MAKE YOUR MONEY WORK FOR YOU IN 2021
Money can be one of two personalities: an over-bearing master or a dutiful slave. In the money universe, the objective is not just to make money. It transcends this into the realm of keeping that money and most importantly, replicating it. This is the most outstanding feature of money, its ability to reproduce itself. Money however does not have a mind of its own. It must be put to work by whoever is in possession of it. The goal of making money work for you is to ensure that there is an ever-flowing stream into your purse. This is the only way to ensure you never run out of money.
The foremost step in getting our money to work for you is to identify a person who is thriving in their finances and ask relevant questions as to know how the person achieved such a feat. It is beneficial to learn from a person who has found a way to make their money work for them. They are basically handing you a blueprint, which saves you a lot of time, effort, and mistakes.
You need to identify your long and short term money goals and make detailed plans on how to achieve them. It is necessary to devise strategies to achieve these financial goals. Effective money management and preparing a detailed financial budget are necessary mechanisms that must be put in place. Your budget provides a detailed summary of all your living expenses. You should prepare a budget in relation to your income. Always keep your expenditure within your means and avoid unnecessary expenditure.
It is a wise venture to dedicate a percentage of your monthly income to be stashed away in a high-interest savings account. This could serve as back-up funds in the event of an emergency. Having savings that could cover up to six months of your living expenses is very important. This ensures that you will not have to mortgage or sell-off any of your money-making assets in the advent of a financial tussle.
The need to invest your money cannot be overemphasized. Conduct a proper risk analysis before investing in any venture. Investing in stocks and real estate can prove to be a very viable means of making your money work for you in the long term. Lastly, consider a passive source of income, a side hustle that can bring in extra money to you on the side. Also, the agriculture sector has proven to give good returns on investment on money invested in it, for a guide on how to go about investing in the agriculture sector, read this. If you need a guide on how to plan your investment in 2021, this can help you get started. Secure Capital Limited also offers it’s own investment options, that you can take advantage of in 2021, check out our investment plans here.