Although savings accounts aren’t traditionally seen as a method to growing your wealth, they do offer a unique, and important function.
However, since savings accounts don’t grow on their own beyond the meager interest paid by the bank, you may be wondering – is a savings account actually considered an asset?
In this article, I’ll cover everything that you need to know!
Note: Listen to this post instead using the audio player below, and consider subscribing on your favorite podcast player!
You’ve already invested in yourself to increase your income potential, and your business is doing fine. What’s next?
As entrepreneurs, it’s natural to want to poor as much money as we possibly can back into our companies. Perhaps surprisingly however, this isn’t always the best option.
In the same way you’ve been told never to invest in one stock, it’s not always a wise choice to put 100% of your extra money back into your own company either. There is a lot of power in diversification. And while your own business is likely to generate the best returns, there’s a lot of value in investing elsewhere as well.
Rather than investing a lot of time and money learning how to pick stocks (only to make less money), I have one investment that is ideal for entrepreneurs, and really isn’t that complicated to get started.
That investment is called index funds / ETFs, and they offer plenty of benefits that you can’t get anywhere else.
In this article, I’m going to cover these benefits in detail, share my own personal portfolio, and explain how you can get started.
Note: Listen to this post instead using the audio player below, and consider subscribing on your favorite podcast player!
They’re beginning to understand that they can never build true wealth, if they do not put their resources to work for them in a way that pushes them further towards their financial goals.
After all, it was legendary investor Warren Buffet that once said, “If you don’t find a way to make money while you sleep, you will work until you die.”
We know this is true, but step back and ask yourself something. What if you’re not even following the right strategy to build long-term financial stability? What if the investments aren’t aligned with your goals? What if you feel like you’re doing everything you supposed to, but you find out years from now it was all wrong?
This is the case for millions of people, and they don’t even know it yet.
Take a look at any big internet marketing website, and I’ll bet you’ll see something huge about ‘earning passive income.’
People are crazy over it. Everybody’s talking about it.
“Earn money while you sleep!”
“Work 4 hours a week!”
“Build it once, earn money from it forever!”
That’s great. Passive income is actually pretty wonderful. Passive income is the reason I’ve published over 150 Kindle books and continue to put out more every week. Having money come in while no longer doing any work truly is an amazing feeling.
However, it’s extremely easy to get lost in the idea of passive income and forget what’s really important – how much money you’re getting in total for the amount of time you’ve invested in something.Â
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