Recently I read the book " Discover the wealth within you" by Ric Edelman. I had bought this book around 10 years back and haven't touched it. Now was the time that read the book page by page and word by word. I loved the book's flow and it was a good read. It's a skill to get rich , quit your job and get retired early. Retirement is not everyone and it's about having freedom.
It doesn't mean you are avoiding to work for someone but you will have your own time. There are 4 ways to find your thing to investing
1. Long term - savings account - 20 years
Most people make hasty financial decisions. There are no quick decision when you transact with money. spend what is left after saving and that's the key to success. When you have an account for safety or for emergency or as like retirement fund , you are on the safer side. This is like the food that you save for a rainy day.
2. Short term - savings account < shopping, travel and food
You should definitely have an savings account for travel , food and shopping. This account will be your ATM for day to day expenses. This would keep the confusion out of the game and you will be able to make progress slowly. You will be able to trace all your expenses and it would align your life back on track. Imagine when you have spent 100$ on food eating outside and you realise you are spending too much on food by eating outside. You can cut these expenses when you track what you spend.
The first two steps are about saving for long term and tracking the expenses. The other 2 options are something most people knew already but not taking the right action. Let's check out that too.
3. Mutual fund Investing - Investing in mutual funds can be risky but at the same time the most profitable idea to grow your money passively. Focus on Index funds which is the safest thing out there and you should have knowledge about it. Read about the fund managers who are managing your funds and how is the overall market behaving. It depends on the stock market and people's buying power.
4. Stock investing - I have studied a lot of books for my Youtube channel and made a video course on udemy. stock investing only course that you will need is a course that I created for beginners and who wants to earn money consistently from stock market. Pick the winners , stock market is easy and it's all passive income. Above all develop a positive mindset and that brings more money on the table.
It doesn't mean you are avoiding to work for someone but you will have your own time. There are 4 ways to find your thing to investing
1. Long term - savings account - 20 years
Most people make hasty financial decisions. There are no quick decision when you transact with money. spend what is left after saving and that's the key to success. When you have an account for safety or for emergency or as like retirement fund , you are on the safer side. This is like the food that you save for a rainy day.
2. Short term - savings account < shopping, travel and food
You should definitely have an savings account for travel , food and shopping. This account will be your ATM for day to day expenses. This would keep the confusion out of the game and you will be able to make progress slowly. You will be able to trace all your expenses and it would align your life back on track. Imagine when you have spent 100$ on food eating outside and you realise you are spending too much on food by eating outside. You can cut these expenses when you track what you spend.
The first two steps are about saving for long term and tracking the expenses. The other 2 options are something most people knew already but not taking the right action. Let's check out that too.
3. Mutual fund Investing - Investing in mutual funds can be risky but at the same time the most profitable idea to grow your money passively. Focus on Index funds which is the safest thing out there and you should have knowledge about it. Read about the fund managers who are managing your funds and how is the overall market behaving. It depends on the stock market and people's buying power.
4. Stock investing - I have studied a lot of books for my Youtube channel and made a video course on udemy. stock investing only course that you will need is a course that I created for beginners and who wants to earn money consistently from stock market. Pick the winners , stock market is easy and it's all passive income. Above all develop a positive mindset and that brings more money on the table.
0 comments:
Post a Comment