by Sharon Jones
Investment, for all of its perks, has numerous downsides as well. We can find that when investing into something that's a ”sure thing” doesn’t always yield the results we are after. As a result, we don't feel so positive about the game of investment and believe financial stability to be forever out of reach. But financial stability isn't about getting an upfront cash injection, it's about playing the long game. What are the best ways we can play the long game?
Finding A Nest Egg
Property is one of those things that will always be in demand and if you're lucky enough to acquire a small property or holding, even when you're struggling with family finances, working with a single family home property management team over the years can give you the necessary knowledge in which to acquire a small profit. Sure, this means you've got to rent the property out, or you can be a house flipper, but finding a nest egg, and making a profit out of it, like property, can mean that you are able to earn enough money to put some aside.
The Power Of The Saving
If you don't have access to it, you won't spend it. This is a very simple rule that we can all learn from. If we don't see the money, we make do with what we've got, no matter how little it is. This is why putting money into savings that are difficult to access can build up a sustainable chunk for our twilight years. Unfortunately, we believe that we don't have money to save, because we only have what's in our bank account, but the modern money saving apps like Plum can help in this respect. It calculates a very small percentage of what you have in your bank account and put it aside, so you don't spend it, but you also don't have to delve deep into the mathematical nuances either!
The Tricky Aspect Of Investing
When done right, this is the very definition of playing the long game. While it's essential for you to have a decent amount of money, to begin with, once you turn that into a profit, by sticking with one type of share or company, you can see them through the years, and witness their peaks and troughs. From there, you can get a good understanding of when to sell or buy. It's not as complex as it would seem, and if this is something that has interested you, you should try investing with practice accounts, to see if you can get a feel for everything. It's not a foreign language, but if you do it wrong, you can very easily gamble away money. But for those big investors that have made a lot of money, they understand that it's about the long game.
We live in a society where we need a lot of money, and we need it now. As far as financial stability is concerned, it's about a swift combination of habit, minimal lifestyle sacrifices, and understanding that true profit is about the long game.