To make sure we are perfectly clear on what it means to have your money work for you we can use one specific example gambling. If you go to a casino and put 100 down on the roulette table you are attempting to use that 100 to win more money.
Invest it in something that will generate a return.
How to make money work for me. Your money can only work for you once youre out of debt. 3 Ways to Make Money Work For YouYou will work the rest of your life unless you start making money while you sleep. Talking to your investment firm about what to do with the extra money in your budget implies you want to put it somewhere it can grow and make more money for you as opposed to save it.
Eliminate your debt If you have debt your first order of business is to get rid of it. Another way is to use your money to pay down any high interest debt you may currently have like credit card debt. Sure that sounds too good to be true bu.
After all you cant properly invest in yourself or your future if you have a mountain of credit card debt that you havent addressed yet. This allows you to put more money into what I like to call your compound interest machine. This could be an interest bearing savings account a CD a bond stocks real estate a small business and the list goes on.
How to make your money work for you tip 1. Making your money work for you is all about having compound interest on your side. To make your money work for you your job is to grow the gap between your income and expenses as wide as possible.
Grow and invest your gap. If you want to consider investing as a way to boost your retirement savings consider working with a financial advisor who can help keep your investments at a risk level appropriate for you. How do I make money work for us.
How to make money work for me. Investing is one method that puts your money to work for you but market fluctuations and poor performances can baffle even the most qualified advisors.