In reality, you will not become wealthy if your only source of income is the time you spend at work. We all have only 24 hours per day and are not paid while we sleep. right?
But what if you could make your money work for you? Do you want to earn money even when you sleep, eat, or relax? Money can continue to work and earn more money for you even if you are busy working for others. Do you want to find out how? This is what we’ll be discussing in this article.
Just a short disclaimer. These ideas are not intended to provide financial advice, but rather to raise awareness. Please keep in mind that the examples in this article are ways that I earn extra money as well, so let’s get started.
1. Pag-ibig MP2
Let’s begin with the most basic method, Pag-ibig mp2 or Modified Pag-ibig 2. The pag-ibig mp2 is a government investment fund, and all you have to do is be active in your pag-ibig contributions. You can deposit at least 500 pesos each month and earn an average of 6.96% per year. This is the most basic method of making money work for you.
2. Be a silent partner in a business
Starting a business is difficult and risky, but if it succeeds, it has numerous advantages. There are so many ways to invest in a business, including purchasing a franchise or investing in a new venture. Being a silent partner means investing money but not getting involved in the day-to-day operations of the business.
However, there are advantages and disadvantages to investing in this. As if you have no authority in running or making decisions in this business, but the beauty is that you can profit from it without working long hours. Although there is still a chance that your investment in this business will be lost if their venture fails.
So, in order to reduce the risk of financial loss, you must first understand the financial records, projections, and business plan. You should also sign an NDA or non-disclosure agreement and hire a lawyer to protect yourself, especially if the company is sued, goes bankrupt, or has other legal issues.
3. Invest in crowdfunding
Crowdfunding is a method for a new business to raise capital from a group of people, and it is typically done through the internet or a mobile app. Seedin is one of the most popular crowdfunding apps in the Philippines. Once you’ve deposited money into your Seedin account, you can set your investing rules, and the app will invest for you. If the maturity period of your investment has passed, you can do it again. Invest your money again. That is the true meaning of money working for you.
4. Invest in your own business
As I stated at the start of this article. You will not become wealthy or enjoy life if you are only paid for the amount of time you work. The question is how long you can continue to work. That is why it is critical to invest in your business idea. The more you invest in time and money, the more likely you are to succeed.
5. Invest in the stock exchange
Investing in the stock market is critical. But keep in mind that investing in the stock market and attempting to predict the market is not the same thing. Many financial advisors are opposed to putting money into and taking money out of stocks in order to profit from their volatility.
Stock prices have fallen as a result of the pandemic, and you may be thinking that now is not the best time to invest in the stock market. However, I believe you should also consider becoming a long-term stock market investor. If you haven’t already invested here, do your research first. When investing in the market, you must understand the risks and benefits. You must understand how much you are willing to risk in the stock market and how much you can tolerate. Before you invest, you should conduct research. You can sign up at Col Financial.
These are just a few of the things you should do to make your money work for you; What else do you think we should add? comments below.