5 Ways To Double Your Income Passively In 2021
There are lots of daily challenges that every person will face. Among them, the one problem that takes the cake is MAKING MONEY. Even a wealthy man faces this problem, the difference is he has less urgency than a poor man. That does not stop him from figuring out new and better ways to build his financial net worth.
No one is exempt, you are either making money or you are losing money. Finding the balance and building funnels to break the barrier so your phone gets alerts more often is the goal.
But then, we ask ourselves the question. HOW?
An investment is basically pouring in an asset or resource into a venture or activity with the intention of getting a return. Put 10,000 naira into a venture that promises 10% per month, you get 10,000 naira back plus capital, with a total of 20,000 naira in your bank account. Try that with 2 Million naira, you will get 4 Million Naira before the end of the year. This goes on for any amount invested. Therefore, we can say that having an investment is the way to go if we want to get a return.
With this in mind, I will be giving you 5 methods you can use to double your money.
1. Land Banking
Land Banking simply put is taking money you wanted to save in the bank to a Real Estate Firm with the aim of receiving a higher return compared to banks annually or bi-annually, depending on the agreement.
The banks gives interest but it is so low it is negligible. You will barely see anyone rejoice that they have received a particular interest from the bank. It is always debit alerts from persona or business transactions or bank charges.
To Double your money with only two things to do, Call To see how things are going and Receive Credit alerts.
Investors who have been around for a while will remember the classic Smith Barney commercial from the 1980s in which British actor John Houseman informs viewers in his unmistakable accent that “they make money the old fashioned way—they earn it.“
When it comes to the most traditional way of doubling your money, that commercial is not too far from the truth. The time-tested way to double your money over a reasonable amount of time is to invest in a solid, non-speculative portfolio that’s diversified between blue chip stocks and investment-grade bonds.
It won’t double in a year, but it should, eventually, given the old rule of 72. The rule of 72 is a famous shortcut for calculating how long it will take for an investment to double if its growth compounds. Just divide 72 by your expected annual rate. The result is the number of years it will take to double your money.
3. Buy and Sell Companies
Many people don’t consider this option. But it works for some financial Gurus. You simply buy a company that is obtainable and make it better. After that, you sell it. Of course, you will need to have a large amount of experience to be able to pull it off. But it can be passive if you have a team that does this very well.
Bonds can contribute an element of stability to almost any diversified portfolio – they are a safe and conservative investment. They provide a predictable stream of income when stocks perform poorly, and they are a great savings vehicle for when you don’t want to put your money at risk. For safety, you can go for bonds.
A stock (also known as equity) is a security that represents the ownership of a fraction of a corporation. This entitles the owner of the stock to a proportion of the corporation’s assets and profits equal to how much stock they own. Basically you can own a piece of a company. When the company grows in profit. You will as well.