It doesn’t matter how much you love your job. Ultimately, if you were to discover that you’ve got a secret fairy godmother, or if you accidentally came across a djinn while rubbing an old oil lamp clean, you know that one of your magical wishes would probably revolve around money. Not out of greed, of course. But because having money can make your life significantly easier. As a result of it, you might come to realise that you don’t need to work anymore. As hypothetically as this situation is, it asks an important question about your career, namely: do you only work to maintain your lifestyle, and more importantly do you need to work to make money?
Launching your own business: Risky and time-demanding
Every freelancer and entrepreneur would be first to admit it; there’s nothing that can beat the chill of launching your own business. However, you need to be realistic. The chances of making sufficient money from your business are slim. You need to work actively at it to make it happen. From setting clear goals for yourself and for your team to ensuring that everyone is appropriately trained, you carry the responsibility of your business. More than half of all companies fail within the first few years. It’s not the easiest and most comfortable path to wealth, and it requires a lot of efforts.
Define an investment plan for your inheritance: Medium risk & reactivity
As you get older, you are more and more likely to receive an inheritance from your grandparents, your aunts and uncles, and even your parents. While the sum may not be substantial enough for you to stop working at all, you can increase your chances of making money by developing an effective investment strategy. With the help of a financial advisor or by yourself, you can find out more about trading requirements, leveraging margins and even trading on prices instead of stocks. It’s fair to say that based on your market understanding, financial investments can carry medium to high risks. However, if you keep track of fluctuations and remain reactive to the market, you can boost your profits.
Cozy up a home to let: low risk, regular income
The buy-to-let strategy can be profitable, even though it won’t make your rich in the short term. For a lot of investors, becoming a landlord is a stressful decision that demands a lot of work. You can, however, make your life easier by hiring a real estate agent to do the hard work for you. You will enjoy a variety of benefits, from regular income to eventual tax advantages if you choose to improve your rentals.
What are your real chances of getting rich without working at it?
It can seem impossible to find a way to make money that doesn’t involve hard work. Don’t be tempted by quick solutions, such as trying to win the lottery. The odds of winning are not in your favour! In fact, you are more likely to be hit by lightning than to win the lottery. In other words, if you don’t work at your wealth, it won’t happen.
The level of investment and effort you need to give in each money-making strategy varies. From time-consuming to low engagement methods, to high to low risk, it’s fair to say that your motivation to make it happen will affect your income. If you don’t work at it, it can’t happen!