There are a million types of investments out there, but only a few give you the most bang for your buck.
Investments alone won’t always reach their potential, and that’s why it’s important to properly manage your investments. On this episode of Freedom Fast Lane, host Ryan Daniel Moran explains how to yield the highest ROI.
According to Moran, almost everything has an ROI. From your health, to time management and more, Moran believes that all such behavior has returns.
In this episode, Moran outlines that there are five critical financial investments (in no particular order) that produce the greatest returns.
First, Moran outlines the necessity of skill mastery.
No matter what an entrepreneur does, they utilize a specific skillset to set them apart. Whether it's social media management, content writing, branding building, or email marketing, every entrepreneur needs to master a skillset.
Second, one’s network is critical to their net worth.
According to Moran, It’s through one’s personal and professional network that they can raise capital for their businesses. This network provides a hub of individuals with complementary skills who can help make an entrepreneur’s dreams come true.
Third, pick the right business to invest in.
An entrepreneur should only invest in a company that they can have a directly positive impact on. If not, you’re not making the right investment. Moran gives his inability to directly impact the operations of his restaurant investment as an example.
Fourth, the people you hire is critically important to the success of your business.
According to Moran, the right hire can multiple a business’ growth tenfold, whereas the wrong hire can drag a business into the ground. People are the most important aspect of a business. If you don’t have the right team, forget it.
Finally, build out an audience.
It is the capitalization of an existing audience during a product launch that will yield the highest profit margins, according the Moran. An audience is a “collection of eyeballs” ready to buy products or services.
Throughout the podcast, Moran illustrates how these five major investments can make an entrepreneur a millionaire, and what financial choices individuals can take to make these investments feasible.
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• Income Report: $1.1 Million in Revenue for January 2017
• Tax Loopholes and Little Known-Strategies To Help You Invest Wisely