Achieving financial independence (FI) might seem like a distant dream, but it’s closer than you think. By following some tried-and-true strategies, you can take control of your finances and work towards a future where money is no longer a worry. In this post, you’ll discover 10 secrets that can help you reach FI, from smart investing to mindful spending. Get ready to learn practical tips that can pave the way to a financially free life.
How does this sound?
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Reaching financial independence is about having choices and freedom. It means you can decide how to spend your time without money worries.
What is FI? Or Financial Independence?
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Financial Independence (FI) means having enough money to cover your living expenses without working. It’s about having freedom and control over your time.
To learn more: What is Financial Freedom? 12 Steps to Achieve It
Why does FI matter?
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FI matters because it gives you the ability to choose how you live your life. You can retire on your terms and spend time doing what you love.
To learn more: Discover Time Freedom & Design a Happy Life You Enjoy
1. Save Money Today
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Saving money today helps you build wealth for the future. It’s the first step towards financial independence and having more choices later on.
To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money
2. Spend Less Than You Make
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Spending less than you make is key to growing your wealth. By managing your expenses, you can save more and reach financial independence faster.
To learn more: 12 Straightforward Ideas to Cut Spending and Budget Better
3. Learn How to Invest
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Learning how to invest is essential for growing your wealth. Investing wisely helps your money work for you, leading to financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
4. Set Financial Goals
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Setting financial goals keeps you focused on your path to financial independence. Clear goals help you track progress and stay motivated.
To learn more: 10 Smart Financial Goals That You Need
5. Prefer a Debt Free Lifestyle
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Living a debt-free lifestyle means more financial freedom. Without debt, you can save more and invest in your future.
To learn more: 7 Simplistic Habits Needed for Debt Free Living
6. Choose to Live Frugally or Not
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Choosing to live frugally can speed up your journey to financial independence. It’s about making smart spending choices that align with your goals.
To learn more: The Ultimate Guide to a Frugal Lifestyle
7. Make Your Finances a Priority
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Making your finances a priority helps you stay on track to reach financial independence. It’s about regularly reviewing and managing your money.
8. Be a Constant Learner
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Being a constant learner helps you make better financial decisions. The more you know, the better you can grow your wealth and achieve financial independence.
To learn more: 35 Life-Changing Books That Will Change The Way You Think And Feel
9. Know your FI Number
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Knowing your FI number gives you a clear target for financial independence. It helps you understand how much you need to save and invest to retire on your terms.
To learn more: How to FI and Know Your FI Number Calculator
10. Become a Millionaire from No Money
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Becoming a millionaire from no money is possible with the right strategies. By saving, investing, and staying focused, you can grow wealth and reach financial independence.
To learn more: 15 Genius Strategies to Become a Millionaire with No Money
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Investing in stocks can seem overwhelming, but it doesn’t have to be. With a few simple steps, you can start your journey toward building wealth and securing your financial future. This guide will walk you through the basics of stock investing, from understanding what stocks are to choosing the right investments for your goals. Whether you’re a complete beginner or just looking to brush up on the fundamentals, these easy-to-follow steps will help you confidently enter the stock market and begin growing your money. Let’s dive into the simple steps to start investing in stocks.
What are stocks?
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Stocks represent shares of ownership in a company. By buying stocks, you can own a part of a business and potentially grow your wealth as the company grows. They are a popular way to make money and increase your net worth over time.
Learning stock market basics
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Understanding the stock market is key to successful investing. Learn the basic concepts like how stocks work, what affects their prices, and how you can start investing to grow your wealth and secure your financial future.
Investing in stocks for beginners
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Investing in stocks can be a great way to make money, but you need a solid strategy. This guide offers simple tips for beginners to help you start investing, grow your wealth, and work towards financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Is Now a Good Time to Buy Stocks? The Real Answer
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The stock market is on the rise. Is now the right time to buy stocks? If you want to make money, learn the proper steps to start investing today and take advantage of market opportunities to grow your wealth.
To learn more: Is Now a Good Time to Buy Stocks? The Real Answer
Waiting to Invest?
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Why wait to invest in the stock market? Delaying your investments means missing out on passive income. Consistently investing, rather than trying to time the market, will lead to long-term, stable returns and increase your net worth.
The power of compounding
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Compounding can significantly boost your investment returns. By reinvesting your earnings, you allow your money to grow faster, leading to greater wealth over time. It’s a powerful strategy for anyone looking to increase their net worth and secure a comfortable retirement.
Can you Make Fast Money in the Stock Market?
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Can you make money quickly with stocks? As a day trader and long-term investor, I know how fast I can see returns. Learn how day trading or swing trading can increase your financial freedom and help you grow wealth.
To learn more: How Fast Can you Make Money in Stocks? The Real Answer
Know Your Risk
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Understanding the risks involved in stock investing is crucial. Know your risk tolerance and make informed decisions to protect your investments and achieve financial success.
Avoid These Trading Mistakes
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Avoid common trading mistakes that can cost you money. Learn how to improve your trades, minimize losses, and increase your profitability in the stock market.
To learn more: Day Trading Mistakes: How To Avoid Trade Errors And Win More
Dive into an Investing Education
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Education is key to successful investing. Trade and Travel is a course that teaches you how to make money in the stock market. Read my personal review as a profitable student and see how an investing education can help you grow wealth and achieve financial goals.
To learn more: Trade and Travel Reviews – Join the $1000 in a Day Club
Start Your Investing Journey
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Ready to start investing? Learn the basic steps to begin your investing journey, grow your wealth, and secure a comfortable future. It’s never too late to take control of your finances and work towards financial independence through smart investments.
To learn more: https://moneybliss.org/investing/
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Dreaming of making $1000 a day might seem far-fetched, but it’s more attainable than you think. With the right strategies and a bit of determination, you can turn this goal into reality. Whether you want to boost your income, save for something special, or achieve financial independence, these ten brilliant ideas will help you make $1000 a day. From side hustles to smart investments, these methods are practical and achievable for anyone ready to take the next step.
Is it possible to make $1000 a day?
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Yes, it’s possible to make $1000 a day. It takes commitment, hard work, and a solid plan. Find a method that suits you, stay consistent, and put in the effort. Having unique skills and interests can boost your chances of success.
Find a high-paying job
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Some jobs pay over $300k a year. While many require advanced degrees, some high-paying jobs don’t need a college degree.
Find More: Best 30 Low-Stress Jobs That Pay Well Without a Degree
Offer high-value services
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Offer services like pet-sitting, tutoring, design work, or writing to make money. High-value services can quickly add up to $1000 a day.
Start a business
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Start a business like a digital marketing agency, freelancing, or service-based business to generate $1000 a day.
Sell items you no longer need
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Sell items on eBay, Craigslist, or other online marketplaces to make quick cash. This may be short term unless you decide to source your finds.
Find ways for your money work for you
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Invest in stocks, real estate, or property to earn upwards of $1000 a day. Let your money work for you and grow your wealth. If your money is not making money, then you are losing money.
To learn more: How to Make Your Money Work for You
Day trading stocks or options
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Day trading stocks or options are high-risk but can be highly rewarding. It requires knowledge, discipline, and good risk management. An investing education is very beneficial.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Become a YouTuber
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YouTube can be a great source of income if you create quality content. Earn money through sponsorships, affiliate marketing, and ads. Be patient as this avenue can take time to build up your followers.
Sell Printables from Home
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Selling printables online is a popular way to make passive income. From coloring pages to budget spreadsheets, you can sell digital products on platforms like Etsy and make good money.
To learn more: Digital Products to Sell on Etsy: Best Way to Make Money Online Fast
Selling on Amazon
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Selling products on Amazon, especially with Amazon FBA, can be highly profitable. Send your inventory to Amazon, and they handle storage, shipping, and customer service, making it a great option to scale your business.
Start Hustling
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Side hustles can boost your income. With effort and creativity, you can make up to $1000 a day from various side hustles.
To learn more: Find the Perfect Side Hustle for You!
Find More Ways to Make $1000 a Day
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Looking for quick and easy ways to make money? This guide offers tips to help you make $1000 a day, from selling services to side hustles. Find the best ways to make money fast and achieve financial independence.
