Getting out of debt and saving money for a rainy day is crucial. But what if you’ve already mastered those two tasks? The next step is to make your rainy day money grow by investing it. The keys to successful long term investing, as with any venture, are timing, planning and common sense. As long as you stick to these three principles you should be able to reach and surpass your investment goals. Here now are three fundamental steps to a successful investment strategy:
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Becoming rich isn’t everyone’s goal. I mean, what’s the point of accumulating wealth your whole life if you’re not going to enjoy it? Nevertheless, I’ve compiled a quick five step guide to becoming rich..
- Earn money. This is where it all starts. This is your income. You can’t become rich if you don’t have a steady well paying job.
- Spending. A flashy car, expensive jewelry, the latest gadget? You’re not going to be rich if you spend what you earn foolishly.
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There is a debate on whether buying gold right now is a good idea. As with many investments, it’s all about timing them right – getting in while it’s low and leaving while it’s high. But gold has been rising in price for quite some time now and it’s showing no signs of slowing down. Many believe that the gold bubble will soon burst though.
So is buying gold a wise investment right now? My answer is yes. Let me tell you why.
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Does investing in a four year college education make sense? For many students, the increased earning power may not make up for the debt incurred along the way.
First of all, let us establish certain realities. A public four year college charges, on average, more than $12,000 annually in tuition and fees. Private four year colleges charge over $29,000 on average for tuition and fees. Lets compare that to past decades. A degree from a public four year college costs only $5,200 in 1990 as compared to today’s figure of approximately $12,000. The same four year degree costs only $2,550 in 1980.
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Sounds strange doesn’t it? But investing isn’t risky. Lack of control is risky. If you know where your money is going and have the ability to remove your money and put it somewhere else, that’s not risk, that’s having control.
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Don’t keep all your eggs in one basket. If your basket drops all your eggs will break!
In business as well as investing, you want to spread out your assets as far and wide as possible. With investing, for example, you’ll want to invest in US and foreign stocks. Invest in large and small companies. Make your investments as diverse as possible. The reason is because if you only invest in tech stocks – and the US tech market suffers a hit – all your stocks will suffer.
Better yet, if you want to invest, invest in stocks, in gold, in real estate, in making personal loans. This way your profits will balance any possible losses.
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With no risk there is no reward, but that doesn’t mean you have to invest all your money at once and roll the dice.
You can take small calculated risks. With each and every success you have, invest a little more each time. Take it slow and you’ll build not only your knowledge, but your income as well.
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If they pay so much, why am I not going to throw some money into my Paypal account and keep it there?
First, Paypal has a history of “freezing” accounts for no reason. Back in 2001, I had an account frozen and all of my funds were frozen as well. I couldn’t withdraw my money or accept any either. They asked me to send them information about me. It’s been so long I forgot what they wanted, but probably a copy of my state issued drivers license and a copy of a credit card, and most likely a copy of a current utility bill. I sent in everything and I never did get that account re-opened.
If you think this was a fluke case, then take a look at Paypal Sucks. It’s happened to lots of other people too. I think Paypal has cleaned up its’ act after being sued, so I doubt anything like that would ever happen again. eBay owns it now too so that’s given me enough confidence to keep using Paypal under a new account I created soon after my first one was closed. Just how confident am I in Paypal? Well I use it to pay for my eBay purchases and receive money from my eBay sales, but as soon as I have money in there, it goes right back to my bank account.
Just a couple of months ago, I “accidentally” left a few hundred dollars in my account.. I was surprised to see it earned interest, as I had forgotten Paypal offered that. I think it was 5.05% APY. Not too shabby, but not FDIC-insured, so “save” at your own risk.
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Part of the Ethernity
