LIFE EVENTS
QUESTIONS

Ways to Make More Money

Q.1. What are the basics of building wealth?
A.

To accumulate wealth over time there are three basic things you need to do. You need to earn money, save money and invest money. Before you can save or invest money you need to have a long-term source of money that is enough to cover your basic costs and allow you to begin to save. In addition, you need to have financial goals which help you determine how you will use any surplus funds.

Q.2. What are some ways to make more money?
A.

One of the most obvious ways is to take on a second job but that is not always possible. Sometimes it is possible to work overtime at your place of employment. There are, however, some creative ways to generate secondary income. For example, there are companies that will pay you to complete on-line surveys and do web searches. Moonlighting your skills is a time-tested way of earning extra income.

Q.3. How can I put my money to work for me?
A.

If you have some available funds one of the ways of generating more money is to consider investing in such things as stocks which can bring a return on your money. Putting any available money into a high interest savings account can also put your money to work for you. Compound interest will generate extra funds.

Q.4. What if I reduce the number or size of things I own?
A.

Consider selling things that you own that you either no longer need or could do without. Not only will this generate money for you but it could also reduce your costs and generate more money for you. Internet sites such as Ebay and Kijij serve this purpose well. If you were to downsize your home, the costs associated with maintaining that home should go down and generate more money for you. Perhaps a less expensive car would be as serviceable and not cost as much to maintain.

Q.5. Do I just need to spend less or more wisely?
A.

Perhaps it is a case of not needing more money but spending less or more wisely. There are a number of strategies to help you monitor and control spending habits. Establish goals and develop a financial plan to reach those objectives.