To learn more: How to Make 1000 a Day: 30 Best Ways to Make Money Really Fast
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Got $10,000 and wondering how to make it grow? Investing can be a great way to build wealth and secure your financial future. Whether you’re new to investing or looking for fresh ideas, these 10 brilliant investment strategies will help you make the most of your money. Find out how to wisely invest $10k and watch your wealth grow.
1. Invest in Index Funds
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Index funds offer an easy way to invest $10K by providing low fees and diversification. They track benchmarks like the S&P 500, making them a simple way to grow wealth over time. You need a brokerage account to start.
2. Put Money in High-Yield Savings Account
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A high-yield savings account is great for storing your $10K safely. It’s FDIC insured up to $250,000, and with interest rates of 2% or more, your money grows without losing value.
To learn more: How Many Bank Accounts Should I Have
3. Invest in Individual Stocks
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Investing in individual stocks can grow your wealth if you’re patient and informed. With $10K, you can buy stocks in 10 to 20 companies, diversifying your investments and potential returns.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
4. Fund A Health Savings Account (HSA)
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An HSA is a smart way to invest $10K, offering a triple tax advantage and saving for future healthcare costs. Contributions, earnings, and withdrawals for medical expenses are all tax-free.
5. Invest in Entrepreneurship
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Investing in small businesses can yield high returns and personal satisfaction. Diversifying your $10K across multiple ventures reduces risk and can amplify potential profits.
6. Invest in Rental Properties
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Rental properties can build long-term wealth. Use $10K as a down payment on a low-cost rental, fix it up, and let tenant payments cover the mortgage and taxes, creating a steady income stream.
7. Max Out Your Roth IRA
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Max out your Roth IRA to invest part of your $10K. It offers tax-deferred growth and potential tax-free withdrawals in retirement. Remember, there’s a yearly contribution limit.
To learn more: Can You Have Multiple Roth IRAs?
8. Loan to Others Through P2P Lending
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P2P lending can provide high returns on your $10K investment. By lending directly to borrowers via P2P platforms, you cut out banks, enjoy better rates, and diversify your investments.
9. Invest In Crypto or Bitcoin ETF
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Investing in cryptocurrencies or Bitcoin ETFs can offer quick gains with market volatility. High rewards come with high risks, so be prepared for potential losses but also big profits.
10. Pay off high-interest debt
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Paying off high-interest debt with $10K can be a smart investment. It frees up cash flow for future investments in stocks, funds, or real estate, helping you grow your wealth long-term.
To learn more: How to Get Out of Debt in 5 Easy Steps
More Idea to Invest $10k
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Looking to invest $10K? This guide shows options for all risk levels and goals, from stocks to real estate. Start making money and take your first step to becoming a millionaire.
To learn more: How to Invest 10K: The Best Ways to Invest Money for Future
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Need to make money fast? Check out these 12 ideas that can help you earn cash quickly, both online and in-person. Some options offer a high return on investment, while others take less time. Find the best way for you to boost your income now.
Rent Out a Room / Garage Space / Extra Space
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Got an extra room or garage space? Rent it out for quick cash. Use platforms like Airbnb to earn $50 per night or find a long-term renter for $600 per month. Even a parking spot can bring in money. Turn unused space into income with little effort.
Learn to Trade Stocks
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Learn to trade stocks with a solid plan and make serious money. It’s not gambling if you know what you’re doing. With discipline and strategy, you can grow your wealth. Start small, learn the ropes, and watch your money grow.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Make Cash Pet Sitting / Dog Walking
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Love animals? Make money fast by pet sitting or dog walking. People need help caring for their pets, and you can get paid for it. It’s a fun side hustle that lets you earn cash while spending time with furry friends.
Trade Your Skills for Money
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Got a marketable skill? Use it to make money on platforms like Fiverr. Freelance jobs can be a great side hustle and even turn into a full-time business. Earn more by delivering high-quality work and getting great reviews.
Sell Stuff or Become a Flipper
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Clear out your home and make money by selling stuff you don’t use. Price items right and the market will buy. It’s a quick way to earn cash and declutter your space at the same time.
Pickup a Second Job
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Need fast cash? Get a job with tips for instant money. With many companies needing part-time help, it’s easy to find work. Plus, higher minimum wages mean more money in your pocket.
Take Online Surveys for Easy Cash
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Share your opinions with companies and get paid for it. Online surveys are a simple way to make money in your free time. The more surveys you complete, the more you earn.
Participate in Focus Groups
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Join focus groups and get paid for your opinions. These in-person sessions are a great way to make money. Search for local focus groups online and sign up to earn extra cash.
Become a Mystery Shopper
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Get paid to shop and give feedback. Each mystery shop has guidelines, so follow them to get paid. Start small, and with time, you’ll get better-paying gigs like restaurants. It’s easy money with some patience.
Review Websites for Money
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Earn cash by reviewing websites. Platforms like UserTesting pay you to give feedback on various sites. Each review takes around 20 minutes, earning you $10-$60. It’s an easy way to make money from home.
Stop Spending Money & Save
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Save money fast by cutting unnecessary spending. Saying no to purchases can quickly put cash back in your wallet. It’s a simple way to improve your finances without extra effort.
To learn more: 10 Ways on How to Drastically Cut Expenses Now
Find Free Bonuses for Extra Cash
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Look for free bonuses from credit cards, bank accounts, and gift cards to earn extra cash. Companies want your business, so take advantage of their offers to make quick money.
Find More Ways to Make Money Fast
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Discover the best ways to make money fast. With various options available, you can earn extra cash based on the effort you put in. The opportunities are endless.
To learn more: 21+ Genius Ways on How to Make Money Fast
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Ready to achieve millionaire status without a cent to your name? Let’s kickstart your journey with these 15 genius strategies. Each step brings you closer to your goal, building wealth through dedication and strategic moves. It’s not just about money, but the lessons learned and connections made along the way that pave the path to financial success.
Create a Financial Plan
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Craft a financial plan that charts your path to millionaire status. It’s not just a dream but a calculated strategy based on your goals and timeframe. Establish clear objectives and a roadmap to reach financial independence.
Positive Mindset for Success
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Cultivate a positive mindset to unlock financial success. By fostering optimism and clarity, you empower yourself to manifest your aspirations with confidence. Maintain a can-do attitude to navigate challenges on the road to wealth.
To learn more: 125+ Money Affirmations to Attract More Money into Your Life
Start Saving – Even Small Amounts
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Kickstart your savings journey with small but consistent contributions. Embrace mini-saving challenges that gradually accumulate wealth without disrupting your daily life. These incremental savings lay the foundation for financial independence.
To learn more: 15 Mini Savings Challenge Printables To Save More Money
Pay Off Debts ASAP
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Prioritize debt repayment to accelerate your journey to financial freedom. Eliminating debt releases resources for wealth-building endeavors and boosts your net worth. Experience the transformative power of debt freedom on your path to millionaire status.
To learn more: How to Get Out of Debt in 5 Easy Steps
Find High Income Skills
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Discover lucrative skills to boost your earning potential. In today’s dynamic economy, capitalizing on your abilities can open doors to additional income streams. Invest in developing valuable skills that align with market demands for long-term financial success.
To learn more: Top High Income Skills Without a Degree to Learn
Grow Your Income with Side Hustles and Entrepreneurship
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Expand your earning capacity through diverse income streams. Side hustles and entrepreneurship offer flexible opportunities to leverage your talents and time, paving the way for financial abundance. Explore avenues to grow your income outside traditional employment.
To learn more: Find The Perfect Side Hustle for You
Learn Investing 101
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Master the fundamentals of investing to build wealth over time. Unlock the power of compound interest and passive income by venturing into the world of stocks and investments. Equip yourself with the knowledge and skills to navigate the financial markets effectively. Don’t delay!
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Adopt a Growth Mindset
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Foster a growth mindset and learn from successful individuals. Embrace opportunities for personal and professional development to accelerate your wealth-building journey. Surround yourself with mentors and peers who inspire and challenge you to reach new heights.
