Building wealth takes time. Mostly that is because traditionally it has always taken large amounts of money to make large amounts of money. Fortunately for you and I, the internet has changed the game massively. We now have access to resources that previous generations didn’t have access to. There are so many opportunities that are just waiting for you to take part in, and for the most part, they can be quite cheap to get into.
Why I don’t like rental properties
Let’s think about property for a moment. It is terribly expensive to get started. Here in Australia it can cost anywhere from $350,000 to $600,000 for a modest single storey home (depending on where you live). That is a huge amount of money, and the interest on that is going to be crippling!
That is exactly why I paid off my house as quickly as possible when I was able to. Interest accrual was sucking the life out of me and my family, so getting rid of that debt was the smartest thing we could do.
When it comes to investments, rental properties are the same as buying your own house. It costs a truck load of money, and the interest repayments can be down right arduous to have to pay back. You will have almost no money left over each month to be able to invest in other ventures – where’s the fun in that?
Why I like building websites
As I was saying earlier – the internet has changed the game when it comes to making money online. It only takes a very small amount of upfront capital, and you can create a website that will turn over an easy $500 to $1,000 a month, every month, for the rest of your life.
That is exactly what I am doing, and why I have started creating so many different websites.
So if we compare the two.
- Spend a huge amount of money, get tied down in debt, and only make $2,000 a month.
- Spend $1-$2K, earn $500 – $1,000 a month and have no debt
I know which business model I would want to get into.
I’m not going to get into the specifics of monetisation methods here, but there are plenty of ways to start generating money.
- Selling ads
- Affiliate sales (clickbank, amazon etc)
- Selling products
- Selling services
I primarily deal in affiliate sales and selling ads, although I do know people that make a lot of money selling products and services, so I guess that is where I will expand into next.