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WEALTH CREATION FOR BEGINNERS

IT IS TIME TO LEARN AND BUILD

How to Invest as a Beginner?

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WEALTH CREATION

No matter what age you are, you can create wealth. Your personal and professional goals will drive your ability to create wealth over time. You must invest in increasing your cash flow to live financially free and build wealth. 


INVESTING APPROACH

Investing is the process of purchasing something that will increase in value over time or will produce something of value. The earlier you start investing in your future, the greater you will succeed in creating wealth. Even if you only have a small amount to invest, it is still a start. Focus on your knowledge, budgeting and saving skills, and get acquainted with investing options and investing apps in practicing.

 

When you are thinking of the future, think retirement. Work on a retirement plan. See what retirement options your local or online brokers offer for investment. Use a Broker who charges low fees and has no account minimum. A great way to start investing in reducing risk is to focus on ETFs, Mutual Funds, and Dividend stocks. In this way, you will have a more diverse and secure portfolio in the market starting out.

 


BUDGETING YOURSELF

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Budgeting is the start of creating a financial plan for yourself. It is the foundation to see your financial position. Understanding how your money or income is being spent is very crucial to saving and growing your wealth. Budgeting is outlining your income and expenditure monthly. For example, listing your fixed costs (rent, utilities, mortgage payments, debts, insurance, etc.) and your variable costs (food, car maintenance, clothing, etc.), total your full expenditure and then minus the amount from your income, this will give you a net amount you are working with on a monthly.

 

Note that budgeting isn’t all about restricting what you spend money on and cutting out all the fun in your life. It’s really about understanding how much money you have, where it goes and how to allocate those funds best. A good budget plan can help you keep track of your spending and control spending to satisfy your financial needs. With this approach, it is easier for you to save for the future. Save at least 10% of your salary to put towards your retirement plan and other investment portfolios. 

 

If you are working with a small net amount after your expenditure, it means you should look into ways to increase your income. Therefore, you need to make more money. 

 


MAKE MORE MONEY

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Earning extra income can completely change your life to create wealth. Making more money will help you stop living paycheck to paycheck and will allow you to save and invest more in your future.  

 

There are many ways you can earn extra income without hurting your pockets, and one of the best options to earn extra is operating an online business. Starting an online business is a great opportunity to earn a huge amount and build. It may require you to build your knowledge by getting online training, but once you understand the world of online business, you’ll see many opportunities. 

 

You can also become a freelancer and offer your services to the public to earn extra income. Dropshipping business is a good option to make money, and you can find yourself a part-time or full-time job remotely. Asking your employer for an increase or raise of pay can maximize your profit base to invest in the long-term. 

 

To start, download my free e-book “A Basic Guide To E-Business” to guide you on making money online and create a solid foundation for yourself. 

 


SAVING AND INVESTING TIME

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Now that you are making more money, it is time to save and invest in your future and retirement. And by saving, I mean putting aside money for emergency purposes. 

 

Save for an Emergency

Things do happen in life, and you want to ensure that you protect yourself at all times from any natural life activity that may come your way. You can lose your job,  There can be a natural disaster that affects your house, and you can get sick. It is always important to set aside an emergency fund covering about 3-6 months of your living expenses that you have limited access to. 

 

Invest in your Future 

At this point, you can now invest up to 10% or 20% of your income now that you have an emergency fund set up. Put your money in a long-term investment plan and compound the interest or benefits as you go long. Think of investment as future self-protection and security. Choose a retirement and an investment plan with a Broker that offers low fees to get started. You can also open an account with Robo-advisor, a financial adviser app, for guidance, and it only takes a few minutes.  

 


STAY AWAY FROM "LIFESTYLE CREEP"

Lifestyle creep is definitely a terrible condition stapled in people’s minds, that they must adjust their lifestyle up a notch in line with their new financial gain. That’s a no-no! You are setting yourself up for financial failure.  Lifestyle creep is getting a raise and then upgrading to a luxury apartment, buying a jacuzzi, dining in the most expensive restaurants, and treating yourself to a new car. 

 

Try to maintain the lifestyle you had before the influx of new cash. Instead, put the money away and try to maintain a lifestyle where you reduce as many unnecessary costs as possible. The key to building wealth is lowering your expenses, creating a cash flow, and having your solid investments pay for your expenditures. In this way, the money will work for you, and not you working for it. 

 

Live within your means and avoid lifestyle creep, and you will gain financial freedom.

 


HOW TO CREATE WEALTH FROM NOTHING

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You are on top of the pyramid because you are responsible for your wealth. Not because you have zero capital means you can’t develop and create wealth. 

 

It just means that you will have to cut back on some of your fixed and variable costs. Find a cheaper place to rent, and spend less on unnecessary items. Further, you can do freelance services as a side hustle or a second job to earn extra income.

 

Uber and Lyft is a great way to start earning more if you have a vehicle. As I mentioned before, the world of online business has many opportunities for you to earn passively to create wealth. Starting an online business can cost less than $200, and your earning potential is greater. 

 

It is also important that you invest yourself.  Build yourself in areas you lack. Read books and take online courses that will help you gain the knowledge you need to feel confident to go face-on into creating wealth. And another important thought is to live below your means, you are not trying to please anyone but yourself, so less financial pressure on your hands will help you focus on what is more important.  

 

 


THE BEST APPROACH TO CREATE WEALTH

Creating wealth is the process of exercising patience, discipline, and focus. It’s all about budgeting yourself properly, saving more to invest in your future, lowering expenses, and creating a cash flow for steady growth. With those practices in effect, you’ll be great at building wealth for yourself and your family.

 

Investing is the key to wealth creation. Invest in diverse asset classes to build your wealth. You can speak with a qualified investment advisor to help you get started, or you can use Robo-advisor, an automated service that maintains your portfolio and helps you set up a plan for your financial future. 

 

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2 Responses

  1. This has been a very interesting article. Yes, wealth is created after we give it some careful thought. It’s never a random thing that happens to us. So I believe that we can train ourselves using all the information available online. Thank you very much for this detailed post. I’ll take action concerning investments.

  2. Hi Kacie. Very interesting article. Im just starting my adventure with active investing and posts like this are extremely helpful. I couldn’t agree more that anyone can afford investing its just about good planning and budgeting available resources. When I limited my unnecessary costs (who need new phone every year?) and focused more on future almost immediately I found money to create future wealth. Looking forward to use your advices and recommendations!

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