Growing your net worth is simple and straightforward. There is a lot of complicated advice on the internet about investing. We are bombarded every day with ads about crypto-currencies, stock options, Forex, on and on and on. These complex investing options are made to do one thing. Make other people rich.
Forget about trying to time or beat the market. Forget about complex investment types.
Looking at the returns of savings vs investing in the market, you can see simply putting you money in savings and waiting 30 years is not going to cut it. For instance right now, the best high interest savings account is around 2.45%. If you put $5,000 in savings at 2.45%, then you will have $10,335 after 30 years. But investing that same $5,000 in the market at an average 7% you will end up with $38,061. That's almost 4 times as much. However, if you had put $5,000 in the market 30 years ago today you would have around $111,000 based on the average return of around 10.9%.
Most people never end up investing because they think it is too hard or takes a lot of time. We'll should you how you can invest quickly, simply, and automatically. While you should always have money set aside in savings, you have to invest if you want to be financially independent.
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Almost 90 percent of the world's millionaires have been created by investing in real estate.
Real estate investing offers one of the best paths to becoming a millionaire. There are various ways to get started and has become super easy to do it online. There are a lot of platforms that enable the average investor to buy property, either by yourself or via crowdfunding. Platforms like roofstock, and Fundrise.