So, this little moto is one I thought of many years ago… and it’s still something I use today!
It maybe a little confusing so let me explain…
So… let’s say you earn X a month and have a burning desire and need to spend Y on shoes leaving you with Z for the rest of the month. I understand… they’re just so pretty and you possibly couldn’t get through the month without them in your life! What if I tell you that you don’t need to buy these necessities from your monthly wage anymore? Because once you have spent those wages on shoes the money is gone – forever.
However, if learn to have assets – say a property, that asset would put money into your bank account month, after month, after month. You can then buy yourself a new pair with the interest or profit, you create each month! In fact, if you play your cards right, you could buy a lovely new wardrobe to house them in too! How wonderful!
By having “ASSETS” or something that puts money into your bank account, you can create an additional income month after month, year after year! And the really great thing is… you only have to do the work ONCE. That’s right, you do the work once and the income is still paid into your account each month.
Now, the next sentence you will read may be controversial but I’m going to put it out there… ready… Don’t save… INVEST!
Before you think I’ve completely lost my mind, let me explain. This might make you feel uneasy as it goes against everything you’ve learnt from childhood, just as I did! In fact, I’ll always remember my dad saying “make sure you save for rainy days!”
But do you know what banks do with YOUR money when you give it to them to save for a rainy day? THEY INVEST IT TO MAKE A PROFIT! For them not you! However, if you’re lucky you may get a tiny tiny tiny amount of interest. That’s right, they take YOUR money and use it for themselves. Don’t get me wrong banks aren’t the enemy, I have a fantastic working relationship with my bank. I just use my own money to earn profit for ME not them! Simple!
So if you invest into what we call an asset, (property, company, and stocks etc.) it can put money into your pocket each and every month. WOW!! Think about that, you put an asset in place and the asset can buy you a pair of shoes, this month, next month and the month after and you still have the asset… Amazing!
Last week I gave away my top 5 tips to investment, so if you missed it, make sure you have a read as this gives away inside secrets to property investment and creating assets.
Just remember… assets are a girls best friends when wanting to buy those luxury items!
Why not leave me a comment and let me know what you’d do with your extra income from your asset?
Live the life you love