What is investing? Investing is all about putting your money to work for you — and you want your money doing as much of the heavy lifting as possible. Well it’s not hard as you think. Even if you think you are broke with nothing to put toward investing, the truth is that you probably have something you can start with. Here are the steps given by Free Financial and Investment Assistance Portal, MoneyMindz.com to take if you want to find the money to start investing:
Start with Your Priorities
Everything starts with priorities. What do you want your money to accomplish for you? What matters to you. Clarifying what really matters to you and what you are serious about can help you make better financial decisions moving forward.
Make More Money
Making more money is easier said than done. However, once you’ve looked at your finances and you’ve eliminated expenses that aren’t true priorities and diverted that money to investing, it’s time to start looking for ways to take your contributions up a notch.
One of the best ways to find money to start investing more is to create that cash flow. Some of the ways you can create more income include:
Start a side gig: I freelance for a full-time income, but I know a number of people who do it as a side gig. There are plenty of other easy-to-start side gigs that you can use to boost your ability to invest and even reach financial independence.
Work for a raise: How long have you been at your job? Is it time to ask for a raise? Work toward getting a raise, and you can put some — or even all — of the increase toward investing.
Look for a new job: You can also job hunt for a better-paying job, or get a part-time second job to raise more funds for investing. I’m not a fan of working more than one job, but if you are struggling with other methods of making more money, it can be one of the simpler solutions.
Use income investing to your advantage: Income investing strategies can help you boost your portfolio a little bit at a time. I invest in index funds that pay dividends. The result is that I invest a little more money each month as my automatic reinvestment kicks in. The amount is small at first, but it snowballs over time.
Think about your lifestyle and your priorities, and determine whether or not you can tweak different aspects so that you are better able to find money to start investing — or boost the amount you have been investing.
For more information visit: www.moneymindz.com or give a missed call to 022-62116588 and download our FinFree app.