FEEL LIKE EV­ERY­ONE’S GET­TING RICH EX­CEPT YOU?

Here’s how to join them.

ELLE (Australia) - - Contents -

The era of the am­bi­tious side hus­tle is over, so write your next big idea on a piece of pa­per and set it alight us­ing one of the can­dles you made and in­tended to sell on Etsy (but never got around to be­cause you were far too busy with your day job). It’s time for a new ap­proach to the 2.0 in­come stream, so you don’t get left be­hind while your clued-in mates head off on yet an­other week­ender – bankrolled by their Bit­coin stash – with­out you. Read on. IN­VEST IN YOUR­SELF Canna Camp­bell, fi­nan­cial ex­pert and au­thor of The $1000 Project, sug­gests sav­ing up $1,000 “parcels” (don’t worry, just one par­cel is fine to start with) and then do­ing some­thing to im­prove your fi­nan­cial health, such as pay­ing off your credit card or stu­dent debt, or in­vest­ing in shares, which is a clever way to start mak­ing pas­sive in­come. “Most peo­ple can open a share trad­ing ac­count through their ex­ist­ing bank and you can buy shares with as lit­tle as $500, though I pre­fer min­i­mum amounts of $1,000,” she says. “I stick to bluechip in­dus­trial stocks that pay div­i­dends and grow over the long run, with nor­mal volatil­ity along the way.” TAKE AN ED­U­CATED RISK You don’t have to be a tech-head to get amongst cryp­tocur­rency – you just need to go into it with half a clue. “Don’t in­vest be­cause you think you can eas­ily turn $1,000 into $1 mil­lion – peo­ple who are in it to buy a Lambo overnight will learn the hard way that’s not how it works,” says Aimie Ri­gas, com­mu­nity man­ager at Power Ledger, an en­ergy-trad­ing start-up with its own cryp­tocur­rency. “Do your re­search and in­vest in projects you be­lieve in.” It can have in­cred­i­ble price volatil­ity, mean­ing you could just as eas­ily lose it all as you could end up minted. But if you’re still keen, down­load a crypto app such as BRD, Jaxx or Mycelium, which act like a “wal­let” and al­low you to trade in cur­ren­cies like Bit­coin and Lite­coin. Ri­gas’ golden rule? “Don’t spend more than you’re will­ing to lose.” USE WHAT YOU’VE GOT Sure, you can be any­thing you want in this life, but there’s prob­a­bly more longevity, and re­turn on in­vest­ment, in hon­ing your ex­ist­ing skills to get ahead in the ca­reer you’re al­ready in. Re­cently launched in Aus­tralia, Bum­ble Bizz is like Linkedin for the swipe-happy – you can find your­self the men­tor you al­ways wanted, or cool, equally am­bi­tious creative types to ex­pand your net­works. If noth­ing else, maybe you’ll find some­one who wants to buy those can­dles.

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