3 Tips to Build Wealth by Investing Early in Career
Isn’t it true that everyone what to be rich? “Wealth” is everyone’s ultimate goal. Here lies the problem - “How do I get there?”. Let us start by a simple and logical statement – your expense should be less than what you earn in order to save. And turn it to profit by investing them…. Let me break it to you, as simple as it seems but it’s always hard to do!!! It’s not rocket science but our lack of determination makes it so difficult.
Now is the time! Build your wealth “The best kick-off is from early phase of your career” or the point when you are ready. This article will give you wealth building insights starting from first year of work. The chance is at your door step. Just follow our tips. Even if you have been working for several years. Start now! The faster you start, the higher chance you will succeed. What are you waiting for??!!
First thing first - Save your money
Unquestionably without money, we cannot move forward. Our saving tip – it’s crucial that you refrain from spoiling yourself. If you earn more, don’t spend more- piece of cake!! Let’s set a target, start with easy ones and try to achieve it first “save a least 10% of my salary”. You can do it! I’m rooting for all of you. After you achieve this first step, proceed to no. 2.
The second tip, knowing the name of the game – what make you rich?
The quickest way to get rich is through “knowledge”. Your first priority is to invest on knowledge and realize that what you learn from collage won’t suffice. Try ask yourself - why does a company have to pay you more than others? Why should your boss promote you? How to earn money from stock market while only 5 out of 100 gain profits and 95 of them lose their money? The real question is “what qualification do I need to reap that benefit?” If you know the answer, it’s time to increase your capacity. I don’t have time – Can I read one book in one month? Can I join a seminar once a month? Can I start today or right now?
A fruit for thought, most people reluctant to invest on knowledge would eventually regret losing both money and opportunity from their ineptitude.
The Third Tip- Learn to Invest
Building your wealth from ‘spare change’ investment. There is a wide variety of investment products to choose from such as savings, debenture, fixed income funds, equity funds, asset funds, oil funds, gold funds, stock and derivative. Do not be hasty or invest without having a thorough knowledge and understanding.
Our recommendation is to study your investment plan before putting in your money on it. You need to understand risk-reward trade off of each type of instruments, including on-top benefits such as LTF or RMF investment tax benefit. You can easily search information online, browse through Security Exchange website or participate all-year-round in Finance and Investment Fairs, i.e., Money Expo or SET in The City. Guaranteed! You will get your hand on a full load of investment information.