Now that we have said goodbye to 2022 and we are in the first weeks of 2023, it is the right time to plan for your finances. During the holiday season, you may have spent a lot in shopping, booking flights, buying presents and food, and renewing your insurance policies. Now that the season is over, don’t forget to get back to your financial management activities and learn more things on how to grow your money by way of investing.
You don’t have to be as rich as Elon Musk, Jeff Bezos, Bill Gates, or Warren Buffet to be a great investor. If you are one of the millions of people who still believe that investing is only for the rich people, it’s time to reframe your mindset and start thinking bigger. Keep this in mind: anybody who has extra money can start investing. You can start small and once your investments start growing, that is when you diversify and expand your investment portfolio.
Let’s say that you are saving 10% to 20% of your salary every month, instead of keeping them in your bank, invest it somewhere else. In case you didn’t know, keeping your money in the bank is not a wise investment. Banks offer the smallest yields so don’t make the mistake of investing your cash in the bank. Here are some small to medium scale investment ideas you may want to consider in 2023:
Buy and sell
Buying and selling stuff have become very convenient and accessible these days, thanks to sites like Facebook Marketplace and eBay. If you have extra cash and good eye, you can profit a lot from buying and selling online. You may ask what type of items you should sell online. Our answer is simple: the things you care about, you are passionate about, the things you know. For example, if you are into sneakers like Jordans, Fiestas, Stars, Ascends, you may want to exploit this passion. Buy limited edition sneakers and sell them with a marked-up price online. The idea is, buy things you really know and sell them online for a higher price and use the profit to buy more.
Passion project
Use your passion to your advantage. Most of the big businesses today started as a garage business or passion projects like Amazon, Google, Facebook, Disney, Harley Davidson, and Microsoft. You don’t have the biggest capital to get a business running. All it takes is your passion and persistence. You can use your extra money to work on a business closest to your heart. If you are into health and wellness, you may develop your own healthy juice brand and sell your products online. You don’t have a million dollar to start a business, all you need is to be creative, resourceful and patient.
Foreign exchange trading
Imagine, making profit without leaving the comfort of your room – this is possible with forex trading. Almost anyone can become a trader and investor with only your money and your device. According to a forex broker in Vietnam, you can start your trading journey by watching videos online on how to do it. Then, you can sign up for a demo account, which can help you familiarize yourself with the platform you choose. In 2022, the forex trading has been huge, and it is expected to keep growing in the coming years. So, our pro tip is that you start your own journey as early as now.
In a nutshell, you don’t have to be a millionaire, business visionary, or an expert forex broker in Vietnam to start investing and growing your money. If you have the passion for excellence, can-do attitude, and persistence, you can earn a lot of money.