Hello,
I know that this question has been asked a billion times and I read many threads on the forum and found good advice.
But I still need to click things together, in order to avoid misstakes.
I am growing my company and asked advice on how to further do it on another thread. On this thread I wanted to have a saving/investing strategy, on what to do with the money, that I save on the way, given my personal situation.
I am 32 and live in France.
I started my private maths teaching company 3 years ago, and it makes 100K/year. My biggest priority is to grow it, but I reached a plateau. (If I grow more the company in France, I need to change my business structure and my taxes will double, and be more than 50%).
So I will need to at least double my revenues to make it worth it.
I teach online one-to-one lessons. My hourly rate is close to maxed out. Now I'm working on giving group lessons, and also will learn how to create videos and build a platform to scale my business. It will take some time, and during these next 1 or 2 years, my revenues will probably not dramatically grow.
I am able to save every month thousands of euros, and try to learn the basics about saving and investing.
I think it takes time and practice (and small misstakes), but it's an important skill that I have little knowledge about. I watched lots of videos but don't know where to start.
I have emergency savings, bought gold and some farming land. I don't want to spend too much time focusing on that, and just want to know that I can stockpile without thinking too much about it, and develop further my company.
I wanted to know what else I could do ?
I don't trust cryptos at the moment, and feel like the ship has already sailed for easy money. Maybe there will be more opportunities, but also big risks of losing if I get into it unsufficiently prepared.
-My first idea was thinking about saving more, for example in order to buy a flat in Prague where I want to live in a couple years. But I would get only 1,5% intesrest rates, and flats in center Prague are already super expensive and I would need to put all my savings + some debt into it. I think I can't afford it yet, so I think that I will rent first, and just increase my revenues, while having confortable savings.
-My second idea is to invest some of my savings in the stock market, but I have no experience yet (just watched videos). The current context seems risky to me, with the unstable geopolitical context. I was thinking of starting to invest a little, just to learn how it works (even if I lose part of that money).
-My last idea is just to stockpile in saving accounts and some gold, and to have money to reinvest in the business. But so far, my company doesn't need a lot of money. It will need more if I take the "scaling" route. I use my money to increase my visibility on various platforms, to produce better material and ressources, to get professional fiscal advice, training etc when it's needed.
So I wanted to ask what would you do ?
(My mid-term goal is to live in central Prague, having my company generating "passive" income with online content, while I still teach a little (less than 15 hours per week). I don't need to be super wealthy. I would like to make 300K/year at least. And from there, have the option to grow if I really want it. And I would like to preserve my wealth without doing big investing misstakes)
I know that this question has been asked a billion times and I read many threads on the forum and found good advice.
But I still need to click things together, in order to avoid misstakes.
I am growing my company and asked advice on how to further do it on another thread. On this thread I wanted to have a saving/investing strategy, on what to do with the money, that I save on the way, given my personal situation.
I am 32 and live in France.
I started my private maths teaching company 3 years ago, and it makes 100K/year. My biggest priority is to grow it, but I reached a plateau. (If I grow more the company in France, I need to change my business structure and my taxes will double, and be more than 50%).
So I will need to at least double my revenues to make it worth it.
I teach online one-to-one lessons. My hourly rate is close to maxed out. Now I'm working on giving group lessons, and also will learn how to create videos and build a platform to scale my business. It will take some time, and during these next 1 or 2 years, my revenues will probably not dramatically grow.
I am able to save every month thousands of euros, and try to learn the basics about saving and investing.
I think it takes time and practice (and small misstakes), but it's an important skill that I have little knowledge about. I watched lots of videos but don't know where to start.
I have emergency savings, bought gold and some farming land. I don't want to spend too much time focusing on that, and just want to know that I can stockpile without thinking too much about it, and develop further my company.
I wanted to know what else I could do ?
I don't trust cryptos at the moment, and feel like the ship has already sailed for easy money. Maybe there will be more opportunities, but also big risks of losing if I get into it unsufficiently prepared.
-My first idea was thinking about saving more, for example in order to buy a flat in Prague where I want to live in a couple years. But I would get only 1,5% intesrest rates, and flats in center Prague are already super expensive and I would need to put all my savings + some debt into it. I think I can't afford it yet, so I think that I will rent first, and just increase my revenues, while having confortable savings.
-My second idea is to invest some of my savings in the stock market, but I have no experience yet (just watched videos). The current context seems risky to me, with the unstable geopolitical context. I was thinking of starting to invest a little, just to learn how it works (even if I lose part of that money).
-My last idea is just to stockpile in saving accounts and some gold, and to have money to reinvest in the business. But so far, my company doesn't need a lot of money. It will need more if I take the "scaling" route. I use my money to increase my visibility on various platforms, to produce better material and ressources, to get professional fiscal advice, training etc when it's needed.
So I wanted to ask what would you do ?
(My mid-term goal is to live in central Prague, having my company generating "passive" income with online content, while I still teach a little (less than 15 hours per week). I don't need to be super wealthy. I would like to make 300K/year at least. And from there, have the option to grow if I really want it. And I would like to preserve my wealth without doing big investing misstakes)
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