Post by Eeliffee Garcia
Many people think of the term “Investment” as a financial activity for the rich, some imagine Wall Street films. But the reality is that investing can be done without millions of dollars in your bank. Can you save $100 a month?
Why consider investing?
1. Future goals. Most people have goals, for example buying a house, children’s education or even save up to invest in a business venture.
2. Passive income. This is money that you receive through an investment in a business or financial account such as; rent, dividends from a business or stock, interest income from a retirement/life insurance account or better; go global and sell an e-book or an online course. These activities don’t necessary require you to be active in. And if done properly with the right amount of investment; in your retirement you’ll just sit back, sip a nice cold drink with a beautiful beach front in the Yucatan, Mexico.
3. Retirement stability. In 10-15 years from now we are not certain about the stability of the federal government. Every year more and more retirees are starting to notice less in Social Security benefits. Will you have enough money to live decently during retirement?
How to start?
1. Review your budget. First set up a budget if you haven’t’ done so. Review your cash inflows and outflows and see where you can improve to save money.
2. Talk to an expert. An expert in finance is a professional dedicated to advising clients on how to manage or invest their money for their future well-being. And if you’re a business owner then talk to your accountant about the possibilities of investing.
3. Banks and independent firms. Most major banks have investment advisors that can help. It may be easier to manage all your finances under one roof. However, there are independent investment firms that work with national companies dedicated to retirement, life insurance and investments. I personally like independent firms because I enjoy the personalized customer service and I stick to the same professional for the longest of time.
DISCLAIMER: I am not a registered financial adviser/broker with any investment company, but, as a business and tax advisor part of my work involves helping my clients invest for the sole purpose of saving taxes and maximizing their after-tax wealth.