This morning, two guys, Sean and Roger were asked to meet their boss in his office. It was a shaky moment. They might have done mistakes in their jobs. What else could it be?
But it seemed like fortune is on their sides. They got a 10% raise from $80,000 to $88,000 per year. It turned out to be a really great morning.
Sean has already had a plan on a vacation to Hawaii since last year and now is the time to make his dream come true, staying at a resort hotel and sunbathe at the beach. $8,000 seems enough for a 10-days vacation.
Roger has another plan. He has been thinking about increasing his wealth by investing in a small business. So, he starts to write up a business plan and try to budget $8,000 as capital. He knows he can only work after office hour, so he needs to spend more energy and time, but he is very excited.
Who do you think will have better income in future? For me, I’ll bet on Roger. He has done the first way to increase wealth, which is:
- Starting a business
Get your head up. Either you’re working as an employee for a company or not, always look out for business opportunities and start when the time come. You need to work extra hours and keep your spirit on. It’s never easy to be successful.
- Investing in a business
Try to find a business that is reliable. Not the one in stock market, but smaller one. Normally, small business needs investment to expand. This type of investment is a bit risky. So, before you decide, you need to do deep research, analyse the company and the persons behind the business too. If the evaluation is positive, do it, otherwise, leave it and look for another company.
- Investing in stock market
If you’re new to this type of investment, do your homework first. Read some basic books and talk to some experienced people. You need to learn what is stock, bond, mutual fund, investment allocation and Exchange Traded Fund (ETF). Start with low investment to minimize risk. Investing low cost in broadly diversified portfolio can be considered too. There’s always risk no matter how good the stock is. Keeping your eyes on the company, regional economy and politics are advised.
- Investing in real estate
An idea to consider is real estate. The land has value, the structure has value and the income it produces has value as well. You can buy a real estate and rent it out to earn extra income. One thing to note is make sure to pay attention on location. Better location means better value.
- Investing in gold
The reason why I place this last in list is because gold investing is the lowest in terms of income. It is more to ‘saving for a rainy day’ rather than growing big income in future, but it is the safest compared to other type of investments above. It is also easier to liquid compared to real estate. So if you don’t want to take big risk, gold is the best choice to invest.
Success is a very attractive word. Everyone wants to be successful, but only a few people really want to work through it. If you are given the same opportunity, which one do you want to be? Sean or Roger? Let us know in the comment below.
Wahidin Wong is a digital marketer. He is also a jazz and bossa lover.