First, for those just looking for a basic place to put their money, we have the Ally Bank Savings Account that currently offers a 2% interest rate. You can also use a few other high interest bank accounts, like Barclays, Sychrony Bank, or American Express Savings…they all currently offer around a 2% return. All you have to do is force yourself to take money and throw it in a savings account and watch it grow… even though it’s a small %, the risk on this investment is slim to none… and 2% is always better than ZERO %.
The second and third investment tip, that’s honestly one of the safest and arguably the most important decision…when it comes to investing, especially if you’re JUST starting out, is set up a Roth IRA. And don’t worry, I know you clicked on this video for something a little more exciting than an IRA… but trust me, this is a KEY foundation that you must set up before moving on to the next, more riskier investments.
Now fourth, in terms of WHAT to invest in, my BIGGEST recommendation for MOST people out there is to invest in a mutual fund or an index fund. With either of these areas you can, on average, get 8-12% return on your investment. But make sure you re-invest any dividends earned. This is not money you want to spend now… you want that money to grow, hand over fist, and the only way that can happen is leave it alone and re-invest.
Now number 5…back to investment options. If you want to, or you’re interested in doing a little more work, you can invest in individual stocks. I personally recommend you try to do this within a Roth IRA or 401k to avoid getting taxed on your profits…but this isn’t required. You can just as easily open an account on Robinhood, invest in individual stocks commission free, and reap some pretty great returns. I will put a link to Robinhood in the description below where you can download the app and get a free stock to get started.
Now number 6, which kind of piggy backs off of number 5… if you are feeling risky and willing to learn A LOT about the stock market, you can make considerable amounts of money from day trading… day trading is buying stock and turning around and selling it, same day to turn a large profit. I personally was able to average $6-12k each time I traded… and you’re probably asking yourself, then why in the world are you not on a beach somewhere in Fiji… well because, like I said at the beginning of this tip, this is an extremely risky and abnormally stressful game to play… and personally for me, after I made a good little bit, I stepped away from it for my own good… let me know in the comments if you would like for me to create a video all about my time as a day trader.
Now Number 7… and the most tride and true method of investing. Investing in real estate Real Estate. Now unfortunately, this is one of those things that you’ll probably need to work up to. Especially if you’re just starting, unless you have a decent amount of money to already work with, I’d probably recommend saving up or investing elsewhere and then coming back to real estate one you have some capital to work with. Typically, you’re going to need about a 15-20% down payment - which could be a lot of money depending on where you’re planning to invest.
And finally…number 8…drum roll…is investing into a business. And this is probably where you can get the highest return from just about ANYTHING I’ve mentioned so far, or pretty much ANY other investment out there, but this is not just an investment of your money but your time as well…
Vanguard Roth IRA:
RobinHood (SIGN UP AND RECEIVE A FREE STOCK TO GET STARTED:
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