Wealth may seem unattainable to many, but some know what needs to be done to increase their wealth while still enjoying life. All it takes is a little time and dedication to begin building your financial portfolio.
Try any one or all of these five proactive money-making strategies to put your wealth in your hands.
1. Invest in the Stock Market
If the mere idea of owning stock or investing in the stock market sounds mysterious to you, it is time to find a great stock to buy and get started. You can begin this process by opening an online brokerage account. Once your account is set up, you will be able to purchase stock in a publicly-traded company. It is key that you do your due diligence in researching any company you invest in.
2. Sell Unwanted Items
If you have a plethora of 90s-era (or earlier) toys that are unused and unwanted, try selling them online. Create accounts on sites such as eBay, Mercari, Facebook, Craigslist, and local eCommerce sites. Take well-lit pictures of the items and include comprehensive descriptions, including the condition and other noteworthy details. Research the selling rate for similar items and price your goods accordingly to remain competitive.
Gently worn clothing, footwear, and handbags are also popular in the resale market. If your wares are in good condition, they may bring extra cash. Advertise them on popular online resale sites or at a local consignment shop. Always read the fine print so you are aware of what percentage you will earn on the sale versus the amount the consignor will keep as a fee.
3. Deliver Groceries
After you drop the kids off at school or while purchasing your groceries, consider spending a little extra time at the grocery store. There are a variety of grocery delivery companies to choose from, depending on where you live.
Find the one that suits your timetable and lifestyle the best, and begin picking up grocery orders to earn extra money. Many of the company’s apps show you what the potential customer has already determined their tip amount will be. You can select your customer based on that information to maximize your time and money.
Cryptocurrencies such as Bitcoin are one of the latest hot topics in money-making endeavors. They succumb to market volatility, so it is important to not place all of your assets here. This type of investment opportunity has been around for more than a decade however, and has begun to gain mainstream acceptance instead of lying on the fringe of wealth opportunities.
Here is a video offering tips on how to invest in cryptocurrency via alternate routes.
5. Open an IRA
When you think about making money, you should count saving as one of the primary ways of growing your wealth. A proven vehicle to help you get there is an IRA. The key is to begin investing in your IRA as soon as you can. Ideally, this will occur in your early working years. Contribute the maximum amount each year into the account to take advantage of compound interest.
Make money-making a priority to fund your future. Take steps today to achieve the growth you want and enjoy the fruits of your labor.