🌻3 Smart Money Moves Nobody Talks About


But that can help you protect your money, save more, and invest wisely.

“If you want to find the best financial advisor in the world, look in the mirror because nobody’s gonna care about your money more than you.” — Suze Orman


As the world has unexpected events making the global economy harder every day, many people are also worried about what to do with their money to preserve their wealth.

Bitcoin and cryptocurrencies no longer seem to be a good idea if you don’t want to lose thousands of dollars; the stock market is making movements that don’t give much confidence to anyone, Real Estate is in a bubble that is going to explode soon, and in general, everything seems to be going to perdition.

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Read also: Here are my 3 biggest mistakes when it comes to money (must read)

But no matter the unexpected challenges you may be facing, there are smart moves you can make to protect your finances during these uncertain times. Here I will show you 3 of them that nobody talks about.

Master the different types of income streams.

Many people think that different income streams mean having to work in many places, and even sounds good the idea of receiving money from diverse sources, trading your whole time doesn’t seem like a good decision.

However, there are six main types of income sources, from active to passive. Knowing them and working to have at least three of them can help you have more stability in managing your money. These are:

Earned income: The money you make working on your job or business.
Profit income: The money you make marketing a product or service. They could be a course, seminar, book, any type of product, etc.
Interest income: Money you have saved that makes more money over time.
Dividend income: Money you make by owning specific secure stocks that leave you a profit every period.

Rental income: Profit you make by renting something (it doesn’t even have to be real estate).
Capital gains income: The profits that are realized by selling an investment, such as stocks, bonds, or real estate.

When you get cash flow from so many different sources, most of which you don’t even have to worry about actively working, you stop worrying about a single job that could be in ‘danger.’

Having the plan to keep increasing the monthly payments from these sources can also help you have more money over time without thinking about a bad period.

Treat your assets as something that could be useful to you even if the price drops.

My boyfriend and I were looking for new houses to invest in for the next year as the houses we have are already paid off. While I was looking for something in the city that could produce a monthly rental income, he decided to look for something close to the beach or the mountains.

The reason? He wanted to buy something he could use even if is not rented, in case the real estate market bubble exploded.

The problem with my options was that even though I could have a lot of money in the short term, if it were empty, I would not use it for anything, and I had to pay maintenance.

When you buy something personal, you do it without caring that it loses its value over time because it is something you will use every day and take advantage of, such as a television, computer, or bed. Treating your investment the same way can help you have something valuable even if the price drop.

The good thing is that you can apply this rule to almost every investment. If you want to invest in a deposit certificate, if the rate is no longer suitable, you will still have the cash to use on another thing. If you buy stocks with dividends, if the price goes low, you can still profit every quarter. If you buy cryptocurrencies that can be staked, even if the price is not good, they will generate more crypto daily.

When you buy things knowing they can serve you for many purposes, you stop caring about capital gains in the short term and protect yourself and your money for the recession periods.

Buy insurance for your riskiest assets and businesses.

Before the pandemic started, my cousin bought work insurance. This insurance basically was going to pay for all her current loans and bills in case she stopped working for unexpected reasons.

Although many people (me included for a long time) considered it a waste of money because she was very stable and economically well, when the pandemic started, that movement helped her pay three months of loans and have extra monthly money.

Although many people consider insurance as a waste of money since it is rarely used, the reality is that it helps you reduce the risk of your most valuable assets.

I didn’t lose more money when the cryptocurrency Luna crashed because some companies were offering insurance for that stablecoin. Most people don’t lose their houses because they decide to put on good insurance in case of an emergency. And many businesses didn’t go bankrupt because they put in good insurance that helped them with tragedies.

Never sub estimate the power of protecting your assets because they can help you survive in disasters.

Read also: 7 money mindset hacks that elevate you to financial freedom (must read)

Final thoughts

Knowing what is best for your money and current financial situation instead of following the crowd in hard times should be your priority. You are the one who understands your personal goals and decisions, even if that means you will not earn more over time.

The smartest moves you can make with your money are to understand where you are now, look for different sources of cash flow, and protect those investments with those companies you feel you can invest in, even on bad days.

Finally, when all the assets you have are helpful in some way (not only the potential capital gain they could have), even if they don’t have the price you want, they can still help you achieve something. Therefore, always consider investing in things that can produce any benefit (cash flow or joy) for those hard times when you have to stay with it.

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CONTRIBUTED BY Desiree Peralta

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