Everyone experiences financial challenges or setbacks at some point in their lives.
You may have lost a job, are going through a divorce, are facing an illness, or the loss of a loved one. These things are devastating on a personal level and can also wreak havoc on your finances.
Even joyful events such as welcoming a new baby, planning a wedding, or sending a child to university can place strain on your wallet.
If your financial life is a source of frustration, we at BG Wealth Group can help by discussing financial solutions that will help you improve your situation.
In this article, we offer ideas for earning more money in a smarter way, mindset shifts that will enable you to save more money that you can use to invest, and strategies to make the most of your income and grow wealth.
Let’s start by finding ways to bring more money into your bank account month after month.
The first suggestion is simple, but have you done it yet?
1. Review your expenses to find things you don’t need
At BG Wealth Group, we’re big believers that you should live within your means and simultaneously create wealth that grows so that you can have the life you dream of.
When economic times may change, you should look over your life expenses and always re-evaluate what you need. Some tips:
- Set aside some time to go over your payroll deductions to make sure you have made the choices that make sense for you,
- Look over your insurance policies,
- You may be able to refinance your home and use the excess to make money for yourself in a private lender,
- Cancel subscriptions and recurring expenses that you don’t need.
If you need it, keep it. If it is not helping you, get rid of it.
2. Start a business
If you have an interest or a talent that you would like to explore, or you notice a problem that you think you can solve, now is the perfect time to turn it into a business.
Why now?
One of the reasons that you might be struggling financially is that so much of your income disappears in the form of taxes.
But when you own a business, many of the expenses that you incur while starting the business can be deducted from your taxes. Expenses like advertising, start-up costs, home expenses when you work from home, maintenance, and repairs can all be deducted from your taxes and your money can be returned to you.
3. Create passive income
The landscape of earning money is changing rapidly. There are more ways than ever to make passive income through affiliate marketing, creating books and courses that people buy over and over again, and investing.
Even with all the modern tactics of creating passive income, at BG Wealth Group we favor buying real estate as our most trusted method of earning passive income. You can earn income through rent, growth in the value of the property, or using the property in a way that generates income.
At BG Wealth Group we have created a passive way to reap the rewards without having to do all the hard work. Our BG Wealth Group Real Estate Fund allows our clients to take advantage of all the research we’ve already done and takes the risk away by buying into a multi-property portfolio.
Click here to make an appointment to find out more and we are happy to help you facilitate your wealth goals.
