How do you get more money? We all have a “Bucket List” in some form or another. We save and budget and look for opportunities to get more money.
Here are a few ideas on how to get more money.
• Get promoted at your job and get an increase in salary.
• Find an extra job to add to your overall income. (This also increases your work hours.)
• Receive an inheritance.
• Invest your money to receive additional money. (Give your money a job!)
So, you have chosen to explore investing your money as a way to get more money.
You are essentially sending your money to work. Let’s consider some investment job possibilities for your money.
• Bank products like savings account or Certificates of Deposit (CD)
• Insurance products like life insurance or annuities
• Mutual Funds
• Retirement accounts like IRA or 401(k) or 403(b)
• Real Estate such as primary homes or rental housing
• Trade Stocks and Options
• Trade Commodities or Futures
• Trade Forex or Currency Exchange
Do you have a financial plan? It does not have to be a formal, lengthy document.
Just create a simple personal financial plan by asking yourself some questions. Remember that financial plans will change as you learn and grow. It is important to write these down so you can see where you are beginning and can track your progress toward more money.
Here are some questions to ask yourself:
• What do I need additional money for and prioritize this list.
• Which of these investment possibilities do I want to learn?
• How much investment capital do I have on a monthly basis or an annual basis?
• How much investment capital will I allocate to which investments?
An example might be handy here:
Needs: Pay off debt, a wish list purchase, travel, extra education
Investment possibilities: Stock Market, contributions to retirement account
Investment capital = $200-$500 per month
Allocation: 25% in the stock market and 50% in Retirement (Did you know that you can trade the stock market in your own self directed IRA?) and 25% toward learning all about your investment choices (education).
You have chosen where your investment dollars will be placed to work for you and how much you have to allocate to investments.
Education is vital for your success and since your money cannot study, you will have to do it.