Ever heard the phrase; invest where your heart is and not where your money can go? Yes. Sometimes it sounds like a cliché, but it isn’t.
Having money and investing are two different things. You may have money but lose it within a day due to poor investment choices. This happens a lot among young investors.
Not every investment is worth pumping in your money. In most cases, entrepreneurs tend to focus on what their money might bring out of an investment rather than whether they would love to invest in that given investment. That is where millions of them go wrong.
Once you get some extra cash to invest, it is good to look at what you love doing. Look at your hobbies and the things that excite you when doing them. Experts say, when you invest in your hobbies and things you love, you focus more on making them work than on profits, hence, fewer disappointments.
Invest in something, not because you want to double your money but because it is something you love and would be patient enough to mold it to the point of it giving you back what you deserve.
Everyone goes into business with one major goal; to make money. But what happens when the business does not make money immediately? Do you close shop and try something else? When you go into business, stop looking at the profits first and focus on what will make it work.
There are 5 questions you should ask yourself before investing your cash in any business that you look forward to:
1. What problem will my business solve?
2. Who are my main competitors?
3. What will happen if the business does not pick up as anticipated?
4. What do I love doing? Is my business in line with what I love doing?
Then go ahead and invest.