Thanks to the current economy, many people are looking for ways to increase their money. Investing in stocks, bonds, and the gold market are risky and may produce varied results. Gambling in casinos or on the lottery takes money and is also a risk. More people have lived their entire lifetime without hitting the "big one". This week we look at 5 ways you can increase your wealth and cash flow.
Quit Bad Habits
The simplest, but maybe not the easiest, way is to quit bad habits such as smoking, drinking, and overeating. The benefits of quitting these difficult and costly addictions speak for themselves.
For smokers, one pack of cigarettes costs approximately $5. In 30 days, one-pack-a-day smokers waste $150, two-pack-a-day smokers inhale $300, and three-pack-a-day addicts burn away $450. Even those who "only" smoke half a pack a day have $75 less in their pocket at the end of the month.
Drinkers need to evaluate their drinking habits and take note of how much is spent on alcohol in 30 days. Cutting that amount in half or omitting it completely would provide extra money each month.
Overeaters tend to spend too much on junk food, fast food, and snacks. Eating too many meals at the fast food restaurant adds up in a month's time. Piling on the snacks and junk food when grocery shopping can equal up to one quarter or more of the food bill. Either decreasing the amount purchased or omitting these foods will leave money left over to be more wisely spent or saved.
Curbing these expensive addictions will not only double, triple, or quadruple your money in a short time, but also provides numerous health benefits. This results in less visits to the doctor, hospital, and pharmacy for even more savings!
Many who smoke, drink and overeat usually spend all the extra change they have when craving their addiction. Putting all that loose change in a coin jar instead will add up quicker than one thinks!
Be a Picker
There is currently a program on cable television about pickers. They are people who travel around the United States to "pick" items from people's homes (with their permission, of course!). They end up reselling the item and making a profit on their purchase. Items of unknown value can also be found at flea markets, garage and yard sales, and auctions of homes and storage units. These items can be resold for a profit at a pawn shop, your own flea market booth, or online. Research on items may discover that it is worth big bucks if auctioned to the highest bidder.
Even picking a vehicle that needs some minor repairs can show a profit when resold. Buying, repairing, and selling one or two vehicles per month can easily double your money.
Purchasing Real Estate
Due to the jobless rate, many homes have gone into foreclosure or signed back to the mortgage company due to bankruptcy. Buying foreclosed homes or those available through the short sale process can be bought for half their normal purchase price. Low interest rates of 5% or less will also keep payments low until the home can either be resold for a profit or rented out.
Utilize Your Surroundings
If you own property with a lot of unused outside space, think about planting a large garden of vegetables and fruits. Make a stand to set up at the local farmer's market. Plant Christmas trees to sell in December. If there is a large barn or pole building on your property, storage space for cars, boats, or other large possessions can be rented out.
Start a Business
Those who have lost their job due to the sluggish economy have been forced to think of other means to pay the bills and put food on the table. Starting a unique business with little investment can yield high profits. The pooper scooper business is really "cleaning up" all across the United States. Scoopers are paid $15 or more twice a week every week of the month just to pick up one customer's pet droppings in the yard. Running errands, picking up groceries or prescriptions, or taking others to doctor appointments can also be a profitable and fun business. Even driving the Amish to and from work, appointments, or shopping will put extra money in one's pocket.
These are just five ways to double your money in one year. In these difficult times, we must all "think outside the box" in order to feed our families and take care of the business at hand.
I hope you enjoyed this article. You can find more information about increasing your Wealth at http://www.richinminutes.com
Jason Hughes
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