Pick Your Community
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Surround yourself with like-minded individuals committed to financial success. Build a supportive community that encourages wealth accumulation and mutual growth. Engage with peers who share your aspirations and values to stay motivated on your path to millionaire status.
Stay Debt Free
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Maintain financial stability by avoiding debt traps. Free yourself from debt burdens to enhance your ability to save, invest, and accumulate wealth. Embrace a debt-free lifestyle that propels you toward financial independence and long-term prosperity.
To learn more: 7 Simplistic Habits Needed for Debt Free Living
Avoid Lifestyle Inflation
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Resist the temptation of lifestyle inflation to safeguard your financial future. Balance increasing income with disciplined spending habits to maximize savings and investments. By curbing lifestyle inflation, you preserve resources for wealth-building endeavors.
To learn more: Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
Take Advantage of Compounding Interest
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Harness the power of compounding interest to grow your wealth exponentially. Let your investments generate returns that fuel further growth, accelerating your journey to millionaire status. Start early and leverage the magic of compounding for long-term financial success.
Focus on Your Long Term Vision
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Cultivating a long-term vision is important to know what you are striving towards. Develop a comprehensive financial plan that encompasses savings, investments, retirement, and estate planning. Stay committed to your vision and adapt your strategy as you progress towards millionaire status.
To learn more: Host a Vision Board Party: Plenty of Ideas for Success
Take Immediate Action
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Seize the moment and take proactive steps towards financial success. Avoid the pitfalls of procrastination by prioritizing saving, investing, and debt repayment. Embrace immediate action to overcome inertia and propel yourself towards your financial goals. Then, you will become a millionaire.
To learn more: How to Become a Millionaire with No Money
Know someone else that needs this, too? Then, please share!!
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things. There are plenty of low-maintenance businesses that can provide good income with less effort. You just…
Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things.
There are plenty of low-maintenance businesses that can provide good income with less effort. You just need to know what options are out there and how they can fit into your busy life.
So, what makes a business low-maintenance?
This will vary from person to person, but businesses that are low maintenance are usually simpler to run because they use automation to handle work automatically. This means you don’t have to spend as much time and effort managing and growing your business.
These kinds of businesses usually have fewer things that need attention, which makes them easier to manage. For example, a vending machine business mostly involves refilling machines and collecting money. Another example is owning rental property, where you might only need to deal with tenants and handle repairs from time to time.
Running a low-maintenance business has many benefits. It reduces stress and workload for the business owner, allows for easier growth because work is simplified, and lets you concentrate on long-term planning instead of daily tasks. This approach can improve work-life balance and give you more time for hobbies and personal interests outside of work.
For me, I run a fairly low-maintenance business. It took some time to get to this point, but I now work around 10 hours a week. I can use my free time to do what I want and pursue my passions. So, I personally know how helpful these are.
Best Low Maintenance Businesses
Below are the best low-maintenance businesses to start:
1. Printables
Printables are a great low-maintenance business idea. You create digital files that people can print at home, and these can be things like journals, planners, calendars, or coloring pages.
One of the best places to sell printables is on Etsy. You make the design once and then you can sell it over and over again, and this means you don’t have to keep making new products.
Another benefit is that you don’t need any inventory. Customers download the files and print them themselves, and this saves you time and money on shipping and storing products.
To start, you’ll need some basic design skills. There are many free tools online you can use like Canva, and with some practice, you can create professional-looking products.
By focusing on quality digital products and good customer service, you can build a steady stream of income with printables. It’s a fun and creative way to make money with low upkeep.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
2. Affiliate marketing
Affiliate marketing is a great low-maintenance business idea. You can promote products and services of other companies. When someone buys through your link, you earn a commission. It’s like getting paid for recommending things you like.
I do affiliate marketing through this blog (you can learn about starting a blog here in my free blogging course), Making Sense of Cents, and I think it’s a great way to make money – whether you are looking for a full-time income or a part-time side hustle.
Setting up isn’t hard and you can use blog posts, social media, or a YouTube channel to share your links. I recommend choosing products related to things you love or know a lot about. That way, it feels natural and fun to share, plus you know that you are helping the people who are clicking on your referral links.
One thing I really love about affiliate marketing is that you don’t need much money to start. Joining affiliate programs is almost always free (I’ve actually never been asked to pay to join one, and I have never seen one that has a fee). Many companies have referral programs, such as Amazon, eBay, and even smaller brands.
The best part is, you don’t handle inventory or customer service. The company does all that and you just focus on getting people to click your links.
Affiliate marketing can be done from anywhere with internet access. It’s a flexible way to make money, especially if you have a busy schedule. Just put in some initial effort to set everything up, and it can almost run by itself.
For me, I spend less than 10 hours usually on my blog, and it earns me a full-time income. I put in a lot of work in the beginning, and now things run mostly by themselves with just a little maintenance from me, such as updating blog posts and sending out emails.
You can learn more at Affiliate Marketing Tips For Bloggers – Free eBook.
3. Vending machines
Vending machines are a great low-maintenance business idea because they don’t take a lot of time to manage and can bring in extra cash. You place them in high-traffic areas and just need to restock them every so often.
You can sell all kinds of items in vending machines. Snacks and drinks are popular choices; some people even sell toys or beauty products. The key is to pick items that your target customers (the people who are already at the location where you will place your vending machines) will want to buy.
One of the best parts about vending machines is the low start-up cost. You can start with just one machine and grow your business from there. Plus, you don’t have to hire a lot of staff or deal with a complicated setup.
Running a vending machine business also means you can earn passive income. Once your machine is set up and stocked, it can make money while you do other things. You just need to check on it and refill it when needed.
Learn more at How To Start A Vending Machine Business.
4. Real estate rental
Real estate rental is a popular way to earn passive income with low maintenance.
You can start by buying a property and renting it out. This could be a single-family home, a condo, or even an apartment.
Many people use platforms like Airbnb to rent properties to tourists, and this can be a good way to make money if you live in a popular area.
If managing the property seems overwhelming, you can hire a property management company. They handle things like finding tenants, collecting rent, and doing maintenance. Hiring a property management company can be a good way to make this a more low-maintenance business.
Learn more about low-maintenance real estate ideas at 23 Best Real Estate Side Hustles To Make Extra Money.
5. ATM business
We’ve all used ATMs, but did you know that someone like you or me is making money from them?
An ATM business can be a great low-maintenance business choice. You place ATM machines in busy locations where lots of people need cash.
You earn money from the fees people pay to use your machines, and these small fees can add up quickly.
The start-up cost is your main expense, as ATMs usually cost around $2,000 to $3,000 each or more, and you will have to buy these yourself.
Managing ATMs doesn’t take much time either because once the machines are set up, they mostly take care of themselves. You just need to refill them with cash and make sure they are running well.
Overall, this business can provide a steady flow of income with a low effort once everything is in place. As long as you pick good locations and keep your machines running, you can make money with less day-to-day work.
6. Laundromat
Starting a laundromat business is a popular low-maintenance business. People always need clean clothes, so there is a steady demand.
A laundromat often needs less day-to-day management because you just need to make sure machines are working and maintain a clean environment.
You can set up your laundry service in a busy neighborhood where people need quick and easy laundry solutions. This will help you attract more customers.
With a laundromat, most of the work is done by machines. You just need to make sure the machines are working properly and help customers if they have questions.
Learn more at Are Laundromats Profitable? How Much Do Laundromats Make?
7. Self-storage units
Self-storage units are one of the best low-maintenance businesses you can start. People need extra space to store their belongings, and you can provide that for them.
You don’t need to be there all the time, and you can set up a system where people can access their storage unit with a code or key card. This means fewer hours spent managing the business.
The demand for storage units is high in many areas. People are always looking for a place to keep their stuff – whether they are moving, downsizing, or just need extra space.
Once your storage units are rented out, you can earn passive income each month.
Maintenance is minimal for self-storage units. Most of the work involves keeping the area clean and making sure everything is secure. You might need to fix a door or handle paperwork occasionally, but it’s not time-consuming.
