The Question Of Building Wealth In Life

The question of building wealth in your life will boil down to two questions? ( Not all wealth of course )

1) Are you able to save each year?
2) When you save, where do you put the money?

HYPOTHETICAL

Assume you're 20 years old, you own a salon in the hood, your income it's not that much but you make the goal to save R19 000 per year and you put it in a retirement account. You work, grow your Salon and save for the next 50 years until you retire.

You can save, that's amazing but what matters most is  where you put that money.. There are couple of options where you can put it, let's evaluate.

1) How about under the mattress or Savings account, you can put R19k there every year for 50 years. 

That is the easiest and safest place to it. It's nice & safe there, it'll never go away and it won't go up and down like stocks do.

But with that option, lets see:

- Average Annual Return: 0%

-Amount Accumulated in 50 years: R 950 000.

2) Bonds.
Well bonds are better than stacking up your money "under the mattress" right?, at least with bonds your money will grow in line with inflation, which on average is about 3%.

-Average Annual Return: 3%

-Amount Accumulated in 50 years: R2 227 892,22

3) How about Stocks, scary right? they go Up & Down. So unpredictable stocks are. Most people don't invest in Stock because they think Stocks are Risky and some who invest in Stocks lose their money well because they don't really know what they are doing, they are just buying Stocks because they have the money too. 

But enough about that. An average Stock can earn you about 8-10% returns each year. If you choose stocks, lets see how much will you have in 50 years.

-Average Annual Return: 9.8%

-Amount accumulated in 50 years: R 22 637 319,58

So you see it does matter where you put your money.
and of course there are other options where you can put it and your money can also can grow way more that in a Savings account, Bonds or in a Stock. I'm just talking about average here.

Getting Paid For Your Opinion

Once you register with a paid survey site, you will receive surveys in your email. It is up to you which surveys you choose to participate in. 

You will be paid for each survey you complete, following the price per survey the site offers.  Most of the time, these surveys will take you about 5 to 15 minutes of your time to fill out, and usually offer a payment of $1 to $30 for each.

Focus groups pay quite a bit more per survey, usually up to $10.

The amount of money you make will depend on how many sites you join and how many emails you receive in a day, you could make several hundred dollars daily.

Look at it this way, if you receive and complete at least 25 paid surveys a day at $10 to $15 each, you would be making anywhere from $2–$15 per day. 

At 5 to 15 minutes per survey you would be working anywhere from 2 hours, to a bit over 6 hours every day.

If all of these surveys were from focus groups paying $75 each, you would have the potential to realize up to $30 per day. You can see the potential to make a good deal of money participating in paid surveys.

Why Would Anyone Pay For Your Opinion ?

As a consumer, your opinion is important to companies before they introduce a new product or service to the market.

Paying to have a consumer fill out surveys is a much more cost effective way to perform research, as the company cannot afford to introduce a new product or service that nobody will buy.

It is well worth it for a company to pay a consumer to fill out a survey, participate in an online focus group, or pay to watch a new movie trailer and give their opinion.

This way they will get consumer opinions, good or bad, before they put any money into production then business can begin. Have a nice day.