Where should you be investing your money? Let’s talk about it!
People ask me all of the time where they should be investing their money in order to create the kind of wealth that can truly change their lives.
Now, I’m not a financial advisor or investment strategist or anything like that. I build businesses. I coach business owners and entrepreneurs on how to scale and grow their businesses so that they can achieve their personal, professional, and financial goals.
In my decades of experience of doing those things, where I’ve turned ideas into dollars through a real sense of vision, commitment, and execution, I’ve achieved an incredible number of my goals, goals that continue to evolve as meet new challenges, create new opportunities, and learn new insights about the world and about myself.
I’ve learned some things. So when people ask me what I think about where they should be investing in their future, my answer is a pretty simple one. It falls into three categories. Here they are.
You should be investing in yourself
You’d be surprised how often people overlook the most important investments they can make are those that they make in themselves.
People place so much emphasis on the idea of the grind that they forget the mental, physical, and emotional toll this mindset can create.
Make no mistake, I work hard and I recommend that anyone who really wants to succeed needs to put in the hours to realize their vision, but you’re not going to get very far without putting any gas in the tank.
Investing in a gym membership or a personal trainer will have a huge impact on your physical health, of course, but it can also give you the mental and emotional outlet you need while you’re growing your business.
You’ll look better, you’ll feel better, and you’ll be mentally sharper, too.
You should also be paying close attention to what you’re consuming, not just from a dietary perspective, but from a media perspective and from a people perspective.
Are you eating junk? Well, you’re gonna feel like garbage. Are you watching and reading trash content? It’s going to have an impact on what you’re thinking about and what matters to you. Surrounding yourself with people who are low achievers and aren’t supportive of your vision of growth? They’re going to hold you back.
Invest in yourself so you can be your best self.
Invest in things that make you active income
These days, entrepreneurial influencers talk a lot about passive income, which we’ll get to in a moment, but we don’t talk enough about how you can leverage your active income.
Active income is any earnings related to your work that require your time to accrue. This means that your salary, as well as earnings like a commission or a bonus or any tips would be considered active income.
I would urge you to consider how you can create a budget for yourself that covers your living expenses while using those earnings that fall outside of your salary or wage — like tips, bonuses, or commissions — an investing them in places where you can create more wealth for yourself, like bonds, high-yield dividend stocks, or similar opportunities that a financial advisor can provide guidance on.
Point being, if you’re overleveraging yourself in your day-to-day expenses, you’re giving yourself very little runway to invest in your future self.
Invest in the things that make you passive income
It’s called passive income because it’s income that requires minimal time and effort on your part to earn.
The most common type of passive income that people talk about is investments in real estate, either residential or commercial properties.
While this is often a great way to earn passive income — a strategy that can often snowball from one to several properties if done correctly — real estate is not the only way that you can earn passive income.
For instance, you could invest in a business while providing no “material participation” in its success, meaning that you’re an investor earning a percentage of the business’s profits while not spending your time working in or for the business.
Another way in which you can earn passive income is by purchasing equipment that other businesses can lease or rent from you, earning you a profit after your expenses are covered.
There are many ways in which you can do this, and with the right strategy in place, you can create life-changing wealth for yourself and for your family.
Interested in learning more about how Cardone Ventures can help 10X your business? You’re invited to join me and the Cardone team, along with hungry, driven business owners just like you at our next event. All you need to do is register. I’d hurry, if I were you. Spaces are limited, and they fill up quickly. Register now to save your seat!