Income Generating Assets

Let me tell you, spending most of the day at your office and working extra hours won’t ever help you increase your wealth, so stop pressuring yourself and instead discover better ways of doing it. For example - income-generating assets.

The main key to larger wealth is building it with money coming in from multiple different directions, rather than saving up your salary until reaching a certain amount. First of all, that’s nearly impossible in today’s world as the living needs get more expensive each day. Secondly, even if that was possible, it would take ages and you might not even be able to achieve your goal through your lifetime.

So let’s drop that idea of buying a piggy bank and collecting every single penny daily until we will be able to fill it up and take a look at the best ways of growing wealth in much faster and dare I say - smarter ways:

1. Renting Properties

Renting your properties is a classic way of earning extra income and that’s exactly how most of the successful investors started their path to better living since a good rental property can generate a pretty good cash-flow for its owner.

But it fully depends on how much time you are willing to dedicate to your property.

You can rent out a single-family home and earn good rental income, while working with only one tenant, meaning you will have fewer responsibilities and managing it wouldn’t take much of your time.

And you could also rent a multifamily property and become a true landlord, generating money from multiple living units, which naturally will make the process of building wealth quicker but also will require much more of your time and energy.

2. Purchasing Value Add Properties

Another classic way of earning good money quickly is selling properties. Oppositely from renting, instead of getting a monthly cash-flow, here, you are getting paid altogether.

Value add properties consist of buildings that require some help like fixing broken windows, damaged doors, repainting walls, etc and they can be found for a much cheaper price than A-class properties that are fully done.

Purchasing a value add properties and updating them later allows you to sell them for better money than they were originally priced, leaving you with a great profit. But consider that, just like renting properties, this one will also need a lot of attention.

3. Investing Passively In Multifamily Properties

If you are looking for a way of growing a wealth that doesn’t require much of your involvement but can also help you achieve it faster, then investing passively is the right choice for you.

Investing passively in a multifamily investment firm means putting your capital into their company so they can take care of the property from top to bottom, including all the aspects of it and generate the insane cash-flow for you.

I have already mentioned above that renting multifamily is a great way of growing your income and wealth faster, but it does take a lot of your time, which is probably not what you want. Investing passively will help you avoid all the landlord hassles like working with tenants and fixing their problems all day long, while still earning a monthly income.

Additionally, since it doesn’t require any of your time and energy, you are free to focus on your priorities like your own job or business and even combine it with different investments to generate even bigger cash-flow for yourself.