My mum taught me to use money to make money.
And normally, that meant buying stocks or property in her generation.
Things are different now, you don’t need 6 figures to buy a house for rental income or build a sizeable investment portfolio of stocks.
Thanks to the internet, you can start making your money work for you for as little as a few hundred dollars.
Here are 3 ways to do it:
P2P lending to make more interest any savings account from a bank can provide.
P2P stands for peer-to-peer lending, is a way for you to be the bank. You lend your money to others on P2P lending platforms, and in return you earn interest after the loan tenor is up.
There are many of these platforms and as long as you go for the big names such as “Funding Circle” and “Lending Club” your money is safe.
You don’t need to do anything because the platforms will do the background checks for you, as well as the payment collections.
All you have to do, is be willing to lend your extra money out.
Hiring designers for POD
POD stands for print-on-demand, it means products get produced to order, instead of mass producing in bulk.
There’s pros and cons to this, but for anyone looking to make a small hustle with minimal effort, than POD is the best way to start selling products.
All you have to do is hire freelance designers to design graphics and patterns, and then you take these designs to be printed on various items.
T-shirts, pillows, cushions, bags, hats, mugs, phone cases, posters, the list of possibilities are endless.
This method works because it’s cheap to get a lot of designs made and you don’t need to invest in stock.
Any one can start this with as little as $5, but the more you can use to start getting designs, the higher your success rate will be.
Earning royalties on Amazon
Earning royalties is a great way to make your money make more money by transforming it into assets.
An asset is something you own and is yours for as long as you keep it, by turning your cash into asset, you can store your wealth.
But in this case with making royalties on Amazon, you create cashflow by making assets that can generate regular income.
You do this by hiring writers to create books for you, which then upload the files onto Amazon and they will take care of the rest for you.
It’s not as simple as P2P, but it’s more strategic with a higher success rate than POD.
I personally make tried POD and earning royalties on Amazon myself. I make $2000 a month with Amazon and my POD business no longer exists.