*Thanks to my friend Nathaniel Bogle, LinkedIn and real life for this one. This actually came about from our late night talk about investing and bettering our lives* – Enjoy the ramblings
The Harsh Reality
From the time we wake up till when we close our eyes we are losing money. This is a fact. The moment you open your phone and close that Alarm app whilst casually checking Twitter? Loss. Open the tap to wash your face? Loss. Another day you haven’t paid of your credit card? Loss. In one way shape or form today you are absolutely leaking money and as the youth say in London, someone is ‘getting a drink’ on you. Implying that through your expenditures and daily life someone is earning.
The Golden Rule
There aren’t that many ironclad rules I live by in my life. The one that sticks by me the most is ‘Turn 1 into 2'. Taught this in my tender ages, it would take YEARS to only now appreciate the power of this.
Turn 1 into 2
Applying this in life needn’t be hard right? For every £1 I had just have to make them £2. No brainer. Like many others I let the ‘nows’ of today cripple my ‘whens’ of tomorrow. So forgive me future me.
The famous question ‘if you were given 1 million $/£ today OR 10,000 $/£ today which would you take?’. Now answering this when I was younger I would choose the mil and that was that but as I have gotten older the value of monthly income, budgeting and spending appropriately has come to play. If I was to go back to this question I would choose either. What is not important is not the amount but our plans to grow said number over a long period of time.
Great Avenues to Turn 1 to 2
DISCLAIMER: All investments carry risk and should be done at your discretion. These below are just some of the options out there.
- Cryptocurrencies
A bit intuitive. Easy. New. Innovative. Great way to diversify and grow your money and letting it work for you. Can take a bit of a Google, very addictive.
- Index Funds
An ‘index’ is a great and safe way in getting in to stocks and shares/bonds etc without putting your life away. You are essentially buying, holding and with compound interest and ISA’s, great place to start and loads of guides.
- Start-Up
Probably the most risky of the two above but needless to say it has to be in the list. Even if you can not do it today, this site is great for fleshing out new ideas that sound great, definitely worth 5–10 minutes of playing around in.
If you want a complete alternate, more of the same view I recommend reading this.
Be Super.
