3 Tips on how to expand your financial horizons
Do you want to take your finances to the next level this year? It’s time to build up your portfolio, allowing you to realize your dreams, whether that means retirement or buying that new home. To meet your financial goals, we have a few pointers on how to expand your financial horizons and realize your goals. Let’s get started on the three ways you can increase your savings and build your wealth.
Start monetizing what you love
Aside from your primary source of income that you get from your job, you should also start by thinking about what sorts of hobbies and productive activities you do in your spare time that you could transition into another income stream. Think about your hobbies and skill-sets, from writing, editing, graphic design, and many other great ideas. Take these ideas and find one that you think you can make some extra money by freelancing. If you have a particular skill set that might be valuable to other people, why not earn some extra income by doing what you love in your spare time. Some other great ideas that you should consider are to offer your services as a personal tutor or release an e-book online. With technology today, there are endless possibilities to take your hobby or work experiences and earn extra money.
Using online software and websites, it’s never been easier to get going doing something that you’re good at for money and connect with people that need your skills. Fiverr, UpWork and Freelancer are all excellent examples to get you started.
Start an investment portfolio
Now that you have some extra money coming in, you will want to start your investment portfolio, so all that money you are saving is also making money for you in the stock market. Any successful entrepreneur knows that to truly get ahead, you need to make money off your money. Those with little financial experience should find a certified financial planner to assist in helping you map out your goals and investment strategy. So if you’re serious about taking your money to the next level in this new decade, then you should consider investing to make your money work for you. Of course, your strategy will be based on how much you can save and how much risk you are willing to take, your financial analyst will help you figure out the best strategy based on many factors like time horizon and risk tolerance.
Tip – If you already have a few different investments under your belt, it might be time in 2020 to expand your portfolio even further, again bolstering your assets for the future and protecting you against and shifts in the market. With property investment, for example, investors sometimes decide to buy their second or third property in a different city, so that in the event of a market shift, they still have a secure income stream. RWinvest, an award-winning property company with offerings in the likes of Liverpool and Manchester, has a range of different videos, guides, and podcasts on the property market if you want to learn more.
If you’re serious about earning a side income via freelance work or if this is the year that you start that small business, you have always dreamed of starting then get organized first. Before beginning any new endeavor, start by getting your workspace in order, free of distractions and clutter. After you have the proper environment to work in, it will allow you to focus on the task at hand and achieve your goals without distraction.
To achieve a minimalist vibe that can aid your concentration and work-rate, take the opportunity to kill two birds with one stone, and sell some of the things that you don’t need using online marketplace apps and auction sites. Not only will you achieve a more spacious environment as a result of getting rid of a few items, but you’ll also get a bit of a kick start in building your new portfolio, or you can use this money to help start your new business venture itself.
Finally, in order to expand your financial horizons make sure to find an advisor who understands your goals and who you trust and get along with. Having the right person on your side in choosing investments is key to your long term financial success. An advisor can be perfect on paper with the experience and certifications, but if you don’t get along with them or enjoy working with them, you will never get the results you want. Work hard now so you can play hard later, enjoy the fruits of your labor!