Moms, you have more skills than you think you do when it comes to investing and trading. Think we’re joking? Well, consider this: You seemingly make money out of nowhere, you have a tendency of making money stretch, and you even manage to balance the checkbook while keeping your kids in pretty decent shape.
That’s a powerhouse of an introduction to today’s post and it was done on purpose because we have learned that the only way we’re going to endure future pandemics (because they will be there), and other periods of financial difficulty is to learn how to be better stewards of our finances, how to create a safe pool of readily available cash (NOT credit), and how to grow and preserve our wealth.
Now, we can’t teach you to any of that, but we can inspire you to find out how to do more with what you have, and hopefully encourage you to do better with what this year brings. To get some solid advice, consult with wealth management firms.
WEALTH CREATION – It’s about how much you save, not how much you earn.
Well, partly anyway and by partly we mean in a big way. We’re all conditioned to believe that to become wealthy, you need to be wealthy. See the flow in the logic there? Just about everyone had to start somewhere, and you’re no different. It’s a new year, so get busy with your finances and work those budgets and numbers until they make sense for you. Absolutely no one promised it would be easy, but if you’re willing and ambitious, smart planning hard work, and creating passive or alternative incomes if they’re necessary can leave you singing a vastly different song at the end of this year, then the one you’re singing now.
MAKING MONEY – passive income generating.
One of the keys to creating wealth is creating a passive income. This sounds really complicated to some of us, but it isn’t. You can create a passive income by utilizing skills you already have, or by doing what you’re already doing – just charing for it. If you’re not the overly ambitious type, that’s ok – you can develop income streams in your local community by doing for everyone else, what they hate doing for themselves. Shopping runs, school runs, pick-ups, and deliveries. Get creative and get busy.
WEALTH CREATION – the serious money part
You might think that these two words don’t belong in the same sentence as your name, and you’re probably right. That’s because virtually no one was born the skills necessary to do this, but you can learn how to do it in a way that works for you. Using money that you create out of additional or passive income streams to invest, buy property, save or pay down existing property debt, you’ll be very pleasantly surprised at how quickly principle debt reduces with every additional dollar paid into the account. That in turn, will reduce your interest charges and overtime, saving you a stack of cash.
If you do what you’ve always done, you’ll get what you’ve always got. There is no time in history when that has not been truer, to get out of the box ladies. It’s a new year, it’s a brand new you.
