If you’re young and broke and thinking of investing the little money you have into the stock market or buying any form of investments with your money, I want to challenge you to think again and be smarter.
I recently did a video about the three different skills you have to master in order to become completely financially free for life.
1) Making money
2) Keeping money
3) Multiplying money
This is something I learned form Grant Cardone.
Everyone loves the idea of making money work for you, rather than you having to work for your money. However, if you currently have $10,000 or $20,000 or $50,000 in the bank, you’re still broke. You’re still in phase number one and two, so don’t pre-maturely invest.
What I would do is set a goal for yourself, a certain number of money in the bank, and only start investing once you’ve reached that goal.
That could mean having $100,000 or $1,000,000 in the bank.
Once you’ve done that, you’ve proven to yourself that you can make and hold on to your money without blowing it. You’ve mastered the first two skills of financial freedom and it’s time to start investing.
And by the way, while you’re saving up money you should educate yourself about investing. Learn about real estate, the stock market and other investment opportunities. You can still invest, but only invest in yourself, in your self education, books and programs.
Once you have the funds to make substantial investments, you’ll have all the education you need in order to succeed and not lose money.
That’s my advice when it comes to investing your own money.
However, if you want to invest someone else’s money, that’s a different pair of shoes. Let’s say you want to get into real estate investing and you have no money yourself. You can still use private money funding to buy deals and become an investor. However, you are investing someone else’s money and not your own money here.
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