I’m a freelancer and on an average I save $200 to $1k each month. I don’t want my money to just sit in the bank. Instead i want it to help me make more.
As Robert says: Make your money work for you.
How can I do so?
2 things I am not interested in for my money.
#1 I don’t wan’t to start another business using my money as it will require my TIME and ENERGY, along with the money. I want to spend all of my time nd energy just on Freelancing.
#2 I am not interested in Stocks/Crypto etc. As imo, the risk of losing money in these things is more than earning. I think if I will be successful in crypto/stocks if I give it proper time to study. Then again time is something I’m struggling with.
Is there something else I can use my money to generate a good ROI without spending my energies and time?
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post this on r/personalfinance
Split your savings 50:50 between CDs and Index funds. Think of index funds as a long term investment. Set at forget and they will give you 7% return. Use VOO /VTI.
This is more of a question for r/personalfinance, you’re telling an entrepreneurship sub that you don’t want to be an entrepreneur
Put it into a high yield savings account, they are yielding 4-5% right now, at least until you come up with something else you’d like to use it for.
Clothing flipping. Not much work out her than shipping out 6 things a week. 1 hour of work for a extra 600$
How do you have a supplier that gives you things for $100 each month that you can consistently sell for $200🤔 I used to try to buy exclusive shoes all the time for selling but it was impossible to determine the real resale value and demand beforehand let alone get them yourself
You just look at the market?
What do u define as good ROI?
buy a website on Flippa or a domain. Resell it for a higher price.
That’s a good idea. I’m into blogging, websites too. Instead of just domains, I would prefer acquiring blogs or maybe SaaS/tools website that are monetized and generation a few hundreds maybe.
But I went to flippa and the listed websites are shit. Most of them don’t seem to be valuable at all and the content in there doesn’t make any sense.
Would you recommend any other marketplace or community where I can find better listings?
Put your money in a high yield savings account. Some are getting around 4.5% and there are no time commitments like a buying CD
I have a buisness idea and work force and system, everything in place, it has very higher margin. By becoming an early investor, you will have a chance to grow your money 10×.
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If that $200 to $1000 is extra money, invest it in people who will promote your work.
Podcast outreach, LinkedIn content, blog content for your site, etc
One of the best ways to invest your money is into someone who’s looking to startup their investment, allow them pitch their investment for you, do a background research on them to make sure they’re not going to run off with your money, then start investing step by step, i can explain more on how you can reduce the risk.
Check out https://www.raisin.com/en-us,
Land, Precious metal, or investing in a start up company
I saw so many comments saying buy cd can someone please tell me what does that mean?
It’s a kind of savings account but you can only withdraw your funds after a certain period of time. It’s like lending money to a bank.
Didn’t Robert say that fear of losing is why ppl are broke. All in crypto my friend.
Unless you are older than 30, you can make it all back.