If you’re going to obtain your financial freedom (and you are going to) then you’re going to have to invest your money so that it provides passive income and increased equity. This means that eventually, your money will do all the work so that you don’t have to work.
Investment means choosing something to invest in and that can be quite scary at first. However, it doesn’t have to be. You don’t have to go through every single investment option and all the possible permutations before deciding on your niche; you just need to go through a series of fairly simple choices to get started:
Finding Your Financial Niche
It’s actually pretty easy to find a financial niche. You just need to follow a few simple principles.
- Pick a niche that interests you. Sure, you could start investing in Elizabethan costume jewelry but unless it interests you, why would you? There are far easier areas of investment to deal with and ones that don’t require the kind of research that an ultra-specialist niche like this would require. If you love that kind of jewelry, the research is fun not work, if you don’t then it’s work and you’re trying to avoid work when creating financial freedom.
- Pick a niche that’s easy to understand. Do you want to know why so many people make their first investments in property and stocks and shares? It’s because they are easy to understand. Property becomes more valuable because there are more people every year but no extra land to sell them. Stocks and shares rise because economies grow. There are no “secrets” and that makes them simple to get into and start investing.
- Pick a niche with a decent track record. Property and stocks and shares, again, have shown good returns for decades. There may be no such thing as an absolute certainty but these two are as good as it gets in modern society.
- Pick a niche where there’s no barrier to taking action. You may dream of renting oil tankers to oil companies (lots of money there) but if you don’t have several million dollars to get started – you’d be better off picking another niche where you can get started. It’s also worth noting that there’s no such thing as too little money to get started. $10 a month is enough to get started in many asset classes.
- Pick a niche that isn’t your bank account. Australian interest rates are at a record low. Your money won’t keep pace with inflation in a savings account today. Almost any asset class is better than this.
Still Not Sure How To Start?
Don’t worry if you still can’t figure out how to get started. Here’s what you can do instead of finding your niche like this – you can commit to obtaining your financial freedom and then you can use my Abundant Mind Toolkit to get started. I specialize in coaching people to achieve their financial freedom, and we can take the next steps together until you feel confident to go it alone.