You can sell climate-controlled units to attract more customers and charge a higher rate too. Some items need to be stored in specific conditions, and providing this option can set your business apart.
You can also add features like 24-hour surveillance cameras and secure fencing to make your customers feel safe. People are more likely to rent from you if they know their belongings are protected.
For me, I personally have used a storage unit a few times – for my personal belongings such as boxes and even for an RV and boat. They always had crazy long waits, and some towns even had waitlists of years long – so there is a lot of demand!
Learn more at How To Invest In Self-Storage For Beginners.
8. Car wash
Starting a car wash business can be a smart idea. You can choose to open a self-service car wash or an automated one, and both options require less daily work compared to a full-service car wash.
A self-service car wash lets customers wash their own cars. This means you don’t need many employees, and you just need to keep the place clean and maintain the machines.
For an automated car wash, cars go through a machine that does the washing. You only need to check the equipment and refill supplies like soap and water.
Car washes can be profitable. Many people prefer to have a clean car but don’t have the time to wash it themselves, so this keeps the demand high.
You can also offer extra services like a vacuum that customers can use for an additional fee. This can boost your income without much extra work.
With some planning and the right setup, a car wash can be a great low-maintenance business idea. Plus, it can provide a steady income once it’s up and running.
9. Create an online course
Creating an online course is a great low-maintenance business idea. You can share your knowledge and skills with people all over the world. Once you create and upload the course, it can keep making money even while you sleep.
I started my first online course around 8 years ago and have earned over $2,000,000 from it over the years. Much of the work was done up front, and I am still able to help students today. I update the course all the time, but most of the legwork was done years ago, which has been so nice.
You can start this low-maintenance small business idea by thinking about what you are good at.
Online courses can be made on all types of subjects, such as gardening, baking, musical instruments, business, finance, travel, and more.
Another plus is you can always update or add new content to keep your course fresh and relevant. This can attract new learners and keep current ones coming back for more.
An online course is a fantastic way to earn passive income with some upfront effort and minimal ongoing maintenance.
Note: I recommend signing up for this free training – How Anyone Can Create an Online Course That Sells – In this free training, you will learn the 7-step process to create, market, and launch a profitable online course.
10. Stock photo photography
Stock photo photography is a great low-maintenance business idea where you can get paid to take pictures. You can take pictures in your free time and upload them to stock photo websites. Each time someone downloads your photo, you earn money.
All you need is a decent camera. You can even use your smartphone if it has a good camera!
You don’t have to worry about managing inventory or dealing with customers directly, and you can just focus on taking high-quality photos that people want to use.
Popular subjects include landscapes, cityscapes, and everyday objects. Seasonal themes and holiday photos also do well.
Once you’ve uploaded your photos, they can keep earning money for years, and that’s why it’s considered a passive income source.
11. Dropshipping
Dropshipping is a popular business model for many beginners. You sell products online, but you don’t need to keep them in stock. Instead, your supplier ships the products directly to your customers. This means you don’t need to spend money on storing inventory.
Once your website is set up and products are listed, it can handle sales automatically. As orders come in, you can streamline shipment processes, allowing your business to handle more customers without much added effort.
Another great thing about starting a dropshipping business is that it is affordable. With little or no start-up capital, you can list products on your website and start selling. You only buy the products from your supplier when you make a sale.
Another positive about dropshipping is the low risk involved. You’re not stuck with unsold inventory. Plus, you don’t need to worry about packing and shipping items. This makes dropshipping a low-maintenance business idea.
12. Print-on-demand
Print-on-demand is a great low-maintenance business idea. You can create custom designs for items like T-shirts, mugs, and phone cases.
You don’t have to worry about storing inventory. When someone buys a product, the print-on-demand company prints it and ships it directly to the customer, and this makes the process very hands-off for you.
Printful and Printify are popular print-on-demand companies. They offer many different products and work with various platforms like Shopify and Etsy. You can sell your designs in multiple stores, reaching different audiences.
What’s nice about print-on-demand is you can start small and grow. You only pay for the products customers buy. This means low upfront costs and reduced financial risk for your business.
Starting a print-on-demand business can be a great way to make money with minimal effort.
13. Parking lots
Parking lots can be a great low-maintenance business. If you have a space in a busy city, it’s a prime spot as a lot of people probably need parking, and they’re willing to pay a good price for it.
Once you set up a parking lot, there’s not much you need to do. You might have to repaint lines or put up new signs occasionally, but these tasks are easy and don’t take much time.
Owning a parking lot has other benefits too, with the main ones being that you don’t have to manage a lot of employees, and the maintenance costs are pretty low. Plus, you don’t need to be there every day to keep it running smoothly.
Starting a small parking lot with just 20 spaces can already bring in good money. If you charge $20 per day per space, you could see an annual revenue of around $146,000, with a high profit margin.
14. Billboards
Billboards are a great low-maintenance business. Once you set them up, they don’t need a lot of work. You can rent out advertising space to companies that want to advertise.
Starting a billboard business means finding good locations. Busy streets and highways are best and you need to rent or buy the space. After that, the billboard does the work for you.
Frequently Asked Questions
Starting a low-maintenance business can be a great way to earn income with minimal effort. Below are some common questions and answers about low-maintenance business options.
What is the cheapest business with the most profit?
The cheapest business with the most profit to start includes businesses like selling printables on Etsy, affiliate marketing on a blog, creating an online course, and dropshipping.
What is the easiest business to start and maintain?
The easiest business to start and maintain includes printables, self-storage units, stock photo photography, and parking lots.
What kinds of businesses can I start that don’t require a lot of time to manage?
Vending machines are a great option. Once placed in high-traffic areas, they require little maintenance. Just stock them up and collect your earnings.
Which businesses can really run by themselves?
Real estate rentals can run mostly by themselves, especially if you hire a property manager. They take care of the day-to-day tasks like rent collection and maintenance.
What are the best business choices for earning passive income?
ATM businesses can generate passive income. You earn money from surcharge fees every time someone uses your machine. Place your ATMs in busy locations to maximize earnings.
What is the least riskiest business?
Self-storage facilities are low risk. People always need storage, and once set up, these facilities require minimal management. You collect rental fees without much daily involvement.
How do you find low-maintenance businesses for sale?
To find a business that runs itself for sale, check listings on websites like BizBuySell and LoopNet, or contact business brokers. Before purchasing, thoroughly research and vet any business to make sure it meets your needs and expectations.
What are the best businesses to buy for passive income?
Buying existing laundromats or storage facilities can be great for passive income. These businesses already have cash flow and customers, reducing your initial workload, and you can purchase them to get started quicker.
Best Low Maintenance Businesses – Summary
I hope you enjoyed this article on the best low-maintenance businesses.
There are many types of businesses that run themselves and are low maintenance as you learned above. These include selling printables, affiliate marketing, vending machines, rental real estate, running a laundromat, renting storage space, and more.
Some key traits of low-maintenance businesses include:
Few routine tasks
Easy to manage
Low maintenance or repair needs
One of the biggest benefits is the reduced time and effort required. Many low-maintenance businesses can be set up to run smoothly with minimal daily involvement. This frees you up to focus on other important tasks, like spending time with family or pursuing hobbies.
Low-maintenance businesses are also highly scalable. Since you spend less time on daily tasks, you can concentrate on growing your business. As it grows, you can duplicate your model and open more locations or move into new markets.
What do you think are the best low-maintenance businesses?
Investing in art can add diversification to a portfolio if you’re ready to move beyond traditional stocks and bonds. Alternative investments like art can offer above-average returns and offset some of the impacts of market volatility.
Art investment has traditionally had a higher barrier to entry, as individual works of art may carry five and six-figure prices (or more). In addition, there are a number of risk factors when investing in art, including lack of liquidity and lack of transparency around pricing.
However, new ways to invest in art have emerged that make it a more accessible asset class to a broader range of investors.
What Is Art Investing?
