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Realistic Ways To Build Wealth

February 26th, 2021 Posted in Investment, Money Tips
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Many of us want to be rich but we have rather unrealistic ideas about how to attain that. We might purchase lottery tickets every week in the hope that our numbers might finally come up, or we might use betting sites in the hope that we might win a big cash prize.

Now, there’s nothing to say we won’t become rich using these methods, but the chances are rather slim. Thankfully, there are other, more realistic ways to build wealth, and these include the following. 

Realistic Ways To Build Wealth - money making ideas image

#1: Invest (with a diversified portfolio)

Have you started investing yet? it might be that you haven’t. People are generally put off the idea because they don’t know where to start. They also fear losing money in market downturns, and are worried about receiving bad investment advice. To be honest, we can understand these concerns. However, investing is one way to build wealth, so for those wanting to improve their financial future, it should be considered. 

There are many ways to invest, of course. You could trade in stocks and shares, invest in real estate, or build wealth using a crypto trading website. It doesn’t have to be one type of investment over another, because the general consensus is that you should diversify your investments if you can. This way, you have a greater chance of earning big money, as even if the market takes a downturn for one type of investment, you might still see an upswing in another. 

To get started (if you haven’t already), check this investing guide for beginners. Then look online for more information, as the more knowledgeable you are, the greater your chances of success.

#2: Boost your income with a side-hustle

The more money you can bring home each month, the better, right? You will then have more to put away in a savings account, and you will build your wealth from your extra income and the accumulated interest. So, consider the types of side-hustle that suit you, and do whatever is necessary to get started. 

What kind of side-hustle could you begin? Well, as we have already established, investing could be your side-hustle. You could also start an online business, sell items for a profit on eBay and other eCommerce sites, rent out a room in your home, or do one of a million other things, as there are loads of ideas online. We discussed one passive income business idea here. Do whatever will excite you, as the more happiness you gain from your side-hustle, the more likely you are to stick with it. 

#3: Move into a better-paid career

If you can’t quite make ends meet (or put savings away) because of your current career path, it might be that a move into another career could be right for you. Admittedly, you might have to start on the bottom of the career ladder again, so you might not earn the big bucks right away. And you might have to go back to school too, be that online or offline to pick up a few new qualifications. But the rewards will be worth it because if you do choose a career path that gives you the opportunity to build wealth, you will be putting yourself on firmer financial footing. 

Here are some of the highest-paying jobs in the UK.

Finally

So, buy a lottery card if you want to. And make the occasional bet if you can afford to do so. But to make your dreams of building wealth come true, try more realistic avenues. We have suggested just a few options but continue your research online and around this website to learn more. 

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Top 4 Collecting Hobbies That Make Good Investments

October 21st, 2020 Posted in Investment
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About 95% of British adults spend at least one working day on their hobby, and over the years, collecting special items has remained a popular hobby among many people. If you are into building collections or you would want to start, you are probably on the lookout for exciting and rare items. But did you know that some of the most popular collecting hobbies can be extremely valuable to you and help you make more money? If you have started collecting, it would be best that you hold on to it. Who knows? They might be worth a small fortune in the future. Here are some of the most valuable collecting hobbies out there today.

Top 4 Collecting Hobbies That Make Good Investments - wine cellar image
Image by Michael Wave from Pixabay

For centuries, many people have found collecting wines as a favourite pastime. Avid wine enthusiasts usually stock certain wines because they know that it might taste better in the future. But it could become a widely profitable venture if you wish; if you are interested in starting a wine collection, you should know that it is a fiercely competitive and often expensive hobby. In fact, purchasing wines to build your collection could set you back a couple of hundreds of thousands of pounds. Wine collection involves a lot of research, so be sure to consult with experts on the best kinds to buy. It might take a few years for your collection to mature, but once it is time to make some money, you can use an auction house or connect with a wine merchant to help you find buyers. 

  1. Comic Books

Collecting comic books might sound like a child’s hobby, but it is not! Many notable adults are avid comic book collectors; it is so serious that there is a body that grades comic books based on their importance. When starting a comic book collection, remember that the older the comic, the rarer it is, and therefore, the more valuable it is. For example, the first-ever Marvel comic book was auctioned off for nearly a million pounds. Thankfully, there are many comic stores to help you get started on your new collection hunt. If you are lucky, you might come across some rare editions. Ensure that you keep your collection in mint condition so that they can sell for much higher prices. 

