How to use other people's money to get rich - 4 ways to get richer

The concept of using other people’s money to get rich really interests me; just imagine having all your expenses paid by other people so you can live for free, is this really possible? I have four major expenses in my life that I’m always looking to reduce, these expenses include my mortgage payments, my energy bills, my taxes, and my groceries, is there any way that I could use other people’s money to cover as much of these costs as possible?

After giving this concept considerable thought I came up with four ways that I could reduce my expenses by getting others to help me, I have listed them below and I’m slowly putting all of these into effect, my ultimate goal would be to get all my expenses lowered and then covered by others.

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#1: My Mortgage Payments​

At the moment I’m paying over £500 per month on my monthly mortgage, this means that I’m having to fork out over £15 per day just to live and sleep in my house. I live in a three bedroom house with my wife and three year old child so we have more space than we need. One of the best ways to pay off my mortgage quickly would be to use other people’s money in the form of rent. I am now considering all three of my bedrooms and then living in one of the receptions in the house which is large enough for all three of us.

I have already let out one of the rooms which is the smallest bedroom for £130 per month, this means that if I rent the other two rooms out I can easily exceed my monthly mortgage payments and start making overpayments which will reduce the amount of years I have to pay. If I can still make the same payments as I did before then I would be paying over £1000 per month to clear my mortgage debt.

#2: My Energy Bills​

The more time we spend at home the more energy we use, we use energy for heating and cooling, energy for cooking and energy for entertaining, this is a serious drain on our finances. One of the best ways to use other people’s money to reduce energy bills is to spend more time outside. We have a wonderful Library which has free entertainment and free internet, we spend a significant amount of time at the library just learning, my son loves the kids books on offer and my wife loves to tear into romance novels.

I enjoy spending time online writing or just researching on how to become wealthy and rich. On average we spend about five hours per day in the library which means were saving five hours worth of energy at home, over the month we spend over 120 hours which easily saves us over £50 per month, over the year we would have saved £600!

#3: My Tax Bill​

In the UK we have to pay Council Tax on our property, for us this is around £100 per month, the money is used for emergency services and waste management as well as other services such as libraries and parks. One of the best ways to reduce your council tax bill is to have students to live with you; every student gets a council tax rebate which lowers my council tax bills.

The room that I mentioned above was rented out to a student for which I got a 25% discount, the more students that I can rent out to the lower my bill becomes. If I can rent out all three of my rooms to tidy students the better my discount becomes.

#4: My Grocery Bills​

Grocery shopping accounts for a significant part of our monthly income, we spend quite a lot of money on vegetables as this is one of the main items we buy. We have a relatively large garden which can potentially offer us vegetables all year round, the plot of land is so big that we could grow all year round and sell the surplus in a market. As I’m not a gardener this got me thinking about offering the plot to someone to grow vegetables in exchange for half the food they grow.

There are many people who are enthusiastic about gardening as a hobby but don’t have the land, I am now planning to put an ad up in our local paper to see what kind of a response we get. Our ultimate aim would be to not spend any more money on vegetables and use the half the produce from our garden to meet our vegetable needs.

How Much Money Can You Save​

Using these four tactics I have calculated that I could easily save at least 75% of our expenses, although I would have to devote more time to these small projects the return I would get would certainly be worth it. The money that I could save could either go towards paying off my mortgage quicker or I could just find an account offering the highest profit or interest so I can watch my wealth grow.

Using other people’s money to get rich is a great way to achieve your goals faster, if you can effectively manage all the projects and make sure there is harmony within the home then you could get rich very quickly.

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