The next and Sixth one is what most of us tend to use on a daily basis and it can be costly but if you get it instead it could end up paying for itself for over the next few years and that would be by buying a reliable used car, for anyone who has a daily commute or find himself on a daily uber to go around.
A reliable used car can be a phenomenal purchase, I also recommend doing this instead of going and leading an expensive car or buying a new car every few years that dies nothing but depreciates, in terms of making and saving money going with a vehicle that’s already seen majority of its depreciation can be a great way to cut back on your expenses and drive a car without losing much value, even if you think this is not someth8jt that would make you money, it certainly will if you put in the time and Effie to do it correctly, now I’ve mentioned this before in one of my previous articles, but this is by do8ng what’s called car hacking and I know it sounds super sketchy, it sounds like I’m telling you to go and steal a car or learn how to hotwire whatever car that’s on your streets and then it’s yours. You drive it for free, don’t do that.
The term of car hacking is when you can buy a car under market value that’s already seen majority of its depreciation, it’s the point where you can drive it around for a few years and it would still be worth about what you paid for it.
So in terms of paying for transportation, doing this can serve you tens of thousands of dollars that would otherwise be lost, due to depreciation and all of the savings can just be judged towards other things that will end up making you way more money, and that brings us to number 1, when you’re out there driving that reliable used car, it might be a good idea to install a dash Cam, thus is a camera that Is installed to the front of your car that continuously record footage in the event of anything happens but chances are hopefully you’re never going to do ever going to use it, but the 50 to 100 dollars that you spend on thud is almost like an insurance company.
Like if someone pulls in front of you and then blames you and says you need to pay higher insurance premium because of that, well this is were the dash Cam would pay for itself you could stress proof of footage to back up your claims and potentially gets you out if paying an insanely higher insurance premium.
I have this already built into my Tesla, even though I have never used it but it’s certainly a peace of mind, jus5 in the event, anything were to happen and even if this ends up saving you money on one accident throughout your entire life.
It could very well end up paying for itself many times over, so then you might be asking yourself what do I do with all this money, I just saved by making my coffee at home, eating from a crock pot, buying rechargeable batteries, getting a reusable water bottles, getting a used car, getting a dash cam, what’s next.
Well that’s a good question, in terms of buying things that would end up making you money, one of the best things you can buy into that could end up making you money is the stock market, this is where you can buy into a small ownership portion of a particular company or groups of companies and as their value goes up so does your profit, then in addition to that, many sticks lay what’s called dividends, this is when they pay you every quarter just for owning the stock depending on the profits of the company so needles to say if you want to buy something that’s going to end up making you money, the stock market is the way to go and also if you’re anything like me and want to take as passive and easy of an approach as possible you can also buy into what’s known as index funds, this is basically just a big basket of stones you can buy into and then you own a small percentage of everything, then if one of these stocks doesn’t end up doing that well, not to worry you have hundreds of others to fall back on, for me when it comes to this, I prefer VTS which covers the top 500 publicly traded companies in the United States and long term, this averages about a 7% return when adjusted for inflation so if you want your money to make you money then this would be a great way to do it, I also highly recommend this.
The ninth thing you can buy is real estate, the way I see it, that we all need a place to live and that if you’re strategic about it, you can find a way got this to pay for itself, and one of the ways I do this is by house hacking.
This is when you buy a multi fairly building with 2 to 4 units and more into one of the units and then rent out the others to cover the cost of living, if done correctly you should be able to break on the cos5 of the property without ever coming in a pocket, thereby living for free, then when the proxy comes in and after a few years of days you can move ou5 and enter another property where you do the exact same thing except mow you have a vacant unit that you can rent out and then do the exact same thing on the next one.
Although you could hypothetically just go and do this every few years and then over the course of a decade you would have built up a pretty expensive rental property portfolio with properties that are hopefully cash flowing you can even do this with a house as well, if you go and buy enough deal that would cash flow as a rental whenever you move out, you can always buy a house live in it for a few years and then buy another house to rent out the first one, then just keeping repeating the process while you keep paying down the mortgages and going and collecting rental properties, within 30 days many of these properties are going to be paid off and you will be collecting a sizeable amount of rent every single month.
Now obviously I’m simplifying this process a lot but if you’re interested I’ll link to a few articles I’ve done and finally the tenth thing to do finish off this list in terms of buying something that would pay for itself and make you a profit, it’s almost never going to get wrong with education, this can be in the form of buying a book or watching countless hours of YouTube like I do or going to a networking event or doing anything to improve your skills all of these have the potential to yield off a 100 time return on the money that you spend in terms of your future earning potential the sane also applies with money spent in the form of business or pursuing something you really believe in, there’s really no shortage of ways to invest back into yourself that will make you a lot of money later on down the line, even when you’re buying a gym membership it could be seen as an investment because the healthier you are, the more energy you’ll have which means the more work you’ll do and the more money you’ll make, it’s as simple as that so find a way to spend some of those money back on yourself because really at the end if the day, you’re your best investment and you have the potential to make way more money than yo7bever thought was imaginable.