10) Build a Strong Portfolio
A portfolio is basically just your personal collection of investments including stock, bonds, and cash, all of which is managed by a financial professional. This person’s duty is to suggest investments you can afford, while simultaneously helping you earn money. In short, they will weigh the risk vs. reward aspect of each investment and help you decide how and where to invest. Setting up a portfolio early on could help you plan for an early retirement. Of course, investments aren’t without risks, which prevents some folks from venturing down this path at all. However, it’s usually a savvy way to build your nest egg. Even though you’ve got a pro on your side, it’s a good idea to have a little background knowledge of what you’re getting into. Check out tax exempt bonds and U.S. Treasury bonds – both of which are typically greats ways to make a passive income with little risk.
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