Every day you hustle. Nose to the grindstone getting through the workday. You’re working hard for your money, but have you ever stopped to think about how your money can work for you?

Making your money work for you goes beyond having an emergency fund or simply being debt-free – although, both are good places to start.  It’s about taking the money you’re already making and making it generate returns for you.

But, how? There’s no simple answer or even a single way to do it, but these tips can help you get started.

Utilize retirement accounts

Don’t sleep on opportunities to invest in a 401(k) or Roth IRA. A 401(k) is great because you’re contributing pre-tax money into your account, and you get free money from your employer in the process. Think about it like this: you earn $100,000 a year and your company offers a 3% match on your 401(k). If you invest $3,000 (3% percent of $100,000), your company will match that leading to $6,000 being added to your 401(k). A Roth IRA works just a little differently. Unlike the 401(k), a Roth IRA leverages after-tax income. However, when you begin to withdraw the money at retirement, you won’t pay taxes on your withdrawals.

Start a side hustle

Uber, GrubHub, Instagram – all of these companies began with an idea that blossomed into billion-dollar companies. What’s your passion and can you turn that into a billion-dollar idea? Consider starting a side hustle and find ways to make some extra money. It could be a traditional second job, a work-from-home job or turning your ideas into ways that add to your savings. If you can structure your budget and expenses around your primary source of income, any money you make from your side hustle can go straight into your savings.

Create passive income streams

Passive income is money you earn with little to no effort involved. Once it’s set up, passive income will earn you money while you sleep. Creative passive income does require some type of investment upfront, whether that’s time or money, but it’s an investment that can lead to huge payoffs later.

Building your future is important, and it takes a lot of hard work. At Sierra Pacific Federal Credit Union, we’re just as interested in your future as you are. We want to help you take the necessary steps to make your dreams come true. Stop by or give us a call, and let’s see how we can build your future together.