Monday, August 3

D’orandae | Building Wealth

Building Wealth

What better topic to speak about since this is the pay week for most of us?

Wealth is something we all want to have but yet no one is looking for ways to build it. It is not just about having money and saving money, oh no Courtanae it involves so much more than that.

It sounds corny and not to mention expensive but today as a special treat for you, I want to share some information about this topic.

Building wealth just like most things in life (ahem……losing weight) is easier said than done. It is literally easy as 1,2,3.

#1. Make that mula – Hey! Come on, you got to be earning something to before you can start saving or investing right? Even if you are making $7500JMD /$75USD per week, is it possible for you to save $1000JMD/ $10USD?

#2. Save dat money – “It doesn’t matter how much you make, it’s about how much you save/keep.” Banks, credit unions and your mattress are there for a reason. SAVE YOUR MONEY!

#3 Invest yuh money – You are making and saving that mula so you will be rich within the next year, right? Wrong! There is literally no rich person on this planet that will tell you they got rich just by making and saving their money.

And now, here comes the hard part.

Remember how I told you building wealth would be easier said than done?

It is easy to tell you: Make, save, invest but here comes the hard part, answering the following questions and putting these plans into action.

  • Where/ How can I make money?
  • How can I save from the little (or nothing) I am earning?
  • What is investing?
  • What should I invest in?

Making money

There are so many ways and I mean, so MANY ways we can make money it is ridiculous. You don’t need a 9-5, 7-4 or even 8-5 to make some money, so exactly why are we stressing out ourselves every week? Consider the following three (3) ways and check out the links:

1. Teaching English Online:

2. Affiliate Marketing (a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals.)

3.  Start a blog/eCommerce website:

I skipped saving because it is pretty self explanatory, make the money put half in the bank, right? Let’s just continue with Investing.

Investments are forever my favorite topic to discuss and I can go on and on without ever stopping.

We want to find things that generates a income for you in the near future. What would I suggest? Let’s examine them:

  • Certificate of Deposit/Money Market
  • Fixed Income/Bonds
  • Real Estate
  • Dividend Investing (Invest in companies that pay out dividends (money paid out regularly to shareholders out of the company’s profits)
  • Invest in Equity

At the end of the day, not investing in something that guarantees you income is worst than living in debt to your employer for the rest of your life and nobody cares about your money except you, so? Get cracking!

We have discussed three points to building wealth in this article:

  • Make the money
  • Save the money
  • Invest the money

Do you think you can examine and apply these tips and share your experience with me? Leave your comments below.


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