Money-Magnets.Net

This challenge is now about 9 months old and has achieved over a hundred and seventy Aussie dollars just in recycled waste and has now started to earn a second stream of income in the form of interest from a bank. By doing some basic research on the internet we found a bank account without charges and so helping our money to grow faster. We could really speed up the pace of growth by placing a bet on a horse and hoping it would win or we could lose everything but that’s not what this is about. This is to show what the average person can do just by minimising their risk to maximise their reward.

One person sent us an email telling us that they’d got their two kids collecting cans and bottles for the deposit and raised in the region of thirty-seven dollars which they then donated to charity. I say keep up the good work, it’s good for our environment and it’s a good way to teach kids about the value of money and about tithing. How about a twist on this? How about investing the money and getting it to grow and giving a smaller amount regularly to charity so that over a period of time you give a much larger sum than the original amount collected.

Another way that the money could be invested is in education to teach you how to make you more money. For example in August 2008 we attended a two day seminar in Adelaide, the cost of this was ninety-nine Aussie dollars to see eight speakers. Karen’s attitude was that for that price it wouldn’t be very good or it would be all sales pitches and we would skip the second day and go shopping. How wrong she was! It was a fantastic two days, loads of really good useful information and we are now working with two of the presenters and we’re still in touch with another two. The skills and information that we learnt from those two days has paid for the seminar many, many, many times over because we have acted on that information.

A different option would be to borrow books on wealth creation from the library, (and library membership is usually free) or buy the books and at least if you own them it’s possible to refer back to them as and when you need to.

Before starting out on wealth creation debt needs to be brought under control and what better way to do this than by using other people’s money to speed this process up such as collecting the recycling. Trying wealth creation and debt reduction at the same time is not a good idea as you end up splitting resources and slowing both processes down.

Let us know other useful ideas that have helped you on your way to financial freedom.