Working an ordinary desk job might not let you experience the lifestyle of the rich and famous — but the right investments can. Weigh your options and make good use of your money.
Support a Startup
If only you had the opportunity to invest in Zoom, Instagram, or Twitter, you might have hit a million dollars in less than five years. Of course, investing in startups can be hit or miss, and there are almost hundreds of startups at any given time. It’s your turn to play a host of Sharktank and see what startups intrigue you. Fintech startups are particularly attractive, offering some of the best returns as long as you find the right one. Throw out your politics and personal views out the window because you’ll need to judge a business through clear lenses if you want to purely profit.
Run a Business
Buy a franchise, open up a shop, or run a small operation. Businesses can offer a clear path to riches if you know your market and provide the right product or service. You might need a bit of capital if you want to run a proper business, but you can always start small and expand from there. Running a business means you are your own boss. There’s nobody to report to, but the success and failure of your business are solely on your shoulders. A successful business requires a clear view of your target market, and proper research is essential. A dog-walking company in New York might earn you big bucks, but the same in a more rural state will hardly make anything.
Stick to a Mutual Fund
Two words: compound interest. While mutual funds might offer a measly 8 percent interest, if you put money into it regularly, it stacks up. If you live modestly, you should be able to save $1,000 to $2,000 a month. Putting that amount in your mutual fund should earn you a million dollars in around 20 years, doubling the amount you put in. Mutual funds might not have the sudden spikes of regular stocks, but they are also relatively free of risks. The constant savings can require a lot of diligence and patience, but the pay-off is worth it.
Learn a Trade
Half of all millionaires have blue-collar jobs. You might have been told that college provides the clearest path to success. However, skilled blue-collar workers are earning more than your average college graduate. As more and more high school graduates opt to go to college, the workforce is saturated with college graduates with useless degrees that companies do not need. More than 40 percent of college graduates work jobs that don’t require a degree. On the other hand, skilled trades are highly in-demand. A plumber or carpenter can start earning $100,000 or more in less than ten years. They can start making money once they graduate high school and won’t be burdened with student loans.
Make the most of the money you have. Leaving your money idle only leaves it vulnerable to inflation (and spending!). So use it to open opportunities and make your finances more secure.
