There is no such thing as easy money, or free money, unless you happen to win the lottery. No matter which career or business you choose, you will have to put in the time and effort to be a success.
But there is a way to Create a Second Income through investing as recommended by Robert Kiyosaki and Warren Buffett. Some of the steps to accumulate wealth and create a second income are below:
It is often said that the earlier one starts investing, the better it is to grow your money. As with anything else in life,investing also benefits with an early start. The principle of compound interest works magic on building money. When you begin your career it is understandable that the initial salary will be low. However, even small amounts of savings in good investments will help in slowly and steadily building your wealth.
Another way to build your wealth is regularity and discipline in investing. Often, a break in investing plans disrupts your goals and hampers the growth of money. The best way to make sure you are not irregular in saving is by starting capital and returns guaranteed Regular Investment Plans.
Try and automate this so that you do not forget your monthly investments. Also, if at any point, you happen to miss investing in a particular month, make up for it in the subsequent month by investing double the amount. You must also look at raising your investment amount gradually, as your income increases.
Often, people complain that despite being regular in investing, they do not see a growth in wealth. This is because they withdraw the money invested frequently, not giving it a chance to grow. Remember that the longer you leave money invested in a good investment option, the higher it will grow due to the compounding effect.
As you can see from the chart below, people who try to time the market lose money.
Don’t try to pull out your own tooth. You can do it but it may cost you dearly if you make a mistake. Use the services of a qualified financial advisor.
However, remember to always do your research before investing and do not follow advice blindly.
Regular Savings plans are not the only way to invest. If you have a lump sum amount of money, I can show you how to create a second income that generates a cash income stream for you in as little as 3 months.
Note: You would need at least USD 75,000 for this type of investment. If you do not have this you need to build your savings first.
These simple steps will help you grow your money steadily and systematically. Building wealth requires a dedicated effort from your end, as there is no short cut to achieving wealth.
Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide.
He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’.
He helps business owners and professionals ‘Create A Second Income’ through investments.
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