Investing like a rich, well that may be a daydreaming idea for many. However, it is possible and I’ll teach you how to realize such a wild imagination into reality.
First of all, you need to have some confidence in yourself. Do-or-Die attitude takes people a few notches ahead. Obviously, you will be taking risk, but that overwhelming ‘return’ factor can’t be ignored either. And just think, you have resources and means for investment, so do it right now instead of dilly-dallying. Want to buy a real estate? If you have money, buy it now, that won’t require you to make significant adjustment in your life style. And yes, find out the ways that will help you add to your saving.
Start your investment initiative with a basic plan for saving:
For hefty investment, you need to save a tidy fortune. You can build up your investment fund by trimming your daily expenses by 25-30%. Those extra dollars should be transferred to your savings account. A shorter deposit period (say every week instead of every month) will work better in your case. It will prevent you from spending the extra residue in your pocket at the end of every week. Even a paltry sum can build up a pretty figure just like an ocean is made of countless droplets.
Transfer ‘one-off’ saving to your account:
Most people have a tendency to spend one-off saving for some frivolous purposes. Don’t follow their footsteps; instead put those extra dollars in your savings account, it will get bigger in size. Even if you earn extra bucks by working overtime and getting incentives or bonus, it should make a way to your saving account instead of adding to your expenditure.
Don’t overspend even if you get some winnings:
Have you won lotto or inherited a property? Treat yourself or family members or enjoy with friends. However, it does not make any sense to blow up your windfalls on any frivolous buy; instead transfer the major part of the unexpected gains to your savings account.
Purchase a deposit certificate with your saving:
Once you have saved the minimum to buy a certificate of deposit, you will earn a good interest rate on your balance. The negative aspect of such arrangement is that you won’t be able to have an access to your money for a long time frame. However, the positive side is that you have already decided not to touch that amount.
Opt for your employer’s retirement plan:
Usually, the employers contribute a bit to such scheme; the rest is borne by the employees. By joining such plans, you can earn income tax benefit at the end of fiscal year.
Now, when you have made good saving, you can plan for a workable investment portfolio. After your Certificate of Deposit matures, make a total of your saving and work on good investment avenues. If needed, you can consult an investment consultant to learn suitable investment opportunities. So, collect your riches and invest like a rich person!