Friday, February 15, 2008

Making Money and Debt Management

I've been doing alot of reading and researching lately about ways to diversify my income and keep debt management as a priority. My accountant recently basically begged us to get into something to offset our taxes. He also encouraged us to form an LLC in order to shield us from liability issues ownership of land or assets. So far I've been looking into two specific things.

1. Renting. Land near us (30 miles) is very cheap and mortgage rates are very low right now. I've been interested for a couple of years in carrying notes for people who buy trailers from me. Seems like even more benfits than renting with less hassle. I originally got the idea after reading Deals on Wheels by Lonnie Scruggs. He makes a pretty persuasive case for selling ownership of mobile homes while you personally carry the loan. See link for details.

2. Blogging for money. I would never have originally considered this until I looked at my Adsense "income" a week or so ago. I average 10c/day just from my random clueless posting about whatever I am thinking of. I am working on creating a blog from scratch whose sole purpose would be income generation. If I decide not to make it anonymous (which I probably will) then I'll post the link here.

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