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Financial independence is a dream for most of us, something we will likely spend most of our working lives trying to achieve. The best way to get there is by making your money work for you, getting a return on it or turning it into a income stream on the side.
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One way to do this is to “invest” the money.
Now, the money exchange may seem questionable, but there is nothing illegal or shady about it. It really just means investing in an asset with the intention of holding it for a fairly short time before selling it or cashing it in for a return. There are also many ways to do this. Here are five below.
Real estate wholesale
Investing in real state it can be very lucrative, but usually requires significant upfront money. For those who don’t have that kind of cash on hand, wholesaling can be a great entry point.
“[Wholesalers] can use some money to get leads looking to sell their properties for cash, put those properties under contract, and then sell those contracts to [investors like a] owner or fin of the house. Using this small amount of seed money, they can turn it into a much larger allocation fee that they can have collected in just a few days,” said Sebastian Jania, director of Ontario Property Buyers.
It’s important to do some networking and research beforehand so you have an idea of where to look for potential clients and where you can sell your contracts.
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Website flipping
Flipping a website is essentially the same as flipping a house: you buy it, make improvements, and sell it for a profit. As with real estate, changing a website requires specific knowledge so that you can identify the places with the most potential for improvement.
“A key aspect of website change is adding value through strategic optimization. This can include improving the website’s user experience, implementing effective SEO (search engine optimization) strategies, improving content quality and optimizing monetization channels. These improvements increase the website’s appeal to potential buyers and contribute to a higher selling price,” said Dominik Maka, Head of SEO at LVBET.
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Maka also noted that networking with other website flippers can be a valuable way to gain knowledge and experience and discover new opportunities.
Flipping furniture
For the more crafty ones out there, swapping furniture can be a great way to unleash your creativity while turning your money around. Well-made furniture can be surprisingly expensive when you buy it new, but used furniture can present an opportunity. Give it a facelift and make it look like new again, and you can pocket the profits.
“By rescuing worn-out furniture and giving it new life, you can create beautiful and unique pieces that attract buyers. Platforms like online marketplaces and social media offer a wide audience to showcase your refurbished furniture and make profitable sales.” said Mariusz Baran, owner of We clarify everything.
Return of credit cards
There are many credit cards out there, all competing for customers, and many offer a variety of sign-up and balance transfer incentives to entice potential cardholders. The process of “beating” refers to opening new cards, qualifying for any bonuses offered, and then closing them. Repeat this process over and over and you can earn serious money without any initial investment.
“By applying for credit cards and canceling them after claiming your sign-up bonus… you’ll be rewarded at the end of the month in points, cash or other bonuses without changing your lifestyle. The best part is that you can do it whenever you want and on your own time, as everything can be completed online or over the phone,” said Andre Disselkamp, co-founder of insurance.
However, raid success requires attention to detail. You need to make sure you’re reading all the fine print so you don’t miss out on your bonus or get surprised by the fees.
Domain name flipping
These days, almost every business needs to have at least some online presence. Having your own website requires a domain name, but if the domain name you like is already taken, you’re out of luck, unless the current owner of the domain is willing to sell. This is where you can step in. Domain name switching is the process of identifying overlooked or expired domain names with the intention of selling them in the future for profit.
However, you don’t want to buy a domain name; it takes a keen eye to find one that will really attract a buyer. “I take advantage of the value of smart domain names with pun potential. By identifying expired or overlooked domains with pun potential, I acquire them at reasonable prices,” said Milosz Krazinski, CEO of Chilli Fruit web consultancy. “The key to success lies in patience and time. As the Internet evolves, the demand for catchy and memorable URLs increases. By allowing these domain names to appreciate naturally, an opportunity is created for to profitable sales.”
Don’t forget about traditional investing
If you don’t have a lot of capital to start with, investing your money can be a great way to start building your nest egg. But to build truly passive wealth, you’ll want to build a diversified portfolio of assets like stocks and bonds.
Once your money-changing efforts gain momentum, be sure to take some of those profits and reinvest them in more traditional financial assets. You can always contact a financial professional if you’re not sure where to start.
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This article originally appeared on GOBankingRates.com: How to invest your money: 6 ways to earn extra income this way
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