Revealed: ‘Remarkably simple’ way to make money in 2021
It’s the first time our favourite money experts, authors, economists and influencers have all come together, and for it’s a very special reason: The Yahoo Finance Advent Calendar.
Every day from 1 December to Christmas Day, Yahoo Finance is releasing money hacks from the best in the business. Think of it as an early festive gift, from them to you.
Here’s what we’ve learned so far:
Day 1: Make money while you sleep
Finance influencer Mrs Dow Jones, aka Haley Sacks, suggests making a passive income. She follows Warren Buffett’s quote, ‘if you don’t learn to make money while you sleep, you’ll work until you die’.
Day 2: Buy a house
Independent economist says the best way to make money is to buy a house. It’s a tried and testes strategy, and “it’s remarkably simple,” he said.
Day 3: Save 20% of your income
Teenage millionaire and founder of Disputify, Jack Bloomfield, said young Aussies need to be saving 20 per cent of their income, so they can take advantage of opportunities like investing or buying a house.
Day 4: Automate your savings
My tip for the advent calendar was to automate your savings and investments. It’s a simple strategy, and takes the stress out of working out your finances - just set up a direct transfer from your spending accounts into your saving or investing accounts, and let the bank do the work for you.
Day 5: Use cash back services
If you want to save money while you spend it, use cash back apps like Shopback, Ladies Finance Club founder Molly Benjamin said.
Day 6: Switch your mortgage to a cheaper lender
Interest rates are at a record low, so compare home loans and take advantage of cheaper lenders, author and money expert, Nicole Pedersen-McKinnon said.
Day 7: Use the ‘hours worked’ method to save on Christmas gifts
Can’t decide how much to spend on a Christmas gift? Use the ‘hours worked’ method, our friends at Flux Finance said. Calculate your hourly work rate, and see if that $200 gift is really worth it.
Follow the social channels below to keep up to date with the Yahoo Finance advent calendar. If you share the videos with your mates, be sure to tag #YahooAdvent2020.
Want to hear Australian influencers reveal their best finance tips? Join the Broke Millennials Club on Facebook, and receive one hot tip per day in December.
And if you want 2021 to be your best (financial) year yet, follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter. Subscribe to the free Fully Briefed daily newsletter here.