3 Ways To Make Money Work For You

Hi everyone, thank you for coming back to my blog. I hope you found my last blog interesting, where I covered my ‘Origin Story’ and my journey into the world of “making money work for me, instead of me working for it”.

In today’s blog, I am going to cover some of the things I have done in order to “making money work for me”. But before I continue, I would just like to take this opportunity to say that what I am going to share has served me well, but this might not be the same for you, so please just take this blog as a guide to what might work. Everyone’s circumstances are different, so what might work for one person, might not necessarily work for another person. I highly recommend you read the books I mentioned in my last blog as this will allow you to build a comprehensive knowledge of all the options available to you and then you can judge what might work for you.

This is how I am currently “making money work for me” :

1. Paying into my company pension — This is often overlooked by so many people, but with mostly all companies now paying a contribution into their employees’ pension pot, this is essentially ‘free’ money and best of all, you are not taxed on it, so contribute as much as you can towards your pension each month. I currently contribute the maximum percentage allowed in my pension scheme and my employer contributes the same amount.
2. Paying into a high interest savings account — In the current economic climate the interest rates are not great, but if you are lucky to have a savings account that pays you a decent amount of interest per month compared to other savings accounts, then then it’s worth having because every little helps. I am currently using Goldman Sachs Marcus Savings Account, the interest rate has gone down quite a bit since I opened it, but it’s still better than what other banks are offering.
3. Investing in a Stocks & Shares ISA — Given the current economic climate, this is the best time to open up a Stocks & Shares ISA. The reason for this is because you are investing in a bear market, so majority of stocks and shares will be a lower price than if you invested in a bull market, which essentially means you are buying when the market is having a sale and the only way from there is up. If you are investing consistently on a monthly basis for a long period of time, you will also benefit from compound interest too, so you are likely to make gains on your monthly investments in the future. I have opened up a Stocks & Shares ISA with Vanguard and I am currently investing in their index funds which has given me a decent return so far.

Like I said before, this works for me, but might not work for you so please do your research and look at you own situations before you make any decisions on where you are parking your cash.

The next stage of this journey is to come up with ideas that I can make money from, outside the traditional 9 to 5, so that I can put all that money I earn from these ideas, to work again…and also maybe buy a few nice things for my family in the process.

Until next time, thank you and stay safe.