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<\/a><\/p>\nRecommended article:\u00a0<\/strong><\/em>Saving Businesses in 2021: Tips for Attracting and Retaining Customers\u00a0<\/a><\/strong><\/em><\/p>\n To make matters worse, a salary may not be ‘enough’ to respond to all these demands. Equally, there are genuine fears of locking up your money away for a long time before you get any dividends, and the concern of making a risky investment choice is valid.<\/p>\n And yet, if you do not invest, your chances of having a good life after retirement, or in case you lose a job, is next to impossible.<\/p>\n If the thought of investment causes you anxiety, here is how to start the journey.<\/p>\n Before you embark on the journey of financial freedom, it is best to start with a clear purpose. What is your purpose for saving or investing? Is it towards providing a decent education for your children? Are further studies, a house or future medical need informing this plan?<\/p>\n Whatever it is, work out how much you need and when you hope to attain your milestone.<\/p>\n Having a goal and a clear timeline is a catalyst to stretching yourself to save. Have a purpose in life and work out how to achieve it. Have short- medium and long-term goals continuously.<\/p>\n Like Barbara O’Neill, a specialist in Financial Resource Management,<\/p>\n Rutgers Cooperative Extension<\/strong><\/a>, has indicated, “to make plans for the future, you need to know where you are today and where you want to be in the future”<\/p>\n A person with a goal and achievable timeline will do everything to save and attain that goal, unlike one who does not have a plan.<\/p>\n Statistical data from the World Bank shows that people aged under 40, constitute the most significant African population. This is an opportunity that the continent should embrace to cultivate a saving and investment culture that will turn around the continent’s fortunes.<\/p>\n True, investment has no age limit, but like the Axis Bank<\/a><\/strong> advises, starting to invest early in life allows the saver to get massive investments compounding returns.<\/p>\n It would be best if you decided to postpone your thirst for self-aggrandization and start saving today. It may be a rainy day today, but it could be dry tomorrow. Whether you are an individual or a company, investment should be a non-negotiable habit that you do before you start spending. Companies and individuals that have developed this habit are never quickly whipped out by economic shocks.<\/p>\n Money will always have ‘legs’, more especially if you have cash at hand. If you are a salaried earner and have difficulty withdrawing your money and taking it to an investment scheme, then make a standing order such that money is deducted from the source.<\/p>\n The logic here is that even if you have a thousand demands, the bank will take off your investment commitment more like “by force”. This is a good choice if you know how much you can afford to save each month.<\/p>\n Recommended article:\u00a0<\/strong><\/em>This advise will give you financial freedom.<\/a><\/strong><\/em><\/p>\n Deducting money from source into your investment account works effectively. For instance, this study<\/a><\/strong> showed that “25% of all UK adults have arranged a regular automated payment into a savings account, putting aside an average of \u00a399 a month. Only 6% of people with a regular savings transfer end up cancelling their payments within the first year.”<\/p>\n Do not keep too much cash on you or in your savings accounts, either as a business or personal money. You will most likely spend it and regret it later. Save and invest it for a rainy day.<\/p>\n Once you have achieved your aim, do not close your account. You can find another goal for building it again.<\/p>\nHave a financial goal<\/strong><\/h4>\n
Investment has no age limit, but starting early is better.<\/strong><\/h4>\n
Money is sweet; deduct it from the source<\/strong>.<\/h4>\n
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