As a 30-year old, I have been contemplating my life more often than compared to my 20-year old self. I remembered being 25 and being depressed with how my life has become. I had a quarter life crisis, questioning if I was in the right career and things like that. I got to the point that it’s not the job or the salary that is the problem but what I have been doing with that money. I could be earning 3 times the average of people of my age but if I am not smart on how I spend my money and on the lifestyle that I choose, people earning less than I do would end up having more money than I.
I was so hard on myself feeling that my 20’s just went nowhere. I have always been aware of my finances. At an early age, my mother already taught me about savings, opening my own bank account and managing my own finances. Do not get me wrong, it’s not like I never went in debt. I did. I had 2 credit cards back then and having a debt beyond my 3 months salary and I had a hard time paying it off. My mother gave me the sense of responsibility and accountability and I never let my mother to pay my debt or help me get out of that debt. I was able to pay-off my credit card debt and now I am able to pay my credit card bills monthly and on time.
Now, part of my training to get to financial freedom is learning that you cannot just have one source of income. I think that’s something that I got from Chinkee Tan. If you are employed, besides living under your means and saving money, we should be making something off of that money that we save. It’s important that a person should have their savings account but also a part of it should be invested into something. Here are a few tips on where you can put that extra money into good use and double that money!
-If you are good in understanding trends and have been following the stock market, you might want to invest it in the stock market. Please be aware that risking your money in the stock market can be fulfilling but at the same time, it might take some time. It is important to know that you can be a risk taker but it would still take some time to get your return of investments and really rely on that portfolio to live off of it.
-If you are well connected, like to meet people and selling products, you might want to invest your time and money in MLM. Just make sure that you are going to invest with a company that is legitimate, legal and has a good reputation. You should also believe in the product and the product should be known to be effective. Just be mindful how the products can be pricey and it might be difficult to resell it.
-If you are creative, you might want to invest into improving that skill and making money off of it. If you love calligraphy, you might want to invest in going to classes and start getting into the lettering business. If you like writing, you may want to get into a writing class to improve your skills and start content writing or even write a book! Just be mindful that this will require more time and effort because you are going to include in your schedule going to classes and really putting time to establish your business but it would be worth it as soon as the business takes off.
-If you have great ideas of new product or service but it just not familiar on how to make it a profitable business, you can invest in classes, raw materials and resources so that you can start your own empire. Since you are really starting from scratch, this is the most high-risk effort compare to the other 3 tips that I gave. The good thing about this is that since you have something that you can really call your own, once you succeed you would really feel a high sense of achievement.
I have given 4 tips but look at these 4 tips, what can you see in common (besides that each paragraph start with If)? Going to the right investment would depend on the skill and on what you love. I cannot say on which product or option you can best invest in but all I can say is that the best investment is on yourself.
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