Let Your Money Work For You

One of the questions most asked of me is:

"Will, how do you live so well but never have to work?"

Well I do work, but it is true I only work about 10 hours a week yet I live in a nice home, I'm a single parent and raise a teenager daughter (and that can be expensive), and I drive a luxury car which is only a few years old.

Let me tell you the secret.

Most people get far into debt because they want all the latest gadgets and fancy gizmos. When you get into debt you now have to pay others and then you must become a slave to some employer to earn money which you can then turn around and give to your creditor.

If you have a lot of debt, you will soon find yourself having to work two jobs.

My advice is to NOT get into debt. Only finance things that will make you more money. If it doesn't make you money pay cash. If you can't pay cash, don't buy it! It's pretty simple.
If you don't have bills, you can then work less and spend the extra time laying on the beach, travelling the world, spending time with family, etc..

Now that you have stopped incurring debt, it's time to start creating a bankroll that you can use for investing.

Every time you receive any form of money whether from income, tax return, gambling winnings, whatever, put 10% to 15% into a savings account. Always pay yourself first BEFORE you pay your creditors.

To increase your return, put your savings into a CD or Money Market Account. These pay more and your money will grow faster. (or as I have explained in a previous blog, in an investment that will return 100%).

What you want to do is to have your cash making more cash for you. You'll be making money while you travel, in your sleep, or while having dinner with family or friends.

Let your money work for you, NOT you work for your money. Get it?

Now you may be saying, "I can't afford to save 10% to 15%". I'll show you how to get over this in the next blog posting.