DISCLOSURE: This post contains affiliate links and I will be compensated if you make a purchase after clicking on my links.
Well, it's definitely a whole new ball game when it comes to making that dollar dollar bill these days. With technology along side this internet........it's not that old money for sure.
You know back in the day, "Old Money" was handed down, inherited upper-class families. More likely to be refined, stuck-up, snobbish, well-disciplined, influential yet have a low profile, save & invest their wealth.
Whereas, "New Money" is newly acquired wealth from the likes of the dotcom era, professional sports or entertainment fame. Called "1st generation wealth". Personalities tend to be more casual, down-to-earth, hip, a bit flashy, socially conscious, spends a little more time openly activist then their older school counter part.
You know back in the day, "Old Money" was handed down, inherited upper-class families. More likely to be refined, stuck-up, snobbish, well-disciplined, influential yet have a low profile, save & invest their wealth.
Whereas, "New Money" is newly acquired wealth from the likes of the dotcom era, professional sports or entertainment fame. Called "1st generation wealth". Personalities tend to be more casual, down-to-earth, hip, a bit flashy, socially conscious, spends a little more time openly activist then their older school counter part.
Whether you're OLD or NEW money, communities are boosting all types of fresh ways to earn money using today's internet technologies as a means to achieve wealth today. Not to mention digital investments, freelancing, tutoring, graphics, programming, ghost writers, selling things online and if you are a decent writer even blog writing.
Some people get it early on in life. Save for the future. Some people view life a little differently, live your life now tomorrow is not guaranteed. And act accordingly, they spend what they earn. Live paycheck to paycheck, consume beyond they means etc,. While some of us old school, baby boomers were simply taught to go to school, get a job & work hard.....You know the routine. You've heard the saying, J.O.B. - Just Over Broke
What's a person to do when we finally get it.......how do we start a journey to prosperity when you are older, maybe close to retirement? How might one boost their current finances expeditiously so as to help support an elderly loved one, travel, live a comfortable retirement or what about that bucket-list?
Wealth building can be an extremely complex task requiring not only the cornerstone acclaimed quote "Show Me The Money." But, demands focus, sacrifices, education & due diligence.
Yet, it can be done.
One tool, is to invest. Yes, investments.
I am not an financial advisor, this is my disclaimer. Please seek professional advice on any information contained hereon as I am providing insight "as is". The entire risk as to the result and performance of the information is assumed by the user.
I will say this, as a latter end baby boomer. My working harder for someone else days are nearing their retirement days. Along side 4 grandchildren and my youngest son a few years in high-school and college behind that. It's time for me to work & earner smarter. I am teaming up with those in the know. This squad of mentors and like minded individuals have one goal in mind.....Wealth building utilizing today's Internet Technology aka Digital Media, for an normal person's growth.
Moving forward in what will become the foundation of our quest will be investing and investments.....
You've heard the term "It takes money to make money." To invest is as simple as to contribute money into a source in hopes that you make more money later.
Dictionary meaning - Expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property.
Investing can and should be look at as a kind of saving strategy. Only this kind of saving requires a bit more labor. Saving your money in a bank is your basic maneuver. There is absolutely no risk.
Simply open up a Saving Account which you usually don't readily have access to, say from an ATM or checking. Interest rate are ridiculously low and any additional service fees will also take a bite out of your low growth.
Simply open up a Saving Account which you usually don't readily have access to, say from an ATM or checking. Interest rate are ridiculously low and any additional service fees will also take a bite out of your low growth.
If one has an larger amount of funds to put away, then a higher interest account should be utilized. These accounts are called "High- Yield Saving Accounts".
When you know that the funds to be saved will NOT be used for a good period of time. There's an account for that as well called CD's. Stop......no, we are not talking music compact disc of the 90's and early 2000's. These CD's are Certificates of Deposit. What happens here is, you put your money in the care of the bank for a particular time period. Generally, 6 months and in upwards of 5 years. At the duration of the deposit, referred to as the maturity period. Interest is earned on that deposit.
Next, we start to get into what are called securities. Due to the complex structure involved in security markets, I will briefly interpret just their essential elements as their pertain to the subject at hand.
I wish to clarify my intent here within this and subsequent post. I hope to provide clear, smooth and painless understanding of the many many avenues in our complex financial system. The objective is to take what tactics/strategies that are out there and present them in everyday language. As we become increasingly involved in the varies subject matters surrounding wealth building strategies.........guest blogger, experienced like-minded associates along with feedback interactions will clarify what best works within said capacity.
Securities are investment option on the saving/investment ladder. In it's essence, you can buy into a companies growth or debt. These negotiable financial products (bonds, stocks & funds) have monetary value.
Of these securities.....Mutual funds are a common investment tool used to help build a diversified portfolio. Unlike CDs or standard bank saving account which are insured by the Federal Deposit Insurance Corporation (FDIC). Mutual funds are not insured. Why.......simply because mutual funds are an investment not a deposit.
We will start off the next installment with Money Market Funds. For now, soak in these simple tactics & research a bit.
REAL TALK
Copyright © 2017 Andrew Hayes WeHit All Rights Reserved
DISCLOSURE: This post contains affiliate links and I will be compensated if you make a purchase after clicking on my links.
DISCLOSURE: This post contains affiliate links and I will be compensated if you make a purchase after clicking on my links.
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