don't work for money, MAKE MONEY WORK FOR YOU!! (Share Your Tips)

[Cassie Sherie]

Hi BP Community :)

So... I have been listening to podcasts and seems like more times than not the book Rich Dad Poor Dad is mentioned. I heard about this book or seen it pop up from time to time online throughout the years, but never read it... until now. I was actually going to buy it on amazon after hearing it come up so much in the podcasts... but a funny thing happened and I glanced over at my bookshelf and to my surprise the book was there staring back at me! I grinned with intrigue, excitement...and then remembered how I picked this book up for $1 at a garage sale maybe a year or 2 ago. Surely it must be a sign of some sort. I'm just at the beginning of the book right now but I can already see that it could quite possibly be the best dollar I've ever spent! 

Rich Dad says: "The Poor and Middle Class work for money, The Rich have money work for them"

Anyhow, I thought it would be fun and helpful if you would share how you personally MAKE MONEY WORK FOR YOU... ideas and actions you have picked up along your own personal journey that you can share with all of us and create value for BP members  :)   

[Trevor Ewen]

@Cassie Sherie

Here are a few I practice:

- Buy and hold real estate. Make that cash flow every month. Take the money, and re-invest.
- Invest in syndications and larger deals with partners.
- Low cost mutual funds and index-based ETFs. Some people don't like these products around here. I think they are a great way to diversify out of real estate. Balanced asset-allocation investing is a great and easy way to make dividends while you're planning out deals.
- Private loans to friends and family. Can be dangerous, know/trust these people, define your terms. Sometimes it's for deals, other times it's just to help them with school or another short-term personal investment.
- Own shares in your own company. I am a partner in a small tech firm. Every year I am paid distributions on top of my salary. I focus on growing the business instead of growing my W2 income.
- One final thought: try not to buy things you do not need. (Most) People I know buy loads of junk they do not need. Need some tips? Take a lesson on the minimalist/low-impact lifestyle from Mr. Money Mustache.