Save Money and Investment for Yourself

What is the value of life if you spend the entire productive years and have nothing to show when you retire? As you work hard to make more money, you need to have an investment plan and save for any uncertainties. What happens when you get an accident now and you get paralyzed. Will your children go to the same school? Will you be able to maintain the same lifestyle? It is important to always save and invest in yourself to become self-sustainable even of you lose that job now.

The society is screwed to believe you can only be successful when you are an employee. Use the employment opportunity as a stepping-stone to your financial independence.

The first step in investing in you is to have a well-written plan on your short-term and long-term goals. Just like a business plan, ensure you have a life plan. Yes, you have the goals. Put in writing on ways in which you want to achieve them. Be realistic and take into considerations on the reality on the ground. As you strive to achieve them, some of the foundation to lay include:

  • Have a moderate lifestyle
  • Discuss it with your partner on that his/her demands are in line with your goals.
  • Formulate the goals together as a family to get their insights and even provide tangible solutions
  • Have a total lifestyle change and an open mind
  • Be ready to take risks

Some of the ways of investments include

Save money

Always set aside 30 percent of your income for a rainy day. It helps to cater for emergencies or take advantage of a lucrative business opportunity which will help to double or triple your income. Your neighborhood is hosting an event; take advantage and sell soft drinks. Your savings will be the capital. Take great care, do not just save but also have a reason for saving.

You can also run indirect long-term savings projects like membership SACCOs, unit trusts, insurance investment plans, and treasury bonds. At the end of their maturity, you have lump sum money to boost your business or income.

Take good care of your health

You can only run your daily errands when in good health. Enroll in a fitness program to keep you fit and stay clear from some of the lifestyle diseases. Ensure you visit the dentist, gynecologist and a general practitioner for a health checkup.

Higher education and develop you skills

With the harsh economic times, you have to have more skills to keep you relevant or to increase your source of income. You are able to handle more than one job to boost your income and savings to help in your long-term investment plans.

Start a business

Entrepreneurship guarantees long term income and time to improve your quality of life. Do not just start a business; your passion should be you guiding principle to the best choice.

Avoid unnecessary debts

Never be a slave to debtors. Borrow for a purpose and let it be something that is going to add financial value.

Your skills, passion, and interest will guide you on the best financial insights as a long-term investment plan with an IQ option as your guiding principle.

 

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