There are thousands of ways to invest and I encourage you to consider looking at each and every one of them and perhaps even investing in most of them. The reason is that, most of the time, you can’t go wrong investing. This is a review of the three most important investments that most people will make in their life.
1. Mortgage – This is most likely the most substantial investment you will ever make! We are talking about an investment of more than 30K. That said, slow down! Once you are ready to buy your first home, I understand that the excitement is very real. However, nothing is less exciting than being evicted and moving back in with your parents. So, take careful notes and line up your ducks before making this investment. As many financial gurus have said time and again, when investing in a home, be the tortoise, not the hare! You will thank yourself later!
2. Education – With student loans skyrocketing out of controllable environments, this may very well end up taking the place as the number one investment in a few years. Universities want every penny and your soul in exchange for a “remarkable” education. Unfortunately, most people are not in a position to argue. We need this education to get a decent job and we are going to what we have to do for a living wage. Once again, be the turtle! Do the research, the workshops, the footwork and all that goodies to make the loan as low as possible and then do the math. If you can’t pay off your loan after 10 years of employment for the degree you went to college for, I’d tell you to go ahead and hurry up.
3. Income – Let’s be honest, your day job will probably never pay you to your satisfaction. I’ve seen entrepreneurs and members of the middle class take part-time jobs just because they wanted to get that new boat or new car a little faster. Even working in fast food requires an investment of some kind. You’re not even allowed in the back room to flip burgers unless you’ve invested $ 100 in new baggy pants and slip-resistant footwear. Find an investment that will substantially increase your income! Personally, I would not waste my time because of the minimum wage. Generally speaking, the higher the investment, the higher the return on investment.
When it comes to long-term investing, fear will cost you more money than anything else! Make sure you’re properly informed and get your ducks lined up, and then get that mortgage, that education, and that increased income with confidence!