Who wouldn’t love to have the money to sink into some kind of investment strategy with the sole intention of building wealth? Actually, this is something that almost anyone can do but it’s important to look at investing as you would any other thing in life from learning to walk to earning a graduate degree at university. Nothing is handed to you on a silver platter and almost everything comes with a learning curve. So, the point is, if you want to become an investor with the sole purpose of building wealth, it’s time to look at those baby steps that will take you from crawling to running.
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When Credit Is Your Downfall
Many times, we’ve made bad decisions in life that turned us around. Perhaps you were bogged down in credit card debt or were overdrawn on your bank accounts a few too many times. This has you crawling because your credit score is too low to be of much use and everyone knows that it takes money to make money in the world of investing. Is credit your downfall? Let’s get up off the floor. You can learn to walk!
Those First Baby Steps
Those initial baby steps might be a bit frightening but if you take the time to spot your anchors, you know what you can hold onto before taking that first step. Let’s start with a bad credit mortgage. It isn’t always easy to get onto the property ladder and it is even more difficult if you’ve tarnished your credit score. Why not accomplish two things at once with that very first baby step towards financial freedom? Yes, you may need to search for a sub-prime lender, but they are out there, and the right one can have you in a home which you can always refinance later once you’ve improved your score!
Why a Mortgage?
Let’s take a moment to look at why anyone would suggest buying a home. Actually, this makes very good sense from an investment perspective for two reasons. The obvious best reason would be that since you need to pay for a roof over your head, why not let that money go toward a property that will one day be 100% yours? Why pay rent when you can be paying for your own home? That’s a very big baby step in terms of investing! It helps you improve your rating while taking you that much closer to financial freedom.
Money to Invest
The biggest detriment to investing is having those pounds to invest. Once you’ve improved your credit score and have a rating high enough to qualify for a loan with low interest, you can use that money to invest in the markets. However, be aware that you stand to lose as much, if not more, than you are currently worth financially, so take those investments slowly in baby steps as well.
So then, what does investing have to do with baby steps? Remember, Rome wasn’t built in a day, but it is surely one of the wealthiest cities (in treasures) on earth. It won’t come overnight but neither did learning to walk. Take things slowly, one step at a time, and eventually, you will hit your mark.