Goal Setting Workshop – 1 Hour To Shape The Rest Of Your Life June 28th, 2015admin
What is best?
Like most things it really depends on your long-term goals and current situation.
If you don’t currently own anything and are working at a job I would encourage people to save (BUT) only until they have enough to invest.
What should one invest in? That also depends.
There are many investment opportunities on the market.
Many will be cleverly presented but if you look past the bullshit and get to the numbers it might not be as impressive as it is fluffed up to be.
If you are business savvy and have a good understanding of the markets you will do better to invest than to continue ‘hoarding’ money and letting it sit there.
The question I would ask myself is: if I have X amount of dollars today, what is the best way that I KNOW OF (Know how to do) to increase the value as much as possible.
This is where a lot of people go wrong. Most people new to investing only know of 1 or 2 ways, have no understanding of, or don’t know how they would increase the value of X.
This is because most people are not taught in school how to invest. This is something you learn through aquaintances, mentors, seminars, or books (self-learning).
Personally, I know that the best way to for example double X is to create more value in the marketplace. As such, my first option is to start a business.
When I get to a point where I don’t have enough time resources on hand to run any more, I would then begin to expand and invest in other things (real estate, stocks, etc).
For now I don’t believe it is wise to invest in things that will take years and years to see the ROI. I simply don’t have that kind of cashflow.
If you are in a similar situation, I would suggest investing your money into a business that will generate profits as quickly as possible.
The reason most people won’t go this route is because some people are not meant to be entrepreneurs. When that is the case, starting a business is definitely risky and should be avoided.
However, if you are capable of running a business/startup then you know how easy it can be to get a 2x, 3x, return on whatever you put in once things get going.
This way you aren’t waiting years and years with money tied up to see the returns.
Most people for example think they can work hard and retire on a measly pension but that will not be the case for long as costs of living continue to increase.
Never rely on historical data or speculation!
In a nutshell, if you have lots of money, have houses/cars paid off, are investing in stocks, startup/companies, and have money leftover then do as you will with the rest of your money.
However, don’t put money that you don’t have into something that won’t pay you back for years down the road. (Especially into things where the ‘ship has already sailed’)
Join an investors group to get ideas from a wide-range of people. Don’t invest in something based on a recommendation (especially if that person’s portfolio is in the millions). If they picked a dud and lose money it may be nothing to them but could wipe you out if you are just starting out.
The number one thing I will recommend investing in is your own mind. The more you know about the right things, the more you can earn, the bigger the impact you can make, and so forth.