Do you feel that investing seems too complicated?
Something for only wealthy or experienced people?
The truth is that we all want to have enough money to, one day, spend less time working and more time doing what we love.
So, we need to both create that wealth and equally important, protect that wealth from unexpected events affecting it.
This is not "rocket science!" To creeate wealth, you need to save money, then grow it by correctly investing it.
The world's wealthiest have a very different approach to money than the majority of people who are simply trying to survive financially until the end of each month.
The wealthy, on the other hand, own assets that not only increase in value over time, but also produce a passive income, such as savings that earn interest above inflation or an investment that pays dividends, a business, royalties on a book, a patent or a franchise operation or a property that is rented out.
1. Invest in Yourself.Only you can change the course of your financial future. Best take some time to learn about finances, specifically around investing.
Make it a habit to do your financial admin every month. Check on your investments, bank and credit card statements.
2. Create and understand a budget, so you know where your money is going. It is the best way to stay focussed on your wealth creating plan. Don't be like a ship trying to get to port with no rudder. You will never get there!
3. Stop using OPM (other peoples money).Start by eliminating your smaller, short-trm debts. Then, once you have that "freed-up" money you direct it towards thos higher debts and so no.
Living on credit only makes the lenders of that money rich.
4. Saving money. If you start saving at least 10% of your income and never spend it, you will become financially free. It is that simple!
Make it a habit to pay yourself first by saving part of what you earn, evey month.
You will be surprised at how soon you will become used to doing this and not notice it. You may soon frnd you can increase the amount, substantially changing your financial life!
These savings are your foundatiuons of wealth creation and preservation. They will create your vital emergency fund, giving you financial security when life throws those curved balls.
Look at these savings as seriously as you do with your rent, bond, car repayments.
Your savings are today, what will guarantee the possibilities and security of tomorrow - Brian Tracy Motivational speaker.
5. Never invest in products you do not fully understand. - Warren Buffett.
If as product requires expensive advice and administration or is confusing and complex, avoid it! There are so many other investment products to investigate and some of the finest are Unit Trusts.
It will help you maintain your current lifestyle. It will help secure your financial future.
What if you were retrenched?
What will happen when you retire?
By investing today, you can build up a source of funds to help you live comfortably in the future.
You invest so that you can provide for yourself in the way you are accustomed to both before and after retirement.
The earlier you start, the more money you will earn. The effect of compound interest is huge, however it needs time to really work for you.
The sooner you begin, the sooner you can reap the rewards.
The longer you invest, the more your money works for you.Just begin NOW!
Well, by saving some of what you earn, you WILL be able to afford these things, SOONER THAN YOU THINK!
You just need a disciplined savings plan, that offers you the potential to grow your money quickly!
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Last update: April 22, 2022
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