Do you remember in the past we were warned to be careful about being in debt because interest never stopped charging us, interest never slept, never took a day off, never took a holiday. Well the reverse is true, as. Is your money making money too you sleep? Does it sound too good to be true? Perhaps the most popular way to earn a passive income is by launching your wwork blog. After that, start creating amazing content that people would be interested in reading or sharing.
2. Develop streams of passive income
It might seem like a no-brainer, but shockingly few women take advantage of this little trick, which can put you on the path to real wealth in the blink of an eye. One of best life lessons you can learn is to always pay yourself first. Before bills, rent, Spotify, what have you: pay yourself first. Let this be the fire under your butt to make a move to an institution that will pay you to park your money there! Your next step would be to learn about investing or join the ElleFactor community where women are active investors in the markets, real estate and each other. You take out the guess work by making it inevitable. Thank you technology! Out of sight, out of mind. Your Money Can Save Itself. Pay yourself first One of best life lessons you can learn is to always pay yourself first.
Develop and sell products based on your expertise
One of the biggest differences between the wealthy and the less wealthy is that wealthy people earn interest and everyone else pays interest. It is important to realize that money is a tool that can help you to achieve your goals. For you to reach true financial independence , you need to have your money begin to work for you—not you for it. Here are three things you can do to start making your money work for you. These three steps can also help you break free of the bad financial habits passed down through your family. When you are budgeting, you are making your money do what you want it to. By assigning each dollar to a category, you are controlling where your money goes and what it does. This will help you to begin to reach your financial goals. Your budget gives you control over your finances and allows you to make financial decisions at the beginning of each month. When you master budgeting , you will be able to reach your financial goals more quickly and avoid debt. If you want to change your financial picture, your budget is your first step to doing that. Often people will create a budget, but fail to follow through on sticking to it or stop after a month. You need to create your budget each month, track your expenses and make changes as needed, so you are always spending less than you earn. When you make the decisions on how you will spend your money at the beginning of the month, you can decide what priorities are the most important to you and begin to make progress on your goals. Do you know how much money you are paying in interest each month? How much of your monthly budget is being eaten up by student loans , car payments, and credit card bills? If you could take all of that money and put it into retirement, it is amazing at how quickly you could save for your retirement and other things that you want. Debt often becomes a burden and limits the choices that you can make.
Sneak Peak: Top 10 Ways to Make Money Fast
We only recommend brands we use and trust. It is the new blogging standard, allows you access to an amazing amount of free add-ons called pluginsand will be able to grow with you as your blog grows. Bluehost : This was our first host and is a great budget host. Using Blogger and looking to move to WordPress? Next, you need to make your site look good.
Thankfully, adding a theme makes this a snap. We run Genesis on this site with a custom child theme. I was so impressed with it, I created a how to make your money work for itself review and 17 video tutorials on setting it up and customizing it. This is what we first used to design our site. Want more options? The availability of third-party plugins is one of the biggest benefits of using a WordPress site.
Here are my top recommendations:. WP Recipe Maker : Allows you to format your recipes for your site and search engines. Gravity Forms : We use this plugin to host our contact form and some other forms on the site. VaultPress : Our go-to offsite backup plugin. This helps ensure you never lose your valuable content. It creates a sitemap a list of everything on your site that google likes; and 2.
Out of all of these options, hosting your mailing list offsite not directly in your WordPress blog would be my top recommendation. Drip : This has been my go-to email service this year. Mailchimp : For a long time, this has been considered the standard of email marketing.
They have an easy RSS-to-email how to make your money work for itself, which is what we previously used to send readers updates of blog posts as they are posted. ConvertKit : The newest player in the email marketing world and quickly becoming a top choice by professional bloggers. What started out of a frustration over the lack of features on Mailchimp, this service is set to become the new standard.
It keeps our site running fast by duplicating assets that are large and take longer to deliver images, style choices. Our site runs incredibly fast partly due to this setup and Google likes fast sites and it helps overall user engagement. Codeable : This service offers single project jobs based on your needs theme customizations, fixing something broken. All the freelancers are vetted and do solid work something that can be really hit and miss on other freelance sites. Google Apps : We use google apps for hosting our email accounts think: gmail accounts using your own domain name, like me mysite.
It helps save server bandwidth by using a unique technology which ultimately helps maximize our site uptimebut more importantly blocks malicious traffic and has tools in place if your site were to go under attack so you can fight back hi-ya! The free plan is likely sufficient for most sites, but we currently use the pro plan. This also allows you to manually submit a sitemap, which is a helpful tool for getting indexed fast check the free SEO plugin I use above or on this page.
Adobe CC : We primarily use photoshop, but others really like to use lightroom for photos. Wave : This free online software is a decent option for accounting and expense tracking.
If you make something great, you can figure out a way to monetize it and everyone does it differently. How do I Turn Blogging into a Career? However, keeping at it is key to making this blogging thing work. WordPress Themes Next, you need to make your site look good. Here are my top recommendations: WP Recipe Maker : Allows you to format your recipes for your site and search engines.
Design and Photography Tools Adobe CC : We primarily use photoshop, but others really like to use lightroom for photos. Business Tools Wave : This free online software is a decent option for accounting and expense tracking.
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7 Ways to Make Money While You SLEEP — #7Ways
1. Open a high-yield savings account
Have you ever wished that you could have more money, without all the effort? When people think of interest, they often think of debt. Compound interest can be defined as interest calculated on the initial principal and also on the accumulated interest of previous periods. Compound Interest will make a deposit or loan grow at a faster rate than simple interest, which is interest calculated only on the principal. Not only are you getting interest on your initial investment, but you are getting interest on top of interest! The simple fact is that WHEN you start saving outweighs how much you save. An investment left untouched for a period of decades can add up to a large sum, even if you never invest another dime. The only difference is when and how often they save:. She saved for just 10 years while Barney saved for 30 years. This is compound interest: the investment return that Alice earned in her 10 early years of saving is snowballing. The best scenario here is Christopher, who begins saving early and never stops.