Saving money isn’t exactly the best idea.
This statement completely contradicts everything we have been hearing ever since we were kids.
Savings, in simple terms, is the emergency fund one chooses to save for the future. However, it’s not always the wisest and the best way to manage your cash at hand.
Most folks tend to ignore the must-dos and better alternatives in their blind desire to pile up the cash in their savings account.
We, on Trendfollowingsystem.com, can think of at least two feasible reasons on why you should put your hard earned cash to a better use, rather than just trying to increase the digits on your savings account.
Petty Interests
You do get certain percentage in interest for your savings. But, with the increasing inflation rate, there is no room for growth; in fact, I will go as far to say any form of growth is impossible. Sure, there is some sense of comfort having the savings, but with no real increment, you are sitting on an unchanging sum, and the chances are that it won’t even be enough for those golf rounds you will want after your retirement.
Must Read: What Should You do When the Market goes Against You?
You have a better Alternative: Invest
One of the biggest misconception is the tendency to consider putting money in the bank as investment. As mentioned before, the petty interests yield no significant income.
The very thought of investment can be downright scary for most folks despite their desire to multiply their income. One of the major reasons for this is the lack of knowledge and information regarding the subject matter
Most people assume that investment only refers to making transactions in the forex market or real estate, and so on. However, in reality, it couldn’t be further from the truth. Any expenditure you make, that assists you in any form can be regarded as investment.
For example, you buy a motorbike or a car so that you can reach your work place in half the time than the usual. If you’re saving at least an hour with your investment on a car, you have an extra hour of productivity. Of course, this form of productivity is indirect.
If you want to focus on investments that lead to direct profits, then forex market is one of the most practical and highly rewarding business option at present. Whether you want hold your investments for the yearly bonuses, or you want to gain quick profits, it’s all about picking out the right shares.
Well, no one said you had to know and do everything on your own. That’s exactly where financial advisers and professionals, who have dedicated their youth into studying about the financial world and the market, come in.
Or, if you cannot afford the fees, you can always go small scale by doing some market study on your own. There are plenty of analysts in the world who regularly post updates about the financial market. You don’t have to be a degree holder to understand the market, you simply have to have a desire to study and understand.
You’ll need to do a hefty amount of research in order to get the ideas about the past and present markets.
Technical Analysis is the growing craze among investors, precisely because it covers all the details regarding past, present transactions, and the accuracy level for the predictions are pretty high.
There are plenty of analysts who publish regular updates on the current market status, assisting the public in making different transactions.
Note: One thing you should keep in mind when you’re getting into the forex trading business is: to not to falter because of simple market ups and downs. You keep your head and invest smart, and you’ll be generating those side profits in no time.
Also, it’s best to ignore the market rumors, more often than not. You don’t want to blow away your hard earned cash just because of some hoax going around.
