Your future depends on what you do today. It doesn’t depend on what you will do tomorrow. Making an investment is not an easy task, it takes time, energy and off course the little money that you would like to grow to make more out of it.
Before you get in the game of making an investment, investing in companies you got to study thoroughly who you are and why you are a person that people see and know by a given name. Focus on changing your money handling habit and learn to be open and honest to those who lent you their hard-earned dollars. The number one major problem as to why many failed in making an effective investment is all due to the lack of self-train plus poor money habits.
Many people failed to invest before they even open their wallets, why? Simply, they fear losing not knowing that fear of losing is the number one thing that is keeping millions of people around the world in poverty line.
Good habits to start investing now and earn much later are:
Spend from what you have not what you don’t:- When your goal is to save enough to generate enough for the future, you must learn how to spend money wisely. Let’s say, you get paid $10 per hour and you work 40 hours a week. That meant $400 a week before taxes, social security and Medicaid is taken out. Let’s keep it simple by saying that, all these deductions will take $100 leaving you with $300 which is not bad at all but you are basically a survivor. Question everyone struggle within this situation is. How can we start saving giving this small amount? A well, Praise George the author of the book “Mastering Money” stated well “Start with what you have from where you are.” One doesn’t need to earn more to start investing. With the $300 left in hand before food kick in. You can spend $50 on food and invest $50 in what I call smart technique. You can start investing your money by lending to friends who have jobs but happen to have unplanned visitors show up for a visit. Have the friends return the money with $10 on top after two weeks or $20 on top after one month. This is what I call a simple smart investment technique that works very well. It worked in developing countries so well, so I don’t see the reason why it wouldn’t work in America. Stop eating outside a lot. Buy and make your own dish. This will save you more money.
Fix investment amount: – have a fixed amount that you want to invest on weekly basis, put away that amount and never be tempted to touch, even if you have nothing to eat, find the other ways to get something to eat.
Befriend with successful folks: – avoid wasting your time with unsuccessful people or else you will end up like them. Change your life slowly by associating yourself with doers.
Buying home could also be a good investment. Home appreciate in value from time to time and that make it a long term investment.
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Article by Tax and business Expert Peter Deng, MSA, MBA