Advertising
Advertising

How to Invest and Make Money for Your Early Retirement in 3 Ways

How to Invest and Make Money for Your Early Retirement in 3 Ways

Have you ever imagined of retiring early? It’s one of the BIG questions that some young adults ask themselves. In this content, we’ll talk about how proper investments can make solid money that will help you retire early and secure your financial life.

Why Invest? There are many factors that drives an individual to invest whether short term or long-term, but the major reason that I believe influences our desire to invest is our income and our future family.

When I was 18 years of age I started to follow the traits of my father who was local cheese bar tender. He used to take me to investment clubs where he was a member and it really build my confidence of having a stable investment. By the age of 23, I had already acquired a lot of skills on investment which led me to join relevant investment clubs.

Advertising

If you would like to make money and retire rich without any debts, then I’d encourage you follow these tips.

1. Invest in Real Estate

Real estate is one of the lucrative investment platforms that can make you or destroy you. If done correctly you can start to the benefits immediately but that will depend with your initial capital.How do you make money from real estate?

From my own personal view, I’d suggest that you build an apartment that has 10 units and of each 10 units I’d suggest that you charge $1000 each unit.  When you do your calculation, you will see that you will make $1000 x 10units = $10000. From my own perspective, $10000 good money to make on a monthly basis.

Advertising

2. Investing in IRA (Individual Retirement Account)

Another area of investing that I’d recommend is the IRA. At this point I’d advice that you invest at least $5000 in IRA under Drip Account. Drip Account is a popular and safe investment portfolio under IRA that that provides high value of money with less commission. If you contact any professional investor, they will propose that you invest in IRA.

3. Invest in the Stock Market

This could be touch and go so studying up on the stock market is highly recommended.  It can be a very profitable market but very risky portfolio, if done badly; you’ll end up losing all your investment. If done well, early retirement will be your reward.

My advice and approach

When I was doing my project in stock market, I realized that the best way to make money and hold your investment tightly, it would be by investing in penny stock. You can make some nice earnings by holding 1 – 2 stocks and the results would be awesome. But you really need to be careful with the market conditions based on demand and supply.

Advertising

For you to succeed in this industry, I would suggest that you get a certified professional investor who will take through from the start till the end. Most professional investors who are skilled in trading stock are very hard to hire because their return on investment is high.

When you follow the above 3 tips on investing and making money, I can really assure you that when you retire, you’ll have a secure life in terms of wealth.

Now it’s your turn

We hope that these few helpful tips can help you get started on the path to early retirement. Implementing the strategies, and the provided information will help you in building your wealth both for yourself and your family.

Advertising

If you want to build a proper investment portfolio, then I’d vouch for the 3 tips. If you have any suggestions or investment tips to add to this, leave your comments below!

More by this author

6 Keys to Building Multiple Streams of Income How to Invest and Make Money for Your Early Retirement in 3 Ways

Trending in Money

1 How to Use Credit Cards While Staying Out of Debt 2 How to Use Debt Snowball to Get out from a Financial Avalanche 3 How Personal Finance Software Helps You Get More Out of Your Money 4 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 5 How to Answer the Tough Question: What are Your Salary Requirements?

Read Next

Advertising
Advertising
Advertising

Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

Advertising

Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

Advertising

I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

Advertising

Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

Advertising

So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

Read Next