Learn The Best Strategies For How To Multiply Your Money

Multiply My Money is a site designed to provide useful information to individuals seeking to build wealth through investing in stocks, generating passive income, eliminating debt, increasing income, and saving money.

Multiply My Money is a financial site that teaches you how to multiply my money through investing, starting a business, saving money, and generating passive income.

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Four Keys To Financial Independence

We have been discussing the three principles of financial achievement – managing, multiplying and maintaining your money. Last week, we outlined the four cornerstones of managing your money, explaining how to make smart decisions with the money you currently earn.

Many people hope that their working income will give them all they need to make ends meet and achieve their goals. The reality is that for most people, the regular job will never supply enough money to enable them to become financially successful. Today, we will look at the steps you can take to earn more money.

Create Extra Income:

As we confirmed last week, proper budgeting is vital to all financial decisions. Once you fill out your budget accurately, it will show if you’re spending too much money or not making enough money. If you’ve cut back on non-essentials and still can’t find enough to pay your basic expenses, then earning more is your only option.

The first step is to break down your monthly deficit into a smaller amount that seems easier to achieve. For example, if your shortfall is $15,000 JMD monthly, ask yourself “What can I do to make an extra $3,750JMD per week, or $500JMD per day?” Dissect it even further – how can you make $50JMD profit from ten people daily?

An obvious, but underutilized way of finding more money is to try to earn additional income on the job. Why not check with your human resources department to see how you can upgrade your skills to get a salary increase, or if you can work overtime on a project? If that isn’t possible, try to obtain a second job or consider finding a better-paying job.

In the current recessionary times these options might be limited, so you may be forced to do it yourself. There are basically three ways to create your own income: find a need and fill it; find a problem and solve it; and find your talent and market it. Look around your community, workplace, school or church to identify pressing problems or unmet needs – which you can satisfy by using your creativity and talents.

Put Your Money To Work:

Once you have identified ways to earn enough for your everyday needs, you need to kick-start the wealth-creation process by learning how to make your money work for you. Investing is when you put your money into an activity to make a profit. You expect that your investment will increase in value in the future, to be sold at a higher price and/or provide an income. Investing also helps to protect the value of your money over time.

Many years ago I read Robert Kiyosaki’s best-selling book Rich Dad, Poor Dad, which opened my eyes to the importance of becoming a good investor. Kiyosaki explained that if you wanted financial independence, you had to be very knowledgeable about investing options. There are several ways to invest: the money market, bonds, stocks, real estate and business, among others.

In Jamaica, you can start an investment account with just J$1,000. It’s best to go to a licensed investment advisor to learn more about making your money grow; fortunately, many companies offer this service for free.

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