21 Feb Creating wealth – Part One
There are many ways to create wealth. There’s probably a thousand schemes or more out there. In this series I want to share with you safe long-term basic investment strategies that can help the average New Zealander accumulate wealth over a long period.
Some of it is boring and takes a long time but if you do (preferably) all of these and commit and be consistent, you will end up way wealthier, I promise you.
When I advise on creating wealth, I never look to high speculative investments such as getting a hot tip about a stock or some scheme that’s come along, like an ostrich feather farm where you are promised ridiculous returns on your investment such as anything higher than 13% in a year.
Many of these schemes are high risk – you’ve probably heard about one from your next door neighbour or local butcher about how it’s a sure thing – but I don’t believe in high speculation.
The advice I provide is not for the highly successful businessperson or entrepreneur but really for the average mum and dad who will just plod along to retirement and need some good-quality solid advice.
I believe you should set up and invest in three or four different investments throughout your life, looking towards your retirement. These are safe blue chip long-term investments.
By having three or four, you are diversifying the risk and also making money from different assets and vehicles. Generally, when one’s up, the other could be down.
Once you’ve set up a diversified portfolio of high-quality long-term safe investment strategies for your retirement, you can then take a little money if you want and have a gamble on something – possibly like a small business or ostrich farm.
In the following article I’ll take a closer look at just how you can do this.
Like what you’ve read and want to know more? Get a free copy of Jethro Hooker’s book ‘Insure and Grow Rich’ from our website or speak to Jethro himself on 027 446 4143.