Money Making Schemes
We’re all occasionally tempted by the idea of money making schemes and plans. There are precious few people who wouldn’t want to increase their income given the opportunity, so it’s easy to see why people are so prone to trying different things when the energy strikes.check out my disclaimer policy
You’ll see a lot of advice on how people make extra money. Much of it will extol a particular choice, to the point where it begins to sound almost like a cult. So many people make a fortune doing this particular thing – so all you need to do is jump aboard, and you’ll be on your way to your first million.
Except… it very rarely works like that. Often, the case studies and examples are the exceptions to the rule with these “simple ideas” for generating more income. So what should you know to avoid?
Flipping A House
The idea of house flipping has been part of popular culture for years now. On the surface, it sounds deceptively simple. You buy a house that is in dire need of some extra work. You do the work – much of it yourself, so you can save on labor costs – and then you sell it on at a profit. It sounds easy enough if you can find the funds for the mortgage, and if you find a bargain property, there’s plenty of money to be made.
Why It’s A Bad Idea: There are so many things along the process that can go wrong. It’s a huge investment, not a quick and easy method of increasing your bank balance – despite the fact many people talk about the process as if it’s the simplest thing in the world. The biggest issue people face is the house needs more work than they were anticipating, meaning they spend more, thus impacting their future sale price.
What You Should Do Instead: If it’s property you see as a future money making scheme, then you’re far better off looking for new developments such as the condos Transit City can offer along with other new build options. You might not be able to sell on at a profit immediately, but a new build can be rented out, and you don’t have to worry about unexpected issues with renovation – because there isn’t a renovation.
In isolation, online surveys seem like a good idea. You fill out a few details and then you get money in return – and who doesn’t love giving their opinion?
Why It’s A Bad Idea: Some surveys take a half hour in exchange for less than a dollar, and there’s the fact that these type of companies are always liable to collapse and not actually pay out.
What You Should Do Instead: Why not take on extra hours in your job, where you’re definitely going to be paid more than a couple of dollars per hour? Surveys are rarely worth the effort unless you have literally no other option. Or you could take that time and look into cutting your outgoings, rather than slaving away over dull surveys that may or may not pay out a pittance for your time.
It is always good to look for ways to make more money but beware of money making schemes and their promises.