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Want to grow your wealth? Well, you have to start small. The best time is today. Here are 4 simple secrets you should know to save $100 fast.
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An investment is a great way to build wealth. Put money in and take it later when it has grown. Sounds simple enough, and indeed it is because plenty of people do it on a regular basis. There is no need to have Warren Buffett’s experience or bankroll to be successful.
However, it’s hard to invest a small amount of cash. After all, the “speculate to accumulate” motto is true to a point. Still, it is possible to take $100 and turn it into a large sum.
All you have to do is understand which investments are perfect for smaller amounts. Here is a selection for your information.
Cookie Jars
Actually, this isn’t a terrible piece of investment advice. It’s an analogy which you can use to build up your budget and increase the ROI. Rather than buying multiple cookie jars, you can keep the one you already have and fill it with money. Yep, the first thing to do is to start saving small amounts – $10 or so a week – and watch it accumulate. Maybe don’t watch it because it will take forever to grow! After a while, you should find that the amount you have available is more than one-hundred bucks and you did it by investing your cookie jar. Now that’s an anecdote.
Retirement Plans
But, don’t opt for any old retirement plan; choose the one your employer offers. It’s tempting to assume that private plans are better because they have high yields. The opposite is generally the case. Employers, on the other hand, are bound by the law and must follow through on their promises. For example, they may need to match your contributions depending on the state regulations. So, even 1% of your wage will contribute to your future in a big way. Plus, there are tax deductions which make the savings more affordable.
Coins
Normally, if someone says you should invest in currency then you’d tell them to go away. To make a killing takes a big investment which you don’t have at the moment. Plus, there is the issue of inflation. Once it rises, it will obliterate the value of the currency and your investment too. Unless of course, you use the LPM Group as a partner. The company deals in coins that contain precious metals such as gold and silver. To start a collection isn’t overly expensive, and the investment shouldn’t tank. Hopefully, in the future, the value will be higher, but at least you won’t lose out.
Solid Stocks
With all the bad hype surrounding the stock market, it seems like a good thing to avoid. The Wolf of Wall Street has put the fear of God into you and you can’t get penny stocks out of your head. Well, you don’t have to because the reputable ones are lucrative also. Their returns aren’t as big but they are stable and will help you accumulate wealth over time. Historically, Coca-Cola and Apple are two excellent illustrations.
The question is, where is your $100 going to end up?
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