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This bootcamp is designed to help you gain insight into who you are, and help you determine the best approach to improve your life.
In our last videos, we learned about the importance of dealing with financial debt. Today, we are going to continue our discussion on growing wealth by pointing out methods of saving and investing. This section is not designed to be comprehensive. It is really designed to give you a good starting point. Saving money is also critical for your financial health. Here are some tips I’d like to share with you on saving money.
Step # 1 is to Develop a concrete plan for saving cash. Write it down in a journal or notebook.
Step # 2. If you don’t have one, Open a savings account at your local bank.
Step # 3 Do NOT spend your savings on unnecessary things. Only use it for investments, and planned purchases
Step # 4 is to Set a goal – write down a specific amount of money that you want to save and work towards it.
If you’ve saved up a decent amount of cash, you could try investing it. Be careful when investing, though – if you’re not that experienced in the stock market, you might want to spend some time researching it first. Or if you’re feeling generous, you could make a donation to the charity of your choice. Not only will your contribution go a long way toward improving someone’s life, you’ll feel good, too.
Think about your spending habits. Are you a saver or a spender? Do you need to do things differently?
Let’s chat about investing your money for a few minutes. Investing your cash is a surefire way of multiplying your assets. But investing doesn’t just apply to the stock market, which is something many people assume – rather, it can apply to variety of other things. In the next few minutes, I’ll tell you all ABOUT some of those areas.
Most people think of the stock market when they think of the word “investing.” But I’ll tell you, right now, that there’s more out there than trading stocks. I’ll start off by saying that a good starting point, if you’re looking to invest, is to invest in items that have a proven history of success. A good example of this is real estate, but a general rule of thumb is to consider anything that has a history of increasing in value over time.
We’ll move on to one of the most popular methods of investment – the stock market. If you’re not an expert stock trader, the entire concept of buying, selling, and trading might seem a little daunting to you. That’s natural – believe me, there’s a LOT to learn. But it’s also a method that many wealthy people use to greatly multiply their net worth. The important thing to remember about investing in publicly traded stocks is that YOU become an owner – at least in part – of the company you are investing in. Essentially, you’re having that company work for YOU.
I’m not a certified financial advisor, so I’m not going to advise you as to what stocks to buy, what to sell, and all the other intricate facets of the stock market. What I can do is direct you to one of my favorite informational resources, that being the Internet. You can find a wealth of valuable information about investing just by doing a simple Google search.
I have a very personal example of investing that paid off for me. I had to invest time and money into my internet business. Initially I thought of it as a hobby. But I felt like my idea for this business was powerful – and realistic enough to work into a business. So I invested in my idea, and it’s paid off.
Here’s some general tips for investing:
1. Speak to someone with a financial background. Surround yourself with people who know how to invest, and who have done it successfully. Learn from them.
2. Be disciplined. Make sure you know where your assets are invested, and make sure you make the necessary changes as the market fluctuates, or as things change.
3. Start small. Don’t put all of your eggs in one basket – invest in a variety of different opportunities, but don’t put every penny you have into your first investment. That’s how you LOSE money.
4. Be careful what you invest your money in. Do all the research you can before making an investment.
After we’ve finished up with this segment, sit back and think about your financial strengths and weaknesses. Identify them, then try to think of ways of nurturing your strengths and improving upon your weaknesses.
What are your investing tips and strategies? Let us know in the comments below!