It’s better to always remember that money attracts more money and more money attracts more opportunities. Therefore, if every time you make a profit from one of your investments and you use it in a way that will not bring you anymore profit you have simply wasted your previous efforts of obtaining that money in the first place.
Here’s an example, let’s say you work hard for a solid month straight saving every penny you could so that you could use it for, after careful research, an investment opportunity which you find to be very lucrative. Now the end of the month has come and you invest everything you worked so hard for into this opportunity. A couple of months go by and you find that your earnings from your investment have doubled. So you take which you have earned and go out celebrating until every penny is gone. Get where I’m going here? Exactly!! What you have done here is taken your earnings and spent them on things that cannot bring you any more money. You pretty much threw your entire months work and the opportunity to gain more money to a night of celebration and fun.
Now I’m not saying you have to hold tight to every penny you receive from investments but I am saying you should think wisely about what you do with your profits rather than just blowing them off.
A better way of utilizing those earnings would have been to leave what you initially invested in the opportunity there and take the profits from your investment and research another investment opportunity.
That way you are creating ways for more money to come into your life. Remember money attracts money. Therefore, if you spend all of your earnings you leave nothing for money to be attracted to however if you use it wisely in money creating ventures it will come back to you over and over again. It will also afford you the opportunity at more than just one night of celebrating. If you continue to work in this manner you can very well find yourself in a position to have all that your heart desires.
Follow The Leader
A great way to get started in any arena you are not familiar or comfortable is to seek out the path of those that are successful in that area. Read about certain things they did or how they paved a way for themselves. Were they trailblazers? Did they follow a certain pattern? Did they stay inside the box? Really take a moment to learn of those well accomplished in the field.
After ample research choose whichever one is similar to you in personality. Which one responded in a way you would. Or did things the way you do them now. Once you have narrowed your search down you can use this person as a personal finance mentor until you find someone.
Find out what types of investments they were apart of. How did they get started? What are they doing now? All of this can help you in your efforts to becoming financially stable.