There’s thousands of way to invest and I encourage you to consider looking into each and every one of them and perhaps even investing in the majority of them. The reason is, most of the time, you can’t go wrong with investing. This is a review over the three biggest investments most people will ever make in their lifetime.
1. Mortgage – This is more than likely going to be the most substantial investment you ever will make! We are talking an investment of 30K plus. With that being said, slow down! Once you are ready to purchase your first home, I understand the excitement is very real. However, nothing is less exciting than being evicted and moving back in with your parents. So, take notes thoroughly and get your ducks in a row before making this investment. As many finance guru’s have stated over and over again, when investing on a home, be the tortoise, not the hare! You’ll thank yourself later!
2. Education – With student loans skyrocketing out of controllable environments, this may very well end up taking the spot as the number one investment in a few years. Colleges want every dime and your soul in exchange for a “notable” education. Unfortunately, most people are not in any position to argue. We need this education to get a decent job and are going to what we have to for a living wage. Once again, be the tortoise! Do the research, the workshops, the footwork, and all that goodness to make the loan as low as possible and then do the math. If you can’t pay off your loan after 10 years of employment for the career you went to college for, I’d say to go ahead and skedaddle.
3. Income – Let’s be honest, your day job is likely never going to pay you to your satisfaction. I’ve seen business entrepreneurs and members of the middle class pick up part-time jobs just because they wanted to get that new boat or new car a little faster. Even working fast food requires an investment of some kind. You aren’t even allowed in the back room to flip burgers unless you’ve invested $100 into new slack pants and slip-resistant footwear. Find an investment that is going to increase your income substantially! I personally wouldn’t waste my time for minimum wage. Generally speaking, the higher the investment is, the higher your return on investment is going to be!
In the long-term scope of investing, fear will cost you more money than anything else! Make sure you’re informed correctly and get your ducks in a row, and then go get that mortgage, that education, and that income boost with confidence!