The majority of today’s globe is discussing investment. “Start early, or you will not be affluent,” the ad says.
As a result of this, you convert your attitude into an investment. And then attempted to go into any of the investments, whether stocks, cryptocurrency, or even real estate. You will undoubtedly lose.
If you try to start with the stock market, you will fail. There are a variety of causes behind this, including investing based on free suggestions, a lack of patience, mindlessly following the herd, and so on. In addition, the government will take some money from you, and the platform will collect a little fee.
Then try to invest in cryptocurrency; you’ll lose again. The same thing happens. Scammers and YouTubers will try to sway your thoughts.
Finally, if you spend your money on an apartment, you will have to pay a lot of taxes. I’m not referring to the debt you took out here. I’m referring to the money you’ve paid to the government as a tax. If you want to learn more, simply ask a family member, a friend, or a local builder about the taxes you pay in your own nation.
Consider for a moment why there is so much buzz surrounding the investment. It is only because novices lose so specialists make a profit.
I’m not suggesting don’t invest. Instead, attempt to invest in areas where you have a specific understanding.
And, please, don’t try to invest in every field, especially if you’re unfamiliar with it. Begin with one little step and work your way up to many.
So, Nitin, what can we do? Follow the steps.
Start Earning More Should Be Your Motto
I couldn’t invest three years ago since I didn’t have $40,000 on hand. And if I tried to invest using my parents’ or friends’ money, my life may turn into a living hell.
Because most of us have heard that investing can make you a billionaire. Yes, but only if you have stable funds and can invest them for a decade.
Anyone, without a doubt, can invest in stocks and cryptocurrency. You don’t need more than $1,000.
However, if you try to withdraw it within a month, you will lose.
More interestingly, you will never become a billionaire if you try to speculate, invest based on free suggestions, or follow the herd.
So please start earning more.
Trying to Earn More Will Save You More
I was not able to save 50% of my salary in 2021, but I tried to save 30%.
Yes, it was inconvenient in the first month since I couldn’t spend money. In addition, I am unable to subscribe to Netflix or Disney+. However, after a year of saving, I was able to make some money.
Every year, we observe inflation as well as a rise in our expenditure. So, instead of attempting to be a minimalist, I look for new methods to make money.
I must confess that it takes time and effort. In addition, some of the side hustlers try to con me.
However, after experimenting, I was able to incorporate other ways to generate money.
Let me give you a few instances.
I attempted to invest in stocks in 2021. I continued to get dividends after six months. In addition, I invest in USDT every month, which yields 12–14 percent yearly income.
Yes, I do not include that money in my profits. However, it assists me in increasing my money over time.
Invest Before You Spend
Each and every one of us enjoy saving and growing our money. Most of us, however, are unable to do so because we consume first and then invest afterward.
Please modify your way of saving and investing if this is how you save or invest.
Let me explain how I control my expenditures. First and foremost, I generate money from my side hustle every month.
Then I invest
- 10% of my earnings in cryptocurrency
- 30 percent in stocks
- 10 percent is invested in family businesses
- 50% in my bank account for 25 days
You will ask me how do you spend. Well, I have a single credit card with a credit limit of 50% of my monthly salary.
So I attempt to utilize a credit card every month. And every time I spend money, the credit card company sends me an email informing me of it.
As a result, I can keep track of my expenditures and avoid overspending.
Please Make an Effort To Save More Money Today
Two years before, when I tried to earn money with my skills, I was mostly pleased with my results. I was earning close to $500 per month by working only 2 hours per week for a month.
As a result, I never try to boost it more.
Well, it was my biggest mistake because the competition grew to the next level and I couldn’t earn $500.
Let me provide another example.
Several people may have lost their jobs as a result of the Covid-19 epidemic. Their situation deteriorated, and there was no longer any work to be done.
So please begin saving as much as you can today. Also, if you have the opportunity to earn more money, please do so.
Life may change at any time, and you never know when.
Yes, we all want to achieve financial freedom, but not by investing in unknown areas.
It’s fine if you can’t create 30% interest on your investment. Simply reduce your losses in order to turn a profit.
But how can we cut our losses? By learning more about a particular industry before investing in it.
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