They say there is nothing new under the Sun. True, most people just do not know what's under the Sun. Just think of what you could do if you had more money...Finally, go on that family vacation. Go to more movies. Buy a new mattress. Here are 4 strategies to help you earn more moola.
Strategy # 1: Buy low and sell high. There are always people who need quick cash and are willing to part with their valuables at a discount in order to sell them quickly. This presents a great opportunity for keeners. Numerous times over the years I have bought a motorcycle or vehicle at a great price and sold it 2-3 years later for more than I paid for it. Knowing the value of things (which you can easily learn by doing a bit of market research) enables you to find things being sold at less than their true value. You can buy these things, use them for however long you need them, and often you will be able to sell them for the same or even more than what you paid for them. This is a great way to have more money in your pocket and all it takes is a bit of time and effort on your part to educate yourself.
A few years ago we bought a condo in Arizona where the owner had abandoned a renovation. To us, it had a "discount" written all over it. We bought it and invested $5000 to finish the reno. Since then, we have made several thousands of dollars in rental income and the place has nearly doubled in value. Other people's mismanagement of their assets can become your greatest opportunity. These opportunities exist every day and you have to be ready to act wisely when they present themselves.
Strategy # 2: Always ask for a discount. Saving money is as good as making money. I can't tell you how many times, in a half-joking manner, I have asked for a discount and got it, even at big box stores like Rona. "Sometimes you have not because you ask not." It doesn't hurt to ask!
One of the first lessons we learned about financial success is to have many sources of income. The second is learning to live beneath your means in the good times so that you can not only survive but thrive in an economic downturn.
Strategy# 3: Find a need and meet it. If you want to be successful in life you have to find a problem and solve it, find a hurt and heal it, find a need, and meet it. There are literally a thousand different ways to earn money from a business. Create websites. Operate someone's social media. Fix cars. Renovate. Painting. Restoring furniture. Selling Newspapers. Mowing lawns. Find something you can do and go do it. We recently did this for fun and to prove this point. We put an ad on Kijiji that we are available to provide overnight care for Pets. We have since met a family and we have made $100 dog-sitting while they were away. Everyone has a need or a problem that they need help with.
Strategy # 4: Free Money. The government offers savings opportunities where they match the money you put in to save for your child's education. The RESP (Registered Educational Savings Plan) for example. The government will give you $20 for every $100 you contribute. Our son just finished University debt-free, partly due to his RESP.
Also, many employers will match dollar for dollar, into a retirement plan, up to a certain percentage of your salary. Typically, the longer you work for the same employer the higher that percentage rises. It amazes and startles us that so many people do not take full advantage of all these easy opportunities to make money.
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Retirement Income, Investment & Tax Planning,
Nancy Langford CRS
Willis J Langford BA, MA, CFP
