What is the best way to obtain wealth… to play the lottery or to save and invest? The easiest way to try and possess wealth would be to spend $10-20 weekly playing the lottery. Unfortunately, most people don’t win the lottery.
The absolutely best way to obtain wealth is to save and invest. Most people need at least $1 million to retire and never have to work again. The key is to figure out your financial independence number and then determine how much money you should be setting aside on a monthly basis to obtain that objective. This means that you can’t arbitrarily set aside $50-$75 and expect to be financially independent. You have to do some planning.
In addition, you have to invest systematically every month no matter what. This is also known as dollar cost averaging. Now is the absolute best time to invest because the share prices are lower. We have all been told to buy low and sell high. In theory that seems simple, but in reality, when it comes to practicing, it may be hard especially when your investment statements indicate that you are losing money. Keep in mind that if you sell your shares in a down market you will have an actual loss. If you are not retired, and the money is for long-term goals, you only have a paper loss meaning that there is still time for the share prices to increase.
In addition, you need to always have a portfolio that is properly asset allocated. This means that you do not want to have all of your eggs in one basket. Also I believe that you should only select funds that have a history of performance and that are professionally managed. There is no such thing as get rich quick. Obtaining wealth consistently is the best way to keep your wealth and have an impeccable future.
For additional information, please feel free to contact me at 317-626-8203.
Dawn Poindexter has been a motivational speaker since high school where she was on the speech team and competed in the oratorical category. Her mentor has always been Dr. Norman Vincent Peale.
She has encouraged others and at an early age realized that many people did not know their true worth and how special they really are. She helps them realize the cycles that keep them in the same rut and shows them how to break out and expand their horizons through speeches and motivational demonstrations.
At the present she has a motivational speaking company, Sunshine Systems Inc., but they are now in the process of change to improve their services.