Do you want to be filthy rich? In this pandemic year, it may seem as if getting by is all we can do. But this is not the case. Despite the doom and gloom, there are still plenty of ways to go about constructing a wealth building strategy that could make you rich beyond your wildest dreams.
But where should you invest your money? And what’s the best way to build wealth so that you can reap the rewards as fast as possible?
Here’s everything you need to know.
1. Invest in Stocks and Shares
One of the first things you can do is to invest in stocks and shares. These are long term investments. You shouldn’t expect a return from the straightaway. The idea is that you invest in them as an alternative to keeping your money in savings accounts that don’t accrue much interest.
In 10-20 years, you should have made a profit to enable you to have a substantial pot of savings to use on projects of your choice.
Stocks and shares can be risky so you should always take financial advice and invest as part of a wealth strategy rather than putting all of your money into one share.
Alternatively, you could put your money into an index fund. This is where your stocks and shares are spread out over various top 100 companies; your risk is therefore always spread over the best-performing companies.
You would only ever lose all of your money if all of the top companies: Microsoft, Google, and Apple all collapsed at the same time. This is unlikely to happen.
2. Build an SEO Empire
One of the key ways to make money today is through Search Engine Optimization (SEO).
You can do some keyword research and find out which words or search terms are ranking highly and you could then buy up an appropriate domain name and start to rank this on Google. The higher the ranking the more you can charge for advertising and the more clicks you will get.
If you need some money to invest in a website or buying in some copy then consider reducing your living expenses, even temporarily, to be able to afford it. This is one of the key tenants of building wealth.
3. Invest in Property
Another way you can build wealth is by investing in property. Remember that the property game is changing because of the pandemic. You can’t bank on property in New York and L.A. increasing its value. People are fleeing the major cities driving property prices down.
And they are unlikely to come back after the pandemic as remote working becomes the new normal.
Instead, invest your money in property in the countryside or places where it’s still relatively cheap. Then you know the only way is up. This one of the wealth building cornerstones that not many people understand.
Wealth Building Is Easy If You Know How
Wealth building is easy if you know the right places to invest your money. The pandemic has changed things. Property is still a great investment but new areas are emerging as profitable places to invest. The big cities are no longer the place to invest.
You could also consider investing in online businesses and services like SEO companies rather than in bricks and mortar shops.
If you are interested in learning more about wealth building then be sure to check out the rest of our site.