Honestly, the daily decisions we make or decide to put off have a compounding impact on our lives. Whether it's health, relationships or financial matters this holds true.
Help Me To Help You!
I'm going to put a few financial thoughts out there to get on your brain's radar again. Hopefully, this will help you in a positive way.
Things to decide and take action on:
- Retirement Investing
- Passive Income
- Speculative Investing
Are you doing any of the above things?
If not, then the question you need to ask yourself is - do I want to rely forever on a paycheck each month to support myself?
Basically, that is what life is if we don't have money coming in as passive income or from a nest egg come retirement time.
Want a $100,000 in a retirement account?
Do you drink coffee? Well, I just found $100,000 for you come retirement.
Yep, just like that.
How about Passive Income?
Passive income is money that comes in from an asset or investment that does not require much additional effort from you once established.
This can be anything, such as dividends produced by stock holdings or interest payments from debt holdings (bonds, loans, etc) and of course there is income from rental properties, one of my personal favorites.
Bottom line - if you do not have any passive income coming in then you are 100% reliant on a earned wage to produce income.
Speculative Investments
One should use a small percentage of their investment funds for this. It's to take shots on investments that could produce out sized gains to create additional wealth. 10% of portfolio is the general recommendation.
This can be for something like crytpo currencies. High reward possibility, but also money you can lose without it wrecking you.
Conclusion
We can talk about these points with more and more detail. However, the point of this post is to give you a bit of a wake up call if you are not already doing any of this. Don't be a financial prisoner, is what I like to think. Take small steps that allow for freedom!
Best Regards,
Disclaimer: All info in this post is my opinion.
Great post. Love the infographic about the coffee. Although I have to say that most people are not ready mentally for speculative investments. The emotional stability necessary for successful speculative investing comes after years of wins and losses in the markets - it doesn't come easy.
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Agreed, in that light people should look at it like money they would take to the casino.
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Yeah, that's a good analogy.
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Happy I don't drink or smoke anymore Coffee didn't have shit on those expenses.
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Truth!
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Have some expirience in speculative activity. And it is not just about money. It is about feeling of freedom and high selfesteem. And BTW, I prefer good tea, which sometimes even more expensive than coffe)
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Yeah, tea can definitely be more expensive. One trip to teavana taught me that ;-)
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My father always said, don't put off tomorrow what you can do today. To this day I have to remind myself of this old saying. Good post Mr @scaredycatguide .
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Simple, but wise words.
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I think I should expand my income stream. And learn smart investments
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