So you are thinking of investing. If you are like most people in the workforce, it will be a way for you to achieve financial independence. But where do you start? There are endless possibilities out there… some good, some bad, some in between. Well, lets go through some very basic points to get started.
First and foremost, do your research. I cannot stress this enough. The last thing you want to do is dump your money into some worthless project, never to be seen again. This is investing, it is NOT gambling. If you intend to dump your money into something without researching it first, then head to the slot machines and tables and at least have some fun while you are kissing your money goodbye.
Second, you want to find an investment that you don’t have to dump a ton of money into. And yet, it should return a significantly greater amount of money back to you in a relatively short period of time. Never go dumping all of your life savings into a project. Whoever said you have to spend money to make money was full of it. Get that toxic idea out of your head. You don’t have to go for broke here, despite the popular misconception.
Third, find a very low risk investment. “But wait, I thought, in order to get a high rate of return, I had to make a high risk investment?” Wrong! That is yet another popular misconception that has lost many people a great deal of money. However, I must admit, this type of investment can be much harder to find. However, these type of investments are definitely out there. But there again, as stated earlier, that is yet another good reason why you do your research.
And lastly, find yourself and investment that you can easily get your initial money back on. This way you can reinvest that money. You should also be able to easily access your interest earned. Never get into any type of investment that will penalize you for withdrawing your initial investment or your interest earned. The goal here is to make money, not to lose money. The goal is also to be able to use and enjoy your money anyway that you so choose, whenever you so choose.
So, never forget to research. Find an investment that you don’t have to spend your very last pennies on. Make sure that investment is low risk. And be absolutely sure you can get your initial investment back and access your money whenever you like without penalty.