How to use money as a tool or a weapon? Well I didn’t have this mind set until now while I am in my 30’s about money. I think some people my age or grew up before the internet or YouTube, didn’t know much about money. in high school I was given 3 chooses to pick from, you can go to college, you can join the military, or go to work. I was not taught much about money just how to save the money for a rainy day. As I gotten older, I didn’t want to have one stream of income coming to me with a job.
I have seen people get walked out and laid off from my company that I work for. Just think you are at work and the next thing you know, your boss is walking you out the door. Now you have to find another job which may take weeks to find a good one and during that time you have no money coming in. so how can we use money as weapon or a tool for wealth.
- Start buying dividend paying stocks and start another income stream:
I started doing this last year and I wish I had start years ago but all you are doing is buying stocks that pays a dividend as a shareholder. Buying one share of Ford, you are now a shareholder and part owner of that business. Ford pays a dividend right now at the time I am writing this post of 7.44 per share. The reason I got into stocks is because you can build another stream of income easy, the more stocks you buy the more money you make. It’s super passive, do some research on the company you want to buy then buy if you want to. I use robinhood to buy my stocks and if you to join robinhood you can click here to join. There are monthly paying stocks and buying enough shares can make you money per month. You can start with very low money like $50 dollars. You will have these stocks forever as long as the company pays that dividend.
You can use your paycheck to buy these stocks instead of putting most of your money into a bank and not getting much for it. You can buy some of your freedom back. What I mean by that is let’s take a bill you pay monthly like cell phone bill. Let’s say your bill is $100 dollars, you can buy enough shares of company like ATT to pay your phone. Now other companies are paying your phone bill and you don’t have to. That’s using your money as a tool. Now that money you would have had to spend on that phone bill can now go somewhere else. Also these assets can be passed down to your kids as well and you can buy stocks for your kids and they can’t touch it until they are 18 years old.
I can only image if I started buy 3 stocks every time I get paid 5 years ago. In 5 years I would have been bringing in $500 per month I think. Just thing about this, if you can get your stocks paying you $300 dollars per month, you no longer have to spend your own money to buy more stocks. That $300 dollars can buy more stocks and make you more money. that is my goal right now, I want to make $500 dollars per month and using that same $500 to buy more stocks. I don’t have to use my hard earn money to buy stocks, and if I need some money I can use $200 bucks for anything. Now if my job lays me off, I do have money coming in.
- Use Worthy bonds to buy bonds
Worthy bonds is an app which you can buy $10 dollars bonds. The interest rate for each bond is a flat %5 percent. This bonds are used to help out small business as well. The reason I like worthy bonds so much is that instead me putting my money into a bank getting a very low interest rate like 1.2% from an online bank or 00.5% from a bricks and motor bank, I can park some money into
Worthy bonds and get a 5% in return. To me it’s a high yield saving account which you can pull the money at any time without paying a fee. If you want to check out worthy bonds, you can click here to sign up and buy your first bond. But now we are using money as a tool to buy stocks and bonds which are assets that produce income. These are just two ways to build another income stream that makes you money while you sleep. These two ways times no time to research or don’t take any work to build these up. All you have to do is every time you get paid from your job, buy a few stocks and bonds if you can.
- High Interest saving account
Getting a high interest saving account is easy these days. Pretty much most online banks have good rates and they are way better rates than your typical bank like Bank of American and BBT. Those offline or bricks and motor bank typical have very low rates. In fact I left my office bank cause of the low interest rates and the fee’s they tact on your account if you don’t have 500 plus dollars going to that account per month.
And there are maintenance fees for just having an account and withdraw fees for the ATM so if you don’t have an online bank, you should get one even just for the saving part of it is worth cause the rates are higher than the old school. Look how much you are getting in your saving account and then make a decision. Office banks are good for talking to someone face to face and they can help you with your account and cash checks. I say go with a credit union cause they do have better benefits, better interest rates and lower fees.
Now there are other ways to make your money work for you like real estate, peer to peer leading and a host of things. Those may cost more money but the reason why I picked those 3 is because it’s easy to do , it doesn’t cost a lot of money, and anyone can start right now. You are not buying a house to rent out, this is a small scale thing that overtime can be good to have. Use my links below to get started buying assets.
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