  1. Stamps

Stamp collection is another one of the world’s most popular hobbies. The first stamp design came from England, and since then, several other countries adopted postage stamps with their unique designs. Some stamps have exciting backstories and histories, and they are great ways to learn about different locations around the world. Unique stamps can be sold for millions of pounds. Of course, like many other collectables, the rarer, the better. Collecting stamps might take a lot of time and involve a lot of travel to find the rarest pieces. But once you build a solid collection, you can have them sold off at stamp auctions for a nice profit. 

  1. Vinyl
Top 4 Collecting Hobbies That Make Good Investments - record collection
Image by BRRT from Pixabay

Vinyl records are making a huge comeback, especially as turntables are back on the market, and many young people have taken an interest in building a selection. If you already have a couple of them lying around, perhaps it is time to turn them into a profitable collection. Before you put them up for sale, ensure that you check your old vinyl collection condition. For the most profit, your vinyl types would have to be in mint condition, and those can sell for as high as £100,000. 

Building any collection is a fun hobby, but it is not often easy, and usually involves spending relatively large amounts of money. Nonetheless, it can be a money-making venture in the future. 

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Can Quarantine Improve Your Household Finances?

June 22nd, 2020 Posted in Investment, Money Tips
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These are uncertain economic times for everyone. With the global pandemic affecting nations and business, no one knows quite how the next few years are going to play out. Even with government backed stimulus packages in place for a lot of countries, the stock markets are suffering and businesses are failing. Even if you haven’t suffered being made redundant, you may have seen the value of savings and investments fall, and be worried about the long term outlook. Thankfully, you can take steps to prepare while in quarantine, to ensure that your finances are in the best possible shape for whatever the future may hold.

Can Quarantine Improve Your Household Finances? Phone and computer on desk, managing your money image
Photo by Jessica Lewis from Pexels

Overhaul Your Budget

Living a simpler life during lockdown conditions has made many of us realise how wasteful some of our pre-pandemic spending habits really were. It’s a time when rampant consumerism has been exposed as unfulfilling, and what we’ve really missed most are simpler pleasures like seeing our friends. With a bit of space, it’s the perfect time to give your personal budget an overhaul. You should currently be making savings on things like eating out, so make the most of it by channelling those into separate account to create a financial cushion for the future. And with a bit more time on your hands at home, it’s an opportune moment to go through all your fixed outgoings like energy bills, insurance cover and credit card debt and shop around using price comparison sites for a better deal. It doesn’t take long to save on things like car insurance – click here to see what cover might suit you.

Look Into Transferring Debt

If you have outstanding debt you’re looking to pay off, you should prioritise securing the lowest interest rate possible so that more of your money goes to making a dent into what you owe rather than servicing the interest. Hunt for a balance transfer to a zero per cent APR card if you can manage to pay off the balance before the term comes to an end. If you can’t, then it can be a better option to seek a bank loan at a lower rate to pay off credit cards. This move can also free up more cash each month should you need it in the future. 

Hold Steady With Investments

If you do have investments, you may have been watching with concern recently as the markets have plunged. But resist the urge to cut and run at all costs. In most cases, if your investments are for the medium-to-long term, it’s better to have them stay put and wait for the market to recover. If you have a short term need to access money, you may need to do some juggling, but it’s wiser to leave as much as you can invested and ride it out. If you have concerns, speak to your financial advisor for some guidance on switching to safer options – for example investing into precious metals rather than stocks. 

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How An Investor Could Get Through Corona Virus Markets

March 25th, 2020 Posted in Investment, Money Tips
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Ok, so Corona virus has hit us hard in so many places, and it has certainly made the investment market very wobbly. If you’re someone who has investments in the markets and are being affected by what is going on at the moment it can seem like a bleak, uncertain and unnerving time. But, what exactly are you supposed to do to get through this difficult time?

How An Investor Could Get Through Corona-Virus Markets - computer screen stock market image
Photo by Lorenzo from Pexels

Let’s have a look at some of the thing you can do during this uncertain time: 

Don’t Do Anything

So, the value of your current portfolio has already declined. One option you have is to do nothing, if you sell now you are converting your paper losses into real ones. 

Stop Constantly Checking 

We all know that times are bad for investors at the moment, and constantly checking the value of your portfolio isn’t going to change that. Turn off your notifications, it’s probably already too late for you to change anything now. You might make a bad situation even worst if you keep looking, you might feel forced to sell when you shouldn’t from nerves and anxiety. 

