How to Make Money Into More Money – The Fastest Way to Multiply Your Cash
When you get to a stage in your working life that has you questioning things like how to make money into more money, in the quickest way possible, it is a sign of desperation that stems from frustration because firstly you don’t have a target to work towards and secondly, you lack the patience to properly see through the construction of money-making assets that will bring you financial joy.
Yes, there are quick ways to multiply your cash, but it isn’t as easy as inserting a twenty dollar bill, into a machine, pressing a couple of numbers and then have two twenty dollar bills come out at the end of that dubious exercise.
Unless of course that machine is some sort of casino slots machine and we all know that,that isn’t all the much by way of investment and you will probably lose more money than you can make gambling.
Your mentality needs to change and the question of the fastest way to multiply your cash should only come in the latter stages of your money-making quest, after you have decided on a figure you want to work towards.
What figure should you work towards though? That depends on the kind of lifestyle you want to live. Yes, we probably all want an expensive yacht at some or other time in our lives, but for now just decide how much money you would like to earn monthly.
If you can get by on $5,000 per month, with a little bit extra for saving and some leisure, lets take the value up to $10,000 per month.
Now, in the most simplest of examples, if you want to earn $10,000 per month passively (which is the best way to make money), you will need to have built an asset which brings in that amount each month.
Assets can be anything really, even the thin air that is the internet, or a business that operates solely on the internet.
To simplify things further however, lets say your asset is some money you have saved up and you want to put that money away in a savings account, so as to have interest to spend each month, amounting to $10,000.
Since the standard interest rate of fixed savings account can go up to 0.5%, if you are to withdraw an amount of $10,000 each month, that is 0.5% of $2,000,000, meaning you will have to have to have $2 million in your account, just sitting there collecting interest of $10,000 per month as your income.
I would confidently say that $10,000 per month is a good income to cover all your living expenses, especially if it is a passive income such as the interest from a savings pocket, which you can also use a portion of to enter into other, smaller investments that might have the potential to turn really big.
Now, the issue would then be simply building up your capital to put away into a savings pocket, which is a mission in itself, but one that is well worth your time and effort if you consider the end prize of just sitting around and have your money working for you.
Source by Beau Morton