I’ve compiled a list of the 10 best ways to make your money work for you. Making money is easy for most people, but turning that money into lasting wealth is another story.
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1. Start a business
Many businesses start with an idea and cash to get the business started. While brick and mortars (store fronts) typically take a lot of money to get started, you can start a business of your own online with little money.
I started this business (and blog) with just a couple hundred bucks to get a website design set up and hosting. Now it’s my full-time job and I get to work from home.
Another great example is my friend Megan, a Pinterest Virtual Assistant who created a business around Pinterest marketing. After taking a Pinterest VA course, she’s now a Pinterest Virtual Assistant that helps businesses thrive on Pinterest.
Another great example is turning your hobby into a business. My childhood friend Chelsea creates beautiful macrame home decor pieces. I recently bought a Christmas wreath from her and it’s one of my favorite purchases ever.
- Start your own Etsy shop selling digital stickers
- Run a dog treat business from your home kitchen and earn up to $5,000+/month
- Launch a blog about something you’re passionate about
- Become a Pinterest virtual assistant
- Make money freelance writing and starting your own gig
- Create an Etsy shop and sell printables
- Start your own proofreading business
- Become a virtual assistant and help people run their business
- Help local businesses by becoming a Facebook Ads Manager
2. Use homeloansplus.org/payday-loans-wa a high-yield savings account
Where do you store your emergency fund or savings you need quick access to? If it’s in a savings account at your local bank, check your savings rate. Most banks offer lousy savings rates that give just pennies back every year. This is why I recommend banks like Ally or CIT Bank.
I store my emergency fund inside an Ally online savings account. At the time of this writing, I’m getting .60%APY in my savings account. In early 2020 before all of the craziness happened, I was getting 2.0%. Savings rates frequently change because of the federal government, which you can learn more about here if you’re curious. Regardless, .60% is much better than what my local bank offers, which is .10%.
Another popular option is CIT Bank. CIT Bank is voted one of the best online banks, currently offering .50% APY on savings accounts. You can learn more about CIT Bank here.
Whatever you decide to do, if you’re going to have money sitting in a savings account, make sure you’re getting the best savings rate. If you’re going to have money sitting in an account only for emergencies or saving for a specific thing, make your money work for you and take advantage of the best savings rates.
3. Invest in yourself
There are so many ways to invest in yourself that can increase your wealth and help you earn more money.
Earlier this year, I invested in a life coach who helped me completely transform my life. We met for 45 minutes a week and talked through any problems I had related to relationships, my business, and life in general. By creating solutions to my problems, I focused less time on these things and had brain juice for running my business.
- Getting a life coach (I recommend The Life Coach School)