There are tons of people who are afraid of investing. They don’t like the idea of losing money. While it’s not fun for anyone to lose money, it’s important to remember that a person loses more money by purchasing fast food instead of cooking meals at home. Depending on the type of investment, you don’t have to invest a lot of money up front. In fact, when you’re getting started, it’s not a great idea to invest tons of money upfront. Instead of purchasing fast food during the week, set aside that money to place in a jar. By the end of the week, use that money to begin investing. Whether it’s five dollars or $40, you can start with that to get your feet wet. When you’re consistent with an investment strategy, you can turn it into a really lucrative side hustle. Consider the following ways you can make it happen.
Invest in the Right Training and Resources
You’ll want to make intentional investments into the resources that will help you become more confident in the area you’re investing in. You can invest in the right training by purchasing various books. You can attend courses and seminars to get around like-minded people who want to learn. If you’d like to make the foreign exchange market your area to invest in, you’ll want to invest the time to study the foreign exchange market. It’s important to learn about how it operates, the different players in the marketplace and more. When you’re investing money, you don’t want to guess. Sure, there is a bit of uncertainty involved with investing. However, you want to focus on making educated decisions. Otherwise, you’ll spend a lot of time gambling your money. This is the antithesis of investing.
Learning About the Field
As you’re using money to purchase books, courses and seminar tickets, you’ll also want to learn about others who have been successful within the field. You can do this by checking out online forums and social media groups. If you’re interested in reselling, that is a great way to invest your money and support a side hustle. Instead of buying stocks, you’ll be purchasing items like discontinued beauty products. As you find out what’s available in the marketplace, you can buy low and sell high. There’s a huge community of resellers on the internet. While it might seem like an all-consuming process at first, interacting with the people within the field will help you to become more confident in taking the leap to try something new.
One of the best ways to become more confident in your knowledge and ability is to practice. If you’re using the stock market as your avenue for a lucrative side hustle, you can find programs that allow you to practice on demo accounts. There are some people who encourage you to practice for a few months with fake money. There are others who suggest jumping in after a few weeks. Use your discretion. Just remember that practicing is an important element because it allows you to become well-versed regarding various investment strategies and more.
There’s nothing like having accountability. When you’re looking at side hustle ideas to earn extra money, it’s easy to become complacent and give up. After all, it’s something on the side. No one is forcing you to do it Even though you know that benefits of following through with a side hustle, fear and procrastination can get in the way. If you don’t want this to be your experience, it’s wise to find people who will keep you accountable. Whether it’s a close friend who’s on a similar journey or a new friend you’ve made through an internet forum, find someone who can walk alongside you in the investment journey. You can bounce ideas off of one another. You can learn more about how to build your empire, try different techniques and learn from each other’s mistakes. Plus, it’s so much fun when you have someone who’s able to see where you’ve started and help you get to the next level. When you know someone is holding you accountable (and vice versa), it’s harder to give up. Think about people who go to the gym. They tend to hire trainers and find workout partners to help them as they progress through their fitness journey. The same concept applies to your journey in developing an investment side hustle.
Always remember that it’s better to be safe rather than sorry. Don’t take dangerous risks with tons of money. Become an expert with the smaller investments first. In due time, you’ll be able to expand and use more money to get a bigger return on your investment. When you’re able to make educated decisions, you’ll increase your chances of sticking with the side hustle in the long run.