In our last discussion, we explored easy money-saving techniques and strategic stock investing. Today, let’s delve into the world of wealth-building. If you’re aiming for financial freedom, growing your moment securely and swiftly is key. We’ll guide you through a practical approach, emphasising a reasonable chance of success. Spoiler alert: there’s no quick fix for wealth creation, but we’ve got your back.Â
Avoid Crypto Pitfalls
If you’ve been following our advice, steer clear of DogeCoin-type cryptocurrencies. Speculative gains and losses are inevitable. For optimal growth, start with low-risk options, like banking accounts. Jumping into high-risk assets without a safety net is akin to gambling – not a recommended strategy.Â
First Step – Secure Savings
Begin by stashing your money in savings accounts or fixed deposits (2%Â to 6% annually). Choose accounts wisely; saving accounts offer lower rates, while fixed deposits provide higher returns with a locked-in period. Don’t rush into higher risks without emergency funds. Even 2% or 3% beats stashing cash under the mattress.
Next Level – Index Fund Investment
For better yields than banks, consider index funds (Potential return: 5% to 11% annually compounded). DJIA and S & P 500 index funds are popular choices. Understand the daily fluctuations, and hold for 30 to 40 years for optimal results. It’s easy with Exchange Traded Funds (ETFs), like buying and selling stocks.
High Return – Individual stocks or Cryptos
For those earning high returns (2x, 5X, or 10X), invest in individual stocks or cryptocurrencies. But beware: it requires buying in depression times (e.g., Covid-19), resisting temptations, and having the patience to wait for years. Assets fluctuate daily, so it’s not for the faint-hearted. Example: A 22.18% return on Flight Center (FLT) stock bought at $16.45 during the COVID-19 depression, currently selling at 20.10 as of December 20, 2023.Â
In Conclusion – Gradual Growth:
To grow your investment, start conservatively. Gain knowledge, and experience, develop a temperament, and understand when to buy. Progress to index funds, then individual stocks or cryptocurrencies.
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Remember, this advice is for educational purposes only. Before making any investment decisions, conduct thorough research, assess your risk tolerance, and consult with a financial advisor.