Money matters. What is your finance status like? How are you with savings? … Let’s talk about Money.
We may have heard that saving your money is a good habit. Undoubtedly true. But what is the goal of your savings culture? Are you saving for retirement, emergencies, etc? You need to be clear on what you are saving for. I was once confused in terms of saving so all I knew i was doing was saving up for unforeseen circumstances with little or no interest. Then when I left my last job and couldn’t find another job within six months, I lived on my savings which paid off for me. But then, I realized the vault got exhausted and I was stranded. Fortunately, I got another job before this vault finished but imagine if i did not even get another job within that period, what would have been my fate?
There are several lessons on savings culture but i want you to take it a notch higher. I believe instead of saving up your money into a bank and a smart businessman uses for money through loans from the bank and builds his empire, invest your money into a viable business and watch it increase in profit returns.
Savings should always have a goal behind it. If you save without a goal in mind, you will just stash money in the bank and that doesn’t yield much increase. Rather, save it within a few months or a year, then do a little research on viable businesses to invest in or contact your Investment officer to know more about it. There are many businesses to invest in like Technology, education, media, etc.
The below are outlined fields you can invest that will generate quick returns,
– Technology
– Media
– Manufacturing
– Real estate
– Services
While the long term profit yielding industries are,
– Oil and Gas
– Education
– Banking
It is good to have a little knowledge about these industries before you invest in these businesses.
If possible, take a short course in business or in the specialized field of interest. No knowledge is ever lost. In all, always remember that savings is just the first step to becoming financially independent.
Written by: Temidayo Dahunsi
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