Updated: Feb 23
Once you have your savings account established, there are many possibilities. Where you go next will depend where you are in life. If you do not own a home, it may be time to consider purchasing one. If you already have a home, it may be time to start investing. No matter what path you choose, you want to make sure your money is working for you. Lets explore some of these options further.
Buy a Home
When buying your first home, consider your options. Many people go straight for the largest home they can afford based on what the bank will approve them for. This will make it hard for you to fund your other investments. Your first home should be the smallest house you can live in happily. If you are open to being a landlord you could also consider buying a multifamily home and renting out the other unit(s). Real estate is a great investment avenue for many people and is not hard to get into. Be sure to check out our reading list for some great resources on real estate investing. "The Millionaire Real Estate Investor" is one of my personal favorites.
Invest in The Stock Market
The stock market is a great option for investing and is easier than ever. Companies have made it easy for people to trade stocks from anywhere. Many now offer apps where you can view live market data and manage your account at any time. Robinhood is a good option for beginners who prefer a simple interface that is easy to follow. Robinhood also has a widget that allows you to view your investment information right on the main screen of your phone. Be sure to research each company before investing in them. There is a lot to learn when it comes to trading stocks, but a smart investment can make you a fortune. We will have several posts on this topic in the future and cover all the tips you need to become a trading pro.
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Be sure to check out our guide: Investing for beginners! In this blog post, we'll cover the basics of investing in the stock market so you can make informed decisions about your money.