Pennon Partners Shares Things You’re Overlooking That Can Make You Richer

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Millions of Americans have getting wealthy as their number one goal in life. It is the primary reason why millions of dollars’ worth of lottery tickets are sold every year. People buy books, go to seminars, and become the victims of scams just to learn the secrets of becoming rich. But being wealthy does not involve learning a secret or knowing the perfect individual. Instead, it involves hard work in a few specific areas in addition to working a decent job and staying out of debt with tools such as loans that offer a single monthly payment with low interest rates. These simple steps can mean the difference between becoming wealthy and staying in the middle class for the rest of one’s life.

Side jobs

According to Pennon Partners, side jobs are one of the more common ways that a person brings in extra income. Many side jobs are available to people with an internet connection and a smartphone. These jobs include both complex and menial tasks. Menial tasks that are paid well for side jobs include taxi driving and customer service.

There are also a wide variety of side jobs that require skill. An individual works as a freelancer in their field and is often paid a significant salary for that work. They may be a creative employee who crafts a website or works on a project for a company for a brief period. Skilled jobs also bring in income and have the same purpose as more menial side jobs. But no matter the job, the purpose of side jobs is to make extra money that a person can later use to invest in stocks or real estate.

Real estate

Another way that many individuals make a significant amount of money and become rich is through real estate. Real estate is a field that an individual can make substantial money with if they are prudent and begin with a basic amount of starter capital. They can do much of the research that is required for real estate success on their own. An individual who is looking at making a substantial amount of money through real estate only needs to keep a handful of concepts in mind.

First, they need to think about their situation as a landlord. The easiest way to make money with real estate is to act as a landlord and make money through the eventual sale of the property. A person must ask themselves whether or not they want to be in landlord and whether or not being a landlord is worth the time and trouble. Next, they have to look at cash flow relative to the mortgages that they will meet. Real estate investments need to be cash flow positive in order to be successful over a long period of time.

Finally, a person needs to look at the mortgage that they are eligible for and whether or not they have enough money to meet the obligations of real estate investment such as repairs and fixes when tenants move out. If that is the case, a piece of real estate can garner an individual a significant sum of money. They can receive money on a monthly basis through rent and then received perhaps hundreds of thousands of dollars at the end when they hopefully sell their property for a gain. Most wealthy individuals own and invest in real estate in some way shape or form.

Investments

Most people take one of two approaches when it comes to investing money. Pennon Partners argues that the most common approach is not to invest anything at all. These individuals often only have money coming in from savings accounts and money market accounts. Investing either scares them off or is not on their radar. These individuals end up losing money over time because of inflation.

The other approach to investing is much riskier and focused on quick returns. Perhaps the most important secret to being rich is to leverage investments in a third way. The other approach is to embrace investments that are relatively risky for a person’s age and have a decent rate of return. Individuals should lean more towards mutual and index funds rather than individual stocks and bonds. This approach will garner them a significant return on their investment which will compound over time. The most essential key to this growth is to put in money every month into investments. Individuals should spend the same amount of money every month in order to ensure that they will buy more shares at a lower price when prices inevitably drop.

Conclusion

Anyone who is interested in becoming wealthy needs to focus closely on the fields of investment, side jobs, and real estate. They need to do significant research and try a few different tactics in order to find the ones that work for them. In addition, individuals need to make sure that they are keeping their spending under control. These steps will lead to wealth long before lottery tickets will.