Building Wealth - Passive Income - Personal Finance
Building Wealth includes many things: reducing debt; planning for retirement; taking advantage of tax rules; passive income; and expanding your income base. This post is about expanding your income base, and the things I have planned to expand my income base.
Blogging for Money Making Money Online
There are a ton of ways to make money online, some of them good, some of them bad. I am following a method I picked up online (for free - if you have to pay for it, it sadly, is probably a scam) from another blogger. From what I've learned so far, it is not complicated, although it does take some work at the beginning. It involves setting up blogs, getting a good page rank, getting visitors, and selling them stuff when the content isn't exactly what they are looking for. If he were reading this site he'd tell you this isn't the right thing to do, but you can learn about the finer points of making money online by visiting his site (he will note that I made his link a quality one, though).
I am still in the initial stage of this, and still getting my mind around what needs to be done to be succesful using this method, so I don't have a lot of success at this point. But I'll keep you posted.
Working a Side Job to make Money.
I am an attorney, and my job allows me the opportunity to utilize my talents outside of my day job for the benefit of myself. This can be an option for many others too. It just takes some thought about the skills that you have and how you can apply them outside of your job to make a little extra cash. Often this means consulting, coaching, or some kind of teaching.
I am a property attorney, with a majority of my work surrounding acquiring properties, drafting purchase contracts, and condemnation and eminent domain. Click on the link to check out that site. This allows me to help others going through the real estate process, whether it be in condemnation, the purchase or sale of a house, or any other property issues that might arise.
This too, is a burgeoning enterprise, just getting started, so I don't have a lot to report. I promise to keep you updated though.
Flipping Houses for extra money.
I have also taken to flipping houses for extra money. You may ask how that is possible with the housing market in the state its in today, but I think this is the perfect time to get into it. The extent of my exposure, despite my great feelings about the market, is small. But I don't want to get in too deep.
Right now I am flipping one house, the one I live in. It is almost finished, and when complete, should make about $20,000 profit. This isn't bad for a first effort, and the goal with this flip is more to learn what I'm doing, become acquainted with contractors and home repair, and have my house fully paid off in a couple of years (I plan to take the profit from this house and move over to a similar house, doing the same thing, until I have no house payment - I think 4 years should be enough time to reach my goal).
Believe it or not, there are a lot of suckers out there playing online poker, just waiting to give you their money. All it takes is a little practice, some patience, and enough self-discipline not to chase cards, and you can actually make decent money playing poker.
For my exploits, I've started with only $10, and hope to build that up to $1000 by July. To to that I'll start playing with very small stakes, hopefully building my experience as I build my bankroll. I'll keep you posted on this progress as well.
Online Sports Betting.
Some people also believe you can make money betting on sports online, NFL betting. I'm still an amateur, but I know if you do it right you can make decent money betting on sports, particularly if you use NFL betting software. All you have to do lose all your money making stupid bets, like parlays and the like, and concentrating finding good match ups that you can take advantage of.
Making More Money is Easy. It just takes drive.
There are no easy money answers. Everything takes work, discipline, and effort. Even scamming people takes time to learn. If you want to make more money, build your wealth, and stop living paycheck to paycheck, take a step back, evaluate your skills, and put them to good use. Before you know it, you'll be making a ton of money.