Today’s economy is in a mess. While some are not worried, others are being put out on the streets. While I do not advocate “mere survival,” there are techniques that you can use to ensure you will not end up on the bottom in this down turn economy. Here are just a few of the most proven ways to keep making money, no matter what state the economy is in.
1. Leverage Debt
1. Leverage Debt
The proper use of debt is one of the best ways to avoiding being sunk in this economic storm. Regardless of today’s financial failures, if you are making money from several different avenues, you’ll stay off the bottom if not climb to the top. If you’re simply relying on only one paycheck, you’re at a much greater risk of losing everything if something should go wrong. You say, Tim, what do you mean? Let me use a couple examples: 1) Mortgage – You own a house and pay the mortgage. Can you rent out a room for $400 a month? Or convert your garage into an efficiency to rent out. You therefore used your mortgage to earn you an extra $400-500 a month. 2) Buy a used car at a bargain price, drive it a year and sell it for the same price you paid for it. You therefore used your car loan to drive FREE.
to be continued ...
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