What Are You Doing With Your Money???
This is something I have mentioned before, but will always hold true. The daily decisions we make (or ignore) have a compounding impact on our financial lives.
Help Me To Help You!
I'm going to put a few financial items out there as food for thought.
Things to decide and take action on:
- Retirement Investing
- Passive Income
- Speculative Investing
Are you doing any of the above things?
If not, then the question you need to ask yourself is - do I want to rely forever on a paycheck each month to support myself?
Essentially that's what life becomes if we don't have money coming in as passive income or in a nest egg for retirement.
I know, I know....I don't have money to invest.
Want a $100,000 in a retirement account?
Do you drink coffee? Well, I just found $100,000 for you come retirement.
Boom!
Yeah, yeah you aren't giving up your coffee. If that is where your mind went then I worry for you. Find something else you spend money on that you really could do without. Coffee is just an example :-p
Let's Dig in a bit...
Passive Income
Passive income is money that comes in from an asset or investment that does not require much additional effort from you once established.
This can be anything, such as dividends produced by stock holdings or interest payments from debt holdings (bonds, loans, etc) and of course there is income from rental properties, one of my personal favorites.
Bottom line - if you do not have any passive income coming in then you are 100% reliant on a earned wage to produce income.
Speculative Investments
One should use a small percentage of their investment funds for this. It's to take shots on investments that could produce out sized gains to create additional wealth. 10% of portfolio is the general recommendation.
This can be for something like crytpo currencies. High reward possibility, but also money you can lose without it wrecking you.
Conclusion
The point of this post is to give you a bit of a wake up call if you are not already doing any of this. Don't be a financial prisoner, is what I like to think. Take small steps that allow for freedom!
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The goal is to ultimately stop working for money and start making the money work for you!
This is good will resteem this.
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I'm working my way to building a product that will contribute to passive income. It will take some time though. I have some speculative investments. Not much, just a tad.
I know that grind. Keep working girl! You will get there.
Persistence, perseverance, and a bit of work, little bit by little bit. That's how I was able to achieve most of my goals. For some reason, I'm not the type of person who can just hurry it up and get there fast. I need small steps in order to not get overwhelmed. At times I give a push, a boost or sprint, before taking it slow again. I enjoy the process, so that matters a lot.
Great financial literacy food for us all.
I am investing 70% of money and saving/spending the rest. My thoughts are that I may as well try and build for the future while I am younger, if it fails I can just live the normal 8-5 lifestyle.
Great stuff! I wish I'd of started much younger. The power of compounded returns over time is massive!