Once you have a good flexible cash flow, you have some savings, and you have most of your debts paid off or down, then you should start investing. There are a few dependable investments that take little skill, and a little planning, and you can make some serious money.
- Precious Metals
- Real Estate
Now, out of these 4 main options, I am really partial to Real Estate and Precious Metals. Real Estate is a good one for a booming economy. You could buy a home, and then sell it for say a $50,000 profit just a few years later. You have to be careful, though. I’ve had to sell a home at a $16,000 loss because we only lived there for a year before we sold it. It was a bad mistake. Oh well.
Precious Metals are a really good way to invest. I like them because you can pick different signs and stamps for your coins. I had like 5 troy ounce silver coins with a state of Texas and a single star in the middle. It said, “The Republic of Texas” on the back. I traded them for goods and favors. Oh, when possessing some Silver or Gold, it’s fun to see if anyone will accept payment in coin. If they do, keep them. They understand freedom.
I don’t recommend stocks, but everyone has the right to their own opinion. I know people that have done really well in the stock market, but I know others that have lost lots of money, too.
Jewelry is one on the fence for me. I figure they are similar to precious metals, so I am thinking about firing up a collection. Who knows, I might need a pretty ring at some point in the future.
One cool thing about real estate is leasing out to renters. It’s easy to make $500-$1000 profit a month off renters, all while getting the mortgage paid. There are people who own several homes, and rent them out, and that’s how they live. Then they can sell those homes to their renters or other interested parties, for considerable sums of money. It’s a gig I want to get into at some point. I’ve wanted to since about 2010 or so. Maybe one day I will.
So, take this information and run with it. Don’t forget to continue to maintain or build a cash flow. Pay off debts, save, and then invest. I recommend Real Estate or Precious Metals, but feel free to invest your money how you chose. You earned it!
Wagen, over and out.