The adage that money breeds money is absolutely true; when you have strong savings, you can not only take more risks when trying to grow your wealth, but you will be in a far better position to make healthy profits. I saved all of my life, working on the ‘save 25% of your salary’ rule that my father instilled in me; after paying my mortgage off and putting my little girl through college, I continued to save. This savings plan left me with quite a pot of cash, and a couple of years ago, I started working with the best casino slots as part of my plan to grow my wealth.
My wealth management plan has had ups and downs and has involved investments in quite a few different areas, and today, I want to share a few ways in which you can do what I did and look at improving on the savings you have.
The first place to start is to ensure that you have a savings account paying you a strong yield. Most banks offer savers a measly 1% if you are lucky, and many leave their money there and accept this. Have a hunt around for high-interest savings accounts; the more money that you have, the more likely you are to find one, and there are some accounts out there that offer interest rates as high as 4%, that’s $400 on a $10,000 savings account, completely free.
If you have some serious cash to play with, then you should start investing in bricks and mortar; not only is a real estate one of the safest places to put your cash, it can also be incredibly lucrative. You could look at vacation rentals, residential homes or commercial real estate and depending on which area you get into; you have a few choices for how you’ll make your money. You could flip properties, buying and selling quickly for fast returns; you could also invest in properties for rental purposes, which will see a steady stream of money flowing in each month, or you could invest for the long term and sell when the market is high.
After making a strong return on some oil futures I sold, I decided that I wanted a new challenge. I have a history of working in the software solutions industry, and I knew of quite a few startups within this field that needed some financial support. I contacted each business and arranged meetings whereby they could sell me what they were trying to do. My original plan was to invest in one of them, but then I thought, ‘why to put all of my eggs in one basket. There were 4 companies altogether, and I really felt confident about two of them. After thrashing out a good price for a fair portion of the company, I invested my money in casinos online and let them get on with it. As yet, I have seen no returns, but it is still early days, and I am still very confident.