Thursday, June 10, 2010

Earning extra

Time to get this blog up and running again!

Ok so the past few months has been exciting. As I have embarked on a journey to make money and hopefully become a millionaire by 40 yrs old. I have found alot of ways in which you can actually make money and it has been quite facinating.

Term deposits
Lock in your term deposits if the rate is 6% and above. If money is giving you extra money..why not?It is risk free and you will not lose anything.

This is probably the best way to make money work for you. Money grows more money as what Ive learned. Having said that, it is also important to pick the right shares. Banks are probably the safest. They pay you dividends as well. If you are looking for long term investing in shares and wondering when is the right time to buy? the answer is now! short term, price does fluctuate, but in long term, it always ends up on top. Long term for shares can be calssified as 3-5 years.

If you keep your shares for a minimum of 1 year, you only get taxed for half the profit which is really tax effective.You can also start with small amounts like $500. The return rate is also higher compare to other vehicles of investment.

This really depends on where you are. I wouldnt recommend this so much in other countries, but in Australia, it is an excellent prospect. But to get into this market, you need at least 20% of the house price. Returns for this varies according to location but generally the return rate is still one of the highest but 2nd to shares.

There are also stuff you can do over the internet to earn some side income. You can advertise for companies and get paid. You can get paid to blog a certain post. You can also complete surveys and get paid.

Further notes
If you are in Australia, and you are a fraid you might lose money from shares or property, dont be afraid. There are ways to claim the loss back through tax. Haha. I'll explain how to next time.

Happy earning extra money!


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