Let’s say you’re waiting for a pot to fill up and you’re in a rush. You turn on the cold water and watch the water splash into the pot, filling it slowly. But then you turn on the hot tap as well, increasing the number of streams going into the pot. Which situation is going to make the pot fill up faster?
The one with multiple streams, obviously. And while that may seem unrelated, building your wealth is the same way. Most people only have one way they make money (their job) and it takes their savings pot their whole life to fill up. People who know the ways to invest their money and make it work from them build wealth much more quickly.
Want to be someone with multiple streams of income but don’t know where to start? That’s what this post is for – keep reading!
1. Investing in Stocks
You’ve heard of the stock market and seen movies or heard news of people making it big from investing in the right companies. Well, with technology being the way it is, you don’t need an economics degree to understand the stock market. There are apps and even artificial intelligence bots that can help you invest your money – or even do it for you!
Programs like Acorns round up the change from your purchases and invests it in the stock market based on the parameters you give it. You set it and forget it while it does the work for you. Interestingly, there’s also a strong stock market education culture on TikTok – and while you might not want to take financial advice from random TikTok-ers, it’s a good place to learn the basics.
Just make sure you vet the person you’re watching videos from!
If you’re lucky you may be able to catch onto stock trends by following relevant creators, how else do you think we got Gamestop to the moon?
2. Trading Stocks
Don’t like the stock you have? Want something someone else has? Just like you traded Pokemon cards as a kid, you can trade stock with other investors on trading platforms. These platforms make it easy for you to create safe and traceable transactions between traders.
This one is controversial. Some people are heavily against crypto, but most of the time they just don’t understand it. And we get it, it’s a lot to wrap your head around if money has always existed in banks for you. In terms of investing in Crypto, treat it like you would gambling – only invest the amount you’d feel comfortable losing.
Smart Ways to Invest Your Money
While there’s only so much we can cover in a short post, there are hundreds of ways to invest your money. Real estate, especially in today’s market, is an amazing investment (if you can afford it). Another option is investing in precious metals such as gold and platinum. You can also invest in startups, microloans, or create a thriving online business.
Your money is your business – and we’re in the business of helping you keep as much of it as possible. For more helpful articles like this, bookmark this page.