I wrote this for everyone asking how to make $5000 in a day and similar questions. Please can people give me advice on how to make it better (grammar, new ideas that work every time, etc.):
In a day with nothing to invest, it’s pretty much just going to be random luck, I’m not saying its impossible, but the way things are, anything anyone says that works will stop working in minutes due to the amount of people trying it. It’s also the same case for pretty much any amount. Even for less than $5k. If you’re really talking about, “Just like that in a day, with no investment!”, it’s not likely, other than by working for someone else. Pretty much any amount is guarded.
It’s like this at the moment because each organisation/country doesn’t want people outside that organisation/country to get an advantage, because they would lose out. We need to treat the average person as someone to give all we actually can to, rather than someone we don’t care about to take from, globally, somehow. It’s better to live like this if we can, and karma is already somewhat real for people truly live this! However, we can do better still, and refuse to let a minority capsize this ship! Read on for some ideas on how to reach this $5000 amount in the long run.
The guys commenting “welfare” are the closest to a moral and legal answer. Sometimes you can get up front loans from charitable grants, especially when you are on welfare. Or maybe you could spice up your house/flat and rent it out on AirBnB for a while, while you live in a tent or in your car to get started. AirBnB hosts make over $25k per year on average, maybe a bit less for one room, so if you are working as well, you may have $10-20k to your name to use as an investment in another business venture in a small number of years.
Once you have a little cash you might be able to start investing, saving it up along the way, but its going to take a long time to get to such a luxury lifestyle. Most people want more, and people will start trying to take it from you as soon as you have any part of it. You can make about $8 per $200 per month investing in some sensible ETFs like CVLC, 5SPY, or TMFC. That means spending less than you earn until you have $125,000 in order to make $5000 a month with investing. But once you have some cash you can make more with it using the legitimate business investment opportunities available to people who have that much, such as buying validated profitable businesses on flippa.com and reinvesting most of the profit to buying or making more.
Another popular option is people using a 10% deposit mortgage to buy a cheap house and doing up the house so that it would sell for a lot more, they then remortgage for the new price, sometimes making $10k more than they had in a matter of months while still technically owning the house. This process continues, rent out the house to make a monthly income, and use the $10k to put down a new (bigger) deposit for a new 10% mortgage. Keep repeating until the monthly rental income adds up to $5k per month after agency fees.
Assuming you get houses at $80k and pay 10% deposit and fees adding up to $10k and then $10k more to do them up ($20k total); doing this once can make $500pm and each time you reinvest you make $500pm more. This is after real estate management fees to maintain the house, practically forever. This involves an approximate initial investment of $20k and after doing up 10 houses (flipping them) you can make $5k per month, and you have covered living expenses of $5k per month while doing it. The cheapest plots of land can go for $5-6k per acre ($1200 as a 20% land mortgage deposit), and you can build houses on land this size more cheaply or without needing credit; such as tiny houses, tiny-houses don’t need planning permission. It’s the same process but you will make less each time you flip a property.
All the while during these processes, the assets under your control increase. You can realistically flip this many houses and achieve your goals with 3 people in a few years and enjoy the profits forever. Or perhaps on you can do it your own using contractors in 5 years. Note that these processes build wealth rather than simply exchange work for money.
The KEY though, is making sure to spend less than you earn, you’re literally locked in to the system until you can do that (unless you’re living hand to mouth on less, foraging, or living on your skill working for someone). There’s no other option, think about spending less than you earn as worth more than the money if you want to be that rich.
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