real Estate
Then I saved $500 to open an account where I can get some exposition to Real Estate. The reason why I prefer to do it digitally is because I became a landlord without the hassle.
For this type of investment I have a longer time horizon, meaning years. I’m planning on getting money out after I retire, not before. And since Real Estate takes it’s time to develop, I will take my time to let it panned out.
The $500 will get you in with the Starter Portfolio where you can split your money between two portfolios. In order to start using all the features available you need to save $1,000 to reach the next level called Core. By all means you can start here if you have the money available.
After reaching Core level you choose between 3 investment plans…
- Aim to earn returns via quarterly dividends, with less appreciation.
- Invest in an income-oriented real estate private equity strategy
- Portfolio allocated primarily to debt real estate assets
- Aim to earn returns via a blend of dividends and appreciation
- Invest in a balanced mix of income and growth strategies
- Portfolio allocated across both debt and equity real estate assets
Long Term Growth
- Aim to earn returns via appreciation in share value, with fewer dividends
- Invest in a growth-oriented real estate private equity strategy
- Portfolio allocated more towardequity real estate assets
If you want to get into Real Estate, FUNDRISE is your way to go.
3. Be the Bank
Just as Real Estate has stood the test of time, so have Loans. With this advance in technology now you can become the bank, lend $25 per loan and get paid.
The downside here is you need money to open this account. If you want just the basic stuff you need $1,000 to be exact; although they recommend you begin with $2,500 in order to mitigate risk of losing. If you want to get free notes with full features and $75 bonus, then you need to save $5,000.
Now to the good part. They claim historical returns over the long term is 3%-8% but as you can see on the picture below, I’m currently at 11.55%. If you open an account shoot me an email and I will show you a few tricks to weed out bad investments. Free of charge of course.
LENDINGCLUB is your pass to play the Bank, but with real money, getting paid for real; not Monopoly money.
Note: Currently only residents of the following States may invest in LENDINGCLUB notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY.
4. Build a wealth mindset
Ever dreamed of becoming a trader and making money on the markets? Today is your lucky day because you can open your account, and receive a free stock like Sprint, Apple, Microsoft or many others.
The simplest way you can do this is by buying dividend paying stocks. I suggest you take a look at this list.
Great Dividend Stocks include stocks with both consistent multi-year dividend growth and steady price appreciation.
Dividend Achievers are stocks that trade on the NYSE or NASDAQ and have increased its annual dividend for at least 10 years or more.
Dividend Aristocrats, are stocks that have increased its annual dividend for 25 years or more.
Dividend Kings are stocks that have increased its annual dividend for 50 years or more.
You can buy some of this stocks and know that price will increase over time but almost surely your dividend will increase yearly. Giving you bigger payouts.
Get your ROBINHOOD account today.
5. Extra Income
The following accounts I don’t use to build wealth but to get some extra cash every month. They are similar but offer many options when it comes to receiving your money.
SWAGBUCKS will pay you for giving your opinion on surveys, watching videos, and a wide variety of other ways.
INBOXDOLLARS will also pay you for giving your opinion on surveys, watching videos, and many other ways.
LUCKTASTIC is the modern way to play Lottery by scratching digital tickets. You can win cash, gift cards or tokens.
6. Fix your credit score
If you want to become wealthy, one way you need to get started is by improving your credit score. Credit Sesame will give you tips by email to help you get where you need to be.
7. Save, get cash back and much more…
Ease on your pocket by getting the best you can in Car insurance. Gabi will compare your current insurance and will find you if any other Insurance Company is offering the same insurance at a lower price.
Get offers, save and get cash back in your groceries. It is a great way to stay in budget and keep your fridge full. Ibotta will give you this and much more. Give it a try.
Paribus is a program that will scan your emails and get you cash back when the item you bought drops in price. It also gets you compensated when your shipment is late. Don’t delete your emails anymore and rip the benefits of this program.
MY RATING SYSTEM
I give ratings to my investments from 0 to 10. Main variables are:
* Ease of set up
* Ability to make money
* Special features
ACORNS 9/10 (only downside is if the market sells off, although we know it will be temporarily, everything else is great)
FUNDRISE 9/10 (it is a slow investment, need patience but it’s totally worth it)
LENDINGCLUB 9/10 (only hurdle is the amount of money to get started, once you get over that hurdle you will not stop smiling)
ROBINHOOD 8/10 (super simple platform, need more features if you plan to day trade)
SWAGBUCKS 7/10 (need time for surveys, you can let videos run in the background)
INBOXDOLLARS 7/10 (need time for surveys, you can let videos run in the background)
LUCKTASTIC 6/10 (at least for me the cash prices have been low, although I read about others making $100, maybe I’m not lucky enough, lol)
CREDIT SESAME 10/10 (everything you need to improve your credit score you can find here)
GABI 10/10 (super easy to do and save me over $900 for the year by switching to the new insurance company)
IBOTTA 9/10 (easy to use and offers many options)
PARIBUS 10/10 (easy set up and you have to do nothing but wait)
Hopefully, you’ve already put an eye on a money making technique that you liked. If you are still unsure, start from the simplest techniques and move up. I recommend you open an account for each type of approach. They are uncorrelated and that will help you grow faster when the cycle comes around. Like the Chinese saying goes “the best time to plant a tree was 20 years ago, the second best time is today”. Today is your day to plant your tree.
Hope it helps! Leave your comment below.
Remember, it’s all about the road to wealth. If you liked it, pay it forward. Don’t forget to share it in social media and help others become successful as well. There is plenty of room for all of us. In the end, your success will only depend on you and not what others do.
If you have any questions, you can reach me at email@example.com