| There are many ways to manage your finances | | | | interest rates available at different banks and |
| to get the most out of your money. Here are | | | | credit unions, and choose the one that has the |
| just a few tips for everyone from experts to | | | | highest interest yield. Check that there are no |
| those just starting out on their own. Manage your | | | | fees to diminish that high yield, however. If your |
| money the right way, and youll definitely profit | | | | money is sitting still in a savings account, it should |
| from it. | | | | be doing something for you while it sits. |
| Consider a 1031 tax exchange. If you sell an | | | | Join an investment club. You may not have |
| asseta commercial building or property, usuallyyou | | | | enough money to invest significantly on your own. |
| can avoid paying taxes on the profit if you invest | | | | But if you join a club of like-minded investors, you |
| your money in a similar building or property within | | | | could become part of a serious investment |
| 45 days. You can perform this transaction with | | | | blockone that can earn you lots of money. Look |
| residences as well, as long as the property is | | | | for investors with the same goals you |
| specifically for investment or business | | | | havewhether its to strike it rich or just make |
| purposesyou cant live there. The exchange must | | | | enough to retire comfortably. The bigger the |
| be made with another property of like kindthe | | | | goals, the more aggressive the investing strategy |
| transaction is also sometimes called a like kind | | | | tends to beso make sure youre comfortable with |
| exchange for this reason. Its a good way to | | | | the other club members risk tolerance. |
| defer taxes on some serious profits. | | | | Think about real estate. Investing in real estate is |
| Consider a credit union. Credit unions do all the | | | | one of the most common ways many people |
| same things banks doprovide loans, money | | | | build wealth. Even renting can make you serious |
| markets, checking accounts, etc.but they are | | | | cashjust make sure the rent your tenants pay |
| not-for-profits. This translates into fewer fees; | | | | covers your upkeep, mortgage, and property |
| most credit unions wont charge a monthly upkeep | | | | taxes (with some left over, of course), and youll |
| fee to your checking account, as many banks do. | | | | earn a second monthly income without a full-time |
| It also means freebies: most credit unions offer | | | | job. Buying, refurbishing, and selling |
| free checking. In addition, youll generally get | | | | propertiessometimes called flipping a houseis a |
| better interest rates on loans, interest on your | | | | great way to build wealth as well. |
| checking accounts, and sometimes reimbursement | | | | Making money isnt always easybut it doesnt have |
| for ATM fees. All those little charges add upand a | | | | to be rocket science. And once youve got the |
| credit union is clearly a better choice than most | | | | money, its important to know how to manage it |
| banks. | | | | to maintain your wealth. Invest a little time |
| Have a savings account? Better make it high-yield. | | | | invested in learning the ins and outs of financial |
| If you use a savings account, check out the | | | | planning, youll see a big return. |