Effective Money Management

If you want a shot at getting wealthy, you really have to do more than simply earning money.

You might think this is not the time to invest.

In reality, there is really no better time to invest than now. Ultimately, you need to be disciplined enough to keep the money you currently earn rather than spend it lavishly on very unnecessary things. After which you can now learn how to grow your money.

And there’s no better way to grow your money than by investing.

It is that simple

You can grow your money by through the following:

  • Interest from savings

  • Appreciation in value from a portfolio of stocks, real estate or any other assets

  • Steady flow of income from businesses or real estates

 In our current dispensation and in this modern age, it is very pertinent that you know how to effectively manage income and expenses. I have observed that a lot of young people, most especially folks in their twenties spend lavishly on very trivial things and tend to spend extravagantly on expensive items even when they can barely take care of themselves and live comfortably. In this article I would highlight some ways in which you can manage your finance effectively.

A good way to manage your finance is by going into investment. There are a ton of investment schemes which you can adopt. There are 3 tiers of investment namely high risk, middle risk and low risk investments. A high-risk investment is simply one where there are chances of under performance or of part or all of the investment being lost. These investment opportunities have potential of yielding higher returns in exchange for associated level of risk.  On the other hand, Middle risk investment has a lower level of risk compared to high risk investment but the returns are usually not as high as high-risk investment. Same ideology goes to low risk investment. In Low risk investment there is minimal tendency of under performance or part or all of the investment being lost. 

Money grows like a tree when properly managed

The following are examples of low risk investment which you can delve into today:

  • High yield savings account

  • Savings bonds

  • Stocks

  • Treasury bills.

Another example of a very profitable low risk investment which you can delve into is real estate as it has very little risk involved except that it can be very capital intensive. However, it is regarded as one of the most viable means of investment as the rate of returns is quite high compared to other low risk investment schemes. You can also look into investing into digital farms which provide a certain percentage in return for a particular period of time. Examples of such digital farms include piggyVest, thriveaAgirc, Farmcrowdy, fish.ng, e.t.c. Investing allows you to significantly grow your money over time thanks to the power of  compound returns.

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