Your browser will redirect to your requested content shortly. Enter the how Should You Earn Money you see below Sorry, we just need to make sure you’re not a robot. Please forward this error screen to sharedip-1666227165. Opinions expressed by Forbes Contributors are their own. We hear a lot about the importance of goal-setting but most of us don’t have clear and measurable goals to work toward.
According to a study done by Gail Matthews at Dominican University, those who wrote down their goals accomplished significantly more than those who did not write down their goals. Who doesn’t want to accomplish significantly more? Here are four steps to creating clear and measurable goals that will lead you to huge success. The first step to creating a goal is to figure out what you want. If you don’t know what you want, you don’t know what you need to achieve to get there. This is actually the fun part. What do you really want to create for yourself? What does your ideal life look like? Don’t be afraid to think big.
Take fifteen minutes and document your vision. What does your day look like? Take your vision and turn it into a written list of concrete goals. If in your ideal world you are working for yourself, one of your goals might be to start your own company. Choose an achievable time frame to accomplish your goals as well as measurable details so you know exactly when you’ve achieved them. What exactly does it mean to start your own company? Make sure to set yourself up for success by creating goals that are realistic and achievable in the given time-frame. Most of our goals are a build-up of small achievements, sometimes even years of many small successes.
Break your goals into small actionable steps and assign realistic time frames to each. Continue to break big steps into smaller and smaller steps until goals seem less daunting and achievable. Benchmarks are a great way to keep you on track. You may find you are moving more quickly or slowly than you expected. That’s not a problem, you can adjust! I believe the most important part of goal-setting is celebrating our successes.
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How will you reward yourself for hitting your benchmarks along the way? How will you celebrate once you’ve reached your goal? As we journey to the realization of our goals, it’s important to remember our vision. Why we want something can provide us with the motivation and determination to continue to work toward it even when things don’t go as planned or are more difficult than we anticipated. From now on, choose to be among the most successful people and write down your goals. Create a vision for what you want, turn that into a list of measurable goals, set benchmarks and celebrate your successes along the way. Ashley Feinstein Gerstley is a money coach demystifying the world of money and personal finance.
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Whether you’re looking to retire or simply to start having some of that hard-earned money do the heavy lifting for you, you probably want to start looking for ways to earn passive income. Passive income — or money you earn while you sleep — can become a tool you can use to cover your costs. That will allow you to focus more of your time on things you want to do rather than on earning money just to assure you have a roof over your head, clothes on your back, and food in your belly. These seven approaches will let your money do much of the work of earning more money for you. ALSO READ: What Is Passive Income? Own dividend paying stocks When you buy a typical share of stock, you become a partial owner of that business.
As a partial owner, you get your portion of the rewards of that ownership. That includes any dividends the company declares and pays based on its earnings. The company’s employees do the hard work of earning the money for you. As a shareholder in a successful dividend paying company, you simply sit back and collect the cold, hard, cash rewards from the financial risk you’re taking with your investment. Own rental real estate Land lording is a time-honored approach to generating cash.
Particularly once you’ve owned a property for a while or if you have the ability to invest in real estate with multiple tenants, it’s quite possible for your rents to well exceed your costs of owning the property. That said, direct real estate ownership isn’t entirely a passive business. You need to find tenants, take care of maintenance and repairs, sometimes be a bit assertive in collecting the rent, and be able to manage through periods of vacancies. If that sounds too much like work for your idea of passive income, you can either farm out operations of your real estate to an external partner or you can invest in publicly traded real estate companies. Be the silent partner in a business Many businesses — particularly in the energy sector — are structured as limited partnerships. In such a business, the limited partner shares in the profits of the business but generally has no actual responsibility for its operations. The thing to remember with limited partnerships is that they are pass through entities.
The partners are responsible for paying taxes on the income the partnership earns, whether or not they actually receive a dime of that income in the form of a distribution. As a result, most publicly traded limited partnerships tend to pay high distributions, to encourage investors to become partners despite that tax situation. Loan money to a company or government If you want an investment that’s lower risk than owning part of a business, consider lending money to that same company instead, and receive interest income in return. A company’s bonds take a higher priority in the capital structure than its stock does.
If even that seems too risky, you can also loan money to governments, including the U. Federal government, which has the ability to print dollars to pay its bonds if it needs to do so. Note, though, that whether you’re loaning to a company or to a government, the tradeoff is that for the lower risk associated with lending vs. Option buyers pay an additional premium — known as the time value — for the right to either buy or sell a stock at a given price on or before a given date. Note that collecting that premium is far from a free money investment, however.