Why You Can't Get Rich Overnight
Some people are looking to get rich quick and invest at the wrong time. The tricky part is that there is no quick way to get rich. So how do you confirm that some said investment is not just a get rich quick scheme?
Look up the people behind the project.
This is a very important area to look into. The more important an asset (and more importantly a founder) is unrelated to the technology or service itself, the more likely it is a scam. If an important founder has no way of stepping back to do anything else, give it attention. It is this attention that scam artist prey of.
Look at the company itself.
Is the company already established? If it is new, is their reason to be new? Are the assets and founders respected? A new company that already has a great reputation is much less likely a scam. Focus on these companies.
Look at the technology.
If the technology involved is not a game changer or new, the more unlikely it is a scam. For example, new super disruptive technology may be involved which is risk taking. However, if there is a new twist or improvement on an already existing idea, there is less risk in the deal.
Look at the details.
The Scams and Snake Oil Salesmen
While not a scam or fake, this book by Danny Aston will teach you all about stocks and how you can make money off of them.
When it comes to telling the truth from the lies in the investment world, there is no shortage of examples. The commodity bubble of 2008? The real estate implosion that happened earlier in the 2000s? The recent rise of food prices? Every one of those events and many more could have been predicted if you had the right analysis skills.
But the reality is that very few people have the skills to accurately predict the future. Fortunately, that doesn’t mean you have to rely on luck when playing the stock market. You can rely on hard work.
Anyone can play the stock market if they have a few decades to do the research and analysis. However, most people don’t have that amount of time. What if you want to get in on the stock market before it’s too late and you’ve got a few years of your life to play with?
You could hire a broker with all the education and tools you would need to make money.
Build Your Wealth the Smart Way
Build up a cushion
It’s tempting to jump at the first financial opportunity you find, but this could leave you in a precarious financial position in the long run. The best practice is to apply a sound financial strategy. Invest the proceeds from an existing investment source into a reliable and safe financial product. When you’ve built up a sizable deposit, you can use this to invest into a more speculative product.
This is your financial safety net. Using it will enable you to invest in the higher-risk products that are likely to give you higher returns. If the investment doesn’t pay off, you can fall back on your safety net, ensuring you’re in a comfortable position no matter what happens.
Diversify your investments
What is the best way for me to guarantee that I earn a good rate of return on my savings?
What is the best way for me to invest my money so that it grows quickly?
What is the best way to use my money so that it provides me with a comfortable living for the rest of my life?
What is the smartest way to use my retirement savings?
If you have been saving up to invest in different ventures, you may be naturally inclined to choose one investment and pour all your money into it. The problem with this strategy is that a flat tire – and you will have one – can ruin your entire investment.
Buy and hold
But why doesn’t everybody buy and hold forever? A lot of people do that and they’re happy. They would prefer lower returns with stability and no risk.
If you’re a buy and hold investor you can get rich quick, but you need to be a patient and disciplined investor.
If you’re looking for a quick profit, you can use your money to buy investment packages cheaply, you can use leverage, and you can use options. You can also “flip” properties, use real estate investment trusts and seek out distressed assets.
If you’re looking for fast wealth, you can go into trading. You can trade stocks, currency, futures, or short term options. Short term trading involves a lot of risk and limited potential returns. The aim is to make small gains on a daily, weekly, or monthly basis.
Those are some possible income sources.
To savings/investing. It is the only way to make profit.
Do you want to get rich quick? The simple answer is no way!!
Generally there is no way to get rich quick.
The reality is:
You don’t need to get rich quick,
You need to get rich steadily. He who dies with the most toys wins?
When I first started in the stock market, I was excited, desperate and naive.
I had never invested in stocks or shares before, the whole concept of stocks and shares was new to me.
I therefore deduced that, the more shares or stocks I had the more successful I would become.
Reading the stories of successful investors and the amount of money we made, I was hooked.
So I went out and got myself a broker. I opened a trading account and set off to buy and sell shares as quickly as possible.
I knew that the stock market was a volatile place. It was really lucky if I did not lose money.
But occasionally I had a windfall of success. And my trading in shares was doing reasonably well.
Until one day, when the market tanked. I was convinced I was doing the right thing, buying and selling.
But something wasn’t right.
So I did what any other investor would do and re-double my efforts.