Art investing refers to the purchase of works of art to sell them at a profit at a later date. Apart from owning individual artworks (which can be expensive and difficult to maintain), there are a range of new ways to invest in art, including:
• Fractional share investing through online art platforms
• Art funds
• Art stocks
• Non-fungible tokens (NFTs)
Buying art as an investment doesn’t require you to have an advanced art degree or professional background in the art world. You will, however, need to be willing to spend some time learning about this alternative investment to understand how the market works.1
How Art Investing Works
Investing in art requires a certain mindset, and doing your due diligence to size up what constitutes the best opportunities for you, depending on your goals.
Art, like other alternative investments, may require a much longer holding period for you to realize returns, which contributes to the lack of liquidity in this space. It may be challenging to find a buyer if the artwork or the artist is not in demand.
It’s also important to understand traditional art ownership, along with some of the newer investment vehicles.
Individual Works
Similar to investing in a traditional asset class like stocks, investing in individual works requires knowing some fundamentals: a history of the artist, their status (e.g., are they in demand?), the relevance of a given work, and a sense of whether it’s overvalued or undervalued.
The risks of choosing individual works include the possibility of fraud, the cost of maintaining the work (e.g., storage and insurance), and hidden charges, similar to investment fees (e.g., commissions and other costs). Given the fragility of most art, there is also the risk of physical damage or total loss.
Fractional Shares of Art
Owing to the high cost of owning blue-chip works of art (as well as other highly valued works) it’s now possible to buy fractional shares of art, similar to investing in fractional shares of stock.
There are a number of new platforms that sell fractional art shares, and each may have its own system and process (more below).
The risk of buying fractional shares of art is that, as with any investment, there are no guarantees of a return.
Art Funds
Similar to traditional mutual funds and ETFs, an art fund is a type of pooled investment fund. But unlike conventional equity funds, say, that hold many different stocks, art funds often hold only a handful of works. Investors who buy shares of the fund are buying into the collective, potential value of those works.
Art funds are generally structured as closed-end funds, but with a twist: investors typically contribute their capital over a period of three to five years, often with no returns for another specified time period (terms vary).
These funds are highly illiquid, and (in addition to the unpredictability of the art market itself) there are substantial risks to locking up your capital for what could be years, for an unspecified return upon redemption.
Alternative investments, now for the rest of us.
Start trading funds that include commodities, private credit, real estate, venture capital, and more.
Types of Artists
There are generally three types of artists you may invest in:
• Blue-chip artists: Blue-chip artists are individuals everyone has most likely heard of. Names like Van Gogh, Picasso, and Banksy are familiar to people both within and outside the art world.
Works from these artists typically carry the least risk because there’s always someone willing to buy them. The downside is that the average investor may not have sufficient capital to purchase individual blue-chip artworks since they can cost hundreds of thousands, if not millions, of dollars.
• Established artists: Established artists are known artists whose works typically command higher prices, but have not yet reached blue-chip status. Investing in art from established artists can offer solid return potential with a moderate degree of risk.
• Emerging artists: Emerging artists present the greatest risk since they’re still up and coming. However, you might be able to generate a sizable profit from investing in their art if their career takes off.3
Risks and Returns of Investing in Art
Investing in alternatives such as art carries risks that are similar to other alternative investments, like commodities, real estate, collectibles, and other assets. Investors who are willing to accept a higher degree of risk, however, may enjoy a substantial upside.
Here’s a side-by-side look at the pros and cons of investing in art.
Rewards
Risks
Art investment offers the potential for higher returns.
Art can add diversification to a portfolio, allowing you to better manage market volatility and the impacts of inflation.
Investing in art can help you grow wealth while allowing you to support your favorite artists and contribute something to the art community.
A significant amount of capital is not necessarily required to begin investing in art.
Interest in art has persisted for hundreds of years, making it a reliable investment option for the longer term.
An investment in art is not guaranteed to be profitable.
Certain types of art investments offer limited liquidity, which could make it difficult to exit quickly.
Valuing artworks is often highly subjective, which could make it difficult for a beginning investor to determine what a piece is truly worth.
Owning individual artworks may entail paying maintenance and storage fees, as well as insurance.
Forgeries and fakes are a real part of the art world investors must contend with.
If you’re trying to decide whether to invest in art, consider your personal risk tolerance and investment horizon.
Dive deeper: Why Invest in Alternative Investments?
5 Ways to Start Investing in Art
When deciding how to invest in art, it’s important to remember that you’re not locked into any single path. You might choose multiple investment strategies to build out your art portfolio.
With that in mind, here are some of the best ways for beginners to start investing.
1. Fractional Art Shares
Fractional art share investing is a relatively new phenomenon. It works like this:
• You join an art investment marketplace.
• The marketplace vets works of art and lists them for investment.
• You buy fractional shares of individual works of art.
• When the artwork sells you get a piece of the profits.
Typically, you invest a minimum amount to buy a certain number of shares of a work you believe will appreciate. So you might hold 30 shares of a Basquiat piece and 20 shares of a Warhol.
The platform purchases and maintains the art; you don’t actually see or handle it. If it appreciates within a set period of time, the piece will be sold and profits will be distributed proportionately to each investor’s ownership amount.
The downside is that you might need $10,000 or more to get started on a fractional share marketplace. Additionally, you don’t get to choose when the artwork sells — that’s determined by the platform.
While trading fractional shares isn’t available on public exchanges yet, some fractional art platforms operate a secondary market whereby shareholders can execute trades.
2. Art Funds
Art investment funds are typically privately managed funds that offer investors exposure to multiple works. In that sense, they’re similar to traditional mutual funds.
Some art funds are index funds, meaning they seek to replicate the returns of an art market index, similar to a traditional index like the S&P 500. Other art funds are equity funds that try to beat the market.
If you’re considering art funds, check the minimum investment to get started. Certain funds may be limited to accredited investors, or require you to have $20,000 or more to purchase shares.
Also, consider the fund’s expense ratio, which determines your cost of owning it yearly.
3. Art Stocks
Art stocks offer a slightly different way to invest in art. Rather than funding individual artworks, you might invest in publicly traded companies that:
• Manufacture art supplies
• Handle art restoration
• Sell art insurance
• Produce art prints
• Create digital art software programs or applications
• Create software or apps used by museums
This type of art investment is more tangential, but may be worth a look if you’re interested in the art world in its entirety, not just individual paintings or sculptures.
Similar to investing in art funds, consider the minimum investment required to buy shares. And study the stock’s past performance and risks to fully understand what you’re buying.
4. Non-Fungible Tokens (NFTs)
Non-fungible tokens or NFTs are digitized versions of various works, including art. NFTs and their owners are recorded on the blockchain so they can’t be duplicated or reproduced.
If you’re weighing NFTs, carefully consider the risks as well as the amount you plan to invest. A good rule of thumb for this type of investment may be to limit yourself only to what you can afford to lose.
5. Individual Works of Art
You might invest in art by purchasing individual pieces. Again, you may choose from blue-chip, established, or emerging artists.
The advantage is that you can decide when to sell and you’re not necessarily locked in for decades. Art flipping, a controversial practice in art circles, involves buying works of art and selling them quickly for a profit. It’s similar to house flipping, another type of alternative investment.
If you’re interested in buying individual pieces, you might buy them from:
• Galleries
• Private dealers
• Art auctions
Purchasing directly from the artist may also be an option, though this may require some negotiation to decide on a price.
Before buying a piece of art, consider the ongoing costs of ownership. For example, you may need to pay to have it professionally stored to avoid damage to the work. And depending on its value you may need to buy insurance for your investment.
The Takeaway
Art and other alternative investments can help you create a well-rounded portfolio. The important thing to remember is that art is an alternative investment, with specific risks and potential advantages. While you could make a profit with art investments, you could also lose money, so it’s wise to assess the risks before wading in.
Ready to expand your portfolio’s growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi’s easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it’s important to consider your portfolio goals and risk tolerance to determine if they’re right for you.
Invest in alts to take your portfolio beyond stocks and bonds.
FAQ
Is art a good investment?
Art can be a good investment for people who have sufficient means to invest and are comfortable with the various risks. It’s possible to realize higher returns from art investments compared to stocks or bonds, but it typically requires a longer holding period. Reduced liquidity can make art a less attractive investment for people who are looking for near-term gains.
