We live in a world which encourages materialism and spending till there is nothing left. For those who choose to save, the benefits are numerous. However, most just choose the highest interest savings to account they can find, and put their money there. Notably, top entrepreneurs are able to use their savings as a serious tool for building wealth. Let’s take a look at 5 ways to make your savings work harder.
1. Invest in shares
Shares are a versatile investment. You can sell them, pass it on to the next generation, and they also act as an asset. Plus, you are able to diversify by buying shares in a range of companies. However, knowing the best shares to buy, and when to sell them can become a full-time affair. Therefore, it is vital that you have an investment adviser in order to take advantage of their knowledge and expertise (more on this later).
2. Social lending
Technology allows us to invest in companies and lend to entrepreneurs all around the world. A major benefit of social lending is that you can invest in and lend to companies who you believe in. The return on investment for this option is typically higher than a savings account. The key to success lies in picking high growth companies. Transactions are conducted using a social lending platform. It is best to invest in the most reputable social lending platforms.
3. Accumulate assets
Assets continue to generate income even when you don’t feel like working anymore. For instance, a home can be rented out at a high rate during the holiday period, and on a monthly basis for the rest of the year. There is power in holding assets which people will happily pay to use for a set time period. In fact, some entrepreneurs choose to convert a significant portion of their cash into assets. It all adds up, and multiple income streams are always a good thing.
4. Invest in others
You can accelerate the year-on-year growth of your business by making wise investments in others or placing yourself in ideal situations. For instance, you could attend events with high net worth individuals in order to form mutually-beneficial partnerships. In this way, you can accelerate your growth rate and use others as leverage. You could also invest in a wealth management professional, business coach, and financial planner. The best ones have great ROI and will allow you to receive money which you will otherwise not have gotten.
5. Have a plan
Much like you wouldn’t drive without knowing the destination, you shouldn’t invest without having a plan. A plan allows you to set short and long term goals plus measure progress. It is vital that you create an investment plan with an experienced wealth management advisor. It is my job to keep a finger on the pulse of financial markets, spot lucrative investment opportunities and pass this on to clients.
As a wealth manager and business coach, I have a track record of accelerating the financial growth rate of clients. I create investment and wealth growth plans which take the financial situation and goals of clients into account. I then spend time monitoring financial markets and spotting new, lucrative investment opportunities. This is then passed on to clients. Get in touch and see how I can help to accelerate your financial growth.