Investing is certainly a major buzzword these days. Everyone you know is talking about mutual funds, stocks, bitcoin, cryptocurrency. If you are like me, then you have friends bragging about their high returns from investing in IPOs (initial public offerings) and APOs (additional public offerings) and what they plan to do with all that money they made.
If you are not an active investor then the FOMO (fear of missing out) is real and that FOMO can hurt both emotionally and financially. I am concerned about the financial hurt and I want to help you avoid that hurt by showing you how you too can invest and earn high returns just like everyone else is doing.
Follow these 3 practical and easy tips so you can start multiplying your money fast with investing.
Tip 1: Switch to a high interest savings account
Your emergency fund, that “rainy day” money, should be roughly 3 to 6 months of income. Start creating your emergency fund by stashing away funds each month into a high interest savings account. With Covid-19 and so many lives and jobs lost, the need for an emergency fund is now greater than ever before. If you already have an emergency fund then great! If not, then get up and get it done!
You will need to open a low-fee mutual fund (unit trust) account and then start regularly depositing money until you have enough funds to replace 3 to 6 months of income. Start with what you have, whether it be $100 or $10,000 per month and with consistency you will be able to have the emergency fund and be ready to weather any “rainy day” that comes your way.
Tip 2: Get rid of your high interest debt so you can have more money to save and invest.
You can start by paying down that credit card with the lowest outstanding balance while making minimum payments on the other credit cards (that’s if you have multiple credit cards and loans). Gradually work your way to paying off all the credit cards and then you can free up more money for saving and investing. To stay disciplined, set up standing orders or automated withdrawals to the credit card account so you can keep on track.
Other types of high interest debt are your credit lines, your payday loans and hire purchase installments. These products are all very expensive debt to have as you pay a lot of money in interest costs to be able to pay down the amounts you borrowed. Use the same principle and pay them down as soon and as best you can. You will thank me for this.
Tip 3: Open an investment account and start buying stocks.
Commit today to getting on the phone or sending an email to set up an appointment with your Financial Advisor to open your investment account. Start learning about stocks and pick a group of 3 companies you are really familiar with. These will be the stocks you research and add to your portfolio.
As an experienced Investment Strategist, this is where I can really take you into a place of abundance with money from investing. Imagine being able to buy that dream house or dream car. Imagine taking that dream vacation and being able to rest and recharge. What would you do with your time, knowing that you don’t need to physically show up to work to be able to make money?
Money loves speed. Take action today with these 3 tips and you will see results. I am a financial expert – I have been teaching and showing people and companies how to invest for 17 years – I know what I am talking about here!
I am passionate about teaching you how to make money by investing. Try these 3 steps and let me know how it’s going for you.
Wishing you continued financial success!
Keisha Bailey is an experienced Investment Strategist who teaches persons how to earn passive income, create wealth and reclaim time by investing in stocks. She can be reached at www.profitjumpstarter.com