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How You Can Do MORE With Your Money

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The more money you have, the more things you can do.

But what are you going to do with that extra money anyhow?

People tend to blow the money that they barely have. Sometimes they blow money before they even have it!

So, think about what you can do with your money, and think about what you are doing at the minute. Are you even covering the basics and making sure that you have a nice bit of savings behind you?

Most people aren’t. When thinking about what to do with money, people often jump to spending and thinking about the materialistic things that can be had in life.

But there really is more to life than that, and that’s what people forget about. Money can be used in such a way that it can go in your favor, rather than it feeling as though it’s just being thrown down the drain.

So, to stop you throwing it down the drain, we’ve come up with some great tips that should help you do more with your money. Have a read on, and see what you think.

Develop Your Home

Developing your home is sort of like a long-term investment option.

If for example you have a family home, it might have a few bedrooms, and perhaps more than one bathroom. This is great, and it probably gives you all of the space that you need to be able to function as a happy family.

However, your children hopefully aren’t going to live with your forever, and there comes a time where they’re going to have to move out.

When they do, you’re not going to want to live in some big house without any company apart from the two of you.

However, when you come to sell, you might not feel as though you’re getting a good enough price, even though the house might be spacious and in a good area. So, you need to think about what it might be lacking.

This is where your development head comes on, and you think of all of the things that you can do to increase the value of your home for a future sale.

Even though it might feel as though you’re wasting your money to begin with, it’s all about the money you’re going to make in the future.

The types of things that you want to be thinking about are extensions and renovations. You don’t necessarily need to extend to create another room, or another bathroom either.

Another simple option is to buy some smart home technology which might help improve the value of your home.

Could You Donate?

Doing more with your money doesn’t necessarily mean you’ve got to do more to benefit you. Sometimes, the selfless things we do in life will benefit us the most.

Plus, this one will definitely make you feel humbled and honored. So, when thinking about donating, the charity that you donate to is important.

You can either pick a charity that you feel you can relate to. Perhaps someone in your family has been affected, or is being affected by a certain disease or illness.

Or you could think about donating to human and wildlife aid organisations. The work that they’re doing around the world is revolutionizing some countries. Without it, some countries would struggle to get the majority of their population alive. But, it’s not just humans who desperately need your money.

Animals are crying out for help, especially those that are endangered at the moment. You don’t necessarily need to donate a fortune, literally every little does help when it comes to donating to charity.

You could even set up some form of fundraising day, and get your whole community involved. All you would need to do is pay to host and set up the event, and donate all of the proceedings to charity.

You might be able to make more this way, and you’re definitely going to raise some great awareness for whatever charity you’re trying to help. There’s also the option of going on pages such as gofundme, and figuring out which people need your help the most.

Some of looking for money to complete humanitarian aid missions, others are desperately seeking money for the medical treatment they need. Putting your money to a good cause like this is sometimes the best option, especially when you feel as though you have money to blow.

Investment Options

If you don’t want to give away your money, and your main aim is to make it, then you’re going to have to think about investment options. First of all, you need to know that investment is risky. You’re not necessarily going to make back your money every time.

But, it’s a game that’s worth playing. Play it right, and you will always be building on your fortune. So, the first investment option that we want to talk about is the property one.

We’re talking about it first because it’s probably the most easiest to get into. First of all, you can go into properties abroad, which a lot of people are now choosing to do.

Once you’ve purchased an investment property, it’s all about making sure it’s perfect to rent out, and then getting the whole process of being able to rent it out started.

You should always make sure that you’re following the rules of the country that you would like to rent from.

There are certain laws you’re going to need to follow, and you can get into a lot of trouble if you try and avoid them! To make sure you’re getting enough custom, you need to make sure you’re showing your apartment as listed on multiple different websites.

You’ll most likely have to pay a fee for this, but at least it’s going to bring you in some custom.

The second investment option we have to talk about is something you can do from the comfort of your own home, and you don’t need such a big lump sum of money to start the investment. We’re talking about bitcoin, and there’s many reasons why you should consider investing in this area.

Despite what people might think, there is a way of making money through it. All you need to do is learn how to trade, and do your thing!

There are plenty of online tutorials that will walk you through the whole process. But essentially, it’s all about making sure that you’re buying and selling at the right time.

Enjoying Yourself

Sometimes, if you focus on what you’re spending your money on so much, and where it’s going at the end of every month, then you’re never going to be able to enjoy yourself.

Sometimes, if you have the money to do so, you’re best off just enjoying yourself. As they say, you’re only young once, and life is meant for living.

Take some time to go and see the world, or buy that car you’ve always wanted to buy, or take yourself on the shopping trip that you have badly needed for so long.

The more you treat yourself, the happier you’re going to feel. But the thing you need to make sure of is that you’re not getting carried away. I

t’s so easy to overspend, and it’s what most people tend to do when they have a lot of money in their bank. The last thing you would want is to go from riches to rags, so always watch your money.

