If you want to have a stable financial future you need to start building assets. Simply relying on your income is not enough these days (generally speaking). The biggest barrier of entry for investing is the money required upfront. Many look at their bank accounts and simply think they don’t have enough. More often than not, those people are wrong.
[Please take note that I am not a financial advisor. Invest at your own risk.]
One of the most common places to start investing is the stock market. The stock market allows you to buy ownership in some of your favorite companies. The obvious hope is that the company continues to do well and the securities you purchased increase in value.
First and foremost you’ll need to create a brokerage account to start trading. Some popular ones include ETrade and Charles Schwab. Once your account is setup you can search for a stock by its symbol and purchase your securities.
When it comes to stocks (and any investment really) you should try to develop your own strategy and stick to it religiously. For example you could create a strategy where you’d always sell at a 25% gain. The more disciplined you are the better off you’ll be in the long run.
If you’re looking to start building assets with just $1000 a real estate investment probably doesn’t even cross your mind. Thanks to Title III of the JOBS act there are now tons of opportunities to start investing in real estate as a non-accredited investor.
More specifically, real estate crowdfunding allows individuals to purchase properties in a pool of hundreds or even thousands of other investors. When making one of these investments be sure to read all the terms and policies associated with it. In addition real estate investments tend to lock your money up for quite some time. If you’re looking to stay liquid it’s probably not the best choice.
One of the best investments you can make is investing in yourself. More specifically investing in education or learning marketable skills. Unfortunately you can’t put yourself through college with $1000. However there are a plethora of online resources both free and paid that can teach you tons of in demand skills.
Programs like General Assembly offer both in person and online courses that teach you anything from digital marketing to product management. If you’re interested in software development there are tons of coding bootcamps that can take you from zero to a competitive developer in a matter of months. Regardless of what path you choose, knowledge is one of the best assets you can build.
It’s no secret that cryptocurrencies are hot right now. The question is – can you still make money with cryptocurrencies? The short answer is yes and there’s likely a lot more to be made at that. Keep in mind that trading cryptocurrencies is both highly speculative and risky. While many have made fortunes investing in bitcoin and other crypto assets, many have also lost.
The best way to approach this is to first understand the technologies behind these coins and the blockchain altogether. Many companies behind these coins publish tons of information on the specific project and team behind them. Spend the time to do your due diligence and like the stock market, be disciplined around your strategy.
When you want to get started I suggest creating an account with Coinbase. This platform is one of the most popular for first time investors as it features a super clean user interface.
For those who’ve never done it before, investing can be very daunting. That said, nothing in life comes easy and if you want to truly build wealth you need to start building assets. Simply trading time for money won’t cut it these days. If you’re ready to invest you should consider one or four of the opportunities listed above.
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