Help, I’m poor! We hear you cry each month as bills and other financial commitments drain your bank accounts. We know, living on a budget can be difficult, particularly if you’re on a limited income. It certainly isn’t easy to be the one who is struggling to pay the bills and constantly under severe amounts of financial pressure. The good news is that you’re not alone. Seriously 99 percent of us go through the same struggles every day. The one percent? Well, they may be rich but they…nope, we’ve got nothing. So, rather than pretending that the rich don’t have it better off, let’s start exploring the money you never knew you had.
Honestly, you might be surprised to learn just how much money you could have to your name. The problem is that you’re not utilizing it properly and may not even know how to. We’re here to change all that and ensure that you find the money in your bank accounts you need. Let’s start by thinking about possible assets that you might have.
Exploring Assets
Do you own property? Great, then you probably have more than fifty thousand to your name. Now, we know what you’re thinking. I can’t use that! Ah, but you can. If you own property, you can rent it out and you should be doing this if you have more space than you need. So, you might rent out a room in your home to a student if you live in the city. You’d be surprised how many students are interested in this possibility. A lot of students don’t want to live in halls. They want somewhere quiet close by to the university where they can study. Worried about getting someone who won’t be reliable paying rent? Make sure they sign a guarantor agreement and do vet them carefully. Remember, you don’t have to let anyone stay in your home.
You might also want to check out a nifty guide on landlord responsibilities and requirements. Yes, this will require you to take on a little more work, but it will be worth it for the type of money you could make.
This isn’t the only way you can use a home that you own either. You can borrow the money that your home is worth. This can be useful if you ever end up in a difficult financial situation or if you just want to go on holiday one year and pay it back the next. Remember, your home is capital, and you can use the money it’s worth however you like, you just have to pay it back eventually.
Speaking of assets, we feel like we should mention your car. If you own a car that means that at any given time you have at least a couple of thousand to your name. With car title loans you can use this capital in exactly the same way and get the money you need or perhaps even want. All you need to do is make sure you pay it back on time so that it doesn’t eat into your finances and devour them.
It’s worth pointing out that using your assets may not require you to actually own them. Some landlords will let you rent out a room in an apartment you yourself are renting. You just have to check with them first. Doing so without their permission will likely lead to a prompt eviction.
Saving For…What Exactly?
We all have a little tucked away in our savings but what are we saving this money for? That’s a question that is often more difficult to answer. The typical response is usually ‘for a rainy day of course.’ However, if this is your mindset, it’s worth questioning whether the amount you have saved will be enough for when it rains. Or rather, when it floods. If it isn’t, you shouldn’t save at all, you should invest and let the money work for you. In this way, you do have more money than you realize, you just haven’t actually made it yet.
There are various possibilities for investments depending on your level of savings. You might, for instance, have a few hundred. Great, you can start investing in penny stocks right away. Do you have a few thousand? It sounds like you might want to start looking into shares in a rather successful company? Tens of thousands? It’s the property market for you my son! Before too long you could have easily doubled your income.
We hope you understand what we mean now by this elusive money that is sort of already in your possession. You just need to take the right steps and learn how to unlock it.
