Whether you’re young looking for financial direction or seasoned seeking financial aid, there are certain avenues that are simply wiser to invest your money in. Although everyone has their own opinion as to how you should spend your hard-earned revenue, I find it best if you can make your money work for you. Here’s 5 easy ways you can wisely use your money to promote a better future for yourself.
1. Invest wisely.
Try to avoid investing in areas that you aren’t knowledgeable in. If you understand stocks and feel comfortable trading, use that, if you feel more comfortable with bonds, choose that. If you aren’t familiar with either, or any investment opportunities, educate yourself. Bonds are a great way to safely invest money. Although the return isn’t as high as many stock options, bonds are secure. The risk isn’t nearly as high as that of stocks either.
2. Real estate.
This may be a long term investment for you, but the price of land in most rural areas is on the increase right now. If you can manage a property and keep tenants, your money will work for you without you having to lift a finger.
3. Save more than you spend.
Take care of your needs first. Then, 10% of the remainder can go to pleasure, 10% should be donated or given to a worthy cause of your choosing, and the rest should be put into savings. As Suzy Ormond says, “People first, then money, then things.” Don’t let possessions take a higher priority than your future wellbeing.
4. Invest in a good lawyer. It might seem funny to mention this, but a good lawyer can be a saving grace in a handful of different scenarios. If you don’t know where to start with this one, I would visit Moore Law Firm. It’s operated by Kevin Moore. You won’t be disappointed.
5. Don’t invest in depreciating assets.
I have a rule to never buy a new car. They depreciate the instant you drive off the lot. If you invest in high cost depreciating assets, you are in a sense, wasting large amounts of money incredibly quickly. Be thrifty in purchases and only invest in sure fire appreciating assets.
Hopefully this list has helped you in some way to understand where you might be able to tighten up a little in good money management and investments. Although it might seem inconsequential, I would also like to add that cutting back and having an attitude of thriftiness will change your finances as well. Use coupons, shop for deals, walk back to the clearance section and look for sales. Money is fluid and will come and go. If you develop an attitude and mentality of saving and thriftiness, this will be embedded in you during the good and the bad. The ups will feel higher, and the lows will hopefully not feel as hard as they have in the past. Thank you for reading.
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