Make Your Money Work for You

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If you want to be wealthy, then you can’t just leave your money languishing in your bank account - you need to make it work for you.

Here are just a few of the most effective means of getting your money working in your favor:

Invest in the Stock Market

It’s so obvious that it almost doesn’t need to be mentioned, but probably the best way to make your money work for you is by investing in the stock market. However, in order to do this well, it is probably worth investing in books courses and professional advice that will help you to do it right. If you go in blind, you could actually end up losing money and that wouldn’t be so good.

Invest in Your Education

We talk a lot about investing stocks and shares in order to become wealthy and this is certainly something everyone who is able should be doing, but it is also important to invest in yourself. Investing in your education, whether it be in the form of a management skills training course, an accountancy degree or an MBA in business, is a great way to increase your earning potential, which means you will make more money over the rest of your lifetime.  Unless you’re already at the top, it just makes sense.

Create Passive Income

Creating as many sources of passive income as you can is smart because it means you can make money when you’re sleeping. When you’re lounging on the beach when you’re drinking cocktails with your spouse...well you get the idea.

If you don’t know what passive income is, basically it’s money that is made without any active effort. Things like rental income from a property you own, cash generated from affiliate links on your blog or money made in a silent business partnership are all examples of passive income.

Often, you will need to work hard to build these streams in the first place, but it is worth putting in the time, effort and money because once you have them, passive income streams can be real moneyspinners that generate with very little effort on your part at all.

Spend on (the Right) Credit Cards

You might think I’m insane even suggesting that you can make your money work for you by spending on your credit cards, but you really can providing you have the right kind of credit cards.

Reward cards, which offer everything from air miles to cash back can be a great way of making savings, and those savings can go towards building more wealth. The key is to choose cards that offer rewards you would actually use anyway, thus saving you money, and to ensure you pay the balance off in full at the end of each month so that you aren’t charged any interest.

There are lots of ways to get your money working for you, but before you jump in head first, you should always think carefully weigh up the pros and cons, and where possible seek expert financial advice if you want to give yourself the best chance of building wealth.