1/ TIPS ON WISE INVESTING (PART 1).
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.
A THREAD...
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.
A THREAD...
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?
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.
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
The above article was written by Waceke Nduati
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