Have your money work for you. Are you sick of living pay check to pay check? Do you dread the prospect of working your entire life? Have you ever wondered how do you get ahead in life? If you have answered YES to these questions then there is hope. Quite often it is recognizing that you have a problem and a genuine desire to do something about it that will give you the nudge to transform your future. By having a desire for a different outcome in life will necessitate the need to change your priorities. This will give you the catalyst for instigating real change.
Basically you can make money via two ways. You can get paid for your work and you can have your assets, your money work for you. By keeping your money for a rainy day under the mattress won’t give you any extra income. You need to work smarter or have your money work harder.
Here are 5 steps to have your money work for you:-
Step 1 Recognizing you want a different outcome?
Step 2 Identifying the type of investor you are, your motivation to invest and your time frame?
Step 3 Analyse your current income generation ability?
Step 4 Identify the time you have to learn investing strategies?
Step 5 Know where you want to end up?
The basis of all good planning is to begin with the end in sight. Can you visualise the kind of life you desire? Do you want to retire early? Do you want to be able to travel the world or be able to take the grandchildren for trips to Disneyland? Do you want a condo at the beach or have that house you have always dreamed of? Give yourself something to work towards.
When you know where you want to end up then you need to identify if what you are currently doing will get you there. Before you can go on an investing journey you need to identify what type of investor you are? As Peter Hug, from Kitco Metals Inc, says you need to identify your motivation to invest before working out the best way to buy it.
By analysing your current income generation ability you will be able to determine if you are better off sticking to your day job and get help to make your money work harder. Others may need to employ strategies that will give them extra income to invest and allocate time to learn investing strategies.
In the end if you don’t know where you are going you will never get there. It is possible to retire young, as Todd Tresidder did the first time at age 35, however this takes focus, desire and discipline. It is conceivable to make a difference to your future no matter what your age is now. You just need to make the decision to change your priorities to have your money work for you to get ahead in life.