Ever since I had a paper route at the age of 12, my father told me that I should be saving at least 30% of my earnings for a rainy day. Back then I didn’t really understand what my dad was talking about but I followed his advice, for the most part, and banked a third of my earnings in a small piggy jar which I used to have.
As I grew older and began to work full time, making real money, I began to understand what my dad had been trying to tell me and a I continued to save that 30% each month, just like he advised. This routine of saving really helped me throughout my career, it put the first downpayment on a house, paid my kids through college and ensured that me and my wife had a healthy retirement fun.
Around three years ago however, I realized that I was sat on quite a chunk of savings and in all honesty, with the exception of vacations, had little to spend it on. I spoke to my friend Michael Blitzer Kingstown Capital member of staff who deals with investments and he pointed me in the right direction to grow my wealth. I just wanted to explain to you then, where I invest and which has gained me the most money in the last few years so that if you have savings like I did, then you can help to grow your wealth too.
My career was in the oil industry so I knew a thing or two about the market and started my investments in oil futures. These are basically contracts which guarantee the price of oil on a particular date in the future, if its higher then you get the lower price on your contract. This has been the most lucrative of investments for me so far.
I used some of my savings to buy a vacation spot near Miami beach, I have rented it out ever since and seen a steady flow of income each month. The property is currently 15% higher in value than when I bought it and I am currently waiting to see a higher increase before I push the sales button and turn this into my most lucrative investment.
Stocks and Shares
I am a strictly bluechip guy when it comes to stocks and shares, I have never been a risk taker and my understanding of the market is not great. For this reason I have invested heavily in reliable shares which give me a small dividend each month.
My new venture is to become an angel investor and plough money into start ups within the oil technology field. As yet I have not invested but I have met with some exciting companies and made some good negotiations. I believe in many of the companies and I am hoping that should any of them become successful that I will see a strong return on investment.
So there you have it, just a few ways in which I am investing and some food for thought if you want to do the same.