What is the easiest way and cheapest way to invest and multiply your little/hard earned cash?

Question

Somany people find it too difficult to multiply there hard earned cash (salaries) due to lack of financial knowledge, don't know the difference between asset and liability. Is there any book that can teach best on this issue?

Answer 1

What a lot of people don't mention while saving is that you need to pay down high-interest debt first. If you have credit cards where you're paying 23.99% interest, you should pay those off asap, since they're costing you A LOT.

Once you have debt under control, you should create a budget for yourself to live by. money.cnn.com has an ideal budget calculator, which I use. They recommend no more than 30% of your income goes to rent & debt. 26% goes to living expenses. 4% to insurance, 25% to taxes, and 15% to a savings account.

You should then figure out how much money you spend each month, and multiply that by 6. That way, you'll have a six-month reserve in case of emergencies. With anything beyond that, you should fund some kind of an ira or 401k. Depending on your income, you should decide if you want the tax advantages of a traditional ira, where your contribution is tax-deductible, or a roth ira where your distributions aren't taxed.

You can also invest your ira in the stock market, where it'll grow quicker than in a savings account, or cd (but is a little riskier). After you do that, feel free to invest in the stock market, mutual funds, cd's, money market accounts, or anything else you like.

Answer 2

If you make informed decisions and approach your penny stock investments with the same thoroughness that you’d use in your other investments, you too can unlock a whole lot of profit potential. Learn here https://tr.im/c7Ge0

It’s absolutely true that penny stock investors can make very quick gains. Synutra International, Inc. (NASDAQ: SYUT) is a great example of a penny stock. This dairy-based, nutritional-products company has jumped from a little Bulletin Board operation to a billion dollar corporation. The company finally graduated from Over-the-Counter status to the NASDAQ Stock Market bringing with it 113% gains in less than two months.

This happens all the time and it’s how some of the best investors in the world became the richest investors in the world. Buying some shares for pennies on the dollar and selling at $10 or $20 is possibly the fastest way from being a hobby investor to a super investor

Answer 3

I've never seen a single book covering everything that I'd agree with 100%. The best thing is to do your own research. Anyone who gives you advice, certainly on a professional basis, is likely to have some self-interest. So much depends on personal circumstances: whether you need instant access to your funds or not. If you are considering stocks and shares then Motley Fool might be a good start: they also publish a book.

http://www.fool.co.uk/

The share centre also allows you to a dry run without committing any cash. Their commissions are relatively high but it is possible to deal in very small quantities of shares

http://www.share.co.uk/

I think that, to get the best return, you have to do your own research. It is time-consuming and you have to appreciate that higher potential rewards mean a higher risk. I don't know a single book that covers every possibility in simple terms.

Answer 4

Rich Dad, Poor Dad (Robert T Kiyosaki) and the board game 'Cashflow 101'.

There is a kids version, called "Cashflow 101 for Kids" (what else)

When you are young you should invest you free cash in your education (that may mean taking a lower paid job just to get the experience), and start saving via a high Interest Cash ISA for the house deposit

As soon as possible, invest in buying a house. As soon as possible, get a second house and do it up & rent it out or sell it on .. repeat for the next 10 years.

You will now have your first million ..

Answer 5

Rich Dad, Poor Dad, it's a book. Learn to manage your money first. And real estate is always gonna make you money if you do it right. Be patient, learn all that you can first so you don't make costly mistakes. Mix knowledge with getting a little experience you will be well on your way. But don't expect it to happen over night, success that comes quickly usually leaves just as quick. But first learn to manage money because that is the only way that you will hold on to success. Rich Dad, Poor Dad is the perfect book to learn how to do just that. Good luck!

Answer 6

The easiest and cheapest way is to put ur money in the bank and earn some interest.
You can also easily earn huge profits on buying and selling of foreign currencies.

Answer 7

Think and grow rich look it up on amazon.