There are many ways to take care of your money so that you can get the most out of it. Here are a few tips for everyone, from seasoned pros to people who are just starting out. If you know how to handle your money well, you will definitely make money from it.
Think about making a 1031 tax exchange. If you sell an asset, like a commercial building or property, and make a profit, you don't have to pay taxes on the money if you put it into another building or property within 45 days. You can do this with homes as well, as long as the property is only for business or investment purposes and you can't live there. The property must be exchanged for another of the same kind. Because of this, the transaction is sometimes called a "like-kind exchange." It's a good way to put off paying taxes on a lot of money.
You could join a credit union. Credit unions do everything that banks do, like offer loans, money markets, checking accounts, and so on, but they don't make money from it. This means that you'll pay less in fees. For example, most credit unions won't charge you a monthly fee to keep your checking account open, like many banks do. It also means free stuff: most credit unions offer free checking. Also, you'll usually get better interest rates on loans, interest on your checking accounts, and sometimes a refund for ATM fees. All of these small fees add up, so it's clear that a credit union is a better choice than most banks.
Have an account to save money? Make it more productive. If you use a savings account, compare the interest rates at different banks and credit unions and pick the one that gives you the most money in interest. Make sure, though, that there are no fees that would cut into that high yield. If your money is just sitting in a savings account, it should be helping you in some way.
Join a club for making money. You might not have enough money on your own to invest much. But if you join a group of investors with the same goals as you, you could be part of a serious investment block that can make you a lot of money. Look for investors who want the same things as you, whether that's to get rich or just to make enough money to retire comfortably. The bigger the goals, the more risky the investing strategy tends to be, so make sure you're comfortable with the other club members' risk tolerance.
Consider real estate. One of the most common ways people get rich is by putting money into real estate. Even renting can bring in a lot of money. Just make sure that the rent your tenants pay covers your upkeep, mortgage, and property taxes (plus a little extra), and you'll have a second monthly income without having to work full-time. A great way to get rich is to buy, fix up, and sell houses, which is sometimes called "flipping" a house.
It's not always easy to make money, but it doesn't have to be rocket science either. And once you have money, you need to know how to take care of it to keep it. Putting in a little time to learn the ins and outs of financial planning will pay off in the long run.
