- Get dividend stock recommendations from our dividend portfolio
- Learn how to build positions at the DRIP Investing page
- See how dividends can fit into your passive income strategy
Finding Money To Invest
Posted on | May 16, 2011 | Comments Off
As we’ve demonstrated in posts such as this,the power of compounding interest or reinvested dividends is insane. You can build huge portfolios using these methods. The only problem is that the future wealth you accumulate is somewhat dictated by how much money you allocate now into investments. Compounding requires capital and time. The more you put in early, the difference can be exponential.
So, as a young person who is finding it hard to get meaningful employment or is just trying to make ends meet, how do you find money to invest into say a DRIP plan or other stocks?
If you’re single without a family, I’d encourage you to pick up a second job or a second form of income. Live off your main job, then pile all the money from your second job/income stream into your investments. It’s impossible to overstate how impactful this will be to your future finances. While your peers are accumulating debt, you’ll be hustling to create future gigantic portfolios that will make you very wealthy.
The only difference between you and the guy who won’t build portfolios of cash flowing securities is hustle. Do you have the hustle to hit it hard for a few years and build up hundreds of thousands of dollars in a portfolio by the time you’re 30? The same portfolio could be millions by the time you’re in your 40′s.
Unfortunately, most young people are unaware of these techniques or they don’t have the maturity level and drive to implement them. Most young people are distracted by pop culture or getting drunk on a random Tuesday. Be different and work hard to build your investments while you’re young, while it’s hard to do so.
Building wealth isn’t easy, otherwise everyone would be rich.
Where do you want to be in 10 years? 20 years? It’s up to you to make it happen.