How to grow your money without breaking a sweat
Growing your money used to be hard work. Here are three easy ways to invest painlessly.
Many people think that they have to earn every cent of their wealth the hard way. In most cases this means a salary or by giving up even more free time to take up a side hustle. While these are great ways to add to your net worth, they’re time intensive and hard work. Luckily for you, there are now much easier ways to grow your money without breaking a sweat.
Become an Investor
Deciding to become an investor is one of the best ways to improve your financial health and build a better future. Investment often involves buying small amounts of an asset over a long period of time to either sell at a higher price at a later date or live off the interest.
Investing is easier and more accessible than ever before. New technology means that investments can fit any budget and all you need to get started is an internet connection.
Simple and effective methods like cost averaging are great for new investors, easy to set up and mean you don’t have to worry about what the markets are doing because small, regular investments over time can help to minimise volatility. All you have to do is figure out what you can afford to invest each month.
Like all personal finance, investing is a unique journey for each person. To give yourself the best chance of maximising your profit, you should create goals for what you want to buy, ask yourself why you want to buy it and at what point you want to sell. Remember: investing is a marathon and not a sprint.
Look for ways to earn interest
Earning interest is one of the easiest methods to put your money to work. All you have to do is deposit funds in your account.
Without any additional work from you, your money will grow every year, just from sitting there. While the initial interest payments might not be enough for you to quit your job and move to the Caribbean straight away, they add up over time and can make a big difference to your wealth.
Interest is one of the most effective ways to help grow your wealth dramatically over time. In fact, compound interest is probably the single most important factor in boosting the value of your investments. Compound interest is interest that's calculated based on the initial investment amount plus any interest that has been paid since.
This means that the interest you earn gets reinvested and earns interest of its own. Like with all investing, the longer you have been accumulating interest, the higher the returns of compound interest will be later in life.
Most know about interest but just assume that it’s not possible in the current economic climate. Interest is actually alive, kicking and potentially available for more people than ever. You just need to know where to look.
Nuri is a bank that rewards you
There are two kinds of banks in today’s world: Those that empower you to achieve your goals and those that charge more while giving you less.
There’s a whole new reality of banking out there waiting to be explored and it’s important to find a bank that champions your journey while giving you the opportunity to grow your money every step of the way.
When you want to grow your wealth and move towards the lifestyle of your dreams, it’s tempting to fall into the habit of working as long and hard as possible, even though you don’t need to. If you take advantage of opportunities to grow your money with investment and earn interest on your savings, you can get all of the rewards of the investor lifestyle without having to work any more than you already do.