3 Ways To Up Your Financial Game

3 Ways To Up Your Financial Game

by July 2, 2020

What is the one thing that Elon Musk, Bill Gates, Richard Branson, and Jeff Bezos have in common? The thing all of these very successful men have in common is their ability to turn a profit at the drop of a hat. While it might seem to be based on luck and taking huge risks, behind the scenes, it’s shrewd business and money management at play.

Taking a Leaf Out of the Billionaire’s Book

The idea that entrepreneurs take risks all the time is the work of good PR and not reality. The reality is that you need to be careful when taking risks and instead focus on being careful and putting in the hard work. In truth, many of the world’s most successful people have actually reinvested the profits from one company into another, and most have squirreled away money behind the scenes to ensure it works for them while they’re busy doing other things.

Keep Working Hard, and You Will Get There!

As Max Levchin noted, the first few companies he started failed, many of them spectacularly, but the fifth company he started was PayPal. Although his first four companies didn’t make the cut, he didn’t give up completely, and he went on the create one of the most well-known business ventures of the 21st century.

When you are seeking to up your financial game to perhaps build up your business and make your financial future bright, then here are 3 excellent ways that you can help yourself.

Successful People Make Successful People

Psychologists have long believed that you are the sum of the people you spend the most time with, so if you’re spending time with losers, what do you think you’ll end up being?

Switch your thinking around and spend time with successful people. This won’t happen overnight, and successful people don’t want anything to do with a permanent victim, but stand up straight and believe in yourself, and you’ll see the difference.

Make Sound Investments

There’s an old saying that “you can’t take it with you when you die.” This is true: money is pointless if it’s stuffed into a mattress. If you’ve got some spare savings, consider investing in the stock market, CFD trading, or investing in a start-up.

It doesn’t take a lot to start: as little as $500 to $1000 is a good investment to begin with, and the returns could prove fruitful! Speak to a broker or financial advisor and seek good advice about investments before you jump in.

Invest in Real Estate

real estate investment

image credit: Unsplash

With everything that’s going on in the world, it may seem that there is no safe investment; even oil prices have crashed recently. That said, something that has always been fairly stable is real estate.

If you can, consider buying or investing in property. This certainly requires a bigger capital investment upfront, but the returns can be excellent.

As your property becomes more valuable over time, selling could mean you make a tidy profit. In the meantime, why not consider renting it out? Either a residential or commercial landlord (depending on your property type) return could prove a nice passive income to boost your 401k.


Featured image credit: Unsplash

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