If you found your way here, it is because you are curious about investing techniques and may want to know where to begin. This blog post is written for the absolute beginner who may have little resources or experience. The Modern Dad not only works and provides for his family, but also begins an investment or online entrepreneurship that can grow with time. Let's discuss how to begin.
Step 1: Assess if you are ready to invest.
Understand that investing is a long term practice. Whatever technique you choose, you will learn to use it very well and repeat it over and over in an almost boring repetition that is profitable for you. Prepare yourself mentally for this to be an "untouchable" source of income that will feed itself. If you are struggling to make ends meet or put food on the table, then investing isn't for you. If you are struggling financially, it is far better to invest in yourself as in highly marketable skills that provide you a better income. Learn to budget and use that living wage to meet all your life expenses and emergency savings. If you say yes to all of the above, then proceed to step 2.
Step 2: Compare the strategies.
Together we will discuss several. You should compare them and what you have to work with so that you can pick one that best fits your life. If you have a few hours a day in the evening, perhaps you can leverage that time in an online business. If you have a garage, perhaps you can use that space to buy up inventory of an item at a discount and upsell them online. Everyone's situation is different and opportunities may be available in your local area or online that fit you the best.
Step 3: Pick a strategy and have discipline.
Residual income also known as passive income is earned by starting a repeatable profitable system. The power of investing happens when you take the profit from that business and allow it to return to the business in growth. There is no such thing as getting rich quick. But with time and repeating this simple technique, any investment can snowball into something much larger. The Rich Dad Poor Dad books are a great place to learn more on this topic.
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