Are you aware of the Financial Independence, Retire Early (FIRE) movement? This lifestyle movement aims to promote financial independence with the end goal of early retirement. This is quite popular among millennials, as it allows them to break free from the vicious cycle of employment and enjoy the fruits of their labor when they’re still young and healthy.
FIRE’s main focus is to maximize savings by decreasing what you spend and increasing what you save from your salary. It also encourages people to explore other avenues to earn money, and that’s what we’re going to discuss today.
Here are some of the best ways to invest your money so you can earn more, save more, and ultimately, retire early.
Invest in Real Estate
If you want to increase the money coming in every month, you can invest in real estate. There are many ways to make your money grow in this industry, and one of them is through buying and selling properties.
Buying low and selling for a modest profit makes your money move faster. Even with a small profit margin, you can keep your money growing steadily, and you’ll always have the capital for your next purchase.
You can also try renovating a property for sale in Daybreak, Utah and renting it out for a steady stream of income. Indeed, you’ll be spending more on top of what you’ve spent for the property, but getting rental income adds stability even after you’ve retired.
Lastly, you can work as a real estate agent on the side. You don’t have to quit your day job, because you’ll only do it in your free time. You can meet clients, show them around properties, and strike up deals at your leisure.
Buy and Sell Cars on the Side
Now, if you’re not confident in dealing or flipping something worth tens or even hundreds of thousands of dollars, you can start with something smaller. The used car market can be very promising, especially if you have a bit of capital to invest in it.
You’ll need to brush up on your automotive knowledge to find diamonds in the rough or strike deals that would surely turn to profit. Flipping just a few cars at a time is easier since you don’t have to worry about warehousing and logistics. But if you have a full-blown buy-and-sell business, you may need to invest a bit more time and money for it. Or you can work as an agent for a used car business and get a commission for every sale you make.
Just like the real estate agent, you don’t need to quit your day job and just use the income to augment your meager salary.
If you have enough time and money to sort through hundreds of orders every day, then online reselling fits you perfectly. You can work as a reseller of products sourced from other countries, like China, and sell them for a small profit locally.
You don’t have to worry about overstocking, just buy the amount that was ordered. You’re working as the middle man for the customer and the manufacturer abroad.
Becoming financially independent can be challenging, especially with the current economic state. But starting young can help you achieve your goal of retiring early. It also helps if you know how you can manage your finances properly.