“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”– Robert Kiyosaki
Hey friends, the saying mentioned above by Robert Kiyosaki means that we must invest in things that can help us grow our money or our mindset. If you waste your money on useless things, then no matter how much you earn, you will never sustain it for the long term. In this blog, we will discuss on how to invest your money wisely.
Everyone spends money on things they love to buy. But there is a vast difference between things we need and things we are buying to show off. If you purchase something only to show it off to others. Then, trust me, it is the worst liability you are buying. Avoid buying irrelevant stuff that you don’t need. Think about growing yourself instead of impressing others. For growing yourself, you need to invest in things that are necessary for you. Never hesitate to invest in yourself. If something is making you grow physically, mentally, socially or financially, you must invest in those things. Everyone must learn personal finance and invest their money wisely.
First, let’s discuss the things in which you should not invest your money.
Things Where You Should Not Invest Your Money
Buying a new vehicle is a necessary thing. Don’t worry; I wouldn’t say that buy the shares of that company instead of their car; I know it sounds super cliché. But, according to reports, up to 20% is lost from the value of a new car within the first year of its purchase, and we cannot ignore this fact.
So, instead of buying a brand new car, you should buy a second-hand car as it can save some of your money.
People spend most of their money on luxury clothing, and they buy it only to show it off to others and not because they love it. It would be best if you bought clothes that you want to wear and not to impress others. Many people buy some clothes and wear them for very little time only to show off, and then those clothes become unfit for them, so they have to either give them to someone or throw them away. Hence, their hard-earned money gets wasted without providing any pleasure.
Most of the youngsters spend most of their savings in clubs, discos etc. Going out and celebrating on some occasions is good, but if you have parties every weekend, it will harm you in the long term.
Trending Tech Gadgets
Many people waste their money on buying the latest gadgets (ex., new iPhone) to impress others and then they have to stay broke till their next pay comes. You must avoid buying trending gadgets if you only buy to impress others and don’t need to buy them.
Now, let’s discuss the things in which you should invest your money.
Things Where You Should Invest Your Money
Books are the best place in which you should invest your money as well as your time. They not only provide you with information but also helps you develop a good mindset. I suggest you invest in self-help books as they teach many new things that you can apply in your life to achieve your goals.
In this growing era, developing new skills and upgrading the already known skills is a must. There are infinite numbers of online courses available, and most of them are free to access. You must find the best courses for yourself and start learning them. It will not only upgrade your CV but also help you in getting knowledge of multiple fields.
Stock Market & Mutual Funds
If you haven’t started investing in the stock market, I would suggest you gain some knowledge about it and start investing either in stocks or in mutual funds. If you are confused and don’t know which share to buy, you can begin with investing in small cases. Small cases are based on a particular theme or idea, and you can invest in them instead of buying individual stocks. Buying good stocks will probably give you good returns in the future. Hence, if you want to invest your money, then the stock market is the best option.
It requires more money than the other investing fields. Hence, I won’t recommend it to people who don’t have much amount to invest. But, if you have a good sum of money, you must invest it in real estate as it gives the maximum returns than any other investment.
Everyone must invest their money and time to improve their physical fitness. Doing physical activity for an hour every day can help you to improve your physique. Going to a gym or playing a sport will help you to keep your body fit and healthy.
I hope this blog has helped you understand how to invest your money wisely. So, never stop investing your money in good assets and avoid wasting your money buying useless things. If you want to have a successful life, you must start thinking about it from the beginning. These small habits of investing your money in good things will act as stepping stones in your path to success.
Check out our other blog: Top 20 Ways To Generate Passive Income
KEEP SMILING AND STAY ENERGETIC 🙂