Having money in an account is nice, but most financial advisors will tell you that if your money is not working for you, then you’re losing out on wealth.
Keep your emergency fund in your regular savings account so you have immediate and total access to it. Any savings beyond that need to be put to work earning for you.
Beyond that amount in your emergency fund, put everything else in a money making venture or account. Whether that be a CD, stocks, bonds, EFTs, or just an interest-bearing savings account. You want any of your money, that’s not being spent, to work for you. It needs to grow, not lie stagnant like my heart.
Another way to make money while you’re making money, is to invest in a vending machine or other business. Be a silent investor so you don’t have to do any of the work or maintenance. Just sit back and let the money come to you. Then, put your profits in an interest-bearing account or another investment opportunity.
I also like to make money by buying a piece of furniture, flipping it and selling it for a profit. I only buy one piece at a time, so I don’t overextend myself physically, creatively, or financially. I have made good money at this. Custom painted furniture and mosaic furniture is all the rage.
COVID has affected our economy, but not all in bad ways. Now is a great time to buy real estate, if you are able to qualify. Qualifications are a little harder, but it’s a good time to buy and a great time to sell if you need to liquidate some assets.
Also, consider your education as an investment for your money. Take a class, get that degree, get that training, or just become educated. The more skills you have, the better.
Knowledge is power. I firmly believe that. The day you stop improving yourself and your life, is the day you really die.