Stick With Your Plan 

If you already have an investment plan in place where you use tools like MetaTtrader 4 for mac, stick with it. Try to keep investing as you normally would. For example if you have money that goes into your retirement plan every month or two weeks continue to do that. 

Remember To Stay Calm

You need to remind yourself to think like an investor, just because time are uncertain at the moment doesn’t mean you should jump if the market jumps or falls dramatically. Especially if it’s happening over a day or the course of a week. You need to think rationally and leave your emotions behind. It’s much better for you to sit back and ride the storm, wait until everything calms down before you make any significant decisions. Remember you can never pick the market bottom or turnaround and just jump in. You need to fight the impulse of thinking this is good. 

If You Feel Like You Have To Do Something 

If you get the feeling you really, really need to do something, try to use this as a learning moment. If you keep hold of individual stocks, you can take the opportunity to review those holdings and review what could have happened with them. 

This may all fall on deaf ears, especially for those who want to use this crash as an opportunity to buy low and sell high. Using this time as the buy-low opportunity. If you absolutely have to buy in the current market make sure it is in a rational and disciplined manner, think about how much you can risk losing as this is only the beginning and things could get worst before they get better. 

Do you have any other tips that you could share in the comments below?

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Grow your Funds with these Tips

January 21st, 2020 Posted in Money Tips
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Money makes the world go round, or so we are told. Unfortunately, not having enough money can certainly be an uncomfortable place to be. It puts a strain on your life and relationships. Everything becomes about money, it is all you can think about. This is a sad fact of the world we live in. A lot of what we do depends on money, where we go, shop, who we are friends with. It really does seep into almost every facet of life. However, there are ways you can make the money you have work better for you. It’s not all doom and gloom. Okay so here are some tips to help you grow your money and have a better future:

Grow your Funds with these Tips - The Financial Fairy Tales blog image of money growing in a jar
Source Pixabay

Acceptance

The first thing you need to do above everything else is accept where you are in life at the moment. You cannot go about living a champagne lifestyle on ginger beer money. It is unsustainable. The truth of the matter is, it does not actually matter what you earn, it matters what you do with it. If you earn $15000 a year and save $100 a month, you are better off than the person who earns $100,000 a year but spends $120,000, meaning they have a considerable debt. When the next financial crisis happens, who is going to be better off? However, the only way to save is to live within your means. So, be honest with yourself, what can you buy? What should you buy? Who cares where you got that coat from anyway? If friends are judging you because you haven’t got branded clothes, are they really your friends? Make changes to how you shop with the intention of saving something every month.

Stocks and shares

Before you look to make any sort of investment, you need to do a bit of research. Perhaps, have a conversation with a financial expert, or a few experts to gain as much knowledge as possible. Read as much as you can online, learn as much information as you can before you look to put your savings into any sort of investment. Even the most sturdy stocks are not without risk. The whole reason people make money on the stock exchange is because it is marred with risk. However, there are ways to mitigate the risk and research is one. You also need to choose what type of investment you want to make. Long term or short term. High-risk, or low risk. Think about dividends and what sort of returns you can get in that aspect. Maybe you are inspired to invest based on ethics. Whatever you end up doing, remember that you need to diversify. Never put all your money into one type of stock.

Spread-betting

If you have not heard of financial spread-betting, you may be missing out. This is a form of investment which is done using the stock market. However, you do not buy stocks. What you do is place a bet on the likelihood of a particular share price rising or falling. Instead of a straight-up bet, it is more informed as you are using your knowledge of the stock market to mitigate the risk involved. There is a lot of money to be made in this sort of thing, just as there is potential in making money by searching for the latest casino offers. 

Start a side hustle

Another way to maximise the money you have is to start a business on the side, while keeping that full-time regular job. Think about what you would like to do and maybe it could be a little money earner. There are so many avenues you could go down. If you are one for bargain hunting, perhaps you could open up something on eBay or Amazon and start doing it semi-professionally. What is stopping you? If you have a passion and know a lot about something, you could make money selling your knowledge. Perhaps you could write blogs on the side, or turn your make-up skills into a vocation. When you start thinking down the entrepreneurial road, the world opens up, and there are many opportunities. The added bonus with doing something like this is the feel-good sense you get from it. You have created something on your own for yourself, and no one will ever be able to take that away from you. And if this side hustle kicks off, you may end up doing what you love full time and being your own boss. Life is what you make of it, and sometimes it is through struggle that we achieve. 

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