When it comes to success in financial terms one of the major questions affecting the successful is what do people want to buy. Below are five tips that we have that will help you make the most of your new economic success:
Put your money into tangible investments
One of the smartest things that you can spend your dollars on is more money. Tangible assets are the way to go. These are investments that have a high chance of providing growth. Prime examples include investments in farmland and real estate. Here you can flip your investment easily and if investing in the right area will be unlikely to lose out. This is all based on the fact that you haven’t already made your wealth in real estate, for example, as it may be more prudent if this is the case to invest elsewhere
Engage in a strategy of buy-and-hold
Most successful investors report huge benefits in engaging in a buy-and-hold strategy. This strategic move involves undertaking a purchase of an investment and then holding onto it for many years. This is financially a smart move particularly if it involves stocks and bonds.
Save first, spend later
Instant gratification is one of the biggest stumbling blocks when it comes to making even more money. If you can delay investing in saving you will be much better off. Save first, spend later is the motto that you should be incorporating into your daily life. An example would be to put $50 aside each month for your retirement rather than spending the money now. After 10 years or so you’ll have amassed $10,000 if we are assuming a 5% rate of return.
If investing, think about tax
A clear majority of successful investors report that they are most successful when making investment decisions that take tax implications into account. This is because what really matters, like when it comes to employment, is net pay. What are you bringing in post-tax? Some poor investment decisions can lead to giving up as much as 40% of your gains to the tax office if you have chosen your investment poorly.
Live for today if that’s what makes you happy
We all die alone and without money. What matters is to live life in a happy manner. If investment and continued economic prosperity is something that is not vital at the expense of instant happiness, then don’t hold back. Its about living in the now. If you want that damn jet-ski then buy that damn jet-ski!