The ILEAD Company® welcomes you to Wealthy Speaker Wednesday. On Wednesdays, I will assist you with strategies of how to build wealth beyond the stage.
Speakers can obtain money to speak. This is the goal that most speakers desire so that they can make a career from speaking; however, this actually is only the beginning from a business perspective. When a speaker builds his or her business, including yourself, and if you are just starting out, you actually are self employed, where it is you primarily working the business. You are the primary person wearing a few hats to get your business moving. However, you should not hang around with this model too long. It is encouraged that you move towards becoming not just self employed but a business owner, where your business can run on its own as a result of systems you would strategically incorporate.
Today’s experienced speakers are doing just that, which enables them to enjoy their business instead of wearing too many hats and getting burned out. As a matter of fact, wealthy speakers are now becoming investors. This shall be the focus of the blog message today, helping you move those speaking dollars and using them to make money work for you – INVESTING.
Wealth Building – How Speakers Can Tap Into That Power To Get Wealth
In order to build wealth, you must have the right mindset, counsel and tools in place. You must be connected to the source to help you make wise decisions on what to spend your dollars on. Connect with the Most High – God. He shall direct your path. He will connect with with resources for various investing options. You have to also gain knowledge on investing.
Investing is not a get-rich-quick scheme. It takes understanding and knowledge about the risks and rewards before getting started. It’s important to read everything you can about investing before you begin so that you are prepared for potential pitfalls. It is clear, however, that investing is a good way to secure your future.
How To Get Started Investing
To get started investing, there are a few investments that are better for beginners. But before you get started, be sure that you understand the risk of any one investment and read all the fine print. Plus, before investing one dime in anything, you should invest in yourself by having at least 8 to 12 months living expenses saved that you can get to easily. Once you do that, you’re ready to start investing.
There are four common types of high risk investments: stocks, bonds, mutual funds and so-called alternative investments which consist of real estate, options, and other things beginners don’t need to concern themselves with at this point. Instead, focus on the three basic investment options:
- Stocks – When you buy stocks, you’re buying equity in a business and in fact you become part owner of the business in which you buy stocks. They are very volatile and whether any payout (called dividends) will happen or not is a risk you must be willing to take. The risk is that you can lose every penny you put in.
- Bonds – These are fixed income securities in which you are lending money to the entity and in return you get a return on investment in the form of interest payments. These are relatively safe investments and if you buy government bonds they are risk free. But, due to their lack of risk you won’t make as big of a return on your investment.
- Mutual Funds – Consisting of both stocks and bonds, you essentially pool your money with a group of other investors so that a professional manager will run the fund and decide which stocks and which bonds to buy with the fund. Typically, when you buy a mutual fund, you choose which fund to buy based on the year you intend to start using the money. You don’t really need to know much about investing to choose mutual funds, and you can start with very little money.
Bonds and mutual funds are the easiest to get involved with if you are a beginner investor, and you can start with relatively small amounts of money.
To buy bonds, you will need to find a full service or discount brokerage firm, or if you have at least $5000 you can work with a bond broker. To buy a mutual fund, you can go through an investment firm or check with your credit union or bank. For mutual funds through a bank or investment firm, you can start with $100 or less.
Low to No Risk Investing Option
With the above options, the risk may be very high because your growth financially is dependent upon the ever changing markets. However, you can always choose reliable investing options such as gold, which appreciates in value. You can begin for FREE or with between $150-$5000 to make your money work faster for you. CLICK HERE to learn about investing in gold, which is not based on the rise and fall of the markets.
Listen, I am glad you are desired to learn about investing. Please use wisdom and educate yourself. You will happen you did. Above all, pray and get started.