A lot of my content on This Online World focuses on ways to increase your monthly income.
This is because making money, or playing offense with your finances, is obviously a major part of building wealth as a young adult and even as you age,
Thanks to the power of technology (and this online world we live in 😉 ), I think there has never been more opportunity out there to start a side hustle.
If you’re lost and need some reading material to get started, I suggest taking a look at the following posts:
- 45 Gig Economy Apps to Start a Side Hustle.
- How to Pick a Profitable Blog Niche.
- 41 Ways to Make Money Online in 2020.
- 5 Different Income Sources to Make $1,000 Per Month.
Now, the real question is: what do you do with the extra money you make each month?
This is where investing comes in.
I’ve written posts before on how to invest as a college student, but I’m not a financial planner and I understand that getting started with investing can be intimidating, especially if you’re a young adult.
So, I hop that by taking the following quiz, you can get a better idea of the options you have for putting your hard-earned money to work.
After all, building your wealth and cutting down on expenses are only 2 parts of the process of wealth building…if you never invest and put your money to work, you’re sitting on idle assets!
If you want to start building good habits and to accumulate wealth, you need to use the power of compound interest in your favor.
Even if you invest $50 a month to start out with, that money will be worth $20,000+ in 20 years at a conservative 5% rate of return:
The math doesn’t lie here…the more time you have on your side, the better, so starting to invest at any age is a wise choice! If you don’t believe me, try using a compound interest calculator yourself!
Hopefully, some of the suggestions from this quiz help match you to a reputable service that matches your goals, risk tolerance, and investment preferences.
If you want to checkout even more options, a few reputable companies I highly recommend include:
- The CIT Savings Builder – An awesome online savings account with a fantastic interest rate to help you keep more of your money.
- Webull – A stellar online brokerage account with zero fees and plenty of awesome signup bonuses going around.
- M1 Finance – Another great commission-free online brokerage account that makes it easy to start investing.
The first $100,000 is truly the hardest milestone in growing your net worth:
The funny thing is, the more you save and invest, the easiest this process all becomes.
Thanks so much for taking the time to complete this quiz and for your readership! Best of luck on your wealth building journey!
Disclaimer: All views expressed on this site are my own. I am not a certified financial planner, so when I write about financial apps or services, I do so as a blogger and not an expert. Please use your discretion when reading and be sure to consult a professional if you are ever making major decisions with your money or anything that will impact your well being. This blog is merely a resource, not a definitive guide to anything financial in nature.