How to Make Your Money Work for You to Build Wealth Over Time

How to Make Your Money Work for You to Build Wealth Over Time

When your money works for you, you’re able to grow your cash and take advantage of perks and discounts without doing too much extra work. And, it doesn’t have to be a convoluted process! Here are some ways you can get started:

FYI, what might work for one person may not work for another. No financial advice is one-size-fits-all. Be sure to take your personal circumstances and needs into consideration, and do what works for you.

34. Start A Doggy Daycare

Don’t want to deal with other people’s kids, but maybe you like their pets? Another option is to start a doggy daycare at your home and take care of other people’s pets for them.

You can also expand this into taking care of pets while others are traveling as well. This usually requires a home with a yard, but if you have the drive and desire, you can likely make anything work.

Income Potential: $2,000 per month


21. Online American Sign Language Translation

Are you an American Sign Language (ASL) expert? Do you think you can translate conversations into ASL live during a video stream? Many businesses leverage remote ASL translators to help them facilitate conversations in the workplace. 

If you think you can communicate via ASL during live conversations, then this could be a great opportunity.

Tools To Use:

Worldwide Interpreters – One of the largest employers of virtual ASL specialists

Income Potential: $1,000 per month

10. Create a budget that works for you

View this photo on Instagram @finwise_bank / Via Budgets aren’t just made for helping you find ways to save money; they’re also meant to help you give every single dollar a job. This ensures that you’re using your money in the most effective way possible. In other words, no more guessing how much money you have to spend on food and bills or how much you can feasibly save each month. And if budgets usually aren’t your thing (or if you get overwhelmed by the idea of meticulously tracking numbers in an Excel sheet), we actually have a roundup of budgeting methods — no spreadsheet involved!

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About the Author

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.  

More Ways To Make Your Money Work For You

1. Pay Yourself First

Make your money work for you by saving and investing for your future self. Live below your means but also splurge wisely to keep your morale elevated

At the end of the day, making your money work for you involves having the confidence to treat yourself without having to worry about putting a dent in your portfolio. 

Above all, it also encourages you to maintain a balance between living below your means and spending as and when required on experiences and essentials. 

Read this blog to know how to budget and manage your salary

2. Find A Side Hustle

Having a side hustle would generally require you to put in dedicated work for a specific amount of time to reap rewards. For example, creating a catchy tune that can fetch you royalties. 

Read this blog to know more about the top passive income ideas for investors

3. Invest In A Business

A business partner who has skin in the game stands to earn passive income through profits or a salary based on the profitability of the business. This is one way to put your money to work but it may not be accessible to everyone. 

4. Save While You Spend

Investing isn't the only way to make your money work for you. It also includes saving money wherever you can. For example, bargaining – don't be afraid to spot and buy a bargain to save an extra penny. 

The extra penny saved can go towards other things or even investing. Other ways to save money include claiming cashback and rewards in a smart way. The same principle applies – save money and direct it towards investing or personal expenses. 

Read this blog to know how to manage your salary wisely

4. Look into annuities

Here’s a powerful way to have your dollars work for you: You can use them to buy an immediate fixed annuity (or a deferred one) that will pay you a set sum every month — for a fixed period or even for the rest of your life. That can go a long way to providing peace of mind and financial security late in life.

Read up on why you might want annuities before taking any action, but get an idea of what’s possible in the table below, which shows what some people might receive in immediate fixed annuity income in the current interest rate environment:



Monthly Income

Annual Income Equivalent

65-year-old man




65-year-old woman




70-year-old man




70-year-old woman




65-year-old couple




70-year-old couple




75-year-old couple





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Get Rid of Your High-Cost Debt

You can’t grow wealth into the future if debt is holding you back, said Christopher Sioco, COO of Parachor Consulting.

“High-cost debt kills long-term wealth,” he said, pointing out that credit cards typically have interest charges as high as 35% per year while a personal loan could have interest charges of 20%.

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“With such high-interest rates on loans, you cannot create wealth,” he said. “Get rid of high-cost debt as soon as possible. By paying off a credit card in full, you earn 35% on your investment and can put the savings to better use.”

How To Get Out of Debt: A Step-by-Step Guide

Develop Sources of Passive Income

With the advent of social media, there are more ways than one to achieve financial stability and security. Online content creation, voice-over work, freelance writing gigs, part-time marketing, are just some of the options that people can explore to generate some additional income. This money can be a surplus to your staple monthly income and can thus be solely directed towards savings and investments.

3. Store it in retirement accounts

Retirement accounts such as 401(k)s and IRAs are investment accounts, meaning your savings are invested in the market and have the potential to grow exponentially.

“The key is to get money in a 401(k),” says Gould. “Save as much as possible to have your money work for you tax-efficiently and to get money in the markets. The first bucket outside of the emergency fund is the 401(k) up to the match [if your employer provides one]. You don’t want to give away free money.”

After that, Gould explains, you’ll want to put money in an IRA or a Roth IRA.

“Another good tool people don’t think about are HSAs,” he says, referring to the savings accounts for which people with high-deductible health insurance coverage are eligible. “If you sock money away in an HSA you don’t lose it, and whenever you have healthcare costs, you can pull the money out and not pay taxes on it. When you turn 65, it turns into an IRA and you don’t get penalized for using it for other costs — you can pay Medicare costs and long-term care premiums.”

Read more about how to use an HSA »

6. Become a silent partner in a new business

Starting your own business can be a risky move, but if everything goes well, it can certainly pay off. Another way to reap the benefits of a successful new startup without the stress of getting a company off the ground is to become a silent partner who invests capital but doesn’t handle any of the day-to-day operations.

The prospect comes with pros and cons. You won’t have any say in how the company is run or the daily decisions active employees make. But you’ll earn a cut of any profits the business makes without putting in any long hours.

However, you still run the risk of financial loss if the venture tanks.

Learn To Budget

A budget is a vital tool for changing the way you handle your money.

When you are budgeting, you understand where your money is coming from and are purposeful about where you spend it. You are making your money do what you want it to do, rather than spending without a plan.

The goal of budgeting is to always spend less than you earn.

When you create a budget, you assign every dollar you earn to a spending category. You can use a budget to:

  • Reduce your spending
  • Understand where your money is going
  • Identify bad financial habits
  • Pay off debt
  • Avoid creating new debt
  • Prioritize spending on things that are important to you
  • Save for the future

Budgeting is not a one-time action. It should be something you actively engage in every day. You may need to adjust your budget from month to month to account for large expenses or your own spending habits.

When you know how much income you have, you can decide where to put it. When you are deliberate about where you spend it, you are in control of your money. This is the first step towards making it work the way you want to, rather than feeling controlled by your finances.

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Final Thoughts on How to Make Your Money Work for You

The power of investing is an amazing thing, but it won’t go anywhere until you get started. If you aren’t quite sure how to make your money work for you, there are plenty of options.

Each day that goes by may be a missed opportunity to grow your money. Most investments take time, so getting started as soon as possible is essential to making your money work for you. 

Only choose investment strategies that you are comfortable with, and that you understand. A smart financial plan doesn’t involve taking on crazy amounts of risks – it’s all about careful planning and charting a path toward a solid financial future.

There are plenty of options to grow your money between investing in stocks, high yield savings accounts, and real estate. What’re you waiting for?

Forrest is a personal finance, entrepreneurship, and investing enthusiast dedicated to helping others obtain life long wealth. He owns several different blogs and is also passionate about health and fitness.


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