I have one main saving goal I work towards. I think a lot that I don’t want to work for my whole adult life so always looking for tips. At the moment I am planting seeds. What do I call seeds you ask. Well I work extra jobs and invest the money. I don’t work a lot of extra hours but when I do I use my skills to perform jobs that I would not normally do. So it keeps it interesting and non repetitive.
So when it comes time to invest I use a simple strategy. First I pick a safe option, like a blue chip share. One that will put in money gradually, small gains over a long period of time
Next I find something that is high risk high reward. My pick at the moment is crypto. Who can go past crypto? I invest about 60% into crypto. After all the extra money that I have is just that. I’m not putting it on my credit card and it’s money I can live without. I do not and will not ever go into debt to chase a profit
To top this off I live within my means. I do not have the latest cars. I do not go in too deep on house loans, I do not spend money I do not have and that is important to me. Sure I’d love a Range Rover or a new Mustang, some boys toys to top it off, but for now, that can wait.
So what are your tips? Do you have a different strategy and how does it go in the real world? Let me know your thought
crypto is definitely really high risk nowadays. At least since more sophisticated instruments will be introduced expect volatility to be your best friend and worst enemy.
Putting 60% could make you millionaire or halving what you have, but since you said it's money you can live without, could be a good choice to try.
Also you have to think about the long term. Probably blue chips, in the long run, will increase in value just forgetting about them, not sure it'll be the same with crypto. You will have to move money from one to another to get the 'hype'. So definitely something requires lots of time and dedication.
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For sure blue chips for long term and crypto for short. It’s about backing the best projects in my opinion
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