How to Make Safe Investments in Your 20s
Thursday, January 7, 2021, 6:00 AM | Leave Comment
Due to the nature of compound interest, the younger that you invest your money, the richer you’re going to be when you retire.
If invested properly at the age of 20, less than $4 a day could make you a millionaire when you retire.
Therefore, if you want to grow rich, you have to start letting your money work for you, rather than just working for your money.
Here are several investments that you can make in your 20s without just gambling it all away.
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Invest in Yourself
This is a little cliche, but it is accurate. Getting a better education or certification while young can help you land better jobs, which can help you make a lot more money in the long run. It may not be for everyone, but especially if you’re stuck in a minimum wage job and you want to make more, college, trade school, or other certifications may be a wise investment. Run the numbers yourself to be sure.
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Invest in the Stock Market
You’re probably thinking the stock market can be risky in the short term. However, in the long term, if you are invested in the right companies, you stand to make a lot of money with very little likelihood of losing it. So if you’re investing for your future (like 10 years down the road), look into how to invest in stocks safely. That link should get you started, but to sum it up, there are ways to passively invest in tons of companies, so you will make money in the long run.
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Start Your Own Passive Business
This is different from investing in yourself because typically these kinds of businesses require very little work for you to do, you just have to purchase the right supplies. For example, people can make quite a bit of money buying vending machines and putting them in the right places. All you have to do is make sure they are stocked properly, but you can also hire someone else to do that for you and you will still make money. Another example of this is setting up one or a bitcoin exchange ATM machine. If you put it in the right place (like a grocery store), you can get tons of traffic and you make a small, guaranteed percentage on every order.
The key to having plenty of money down the road is in making smart investments. Consider some of the above tips and start taking control of your financial future.
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