Part of managing your money is making it grow. This is where a lot of us get stuck. In different conversations I have had with people, many of us want a magic solution.
2/ We want to be told to put a certain amount of money in this and that and it will grow. I think this is why so many people got caught up in pyramid schemes a while back. You did not really have to do anything.
3/ It relied on someone else and the scheme promised an abnormal return. You didn’t have to think or apply any reasoning. Chances are someone had gotten in earlier than you and they had their testimonial ready of how their money magically multiplied.
4/ Many burnt their fingers. What needs to happen for your money to grow? I am not providing the magic answer to make you a billionaire tomorrow but here are tips you should consider. You grow money by:
5/ Saving.
You cannot invest what you do not have.I cannot count the number of times people have asked me where to invest their money without a shilling in savings. So we end up having a long discussion only to find that they were not actually prepared for it.What is the point?
6/ If you want to grow your money you have actually got to prepare for it. You would need to start somewhere. Put money aside regularly whether or not you know where to invest.
7/ You are more prone to think about and seek more information on where to invest when you have money sitting somewhere like a savings account.
8/ Just the same way you would only consider driving a car that has fuel in the tank. Consider these savings as fuel in the tank. Gas up.
9/ Keeping your eyes open.
Are your own eyes open? If not, what are you doing to get them open? No one can take the place of your open eyes. They can give you insight and guidance but they cannot replace your ability to make decisions for yourself.
10/ You don’t know where to invest because you’ve not taken the time to learn where to invest. To date I have not met any wealthy person who completely delegates decision-making. Don’t get me wrong.
11/ You don’t have to know about all the shares on the stock market. But you need to have initiative to get to understand how the stock market works, what makes a good company, risks involved etc.
12/ Then a professional or stockbroker can add on with the insight they have on certain industries or shares so that you can make the decision.
13/ Do the research. And let’s not hide behind not having time. A portion of the time we spend watching TV is the time to do this research. When it comes to conversations about money, where to invest, there are many blind people leading other blind people.
14/ Make sure that the conversations you are having is not one of those. Make sure that the person claiming to advice you (even if they have a fancy title) is also knowledgeable.

The above article was written by Waceke Nduati

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More from @_MakingCents_

6 Oct

Money or rather long-term wealth creation.
At 51, Nderitu knew he had made his financial mistakes. Lived a good life, great career but had not significantly saved much money.

2/ He was aware that money in business is not made overnight and there would be short term adjustments to his lifestyle. However, if he did not make this move, and retirement not looking far off, he would not be able to have any lifestyle to talk about.
3/ He mortgaged his house and got his property business off the ground. Though he has not yet reached his goals yet, he believes he is on the way to getting there and is happy
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23 Sep

Understand the value of time.
What is your hourly? Take your monthly net salary and divide it by the hours that you work.

2/ How quickly do you spend that amount? If you are like most people it often doesn’t even take you an hour. So the problem is we spend money faster than we earn it. We can increase that amount by using time well.
3/ When not working do something that will add value to it along the way e.g. taking a course, learning something new etc.
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2 Sep
1/ Use of money as a control mechanism.

Many women in particular do feel the fact that they do not earn as much or not earn at all is used against them in decision making.

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3/ It is not money that makes us equal in relationships. Look for the gaps in which money, consciously or subconsciously could be making somebody feel this way. Then figure out what structures can help with this.
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