money works for me
there's a quote i have read is says 'life will be easier if you get money work for you rather than you work for money'
so can people give me different ideas of how to do that ?
so can people give me different ideas of how to do that ?
there's a quote i have read is says 'life will be easier if you get money work for you rather than you work for money'
so can people give me different ideas of how to do that
so can people give me different ideas of how to do that
It's just investor talk. You invest your money, let your money increase in value due to investments and you never have to "work".
It's not feasible unless you already have a ton of money that you can live on and also invest (which you have a high chance of losing everything unless you're extremely educated in what you're doing)
It's not feasible unless you already have a ton of money that you can live on and also invest (which you have a high chance of losing everything unless you're extremely educated in what you're doing)
Well, for a start this assumes that you have money to begin with. If you have money which you don't need for day-to-day expenses you can make it "work" for you by:
Placing it it a bank account (very low risk, but very low reward).
Trading on the stock market (risk/reward varies depending on the nature of the trade and the underlying stock).
Buying Bitcoin or similar (high risk, but potentially high reward).
Buying any asset which you believe will increase in value over time - property, art, classic cars, gold bullion, etc.
Buying some asset at £X and then selling it for >£X.
Lending the money to someone who will (hopefully) pay you it back with interest at some future date.
etc. etc. etc.
The quote is basically describing capitalism.
Placing it it a bank account (very low risk, but very low reward).
Trading on the stock market (risk/reward varies depending on the nature of the trade and the underlying stock).
Buying Bitcoin or similar (high risk, but potentially high reward).
Buying any asset which you believe will increase in value over time - property, art, classic cars, gold bullion, etc.
Buying some asset at £X and then selling it for >£X.
Lending the money to someone who will (hopefully) pay you it back with interest at some future date.
etc. etc. etc.
The quote is basically describing capitalism.
Original post by DataVenia
Well, for a start this assumes that you have money to begin with. If you have money which you don't need for day-to-day expenses you can make it "work" for you by:
Placing it it a bank account (very low risk, but very low reward).
Trading on the stock market (risk/reward varies depending on the nature of the trade and the underlying stock).
Buying Bitcoin or similar (high risk, but potentially high reward).
Buying any asset which you believe will increase in value over time - property, art, classic cars, gold bullion, etc.
Buying some asset at £X and then selling it for >£X.
Lending the money to someone who will (hopefully) pay you it back with interest at some future date.
etc. etc. etc.
The quote is basically describing capitalism.
Placing it it a bank account (very low risk, but very low reward).
Trading on the stock market (risk/reward varies depending on the nature of the trade and the underlying stock).
Buying Bitcoin or similar (high risk, but potentially high reward).
Buying any asset which you believe will increase in value over time - property, art, classic cars, gold bullion, etc.
Buying some asset at £X and then selling it for >£X.
Lending the money to someone who will (hopefully) pay you it back with interest at some future date.
etc. etc. etc.
The quote is basically describing capitalism.
thank you so much i will do more research about all the examples you gave me but what would you suggest the best choice will be for a 20 year old person?
Original post by rocketman99
It's just investor talk. You invest your money, let your money increase in value due to investments and you never have to "work".
It's not feasible unless you already have a ton of money that you can live on and also invest (which you have a high chance of losing everything unless you're extremely educated in what you're doing)
It's not feasible unless you already have a ton of money that you can live on and also invest (which you have a high chance of losing everything unless you're extremely educated in what you're doing)
what do you mean by investor talk?
I'm not going to give advice on what you should be investing in. What I will say is this:
1. It's rarely a good idea to put all your eggs in one basket. So don't invest all your money in one idea, just in case that doesn't work out and you end up losing it all. Instead, invest smaller sums in several different ideas. They're unlikely to all fail, so you're unlikely to lose all your money. The technical jargon calls this "diversification".
2. There's normally a correlation between the scale of the risk and the scale of the reward. Different people have different appetites for risk, with some being prepared to take greater risks in order to hopefully gain greater rewards. You need to decide what your risk appetite is. Generally speaking, the older you are the more risk-averse you are, because there's less time to recover from a financial set-back.
1. It's rarely a good idea to put all your eggs in one basket. So don't invest all your money in one idea, just in case that doesn't work out and you end up losing it all. Instead, invest smaller sums in several different ideas. They're unlikely to all fail, so you're unlikely to lose all your money. The technical jargon calls this "diversification".
2. There's normally a correlation between the scale of the risk and the scale of the reward. Different people have different appetites for risk, with some being prepared to take greater risks in order to hopefully gain greater rewards. You need to decide what your risk appetite is. Generally speaking, the older you are the more risk-averse you are, because there's less time to recover from a financial set-back.
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