Instead of just working harder to make more money, why not make the money you have work harder for you.
Here are four strategies to make that happen:
Strategy #1: Pay another monthly bill–to yourself!
With all the bills you have to pay each month, it’s tough to start a saving program. That’s why you need to think of saving as another monthly bill. Choose an amount you can afford–even if it’s only $20–and get your bank to deduct that amount from your bank account automatically every month.
Strategy #2: Multiply your savings
Make sure your savings go into some kind of high interest account, money market account or mutual fund. By benefiting from the power of compound interest, you can double or triple what you contributed over time.
Strategy #3: Pay down your mortgage
Use your savings to make lump sum payments on your mortgage. Not only will you save thousands of dollars in interest, you’ll build up equity faster, which can be used to make other investments.
Strategy #4: Save for a down payment on a revenue property
Once your savings of equity have grown enough, you can invest in a revenue property that will pay returns in both monthly rent and capital appreciation.