If you’re looking to boost your income, a good start is to think outside the box to spot new business and investment opportunities. Despite a global pandemic wreaking havoc in 2020, the S&P 500 soared to an almost 18% increase, hitting another all-time high. This situation highlights an ironic truth: more jobs can boost stock market wealth, which in turn might reduce the need to work.
Let’s dive into a practical example. Once, I found myself in Bora Bora, acting as a volunteer for a masseuse, all while getting paid to relax on the beach post-tennis and scuba diving. However, I soon realized that my time could be better spent searching for overlooked investment potentials. Back in my 20s, I missed out on investing in a stock that later surged by 50 times its value in just a few months!
The market dynamics are simple: during a bull market, people tend to overbid on investments, leading to bubbles. Though these bubbles eventually burst, there’s significant money to be made before they do. Many recall the dotcom millionaires who lost it all in 2000, yet I know several who managed to secure substantial fortunes by cashing out early, contrary to the grim pictures often painted by the media.
Moving forward, I’ve decided to dedicate at least 15 minutes each week to exploring both public and private investment opportunities. In reality, many of us don’t use our imagination enough. Our daily routines hardly change: wake up, work, eat, watch TV, and repeat. It’s time to break this cycle. By setting aside time for meditation, creativity, and hunting for investment ideas, we stand to achieve and earn much more.
Consider these questions to fuel your investment creativity: Is there a product you frequently use that might be a worthwhile investment? Or perhaps a company abroad that’s replicating an established business model? Maybe you have unique skills or solutions to common problems that could be monetized?
Successful investing involves connecting the dots, like focusing on emerging markets with lower valuations but higher potential yields, such as the Sunbelt region. Another strategic move could be investing early in burgeoning sectors like artificial intelligence.
For those considering more substantial ventures, think about diving into private growth companies. With firms staying private longer, significant gains are accumulating within these entities. The Innovation Fund, for instance, focuses on sectors ripe for growth, such as AI and FinTech, and has a much lower entry point compared to traditional venture capital funds.
Lastly, starting an online business can be incredibly rewarding. Six years ago, I launched Financial Samurai, and it has since become a significant source of both passive and active income. Starting an online platform can be cost-effective and potentially lucrative, offering freedom and the chance to connect with a global audience.
In summary, by devoting time to innovative thinking and exploring new opportunities, you can significantly enhance your financial prospects.
