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Hopefully this video will give you an idea of how I like to structure my investments, and give you some ideas of how you can effectively invest your money as well. Some of the things I talk about can save you so much money on taxes, it’s unbelievable.
1. Stocks – in this section I’m talking about what types of stocks I’ll be investing in for my taxable accounts. I will be investing in a mix of individual companies as well as long term index funds.
2. Retirement accounts – specifically the backdoor Roth IRA and Solo 401k. These accounts give you a huge advantage when investing and any new investor should consider trading within a retirement account.
3. Real Estate – one of my main goals for this year is to buy a rental property out of state. Since I am considered a real estate professional, I can use a cost segregation depreciation to write off a large portion of my income. This is a great way to build long term wealth and continually trade up for larger and larger investment properties.
4. Cryptocurrencies – I will be allocating about 10% of my investment money into crypto. My main investments will be the big coins – Bitcoin, ethereum, litecoin, and some XRP. Watch the video to see which coin I am MOST bullish on as of right now.
5. Self Improvement – by far the most important one on this list, because this is what helps me build my active income the most. My goal is to spend $10,000 on self improvement this year (courses, seminars, conferences, coaching, etc)
6. Angel Investing – this is brand new to me but the goal is to start investing money into early stage start ups in exchange for equity. This is a more risky investment but has the potential for large gains. We’ll see what happens!
Thank you for watching, and happy investing!! May this year be amazing to everyone watching this video, I’m rooting for you 🙂
-Charlie
#INVESTING #PLAN #GROWTH