In this economy, now is the time to grow your net worth. Most investments are at true value. Once the economy recovers you will see your investments take off faster than…well you know. There are many ways to grow your net worth such as starting a business, investing in stocks, buying property, savings and etc.
Starting a business
You can grow your net worth by starting a business. Starting your business helps with growing your net worth beyond your wildest dreams. When starting a business you are in the drivers seat on determining how successful you want to be. Starting a business does not require the amount of money it once did. There is no excuse not to start your business and secure your financial future.
Investing in stocks
Despite the economy, you can still invest in stocks and make money. Since most stock prices dropped in the recession you can buy stocks at a low price. The suffering of investors who already owned stocks should not be a deterrence because they more than likely bought the stock at a high price. Investing in penny stocks is a good way to see faster return on your investment. If the volume/shares are available you are more likely to gain more return on your investment. I.E if you buy regular stocks at $2.00 a share you would have to for the stock price to go up to $4.00 a share to double your money. If you purchase penny stocks at $.05 a share you would have to for the stock price to go up to $.10. On average penny stocks have more activity in price fluctuation than regular stocks.
Many homebuyers may be turned off to buying property because of job security. There are ways to find cheap real estate. I like to use bestplaces.net to find information on potential property. Home buyers looking to buy should learn from the mistakes of current homeowners and not max out their affordability budget. Many homeowners are trouble because they bought more house than they needed. When purchasing a house do not focus on how much you can make off the property but focus on how much you can save from property ownership.
Savings and 401K
There is the traditional savings and 401K to contributing to your net worth. If you want to build your wealth at a snails pace or you are not comfortable investing in stocks, business, or home ownership. Savings is a the most liquid assets out of the assets mentioned above, but the interest rates are extremely low. It is better to have money saved for a rainy day than no money at all. It will be tough to build a high net worth when you start at an older age, since compounding is main ingredient with time and money.
There are many ways you can build your net worth. It is up to you to want to find ways to build your net worth. Do not spread yourself thin, be smart. Good luck!