How to invest if you are earning the minimum wage - Marvin Germo

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How to invest if you are earning the minimum wage

By: Marvin Germo | April 9, 2021

Not all people can invest. It’s understandable that not everyone earns the same amount in a month. There are people who earn a 6-digit salary while there are those who are still in the minimum wage bracket. This is usually what keeps others from investing. They don’t have enough money to allocate in investments because their salaries are already appropriated to pay their expenses.

So, what if you are earning a minimum wage? Does that mean you can’t invest anymore? Definitely, no. If there’s a will, there’s away. If you really want to invest but think your income is enough, here’s what I can share with you.

Prioritize your savings

I know it’s difficult to save especially if you are only earning enough for your bills. But, this time, you need to level up your thinking. You need to prioritize your savings if you really want to be financially free in the future. Instead of living from paycheck to paycheck, start managing your expenses. Start getting rid of the expenses you don’t need A.K.A. your wants. You don’t need to spend on shoes every month. You don’t need a new bag every week. You just need to make sure that you have a budget for your food, rent, and other essential needs. Forget about your wants and start prioritizing your savings.

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Save a portion of your income

Thinking that you need to prioritize your savings is not enough. You have to act it out. Start saving by setting aside a portion of your savings. 5-10% of your monthly income should be enough to fund your investments regularly. Again, you don’t need a big amount to invest. It’s enough that you have something to start with. For newbies, you can start with 1,000 to 5,000. You don’t need to pressure yourself. Start with the amount you can and don’t force yourself if you can’t regularly top up.

Leave your investment for years

Leave your investments in your broker for years. Don’t consider it as an emergency fund that you can withdraw anytime when you are short of your budget. Your investments should be running for 3-5 years for you to see big changes. Don’t monitor your account. Just top up and make sure you invest your money in good companies. If you invest in great stocks, you will never have to worry about the ups and downs of the market.

Discipline and patience

As early as now, remember this—there’s no formula straight to success. You can’t get rich overnight. What you can do is invest in small amounts, be patient, and always discipline yourself when it comes to depositing and withdrawing money. In this field, you need discipline and a lot of patience. Without patience, you will end up losing your money. Without discipline, you won’t get big earnings. Discipline and patience come together. You need to have them both when you are investing. It’s okay to have lesser in the amount you are investing and bigger in discipline and patience.

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