How do you start investing in art?
You can start investing in art by deciding which strategy you’d like to pursue. Do you like the idea of owning fractional shares, or share in an art fund? Would you prefer to buy stock in art-related companies? Or do you feel confident in your taste, and budget, as a collector to purchase individual works? Be sure to vet your all-in costs, how long your money might be locked up, and whether there are risks with one choice versus another.
Why do millionaires invest in art?
Millionaires may invest in art for different reasons, ranging from a desire for higher returns to a passion for art as a collectible. As alternative investments go, art can be profitable, though it does take some knowledge of the market to assess which pieces are most likely to see the greatest appreciation.
Photo credit: iStock/Antonio_Diaz
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Want to know what the best businesses that run themselves are? Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time. Having a business that runs itself means more time for you to do…
Want to know what the best businesses that run themselves are?
Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time.
Having a business that runs itself means more time for you to do what you love. This could be more family time, traveling, pursuing passions, or starting another venture. These kinds of businesses are perfect for making your dreams a reality.
Now, that doesn’t mean that all of the businesses below will require zero hours of work from you – they will need varying amounts of time dedicated to them. Maybe some time in the beginning to get it started, some time to maintain it, or even hiring an employee to keep it going or check in occasionally.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Businesses That Run Themselves
Below are the best businesses that run themselves.
1. Self-service laundromat
A laundromat business can be a great business idea if you want something that mostly runs itself.
With the right setup, you might only need to check in occasionally. Laundromats can give you a steady source of income because people always need clean clothes.
The day-to-day operations of a laundromat include opening the business up in the morning, maintaining machines (the washers and dryers) and keeping the business clean, stocking detergents, and having someone handle the finances. The average self-service laundromat has 2 employees or less, so this is a business where you can outsource that job even.
Running a laundromat can be rewarding and mostly hands-off, making it a popular choice among business owners. If you’re looking for a steady income with minimal daily effort, this could be the option for you.
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
2. Sell printables
Digital products, such as printables, can be a great way to have a business that runs itself.
Making printables on Etsy can be a great idea because you just need to create one digital file per product, which you can then sell an unlimited number of times. This is what makes it a great passive income opportunity, plus, you can make printables without anything other than just your laptop/computer and internet connection.
Printables are digital products that customers can download and print themselves at home. Examples of printables include:
Grocery shopping checklists
Gift tags
Candy bar wrappers
Printable quotes for wall art
Patterns
Planners
Coloring sheets
Stickers
These items are designed to be easily printed from a computer or other devices, being convenient for buyers who want to customize and use them right away.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Blogging
Blogging can be a business that runs itself mostly, but it’s not passive, especially at the beginning. It requires a lot of hard work and can take up most of your time when you’re starting out. Over the years, I’ve automated much of my blog so that it runs with about 10 hours of maintenance from me each week.
Starting a successful blog is challenging – it’s not something everyone can easily do!
That said, learning how to start a blog has been one of the best decisions I’ve made. It’s a great way to earn semi-passive income and extra money.
I think it’s one of the best businesses that run themselves, and it’s something that I have been doing for years. I can take weeks off at a time and still earn a great income during that time.
Blogging can generate passive income because you can create a blog post (high-quality content is key) and continue to earn money from it for years. This income can come from affiliate marketing or display advertising. Unlike traditional jobs where you have to work daily to earn money, a blog allows you to make money around the clock – even while you sleep – thanks to the work you’ve already done in the past.
I have a free training that you can take – How To Start A Blog FREE Course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
4. Affiliate marketing
Affiliate marketing is a great way to make money with a business that mostly runs itself and can make money in your sleep.
Among these businesses that practically run themselves, this one is my favorite. I’ve earned more than $2,000,000 through affiliate marketing over the years, and much of it is semi-passive. I can earn money while I’m on vacation, without internet, while I’m sleeping, and more.
Affiliate marketing is when you earn money by placing a special link on your website or social media. When people buy something through your link, you get a commission. For example, if you link to a book on Amazon (after joining the Amazon affiliate program) from your website and someone buys it through your link, you earn a commission. Companies like Amazon value good affiliates because they help promote their products and services.
You earn a commission by promoting other companies’ products or services. When someone buys through your link, you get paid.
Now, this doesn’t mean that affiliate marketing completely runs itself. You will need to write the content that draws readers in and find ways to get page views. But, once you get things started, you can earn money without always actively working for it.
Recommended reading: Affiliate Marketing Tips For Beginners – Free eBook
5. Rental real estate and rental properties
Being a property owner and managing properties can be a great way to run a business that makes money on its own.
One way to earn extra money is by listing your property on Airbnb or another short-term rental platform. You can rent out your entire house, apartment, or just a room to travelers looking for short stays.
Another way to earn money is through long-term rentals. Long-term rentals involve renting out a property for an extended period, typically six months to a year or more. For example, you might rent out an apartment or house to a family who will live there full-time.
One advantage of long-term rentals is the stable and consistent income they provide. By leasing your property to tenants for a longer duration, you establish a steady stream of rental payments. This reliability can be particularly appealing for those seeking a reliable source of passive income. Plus, managing a long-term rental is usually less demanding than a short-term rental since you don’t need to clean the property frequently or find new renters regularly.
Whether you rent out your property short-term or long-term, you can lessen your involvement by hiring a property manager to do any of the day-to-day work that may be needed. This can make your rental property business more of a hands-off business model.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
6. Online courses
Creating and selling online courses can be a great way to earn passive income. Once you develop the content and put it on a platform like Teachable, it mostly takes care of itself.
With an online course, you share what you know with others. Maybe you’re good at math, photography, or playing guitar. You can turn those skills into a course.
Creating online courses is a smart way to take what you know and turn it into a business that runs almost by itself. It can be fun too, and you can help a lot of people at once.
I created Making Sense of Affiliate Marketing, my first online course, several years ago and have earned over $2,000,000 from it.
Creating a course is not the easiest way to start a business that runs itself, but it can be a great way to earn an income around the clock. Most of the work is done in the very beginning, and then there is some maintenance along the way to keep the course updated, help students, and so on.
Recommended reading: How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
7. Storage facility
Running a storage facility is a great way to have a business that can largely manage itself. Plus, this can be a steady income stream, and many storage facilities have long waiting lists and are in high demand.
Self-storage facilities are places where people store their belongings, like boxes of their keepsakes, vehicles, RVs, and more, in storage units or in a big lot.
Owning a self-storage business can be a way to earn money with low expenses. These businesses usually only need a couple of employees.
Often, when I visit a self-storage lot, it’s just the owner or one employee working, and there are very few customers around. Sometimes, no one is working and I just use a code to go in and out.
Another idea similar to this is to rent out your storage space on Neighbor.
Neighbor.com is a platform where you can rent out your space to people who need storage for their belongings such as boxes, furniture, and even cars. You can list spaces like your driveway, garage, closet, and more on Neighbor.com. It’s similar to Airbnb but for storage – no one stays overnight, just their belongings! Depending on demand in your area and the type of storage space you have, you can earn between $100 to $400 or more each month.
Recommended reading: How To Invest In Self-Storage For Beginners
8. Stock photography
Stock photography is a great way to start a business that will eventually run itself. With this type of business, you take photos and upload them to stock photo websites. When someone buys your photo, you get paid.
Once your photos are online, they can sell again and again too.
Stock photos have many different purposes for websites, companies, blogs, and more. Businesses use stock photos because they may not have the resources to photograph everything they need. Instead, they can use stock photos to improve the visual appeal of their content, website, or business.
I personally use stock photos in my blog posts, as do many others. All the photos in this article are stock photos, actually.
There are several well-known stock photo websites such as Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
To sell photos on these sites, you’ll need to create a contributor account and upload your images following the site’s rules. Each time someone downloads your photos, you earn a commission.
On stock photo websites, having high-quality photos is very important, but having a larger portfolio also matters. The more pictures you have in your stock photo collection, the more potential income you can generate.
Recommended reading: 18 Ways To Get Paid To Take Pictures
9. Car washes
Running a car wash business can be a great way to earn money with minimal effort. Automatic and self-serve car washes are especially popular because they require less work to manage day-to-day.
