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Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

How can you make money off the money you already have? ?

I’m in my middle 20’s and I’ve been saving my money since I graduated from high school. I won’t say the exact amount that I have, but the estimate is between $38,000 - $50,000 so far, and it’s just sitting there not doing nothing. I know that’s not a lot of money for rich people, but it’s a lot for someone in their middle 20’s with a bachelor’s degree because most people at that age don’t have that much money saved up. My goal is to be rich some day and never have to work for someone’s business, at least that’s what I’m hoping for because I hate working for people. How can I make money off the money I already have? I’ve tried Forex, which I sometimes hate, and I’m thinking about taking a break from it because I’m tired of losing small amounts of money. What else can I do? Honestly, I just need some guidance from people who were once in my shoes, but now are rich, wealthy, or close to being wealthy or rich. Anyone can comment and give me some advice. 

5 Answers

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  • ?
    Lv 6
    2 months ago
    Favorite Answer

    Talk To Someone With A Successful Financial History. ...

    Develop A Budget. ...

    Open A High-Yield Savings Account. ...

    Pay Down Debt. ...

    Invest In A 401k or IRA. ...

    Invest In The Stock Market. ...

    Use Rewards Credit Cards To Your Advantage. ...

    Consider Alternative Passive Income Streams.

  • 2 months ago

    That's a good amount for a young person.  You should have your annual salary saved by your early 30's.  Go to Morningstar.com/funds and research the mutual funds.  Buy an aggressive fund with good history both short term and long term returns.  Never sell and never sell it to buy a better fund.  You should expect about an 8% return over the long term.

  • Anonymous
    2 months ago

    SELL FOR AN PROFIT WHEN YOU SET THE PRICE:

  • 2 months ago

    You won't make much letting it sit in the bank. To do well, you have to invest it WISELY. You can also lost money just as quickly. In general, utilities tend to be safe investments. Take a look at WTRG and see what you think. If you buy through the company, you can get a DRiP account, which automatically buys stock with your earnings. 

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  • Anonymous
    2 months ago

    Avoid forex. Invest in an index fund every month for the next 35+ years. Its a slow process and there will be crashes & declines along the way.

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