Are you tired of being bound to receive your basic monthly salary without any increase in your savings for future investments and other things you desire to buy? Does your paycheck only go to your monthly bills leaving you less funds or nothing at all oftentimes?Happiness and success usually involves the freedom to meet or sustain your financial goals and achieve more over time. If you are in a financial crisis right now or feeling down with your current low income that is not really enough to pay your bills, do not lose hope as you surely have a chance to succeed. You can still beat your financial problems or even earn more and save more for future investments and continued success.Thinking of ways on how to add more funds to your monthly budget and regular income means planning your way to increase your savings for further investments you may come up with in the future. Your creativity and marketability should be greatly enhanced here for more extra income that will greatly benefit you in the long run. This guide will show you some ways on how to make extra income and adding savings for future investment plans.Make Money OnlineWhatever your skills and talents are, you always have a place in the online freelancing world for extra income. Graduate or not, you always have the potentials for success online. You can start filling out surveys, commenting on blog posts, joining affiliate sites, promote sites or products and services, post ads, click on advertisements, read emails and get paid or just do simple captcha typing.The possibilities are endless. However, if you want more solid income and reliable source of monthly funds to meet your expenses, try doing the harder stuff online. These are the tasks that you need to deal with in terms of spending more of your time and letting your creative mind work for you to get things done. These tasks include writing and translation services, web design and hosting, programming services and digital imaging. There are also many other online jobs that relate to any field of expertise or specialization that are guaranteed to give you solid income if you do well on these things.Financing Other People’s ProjectsYou may have friends or colleagues who may have certain live projects or plans to purchase some products they really need or want but could not pursue that project or plan due to lack of funds that you could help and earn more in return. You may know someone who really needs a certain product this time that costs $1500 and you agree to buy that product for him by now provided that he will pay you $2000 after a few months. Prices of plans or projects may vary from every transaction you deal with and upon mutual agreement. It is always best to spend your money or fund other people in a way that you will be paid immediately or for a shorter period of time to generate more income.Rent RoomsThis involves money for another investment opportunity. If you have some funds from your savings or other resources, you may pursue on optimizing your income further by engaging in renting properties or even just rent rooms for further income potentials. If you have an old house or some other properties you may be thinking of selling, why not consider them for lease or sublease?You could have your old house for rent on a per room basis especially if its location is near bigger establishments such as colleges and universities, hospitals banks and other commercial centers. You can also have this old property for rent for commercial use. Or you may have some money working for you without any property involved like you can rent rooms or the whole house or building and get other people rent rooms or bed spaces from your rented areas.Every action has its own reason and you have an unlimited capacity to change your lifestyle or increase your income and savings for more future investments to deal with. Just make sure that you examine every agreement before signing up any contract for financing or investing purposes. After all, you’re not just doing all these things just for fun but more of your financial security issues, right?
When and how do i start out when investing in property. Do I buy my home first or should I start with an investment property?Let me try to answer this as simply as possible, yet provide you with some easy tips to begin your property investment career and create a successful property portfolio.First of all: buy your own homeOwning your own home is the first step most people should take when beginning to invest in property.Many people will immediately say that the can not afford the new luxury house, but keep it realistic and start with what you CAN afford.Keeping your first home goal realistic and within budget is possible – just lower your expectations a bit. Perhaps you could consider a property that needs a bit of work done to it. Buy in a cheaper suburb that you can afford.Often when buying a property that you can fix up a bit to add value or by buying in an upcoming area, you can get your foot in the door.As a rule most people will not buy a house that needs some attention. This is the type of home that you can get at a discount. In no time your fixed up property will have much more equity than you did imagine.Not many of us are easily able to save the deposit for that first investment property, so chances are you will have to re-mortgage, in other words borrow against the increasing equity in your own home.This to most people is a big NO because we have been brought up to believe that debt is a bad thing and should be avoided as far as possible.The reason many people never get started with property investment is because they are too scared to take on more debt and borrow against their home. They often think – “I’ll pay off my mortgage before I take on more debt.”Through this thought process, you will never step out from only being a homeowner, to being an investor.Again, the key is to be realistic about what you can afford and when you can afford it. I would never suggest that first time investors get in over their heads, but you have to make a start and leapfrog off this new equity you have built up.Servicing the debt on your first investment will be easier than paying off your home loan because if you structure it right the tenant will make your mortgage payments for you. The tenant does it by paying rent.The criteria you use to buy an investment property are different to those used when buying your home. You choose your home with your “heart” and its natural to make some emotional decisions. But you should choose your investment by doing the calculations.Consider buying your first investment in an area that has good capital growth and perhaps something that needs minor cosmetic improvements that will be attractive to tenants, near all the right amenities and will therefore always rent and re-sell well. It doesn’t have to be a house. You could consider buying an apartment in a great location that tenants will be scrambling to rent from you.With these key ingredients you can’t go wrong. Again, just make sure the numbers stack up, you can afford the commitment and you’ve done the necessary research to pick a winner!Just remember the ingredients to success: Scarcity value of the property itself and popularity of the property and the area to tenants as well as owner-occupiers.Of course, once you’ve fixed up your renovation project and added substantially to its value, it’s time to step up to the next rung of the property ladder and re-finance this investment. This may be easier than you think as you will now have increasing equity on two properties – your own home and your first investment.Do not stop with only one investment property – keep on moving forward.Just keep on doing the calculations. Do not look only at the price of the property, look at what the repayments on the property is going to be, with of course the other costs like insurance, vacancy factor, maintenance etc. Included. Then find out what the tenants in that area pay for a similar property. Just keep on doing the calculations.Remember this crucial thing and you will not go wrong as many “investors” do. Never look at the value of your investment and think that is what you are worth. Tomorrow the market turns for the worse as has recently done and your $100 000 investment is suddenly ‘worth’ half of that. On the other hand, your rental income is still intact, and you are not out of pocket if you did your calculations correctly in the first instance. With other words, look at the income that you are generating out of your property.Now that you have a mini portfolio, your options suddenly increase. With a few properties working for you and producing income the key is to keep the momentum going and take more steps up the property ladder.The big problem for many of us is servicing the loans on these investment properties. If you buy well located properties in areas of sound capital growth, even in today’s markets where rentals are rising, the mortgage payments and outgoings will add up to more then your rental income. THIS is what will kill you. SO do the calculations carefully before signing the offer to purchase.By now you have nothing to fear. You know the rules of the game, you’ve successfully bought a handful of properties that are all gaining income for you year in, year out and there’s no stopping you!It’s also important to get your tax structure right. Make sure you know exactly how you will hold the properties (e.g. as an individual investor, in a trust, etc.), how you will organize finance, legal aspects, taxation and the like.Do your homework first by learning the ropes by investing in yourself by studying the investment rules. If you do not do that first, you will in the end pay dearly with bad investment decisions.