A self-service car wash is a place where customers pay to use equipment to wash their own cars.
An automatic car wash is a place where customers drive through a tunnel where machines do all the cleaning.
Starting a car wash can be cost-effective over time. The equipment can handle many customers with little human help. You just need to check the machines and refill supplies.
10. Write ebooks
Creating ebooks can be a great way to generate passive income streams. Once you write and publish an ebook, it can keep earning you money with very little effort.
Writing a book can provide passive income because you only need to write it once, yet you can continue to earn money from it for years. While you may need to do some promotion to keep readers engaged, the writing itself is a one-time effort. This makes it possible for the income to be passive over time.
Plus, you can start by self-publishing an ebook and selling it directly on Amazon or on your own website.
11. Dropshipping
Dropshipping is a popular business model that lets you sell products without keeping any inventory. You simply partner with a supplier who ships the items directly to your customers.
Dropshipping can be a great choice because there are low start-up costs as you don’t need to buy stock or rent a warehouse. This keeps costs down at the beginning.
Plus, there’s a lot of flexibility. You can run your dropshipping business from anywhere with an internet connection. This makes it perfect for those who like to travel or work from home.
There are many different things you can sell in a dropshipping business, such as T-shirts (you could even have a print-on-demand business), home decor, mugs, kitchen tools, pet supplies, and baby items.
12. Run a membership website
Membership websites are a great way to run a business that can almost take care of itself. These are websites where people pay regularly to access exclusive content or services.
Now, these will require work and some maintenance. But, you can earn recurring income 24/7, without actively needing to work.
Plus, as more people join, your income grows without adding lots more work.
Some examples of membership sites can include running a Patreon for your YouTube channel, a stock photo membership site, a paid forum, and an online school.
13. ATM business
If you want a low-maintenance business idea that almost runs itself, you may want to look into ATMs.
ATMs can be great because they don’t need much daily work. Once set up, you just need to check them regularly and refill cash.
To start, you’ll need one or more ATM machines (these typically cost around $2,000 to $10,000), you’ll need to find locations (such as convenience stores, malls, gas stations, etc.), set up the ATM (connect it to a network), and monitor and maintain it.
You would earn money through the ATM transaction fees that people are charged when they withdraw money.
Using ATMs can be a good way to make extra money without a lot of effort. They need some work at first but can become a reliable source of income.
14. Parking lots
Parking lots can be great businesses that mostly run themselves.
People always need places to park, such as in cities, near popular venues, at airports, and at shopping centers. If you can find a good location, your parking lot can bring in steady income without much daily work from you.
To get started, all you need is a plot of land. You can set up pay stations to handle money collection. Some lots even use apps for payments, making the process easier for everyone.
And, with the right setup, you can keep things running smoothly with just occasional cleaning and repairs.
15. App development
If you have technical skills, developing and selling an app can be a way to start a business that operates autonomously.
Creating your own app, whether it’s a useful tool, a fun game, or something else, can be profitable.
Although it requires initial effort and investment, once your app is available in app stores, it can generate revenue around the clock through in-app purchases or with the initial download.
You can create mobile apps like a budget tracker, meal planner, fitness tracker, meditation guide, travel planner, and others that cater to specific needs or interests.
16. Billboards
A billboard business is a great way to make passive income. Once set up, it needs little maintenance. You can rent the advertising space to companies for their ads.
Now, building new billboards isn’t allowed everywhere, but in many places, you can still add them onto your own land or buy one that already exists. You’ll want to check local laws to know more before you begin.
Billboards require minimal upkeep, which makes it a great business that runs itself. Regular checks and occasional repairs are needed. Digital billboards need more maintenance, but they can display multiple ads and increase income.
17. Sell on Amazon
Amazon FBA (Fulfillment by Amazon) allows sellers to store their products in Amazon’s warehouses. Amazon takes care of shipping to customers, handling returns, and managing customer service for the seller. This setup frees sellers from storing inventory or dealing with shipping logistics.
While you still need to find products to sell, Amazon FBA makes it possible for anyone, even without experience, to earn money selling items like household goods, toys, books, electronics, and more through their platform.
Recommended reading: How To Work From Home Selling On Amazon FBA
18. Vending machine business
A vending machine business can be a great way to earn passive income. With some initial investment and a bit of planning, you can start making money with minimal effort. Vending machines typically need minimal upkeep and the hours are low.
You can start with as little as $1,500 to $3,000, and even buy used or refurbished vending machines to save money.
Vending machines can be placed in high-traffic areas (with permission and an agreement, of course), such as schools, offices, gyms, hospitals, and more. You may need to pay 5% to 25% of your earnings to use their space.
Vending machines run on their own for the most part. You will have to refill the machines regularly and make any needed repairs.
A vending machine business can be a smart way to generate passive income while requiring little hands-on work. With the right location and products, you can see steady profits.
Recommended reading: How To Start A Vending Machine Business – How I Make $7,000 Monthly
Frequently Asked Questions
If you are thinking about having a self-running business, here are some common questions and helpful answers that might guide you in the right direction.
How can I start a business that doesn’t need me to be there all the time?
To start a business that doesn’t need you to be there all the time, I recommend finding a business model that can be easily automated. Examples include online stores using dropshipping or print-on-demand services. These models let you automate order processing and inventory management, reducing your need to be involved in daily operations. Other businesses include running a laundromat, selling printables on Etsy, blogging, rental real estate, and stock photography.
What are some top businesses known for making money while the owner sleeps?
The best businesses known for making money while the owner sleeps include rental real estate, blogging, stock photography, dropshipping, ATMs, developing an app, and selling an online course. These businesses have systems in place that handle most tasks automatically, allowing you to earn money with minimal hands-on management.
How to have a business that runs itself?
To have a business that runs itself, you need to try something like vending machines, ATMs, blogging, stock photography, dropshipping, and more. Then, you can either automate as much as you can, or outsource the hours where something needs to be done (such as refilling the vending machine).
What is the easiest business to start and run?
Among the easiest businesses to start are online stores using dropshipping, vending machines, and digital products like printables. These business ventures require low upfront investment and minimal ongoing management, making them accessible for beginners.
How do you find a self running business for sale?
To find a self-running business for sale, you can look for listings on business-for-sale websites or contact business brokers. Many websites list businesses for sale, such as BizBuySell and LoopNet. Always research and vet any business thoroughly before buying.
Businesses That Run Themselves – Summary
I hope you enjoyed this article on the best businesses that run themselves.
Self-sustaining business examples include online businesses like blogging and affiliate marketing, where you create content or promote products and enjoy passive income.
Even offline options like laundromats and car washes can be mostly self-sustaining, needing only occasional maintenance. Another good example is a vending machine business. You just put your machines in good spots and let them do the work.
Managing a rental business can be another way to have a business plan that doesn’t require a lot of active hours from you.
For me, I have a business that I work a low amount of hours and can run itself for the most part. I have automated a lot to make this possible, as well as have worked a lot of hours in the beginning. I love having a business that can run itself, as it means that I have more time for other things in life.
What do you think are the best businesses that run themselves?
A zero-coupon certificate of deposit or zero-coupon CD is a type of CD that’s purchased at a discount and pays out interest at maturity. Zero-coupon CDs can offer higher yields than standard CDs for investors who have the patience to wait until maturity to collect their original deposit and the interest earned.
Zero-coupon certificates of deposit are similar to bonds in that both are considered lower-risk, fixed-income instruments, but they serve different purposes in a portfolio. Understanding how a zero-coupon CD works can make it easier to decide if it’s a good investment for you.
What Is a Zero-Coupon CD?
To understand zero-coupon CDs, it’s important to know how a regular certificate of deposit works. A CD account, also referred to as a time-deposit or term-deposit account, is designed to hold money for a specified period of time. While the money is in the CD, it earns interest at a rate determined by the CD issuer — and the investor cannot add to the account or withdraw from it without penalty.
CDs are FDIC or NCUA insured when held at a member bank or credit union. That means deposits are insured up to $250,000.
