I realize that this blog has a lot to do with trading and investing in the stock market, but then someone emailed me asking were there any other ways to make money without investing in the stock market.
Well, I have some money put into other investment vehicles and it may be of interest to you guys too. First things first, I'm talking about this from my point of view and am in no way an investment advisor. You put your own money at risk. Got to keep things legal here.
I am merely outlining what I did and my experiences which hopefully some of you enjoy and maybe find useful.I always love figuring out different ways to grow my wealth.
It's also been my belief that diversifying my income streams is very important so I am not relying on one particular area and leaving myself vulnerable.
So first off, lets talk about real estate. Not uncommon, many people invest in real estate to grow their wealth. If you are smart about it, you can make a very nice passive income from investing wisely.
Let me be clear, if you want to make this income passive, it will take a lot of upfront work to get things off the ground.
If you are not interested in having a passive income from real estate, then you can look to create and grow a property portfolio. If you feel you can generate better returns from this than the stock market, great !
Well, this all depends what part of the world you are in but as we have many international readers, I'll keep things simple.
Obviously the first thing you need is a property. There are many places you can find property.
Some great places include ;
You can find both real estate and commercial properties at auctions. A great place to search is Auction.com If you do enough digging, you might be fortunate to find some really great deals on properties.
Foreclosed properties can be a sensitive topic to mention depending on the individual. Because it's another property acquisition strategy, I'll mention it here. Some people view it as cashing in on others misfortune.
You can find properties very cheap in this area as banks and finance companies look to shift properties off their books. You can find foreclosed properties for sale by simply using google search. There are also foreclosed properties on some banking websites e.g. Bank Of America
If you prefer to keep things old school, read your local newspaper for listings and you might find a great deal. Estate agents finding properties for investment purposes are my least favorite method as you have to pay a fee which eats into your finances.
Besides, I just enjoy looking for the property myself.
These are just some simple places you can find deals on investment properties.
This is also something you have to take into consideration when purchasing your investment property. Let me explain with 4 different strategies.
The above list is the 4 most common strategies out there today for property investors. The exciting part is if you can generate some cash flow, you can really grow a property portfolio but obviously be smart about it and use your own due diligence.
Luckily for us, we are living in a great era for setting up businesses. It's never been as easy to do this at in the 21st Century.
Well actually, unless you want to start a business in a highly regulated industry, it's never been as easy to get started, just so we are clear !
Also, being easy to get started doesn't mean it's a walk in the park to be successful in it. It requires lots and lots of hard work and even then, you are not guaranteed success.
If you read my story, you can see how I failed at starting an online business when I was younger. (I'm still young I think)
Well, this all depends on the industry you want to go into. The eCommerce space has tons of opportunities and a lot of people are generating quite substantial income from this.
Here is an example of one such person. There are plenty more if you simply do some youtube searches, you'll find many great case study videos and learn a lot about what they did.
A great place to get started with this eCommerce type of business is Shopify.
You can literally have a store set up in a few hours and get selling. I won't go into the details of how Shopify works as they have loads of educational material to read or view to help you.
If setting up a new store online is too much work or effort for you, you can always buy an established website thats already generating income and go from there. Flippa is a great website where you can do just that.
There websites for sale are in the majority of niches so you won't be stuck for something to pick. Prices can range for free to over $1 million dollars for a website so they have everyone covered.
A final option in creating a business is setting up a brick and mortar store. This is very time consuming but can be beneficial depending on what you want to do with the building you lease. You can simply look in your local directory for stores for sale, or offices to lease and go from there.
Alternatively, a simple google search for what kind of store/office you want to lease will bring up results. I would say that setting up brick and mortar has the highest barriers to entry but some of you may enjoy getting things started in this type of structure.
None of these listed options guarantee instant riches or even wealth at all. Like everything, you'll need hard work and intelligent decision making to achieve your goals but trust me anyone can get started. I'm nothing special and I got started. I failed along the way but eventually gained some traction.
Not convinced that you can create a business, just read some of these stories.
If you read this and think, well thats great but I haven't got a penny to invest what can I do ? Don't worry, some of these options you can get started for as little as $100 or even cheaper depending on what you want.
Shopify drop shipping is very cheap start up of around $100 total or even less.
I hope this post inspires you to take action and get started on pursuing your dreams.
Best of luck