When youâ€™re broke, investment is probably the last thing on your mind. Investment may seem like itâ€™s something for people who are already rich. You, meanwhile, are more worried with getting more hours on the clock, getting your bills paid on time, and getting your old car repaired, than investing in a future you canâ€™t even imagine right now. Itâ€™s true, being broke is a major inconvenience and makes it difficult to plan and prepare. But there are also some things that you can to start investing in your future, and they donâ€™t all require a lot of cash to do them.
Investing isnâ€™t all about money. Every decision you make with your time and energy is also an investment. Investment is about allocating finite resources. So look at every resource you have at your disposal: the hours you have in a day, the good will you have in relationships, the vehicle you drive. Look at these like clues to help you solve the mystery of your financial troubles. How can you allocate these in such a way that you can start to create a better financial future for yourself. Iâ€™ve got a few suggestions, but this is a game youâ€™re also going to have to master on your own.
- Save Automatically. Lots of banks and services do automatic saving. You can just hook them up to your bank account and theyâ€™ll start leeching off tiny bits of money, just enough that you wonâ€™t notice the loss. This will go into a different account. You can save as little or as much as your want. When I started with Digit, it took several months to get to $100. But I knew what I was going to do with that money when I got it, and I used it to invest in something that would grow that $100 to a larger sum.
- Start Seeing Investments Everywhere. Investment is just like a game of â€œBigger/Betterâ€. If youâ€™ve never played this classic high school game, it works like this. Two teams start out with an item. Both have the same thing. Letâ€™s say they each start with a banana. You take your banana out into your neighborhood and start knocking on doors, explaining to everyone that you need to exchange this banana for something slightly better, might they have something in the house to trade up for? Invariably, people pitch in and the players meet up later with amazing things theyâ€™ve managed to climb the trading ladder to acquire. This is a simple example, but investment is really no different. But as an adult investor, you canâ€™t knock on doors. Youâ€™ve got to spot opportunity on your own. You can do this by using Alvexo. Forex allows you to exploit your knowledge of world events to predict value changes in linked currency and asset pairs. You will receive dividends based on how often you are right, and how much money you had invested in any one go.
- Getting Rid of Debt. Sometimes called a â€œreverse investmentâ€ this is nonetheless really important. Debt accrues at large fixed rates, often 17% or higher. If you can cancel your debt, you will have a firm foundation to stand on, on which to build your future wealth. But if you have debt, youâ€™ll likely be losing money faster than you can acquire it by any other means. Debt is the enemy of future growth, and itâ€™s likely why you are broke in the first place.
There are other ways to grow your investments as a young investor. But youâ€™ve got to be careful when youâ€™re broke. Luckily, with planning you can turn your life around.