THE SECOND BEST TIME IS NOW” - Lao Tzu
Stage 1
🏦This is of paramount importance - if you don’t do stage 1 you will never progress to stage 2. You must increase your income.
•Create a side hustle, something with minimal start up cost, e-commerce etc•
Stage 2
🏦 - In order to be able to advance to stage 3 investing, you have to be able to control your spending & expenses, if you don’t, you’ll never save enough money to invest.
•Try to save 10% of everything you earn & make an emergency fund, creating good saving habits for the future.
Stage 3
🏦 - Once you have saved enough money to start investing - START INVESTING. How much your investment earns will be down to how much you invest. Start out with low risk investments as they’ll be safest in the beginning stages, until you become more of a sophisticated investor, then you could potentially invest in higher risk projects.
•Remember to invest in yourself by educating yourself•
Stage 4
🏦 - Multiply your income streams using profits from your investments & earned income diversify your investments, by investing in Property, Start-ups, buying existing businesses, buying & holding Stocks, commodities, cryptocurrency, bonds & index funds.
•Put your money to work, think of each £ pound as a worker & give them all a job to do to make more money•
Stage 5
🏦 - Maintain your money, as you will have created good saving habits in stage 2, learn to maintain & keep more of what you make, making smart choices with your money.
•Don’t be the person that blows all their money only to find they end up at stage 1 again•
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