“By failing to prepare, you are preparing to fail.” – Benjamin Franklin
As the years have gone by with that quote staying in popular usage, it has undoubtedly proven itself true. But what should you be preparing for? And how should you prepare? The answer to the first question is your future. One day you will not be working, but will still have bills to pay. If you want more than a basic pension to see you through your latter years, you need to prepare now. The answer to the second question is by investing. Below are three ways you can do just that.
Stocks are one of the most popular ways to invest money for the future and with good reason. No matter what your budget or knowledge, there’s a way to make money for everyone. You could do something as simple as buy shares in a large corporation and let the years of prosperity add more to your investment than interest rates alone could offer. You could be searching for ‘the next big thing’ so you can buy shares when they are very cheap and sell them when that company you banked on has turned into a multi-billion dollar empire. You could play it safe and invest in a hedge fund, which owns assets in many different businesses. This means that no matter what happens to the companies it has invested in, your money will always be safe because the hedge fund protects your losses. Think of it as ‘hedging your bets’.
Cryptocurrency is the new hot trend on the block, although it’s been around for a number of years. Bitcoin, the most famous option, has been around since 2009. Cryptocurrencies are essentially a currency, like Dollars or Pounds, but they only exist online. They are not a physical thing. However, you can use them to buy things online, as many vendors are now beginning to accept bitcoin and other cryptocurrencies as payment. So where do you get these currencies? You can purchase them like you would with any currency. Although, you need to go to a specialist exchange service rather than the same place you go to get some Euros for your trip to Paris. There is another way though: Mining. By mining for a cryptocurrency, you not only get ‘free’ money, but you help contribute to the framework that allows the currency to operate. It can be costly to do by yourself, as you need to leave a computer program running for a long period of time, but you can invest in a ‘mining company’. Using something like a Genesis Mining Promo Code helps you save money on your initial investment so that you can make more in the long run.
You might not think of your mortgage as an investment, and it’s not. But the house you bought using it definitely is. If you are able to pay your mortgage off in 15 years instead of 25, you will not only save thousands on the interest payments, but you will free up more of your monthly income to put into other investments. Your mortgage is your largest monthly expense, so it makes sense that once you no longer have to pay it, you will be in a much stronger financial position, allowing you to dine out to your heart’s content.
Hopefully, these three ways to invest and prepare for your future have given you a little something to think about. It’s never too early to plan for retirement, and the earlier you start, the better you will be.