Mini Business

This is just a final option that you could think of. A little side business on top of what you already do could help your finances just grow and grow. It doesn’t have to be anything that takes too much of your time, perhaps something so simple as a home business in arts and crafts.

As long as it’s something that you can grow, it’ll be something that you’ll enjoy. Plus, if things get a little too hectic and you find you can’t manage, you can always give up!

Be sensible, and do more with the money you’ve got, While you can!

This article originally appeared on IdealREI.  Follow them on FacebookInstagram and Twitter.

Personal Finance

DIY: How To Improve Your Personal Finances

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Even if you’re not looking for a property this exact second, you always want to be improving your position.

So, focus on the downtime to improve your finances, get your debt squared away, and put yourself in a better position when you are ready to buy!

It’s important to be sure of your financial position before you buy a property because you might find it’s harder to get that property than you would have originally thought.

Here are a few ways to quickly improve your finances to help you save more, pay down more debt, and qualify for better loans.

Pay Attention

One of the most common reasons that people struggle financially is because they simply don’t pay attention to what is going on in their own financial life. If you are not paying attention, you can’t hope to know what is going on and therefore know how to improve matters.

So, the first item on your list is to start paying attention to your finances!

When I’m working on a project, I’m laser-focused on the budget, the details, the costs, etc. But, sometimes in my personal life, I let this slide.

The reality is, when we do have a budget and focus on sticking to it, our bank account balances grow so much faster than when we aren’t using one.

I love to eat out, and my wife loves to buy small things around the house. One day, we looked back over the previous year of spending and found we each averaged over $1,000 per month on our hobbies!

By pulling back a little in each area, we were able to save over $1,000 per month but still do the things we enjoyed.

So, start by having a budget!

Even if you are financially well off and can afford most of what you want, by budgeting for the items and spreading the costs out over several months, you’ll find that you buy less, spend less, and save more.

Also, if you budget to pay down certain debts faster, you’ll see those balances dramatically drop!

So, do not overlook the importance of a family budget.

Save On Other Purchases

There might be a number of other big purchases you need to make before you get hold of your next property, and it is a good idea to make sure that you are only spending as much on those as absolutely necessary.

For any big ticket items, we actually start searching for them months or even a year in advance. For example, let’s consider kitchen appliances.

As you know, a full set of appliances can easily cost $5,000-$10,000 if you are getting high-end products. It includes a fridge, double oven, gas cooktop, microwave/fan, and dishwasher.

The first thing we did was go to the store and decide on two or three brands, styles and product lines we wanted. It’s hard to compare prices unless you are looking at similar products between stores.

Then, for months we’ll watch these items and their prices. Occasionally there will be sales and by tracking the pricing all year, we know which sales are worth getting or not. When we feel we are getting the best price, we’ll buy.

And by doing that, we can easily save $500-$1,000 or even more.

We did something similar with our TV, computer monitors, etc. Basically, anything that is currently working that we want to upgrade. Over the course of a year, we are saving thousands of dollars.

You might also use a money saving app to help.

Saving money in all these places will make an enormous difference when it comes to saving for your next down-payment

Pay Down Debt

With all the money you are saving by budgeting and by planning out major purchases, you might want to use some of it to pay down debt.

You’ll have to decide if it’s better to pay down debt or have a larger down payment because both will hold you back on your next purchase.

But, generally, paying down $1/month in debt is worth about $3/month in income. At least, as far as loans are concerned.

If you do decide to work on paying down your debt, I fully detail a unique debt pay down method to get you into your next rental property faster.

Increase Your Income

Most people just focus on debt, but the reality is you can only cut your expenses so much.

Income, on the other hand, has unlimited potential. So, why not focus on growing your income?

Increasing your monthly income can be done in a number of passive and active ways, and it is worth looking into as many of these as you can to find the right one for you. I outline a number of ways to increase your income in this article on how to earn $10,000 per month.

While earning $10,000 per month in side-income might seem a long way off, it’s important to start! Even if you can earn an extra $500 month now, and grow it slowly over time, it’s worth it!.

Don’t Focus on Just One Thing

As I mentioned already, focusing on just budgeting, or debt paydown can be detrimental to your overall financial goals. It’s important to combine a number of different things into an overall strategy, which includes budgeting, debt paydown, and increasing your income.

This article originally appeared on IdealREI. Follow them on FacebookInstagram and Twitter.

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Personal Finance

VIDEO: 3 Things You MUST Know About Your Credit Score

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We all know what a credit score is. Sort of. But what really goes into your credit score? In this video, Investopedia breaks it down. Here are the top 3 factors that affect your credit score — and what you can do about it.

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Personal Finance

INTERVIEW: Kevin O’Leary On How To Survive A Market Downturn

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Market downturns are inevitable. Just as the boom drives home the big bucks, recession can plunge many into despair with low employment, weak wages and dwindling upbeat market sentiments.

In this video, Shark Tank host, Kevin O’Leary talks about how you can win during the market downturn.

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