Part 4: Start small
A recommendation that is valid for everything and everyone, including myself. I started with an investment of 100 EUR on a lending platform. Within the platform, I divided my money into 10 EUR slices per investment. Thats right. 10 EUR each. Each investment only made a few cents for every lending cycle.
You might think that it a very small amount to start with. And believe me, I too thought I would “never get rich with 100 EUR”. That is the mistake most people make in the beginning. They think that such a small investment won’t get them rich. Of course it won’t but that is not the aim of the small, first investment.
What is the aim of your first and small investment?
By starting we plant a seed. A seed of knowledge. What happens when we start to invest even a tiny amount? We become mindful of that investment and we are taking care of it. We are managing it. By doing so, we are in charge and responsible. Here we go: responsibility is key. Taking responsibility is the future I beleive.
Nobody else is responsible for your success but you.
So, please start to manage your money and take charge of it. It will soon start to grow. No, this is not a guarantee that you will make 1 million out of your 100 EUR. What will happen – and that is the magic of it – is this: Your interest will grow and you will learn more about investments. Automatically, you will invest more and find ways to make more profit. And you will be motivated to learn more and again, invest more and make more profit. This is the key and the entire magic about it.
Many finance books say this: Put aside 10 Dollars per month and by the end of the year you will have more than 120. How is that possible? More brings more. It is a universal law. More attracts more.
But how do I start?
What did I do? I simply started to read and then to take the plunge by starting with 100 EUR. There are several options to investing and you will find the one best fitted to you. I cannot tell you which is best for you and I am not a governmentally approved financial advisor. I have to say that to keep the old-world banking lawyers at bay. Responsibility is key! You are responsible for yourself and I can only tell you what I am doing. You may copy me or not. That is totally up to you.
Do your research and find out which one you are interested in! Need help? Just let me know and we will have a one on one talk.
Here are some options that I know of (not exhaustive)
- P2P Lending
- Real Estate
- Whiskey (yes, that is apparently something very secure during a crisis)
Whatever it is you are interested in, start by searching information about it. Then study it. Today, with Youtube and social media, it is so easy to find real people telling you about their experiences and giving you free hints about where to find more information. Beware of scammers too and take your time to educate yourself before you do anything. Comparing and searching help in a community helps you be less susceptible for scams.
Your best investment is and stays education forever. Get my reading list for free here. On this list you will find useful finance books I read since 2018. Have fun!
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