How we can measure the success of an Iconic Man? This question can get different answers, from people who have different values and understanding. Personally, I believe that it’s impossible to be an Iconic Man, without financial stability and strong Investment Portfolio. An iconic man should have the skills to find strong Investment Ideas and realize them.
Let’s start from the beginning, a child was born in a normal middle-class family. As a person he will be dependent on his parents, this seems normal. But if something happens to the parents, this can have a big impact on the future of the child. So as an Iconic Man, or as a parent, we always need to be prepared and have money that we can use in case we or our loved ones are in bad situation.
During our career, most of us are making money, but by the time some get rich, some stay poor. Why is like that? The answer is in financial literacy.
Let’s discuss two cases of Jack and John.
Jack is a designer and he is making good money, but most of the time spends all his earnings and lives paycheck to paycheck because he bought an expensive house and a fancy car, and has to work hard to pay back the loans.
On the other hand, we have John. Who is also a good professional, but he is very financially literate. He knows that the main rule of Investments is never to spend more than your income. He hasn’t had a fancy car and is paying a mortgage for a small apartment. And he is investing his extra money into stocks and assets.
In 2008 when the Financial crisis happened, the people who suffered most, had a lot of debts. In Crisis a lot of people lose their jobs. And people like Jack, who used to live paycheck to paycheck, couldn’t repay their mortgages and lost their houses.
So as an Iconic Man you should be sure to save money and not just hold money in your home and possessions. This can be very bad because inflation will eat your money. So you should invest it.
I suggest you to invest your money in 5 Investment Ideas.
A lot of Investors agree that investing in your children education can bring higher returns. Money can be lost, but knowledge and skills are never lost.
But Investing in education, you should also do in a smart way. Do a thorough research of the Job market, and understand what are high demand and high paid jobs and only after that, go to get an education. Not every type of education is a good investment. A college degree in Engineering can return your spending on Education in two years, while a degree in Psychology only in 9 years according to Research.
For Instance, my friend Harry Gevorgian had money USD 30K as a saving. He was living in Canada. Where in such money you can pay 2 years of Tuition fee and pay your rent in a student dormitory.
He decided to switch his profession from being an Archivist and get a degree in Web design.
“I’ve used to earn 15 dollars as an Archivist, not very highly skilled professionals in Vancouver. But I had savings that I get from my job and didn’t spend in recent years. So I decided to go to college again.”- says Harry a 32 years old immigrant from Armenia, who moved to Canada 3 years ago. He decided to get a highly skilled profession and invest some money, that can get back after graduation.
2. Real Estate
Another great investment idea is real estate. If you have extra money and do not know what to do with you can buy an apartment and then rent it. This can generate passive income and also property prices are growing year-by-year. So in 10 years perspective, you will have a high-value asset.
A lot of people in the city of Calgary, Alberta find out an interesting way of investing in Real Estate. In Calgary, there are building which is called Duplex. It looks like a small block of 2 apartments. And it will have the same price as a normal detached house will have in Calgary.
Many people who have enough money for base payment to buy a house prefer to invest in Duplex and give it to renters. The rent of a single apartment in a Duplex can be up to USD 1500. This money will cover the mortgage payment and can be possible to get some little income as well.
Rent and house ownership prices are growing very fast in Calgary, so in a few years house will generate more and more income.
3. Investing in your business
Let’s imagine that you own a small shop, where you sell clothes. With your extra money, you can make a website and spend on advertising and make your business bigger. In such a way you can increase your market share and cover not only small neighborhood needs but a whole city or even become an international business.
There are two mindsets. Business mindset and Consumer mindset. Middle-class people often spend their money on expensive things.
Meet John, he recently bought a brand new Range Rover which costs $70K. Spending this amount of money to buy a car is losing your money. In 10 years period, this car will depreciate and will cost $10K.
in another way, Jack, who has a business of selling construction materials, understands that spending money on luxury things is not the right way of investing. He decided to buy 2 trucks for $70K for his business and hire a worker. In such way, he could enlarge his business and grow his money and yearly generate 20% more income.
4. Stock Market
Above all, the most successful way to become rich is investments in the stock market. Investment in the stock market is a long time investment idea.
You can buy stocks of growing companies and innovative start-ups. These companies grow very fast and in a few years, you can make a lot of money. For example, if you would invest in JP Morgan 10 years ago, now you would have increased your money 326%.
Recently I also decided to buy stocks. First I decided to buy a stock of Google, then I sold it. It cost quite expensive for one stock $1241. The price of a stock such a google will not grow very fast. I just hold Google stock a few weeks and decided to sell and I earn just 5 dollars.
This is very little money. So I decided to learn more about stock investments. So the main thing that I understand that it does not make sense to invest in well-known companies stocks, because companies like Google, which are very big will not grow very fast or will decline. So you will not make any money.
It’s a good idea to find small growing new tech companies who entered IPO recently and buy their stocks.
In general companies, like a person have a life cycle. A new company will grow and develop until one point and after that will start to decline. A good investor finds companies and buys stocks in the growing stage and sells when the company’s stocks are highest in its price.
Investing in stock is not an easy job, first, you need to learn how the stock market works and always have this in mind. Never invest in a business that you do not understand, invest in fields that you are good at.
5. Buy a share of the business
If you do not have enough funds to buy an entire business or start your own you can buy a share in a business or start a business with partners. This can be a good investment idea because you will be sharing the risk with your partners.
Let’s imagine that you want to build a small hotel and for that, you need 1 million investment. But you have just 200k. In such a situation you can find partners who can invest like you, and also you can ask money from the bank. If you will have 600k, banks will be happy to fund your project by giving a business loan.
Recently I found a great business offer in London, UK. For GBP 400K there was hotel room for sale in Central London. These hotel room generates GBP 4-6K income monthly.
Such kind of investments can be affordable for average person who lives in London. On Average in West London rent prices are GBP 1500. If you collected as a Londoner to buy an apartment it will be better to buy hotel room in 5 star hotel instead of buying a flat for yourself. You can make GBP 10K monthly and from that money you can pay your rent and will have extra money for youself.
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