These days, more and more people understand that working 9-5 won’t make them rich. In most cases, it won’t even make them wealthy or just wealthy enough to live life with no financial worries.
Investing is the answer for both those who want to get rich and those who just want to have the financial security they’ve been dreaming of for so long.
Truth is, you can really make a lot of money out of investing your money smartly. Actually, there is no limit on how much money you can make if you take the time to learn about all the available options. And once you do so, you will probably find out that it’s even easier and more doable for you than you thought.
Let’s say you’re ready.
You want to do this.
You want to start making your money work for you, but you don’t want to make any bad decisions along the way.
Where the heck do you start from?
Step one, decide your field. This is probably the hardest part. Deciding on what to invest in includes a lot of research, as you want to find the investment channel that’s right for you according to your level of interest in the specific field, your financial situation, your knowledge, and how much time you have available to put into growing your new investment. For example, if you are a working person who spends most of the day at the office, then you might want to consider investing in a rental property, because once you buy one, you could find dozens of management companies who would love to take care of the property for you. Real Estate rehab is another way to go in that situation, as you can manage it remotely in many cases or, again, just appoint a property manager to take care of all of that for you. However, to invest in Online Businesses, for example, you will need to be jobless, a part-timer, or a freelancer, as you want to be able to monitor your business, help it grow, and mainly just keep the sales going.
Once you decided what field you want to invest in, it’s time to gain some education. Before putting your money in a property of any kind—and in order to come as prepared as possible to your deal—you should start gaining some knowledge to help you with the process. More information about your field, statistics, where to look, what to check, success stories, obstacles, etc, can be found in ebooks, online courses, training videos, articles, Youtube, and one-on-one consultations.
At this point, you’re ready to sleeve up and start exploring the internet. What does this mean? For example, if you decided to start investing in Real Estate, then that would be the stage where you start looking for marketplaces and Brokers’ website to see what’s on the market. If you’ve done your research properly, you wouldn’t be surprised by things like prices you see, and you will have enough knowledge to know what’s attractive and what is not worth looking at. When exploring the internet and looking at what’s available, it’s very important to stay patient to not find yourself buying something that is not good enough, out of stress or impatience.
In parallel with all the explorations, find some new fellow investors to engage with. A very good way to do that would be through meetups. At meetup.com, you will find thousands of communities who meet on a one-time on regular basis (you can find the closest ones to your location) to engage, listen to lectures, debate, brainstorm and learn from each other. Going back to our Real Estate example, attending a conference of REIA or just a lecture by a cool Real Estate Entrepreneur\Investor could be a great opportunity for you to meet other people in your field, find new investment opportunities, deepen your knowledge, and see if there are other red lights you still haven’t explored, before making your investment.
Once you’ve done all that, you feel like you’re well educated in your field, you’ve found that opportunity you’ve been waiting for, and you’re ready to seal the deal – that would be the time to get a good lawyer. A lawyer will prevent you from getting complicated with scams, bad buyers, or just problematic properties.
You won’t need a lawyer for every investment you make. If you decided to invest small (for example, online businesses investments can start from less than 10K, and in stocks, you usually won’t invest more than a few thousands anyway), then you won’t need a lawyer. Especially if a website broker accompanies you through the process.
But if you’re about to invest a lot of money, then you better be accompanied by a professional who knows the legal parts of everything and is able to look deep into all the documentation and handle the bureaucracy.
The last and not least would be – don’t listen to other people. To make it clearer, this isn’t about fellow investors who are being friendly and try to advise you to stay away because of real reasons, nor professional investors who you paid to get a one-on-one consultation with. It’s about those people who are somehow in everyone’s environment and always try to talk us out of taking risks even though they haven’t come close to taking one themselves.
There will always be fears, and there will always be people who try to take us down. Having the right guidance, the right people around us, and a big chunk of motivation will always keep us on track towards the next successful deal, both in investing and in life.
Daria is an eComm Entrepreneur and Investor. Her fields are mainly Real Estate and Online Businesses. Daria made her first investment three years ago and In the last couple of years, she created an income based only on smart investments in those fields.
To get some more information about investing smartly, please email us at email@example.com or go to www.globalinvestors.work/HowComeThisFoolIsRichAndImNot