There are many paths to reaching financial independence and becoming wealthy. You could start a business that turns into the next Apple. You could invest consistently in the stock market. You could buy some rental properties. You could even win the lottery, even though the odds are not in your favor. Putting aside the lottery option, there is one fundamental issue with the other options and becoming wealthy…cash.
Where are you going to get the cash? It takes money to start a business. You need money to invest so it can grow over time in the stock market. And you need money for rental properties. So where are you going to get the money for these wealth building ways? Below I share with you 4 ways to raise the money for your wealth building ventures.
Most people’s first option is the income they earn from their job. This can be a great source however it does have limitations. First, odds are you will have to save for a long period of time in order to get the funding you need.
Of course, you can speed things up by cutting back on your monthly expenses, taking a second job or even turning a hobby into a side income. The key is to take as much of this income as you possibly can and put it aside for your wealth building venture.
If you happen to have a structured settlement from a lawsuit, you can choose to get a lump sum payment as opposed to receiving monthly income. The nice thing about this option is that most likely it would be the only one you need in order to get started with your venture.
To get started, you can click here to learn more. Be sure to read everything through. In many cases, you can cash out a portion of your structured settlement, receive cash and still leave a portion behind so you can continue collecting a monthly income.
#3. Friends & Family
If you aren’t lucky enough to take advantage of the option above, you can turn to friends and family. Now before you just ask for money, you might want to work out a deal with them. In return of giving you cash, you might consider offering them a small percentage of ownership in your business.
Doing this could make them more open to giving you money, as opposed to just handing it over without getting anything in return.
This should be a last resort but it is still an option nonetheless. With this option, you could get a loan from a bank or even take out money from your credit cards. Before you do this, understand what you are doing.
First, you are adding a monthly expense to your budget since this money will have to be paid back. Second, the interest rate you will be paying could be high, costing you a lot of money in the long run. Finally, if the venture fails and you cannot repay the loans, your credit is shot.
For these reasons, you should seek out the other options before considering this one.
In the end, there are many ways you can get your hands on some money to start building your wealth. Not all will work for everyone, but the idea here is to get you thinking. Too many times we have an idea for a business or a goal we want to achieve and dismiss it right away. Not because it’s not possible, but because our thinking is limited. Expand your mind into the realm of possibilities and you will be amazed at how far you may go.