CDs are some of the most common interest-bearing accounts banks offer, along with savings accounts and money market accounts (MMAs).
A zero-coupon certificate of deposit does not pay periodic interest. Instead, the interest is paid out at the end of the CD’s maturity term. This can allow the purchaser of the CD to potentially earn a higher rate of return because zero-coupon CDs are sold at a discount to face value, but the investor is paid the full face value at maturity.
By comparison, traditional certificates of deposit pay interest periodically. For example, you might open a CD at your bank with interest that compounds daily. Other CDs can compound monthly. Either way, you’d receive an interest payment in your CD account for each month that you hold it until it matures.
Once the CD matures, you’ll be able to withdraw the initial amount you deposited along with the compound interest. You could also roll the entire amount into a new CD if you’d prefer.
Remember: Withdrawing money from a CD early can trigger an early withdrawal penalty that’s typically equal to some of the interest earned.
How Do Zero-Coupon CDs Work?
Ordinarily when you buy a CD, you’d deposit an amount equal to or greater than the minimum deposit specified by the bank. You’d then earn interest on that amount for the entirety of the CD’s maturity term.
With zero-coupon CD accounts, though, you’re purchasing the CDs for less than their face value. But at the end of the CD’s term, you’d be paid out the full face value of the CD. The discount — and your interest earned — is the difference between what you pay for the CD and what you collect at maturity. So you can easily see at a glance how much you’ll earn from a zero-coupon CD investment.
In a sense, that’s similar to how the coupon rate of a bond works. A bond’s coupon is the annual interest rate that’s paid out, typically on a semiannual basis. The coupon rate is always tied to a bond’s face value. So a $1,000 bond with a 5.00% interest rate has a 5.00% coupon rate, meaning a $50 annual payout until it matures.
Real World Example of a Zero-Coupon CD
Here’s a simple example of how a zero-coupon CD works. Say your bank offers a zero-coupon certificate of deposit with a face value of $10,000. You have the opportunity to purchase the CD for $8,000, a discount of $2,000. The CD has a maturity term of five years.
You wouldn’t receive any interest payments from the CD until maturity. And since the CD has a set term, you wouldn’t be able to withdraw money from the account early. But assuming your CD is held at an FDIC- or NCUA-member institution, the risk of losing money is very low.
At the end of the five years, the bank pays you the full $10,000 face value of the CD. So you’ve essentially received $400 per year in interest income for the duration of the CD’s maturity term — or 5.00% per year. You can then use that money to purchase another zero-coupon CD or invest it any other way you’d like.
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
Tips When Investing in a Zero-Coupon CD
If you’re interested in zero-coupon CDs, there are a few things to consider to make sure they’re a good investment for you. Specifically, it’s important to look at:
• What the CD is selling for (in other words, how big of a discount you’re getting to its face value)
• How long you’ll have to hold the CD until it reaches maturity
• The face value amount of the CD (and what the bank will pay you in full, once it matures)
It’s easy to be tempted by a zero-coupon certificate of deposit that offers a steep discount between the face value and the amount paid out at maturity. But consider what kind of trade-off you might be making in terms of how long you have to hold the CD.
If you don’t have the patience to wait out a longer maturity term, or you need the money in the shorter term, then the prospect of higher returns may hold less sway for you. Also, keep in mind what kind of liquidity you’re looking for. If you think you might need to withdraw savings for any reason before maturity, then a standard CD could be a better fit.
Comparing zero-coupon CD offerings at different banks can help you find one that fits your needs and goals. You may also consider other types of cash equivalents, such as money market funds or short-term government bonds if you’re looking for alternatives to zero-coupon CDs.
Recommended: How to Invest in CDs: A Beginner’s Guide
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Pros of Zero-Coupon CDs
Zero-coupon CDs have some features that could make them more attractive than other types of CDs. The main advantages of investing in zero coupon certificates of deposit include:
• Higher return potential than regular CDs
• Guaranteed returns, since you’re unable to withdraw money before maturity
• Suited for longer-term goals
• Can be federally insured
Zero-coupon CDs are lower-risk investments, which can make them more appealing than bonds. While bonds are considered lower-risk investments generally, if the bond issuer defaults, then you might walk away from your investment with nothing.
A zero-coupon certificate of deposit, on the other hand, does not carry this same default risk because your money is insured up to $250,000. There is, however, a risk that the CD issuer could “call” the CD before it matures (see more about this in the next section).
Cons of Zero-Coupon CDs
Every investment has features that may be sticking points for investors. If you’re wondering what the downsides of zero-coupon CDs are, here are a few things to consider:
• No periodic interest payments
• No liquidity, since you’re required to keep your money in the CD until maturity
• Some zero-coupon CDs may be callable, which means the issuer can redeem them before maturity, and the investor won’t get the full face value
• Taxes are due on the interest that accrues annually, even though the interest isn’t paid out until maturity
It may be helpful to talk to your financial advisor or a tax professional about the tax implications of zero-coupon CDs. It’s possible that the added “income” from these CDs that you have to report each year could increase your tax liability.
How to Collect Interest on Zero-Coupon CDs
Since zero-coupon CDs only pay out at interest at the end of the maturity term, all you have to do to collect the interest is wait until the CD matures. You can direct the bank that issued the CD to deposit the principal and interest into a savings account or another bank account. Or you can use the interest and principal to purchase new CDs.
It’s important to ask the bank what options you’ll have for collecting the interest when the CD matures to make sure renewal isn’t automatic. With regular CDs, banks may give you a window leading up to maturity in which you can specify what you’d like to do with the money in your account. If you don’t ask for the money to be out to you it may be rolled over to a new CD instead.
How to Value Zero-Coupon CDs
The face value of a zero-coupon CD is the amount that’s paid to you at maturity. Banks should specify what the face value of the CD is before you purchase it so you understand how much you’re going to get back later.
In terms of whether a specific zero-coupon CD is worth the money, it helps to look at how much of a discount you’re getting and what that equates to in terms of average interest earned during each year of maturity.
Purchasing a $10,000 zero-coupon CD for $8,000, for example, means you’re getting it at 20% below face value. Buying a $5,000 zero-coupon CD for $4,500, on the other hand, means you’re only getting a 10% discount.
Of course, you’ll also want to keep the maturity term in perspective when assessing what a zero-coupon CD is worth to you personally. Getting a 10% discount for a CD with a three-year maturity term, for example, may trump a 20% discount for a five-year CD, especially if you don’t want to tie up your money for that long.
The Takeaway
Investing in zero-coupon CDs could be a good fit if you’re looking for a lower-risk way to save money for a long-term financial goal, and you’d like a higher yield than most other cash equivalents.
Zero-coupon CDs are sold at a discount to face value, and while the investor doesn’t accrue interest payments annually, they get the full face value at maturity — which often adds up to a higher yield than many savings vehicles. And because the difference between the discount and the face value is clear, zero-coupon CDs are predictable investments (e.g. you buy a $5,000 CD for $4,000, but you collect $5,000 at maturity).
As with any investment, it’s important for investors to know the terms before they commit any funds. For example, zero-coupon CDs don’t pay periodic interest, but the account holder is expected to pay taxes on the amount of interest earned each year (even though they don’t collect it until they cash out or roll over the CD).
If you’re eager to earn a higher rate on your savings, you’ve got a lot of options to explore — including a high-yield bank account or a regular CD.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
What is a coupon on a CD?
The coupon on a CD is its periodic interest payment. When a CD is zero coupon, that means it doesn’t pay out interest monthly or annually. Instead, the investor gets the full amount of interest earned paid out to them when the CD reaches maturity.
Is a certificate of deposit a zero-coupon bond?
Certificates of deposit and bonds are two different types of savings vehicles. While a CD can be zero-coupon the same way that a bond can, your money is not invested in the same way. CD accounts also don’t carry the same types of default risk that bonds can present.
Are CDs safer than bonds?
CDs can be safer than bonds since CDs don’t carry default risk. A bond is only as good as the entity that issues it. If the issuer defaults, then bond investors can lose money. CDs, on the other hand, are issued by banks and typically covered by FDIC insurance which generally makes them safer investments.
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