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10 Ways To Invest Money While You Have A Full-Time Job

10 Ways To Invest Money While You Have A Full-Time Job

Most of us don’t necessarily love the jobs we have. We all had wonderful plans for ourselves growing up. But our jobs pay, so here we are. But wouldn’t you just want to break away from all this charade? Do the things you’ve always wanted to do? Sure, who wouldn’t? But that requires money, the only source of which right now is your job.

But we do truly live in a golden era where anyone anywhere could make small investments and possibly make money off of it. Even though investing on oneself, one’s education, skills, health etc., would still be the best investment for the long run, most of us are looking to make investments that could actually make us money right now.

So, here are ten ways you could invest money while also maintaining a full-time job.

1. Peer-to-peer lending

This is possibly the easiest investment you could make. Peer-to-peer lending involves you lending some money to a peer in hopes of making a profit out of the interest in the returns. Now of course this peer has to be someone you know or trust, so that alone reduces the pool of potentials. In a way, this method could be deemed as risky as it is simple. However, if you abide to the golden rule of lending anything including money, “Don’t lend something you can’t afford to lose”, the risk is definitely worth the simplicity and potential profit.

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2. Investment in precious metals

Precious metals are a very controversial investment. Some deem them the best investment one could make, others deem them the worst. Truth is, they could be a little bit of both.

The fluctuation in their prices aren’t as predictable as other things since they’re mostly dependent on the rise and fall of the dollar. However on the plus side, if a small investment is what you wish to make, the potential profit usually balances out the potential risk. Besides, precious metals like gold and silver are among the last remaining material investments one can physically hold on to.

3. Trading forex

Forex or the foreign exchange market is the world’s largest financial market. Everyday trillions of dollars are exchanged through forex and that is vital to the economy. Businesses, governments and investors use forex. Businesses use them to facilitate foreign trade, governments to implement policies and investors study the market and predict the rise and fall of the exchange rates and capitalize on this.

For as little as 25$ you could get started on foreign currency trading. The basic idea is that you buy a certain amount of a foreign currency and sell it at a higher price when its valuation is higher than what you originally paid.

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4. Trading options

Options trading is a process that lets you control a stock or an asset without actually owning it, letting you capitalize on its price chances. An options contract allows you the right to buy the shares owned by another person for a certain price known as the strike price before a certain date in exchange for a certain premium.

If the value of the share rises, then you can buy the shares for a price cheaper than the market price and then sell it at the market price to make an overall profit. If instead the value of the share falls, then you may decline from buying the stocks but you lose the premium you initially paid.

Options trading can make a great investment if you understand the market.

5. Trading futures

Futures trading involves investing in a volatile market and capitalizing on the fluctuations while providing stability to the businesses you have contracted with. With the pay of a full a time job, you can possibly afford to contract with small local businesses.

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If the market prices drop and the businesses can manufacture cheaper, then you get the profits. However, if the market prices rise and the manufacturing becomes more expensive, then you lose money. Once again, like options trading, if you are well educated about the market then futures trading make great investments.

6. Investment on real estate

Real estate prices continually rise and fall. And like precious metals, they are assets you can physically hold on to. If your pay can’t afford to invest in real estate around you, there are options around the world.

Many countries allow foreigners to invest in their real estate and if you’ve assessed the risks well enough, they may potentially prove to be a great investment. This is specially true for developing countries where a cheap real estate can be worth a lot more within just a few years. Once again, this requires great research.

7. Crowdfund investments

This could possibly be the best option for someone with a full time job. In crowdfund investment you are only require to invest a small portion of the required amount, and your future returns depend on the amount you have initially invested. This gives you the option to invest on big businesses that could potentially make a lot of profit. Furthermore, since you’re only investing a relatively small amount you could invest in a number of businesses and expect at least some of those to make you a profit.

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8. Buying stocks from established corporations

Stocks of established corporations are usually a safe bet. Let’s say you are willing to invest a thousand dollars a month from your salary. You could buy 20 stocks worth 50 dollars each. Since big corporations are constantly at work to try and increase their profits, stock prices are sooner than later bound to increase too. You could then sale some or all of the stocks you own to make a profit.

For an established corporation, worst case scenario may be the drop in stock prices by 5 or 10 dollars, because they don’t usually go below that. You’ll only be losing a $100 or $200 of your initial investment.

9. Being a silent partner in small businesses

Small businesses don’t usually require a lot of money to operate. The $1000 you agreed to invest in stocks in the previous point could very well help run a small business somewhere else.

Furthermore like real estate, you are not restricted to invest in businesses near you. In a developing nation, the $1000 could mean a lot and could help establish a number of businesses that could in time grow to be profitable. Becoming a silent partner means you don’t have to worry about the operations of the business. But once again, you need to be sharp on your assessment of the business and the person running it before you invest.

10. Buying penny stocks

Penny stocks are common stocks that are valued at less than a dollar. Investing in penny stocks is therefore considered highly speculative. They seldom make a good investment so unless you’ve run out of options, you should stay away from them. However since they are already so cheap, there is no other place for their prices to go but up. If you buy a lot of them (since they are all so cheap), at least some of them are bound to make you some profit. At least, these are the general assumptions surrounding investment in penny stocks.

Featured photo credit: Investing Money via upload.wikimedia.org

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Nabin Paudyal

Co-Founder, Siplikan Media Group

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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