Starting an investment fund can be a daunting task at first glance. There are so many factors to consider when investing your hard-earned cash that it can be overwhelming to know where to begin.
For many people, the biggest obstacle in starting an investment fund is coming up with the money to open an account. These days life is expensive, and most find themselves working full-time just to keep their bills paid and a house over their head.
There are so many resources online that can help you start investing right away but here are three great strategies for raising and supporting that first bundle you can use to accelerate your investment ambitions!
1. Have a junky or broken-down truck sitting around? You could convert that heap of tires and metal into a heap of cold hard cash. There are many sites, both private and government-funded, that will pay you a tidy sum for the privilege of taking your clunky old pick-up off your hands.
I found that sites that let me sell my truck for cash usually follow the same basic process. Generally, the site asks you to enter your truck’s specifications on their site (things like make, model, year, condition, etc…) at which point they will give you a quote or an offer based on their appraisal of your vehicle. If it all looks good you can then accept the offer and schedule a pickup.
Then all you have to do is sit and wait for them to come and pick up your busted truck and put that stack of greenbacks in your palm. This can be a great way to jumpstart an investment fund, a start of even $500 can be a huge psychological boost you can then use as a catalyst to create your financial plan and earn the coveted title of ‘investor.’ It’s amazing how motivating it can be once you’ve gotten an initial sum locked into an investment plan, and adding to it only becomes easier the more you commit.
2. There are many hours in each week and many more ways to optimize your earning schedule to maximize your income. Sites like The Penny Hoarder are a great place to go for ideas on ways to hack extra income into your life. There are so many ways to glean an extra couple hundred bucks a month and all those income streams really do add up.
Whether it’s working from home during your free hours filling out paid surveys or getting paid to watch commercials on your phone while you commute, this website regularly posts innovative ways to squeeze every dollar out of your earning potential. This can be especially powerful when you take into consideration that all that extra income can be invested. A starting sum of $500 or even a $1000 can quickly grow as you funnel more supplemental income into it, all independent of the earnings you receive from your normal job.
3. However you start your journey into the world of investing, it is important that you take the time to consider and weigh your goals and strategies before risking any of your hard-earned money. Knowing how to make your money work for you can be of great assistance in maximizing your efficiency and picking the right sectors to invest in. The more information you have at your disposal, the better equipped you will be to make decisions with confidence and analyze the successes and failures to your greater long-term benefit.
Any aspiring investor should take his or her time to familiarize themselves with the do’s and don’ts of investing. Building a knowledge base that will allow you to keep your investments safe is critical to overall success over time. In addition to protecting the money you’ve already committed to your investment fund, this practice will allow you to free up the mental energy you might spend worrying about the security of your enterprise.
It is staggering just how much energy we spend worrying about the future, energy that could better be utilized and focused on supporting and maintaining our personal success and positive growth patterns. Unchecked stress can lead to eventual burnout, a symptom all too common in today’s overworked business sector. Taking the time to fully prepare and educate yourself before you devote any of your funds to a particular investment strategy can drastically improve your chances of success and should be high up on the list of to “do’s” for any hopeful new investor wishing to sample the fruits of financial independence.