Monday, 6 February 2017

Having Money work for You 1

Having money work for you is neither a game nor a gamble. It is a resolution to find a way to let brokenness & poverty leave your home or vicinity.
How? If you have money working for you, you won’t have any cause to go broke because you will have money every time you need it. Just like you working in a company, you will surely receive your pay (salary) at the end of each month; that is how money does when it’s working. It generates income at the end of each month and sometimes daily, weekly, etc. depending on the intervals and the type of income generator.
Now, how can you have money work for you?

1. Save Money: This is one of the ways by which money works for you. How? I will explain.
Firstly, savings is divided into two;

  1. Personal Savings
  2. Group Savings

We take them one by one;
  • Personal Savings: This has to do with you as an individual. You save money as an individual; your little and small pocket money are what you can save. Instead of spending the whole amount, you can keep them in a safe (kolo) every day and at the end of the month, you open the safe and do something good with the money. I’m sure what is in your mind is “how then does saving money work for me?” Of course it does. The money that is kept in the safe is what is working. You just put them there and go your way; if another money comes in, put it inside the safe. At the end of the month, instead of you having nothing, you will have something awaiting you from your safe.
  • Group Savings: This is for persons who wants to save money but can’t control their emotions towards spending. Even if they try to save, something will keep telling them to take the money from the safe and spend it; at the end of the day, they will have nothing to save. 

I recommend such person or persons to engage in group savings. The truth is that when such people see whom will collect the money from them and save it, they won’t fight the person to collect it or restrain the person from collecting.
When such person engages in this type of savings, it would be of a benefit to him/her so that at the end of the month, he/she would have something to take home.
This is somewhat easy that you can go to a bank and open a savings account with them and keep your money.

Mind you; savings alone won’t help in making money work for you. It is just preparing you ahead for the come to come which is the main tool to having money work for you.
Savings is a way of getting money and putting it to work.
As I’ve prepared your mind as to have money work for you, let’s go to the next lesson.

2. Invest Money: This principle covers it all. Investment is the foundation to having money work for you. This is where I am going and please, read this carefully with all seriousness.

Mind you, investment is not only about buying shares and bonds from companies and stock market; there are other ways by which you can invest. Also, there are five types of investment which sums other investment methods and as you know, when you invest, you receive income, profit, interest, dividends, etc. All these are in form of money (cash); also, the five types of investments I’ll mentioning also yields income. Not only in form of money but other areas which will be mentioned also.
  1. Spiritual Investment
  2. Physical Investment
  3. Mental Investment
  4. Social Investment
  5. Financial Investment

I will stop here for today; next time, we’ll continue. Please, don’t let this elude you; therefore, stay updated (subscribe to receive email updates from me so you will get an email notification when a new post has been made). Meanwhile, as the notes are getting prepared, give your views so far as to the notes and your knowledge towards each of the five types of investments.

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