One thing the arrival of an unforeseen pandemic taught us is that saving up does pay off during rainy days. With the economy now opening up, people can still enjoy their lives without worrying about what comes next, be it another MCO, pay cut, or losing their 9-5 jobs. Those without much savings had the hardest time while those with a little bit of extra money started worrying about the expenses of the coming months. It is no wonder many people are starting to look into various investment channels to grow their personal finances.
However, there are also a majority of individuals with a misconception that investing is very risky as they have witnessed acquaintances or family members falling into the trap of get-rich-quick schemes. With that said, it is crucial to first make sure that your choice of investment medium is safe and legit. If you’re interested to find out how you can generate passive income and work towards becoming financially free, here are 5 ways of investing that will surely help you to build your wealth.
1. Wealth Building Starts With You
The first step to building your own wealth is to take the initiative and do your research on different channels that will allow you to increase your personal financial value. It is also important to be open to learning new things as you will come across many information and knowledge that might not be familiar to you. Don’t be afraid to invest your time and effort when doing your investment homework as it will help you in achieving your goal of having a stable financial future.
2. Save a Percentage of Your Salary
A conventional way of saving up is to save a percentage of your monthly income. By doing so, you can see results in your bank account but the escalation to a higher amount takes a long time and a lot of self-discipline. The downside of this strategy is that not everyone is lucky to have a high-paying job that allows them to segregate their salaries every month for savings and expenses. Especially when businesses and workplaces these days are affected by the virus, it can be difficult for many to apply this method of saving for the future.
3. Choose Legit Investment Tools
One of the mistakes that many people make is that they spend their savings on online gambling, money games, MLM, and get-rich-quick schemes in hopes to double or triple the initial amount. In no time, you will realize that these worthless investments give you no control to maximize your investments as they are run by third parties. With that said, take your time to find out more on various investment tools and figure out what works best for you and is worth your time and money.
4. Diversify Your Investments
There is a growth of interest in investment as more people are exposed to building their wealth through various mediums and are keen to stabilize their finances for the future. Some of these investment types include fixed deposits, real estate, and business ventures. However, the mentioned investments might not be made for everyone and might not fulfil financial expectations. For example, fixed deposits have lower risks but come with low-interest rates, making them suitable for a long-term goal but not a short-term one. Investing in real estate requires a lot of research and time, hence it is unsuitable for those who are not interested in property. Starting up a business or joining one demands full-time commitment and constant ideas to keep the ball rolling, but not everyone can do it.
5. Participate in Workshops That Give You Value
Join wealth-building workshops that can elaborate and teach you on the strategy of the 3 important steps of investment. From there, you will be able to identify great businesses, learn how to invest in them, and finally, generate consistent returns. It is okay to go in with zero knowledge as long as you have the interest to learn how to identify a good stock.
Reduce your financial worries by learning the right investment strategies to help you make better judgments when it comes to generating safe & consistent returns through stock investing. A simple and effective investing framework will be shared alongside tested and proven investing strategies and many more. Through this masterclass, you will also find out how you can invest in USD, earn in USD, and spend in RM. During the LIVE online masterclass, you can ask any related questions that you may have to further improve your investment skills. Equip yourself with the best investment skills and tips with VI College today!
Join VI College’s Online Masterclass now to start your wealth-building journey!
Established in 2003, VI College is the alma mater to over 55,000 students around the world and has been featured in numerous news and media including CNN, Channel News Asia, Australia Financial Review, and more.