Accelerate Your Way To Wealth

Previously on Fox on Stocks, I wrote about a very basic investment strategy that anyone can enact to become a millionaire in their lifetime. But its one major flaw is that it takes TIME. A lot of it. At least a couple decades and in most cases, longer than that. There is another way to achieve wealth faster, however, in doing this, you must give up some of the safety and security of the slower strategies.

Personally, I like to balance both the faster, more aggressive strategies, like investing in FANG stocks and the more basic ones like dollar cost averaging into S&P index funds.

For the more aggressive strategies, you need to have a higher risk tolerance which just means, you must be okay with greater ups and downs in your portfolio. You also need to be the type of person who’s comfortable taking initiative and investing where you see value, regardless of what others are saying.

Investing in the companies that are changing the world may involve more work, time, and attention, but they give you a financial payoff for doing so. Instead of being mindless with wealth growth, I enjoy being mindful of it and being involved with it. If my dollars are going somewhere, I want it to be because I like what they’re supporting.

This can be on a moral level, but it doesn’t have to be. It’s more about asking if a certain company is directing their business in ways that will make them more valuable in the future. This would include companies which are:

ahead of their peers in terms of innovation (like Apple and the iPhone)

changing up the common marketing strategy for their industry (like T-Mobile and their millennial focused marketing)

daring to lead a new movement and move beyond industry status quo (like Tesla’s electric car movement)

It’s impossible to know what will catch on and what won’t but when a product or service comes out in the marketplace and the world collectively deems it as cool, as in, iPhone cool, addictive as in Snapchat addictive, or sexy as in Tesla sexy…. those are reasons to invest or at least investigate further.