I’ll be going through 4 methods to invest your $10,000. And how you should spent it in 2021.
00:00 What a Year
2020 has been a crazy year, with ups and downs in the economy. Countries being in a lockdown situation. Well, if I didn’t have my emergency fund, it could have ended bad for you. Check your bank account, is there still 10,000 dollars left? how would you spend it? And how would you spend it in 2021.
02:10 Reduce Debts
It’s so simple, having debts can be fine. If there are low debts that’s oke. But what about the high depts? What’s my advise? Get rid of those high interest debts, like credit card or personal loans. It will cost you so much money. You should get rid off e very debt over 5%.
03:43 Let someone else take care of your money for you.
Invest in something like Acorns.com. You leave your money with a party that is trustworthy and will transparently take care of your money. These parties will take a fee for their services. But that’s only fair because they invested your money for free. But this all has also an downside. The money is not liquid, as you can’t take it out, whenever you want to. Since in most cases, there is a time set on it to be able to achieve certain % of returns. Sometimes you need to let it sit for more then a year.
06:05 Do it yourself, Invest your own money on stock market
The advantage is that your money is very liquid, because you can sell and buy it right away. This is also a disadvantage, it’s so liquid that you can pull the plug when you think things won’t go right. But maybe if you would let it in you would have made more money. You can choose to buy into an ETF = super passive. Low fees, lower return or you can choose to invest actively, chance = higher return, chance = higher risks. What every you choose it’s your chouse and it both has there advantages and disadvantages.
09:09 Invest into your business
The moment you invest your money into your own business, that’s the way how you can make real money. As buying a camera, a mic, getting a good computer and other equipment can make you start service other people, right away. How sometimes, better equipment means that you can give a better service.
10:25 Invest in yourself
Invest in yourself? Yes, the more you know the better. Learning new things means you will growth and with this more knowledge you will gain more wealth and save time. They say time = money. The more skilled you are in a subject the less time it will take for you to do it. In the end, if you invest in yourself, people will be willing to pay more for your knowledge that you have, others don’t.
13:20 Your best buy!
In my book I continue to describe this, if you’re interested. Get my book! It’s now on sale as an E-book version!