If you have started putting into practice what you learned last week in our first post, you are on the right track. Your finances can literally turn around in a couple of months if you put all of these steps into practice.
So what does step 2 entail? Pay attention, take notes and follow up.
Practice and Earn
You now have a skill, what do you do next, lock it up in your cupboard and wait for the dough? Of course not. Practice, practice, practice. Practice in the secret for a while, create needed samples, try out so many things, then come out. There is no point practicing writing in your room without showcasing your skill to the public. There is no point in designing an awesome flyer and leaving it on your computer. Your money is in the public go get it.
Save
Your skill has begun to make you money, you feel a bit proud of yourself, and you can now take care of certain financial obligations. That's not all, it is vital you begin to save. Saving is essential if you want to build wealth in the long run. The nice thing is that you don't have to save everything you earn, you just have to set out a percentage, and save consistently. Look at it this way, saving is one of the ways you secure personal wealth Vs financial obligations to others. You can decide to save in a separate account or use a savings app like Cowrywise. So learn to pay yourself first, or second if you have religious obligations. You won't regret this move.
Invest.
So, you are steadily building up a sweet pile of money, what's next? Buy a car with your savings? I'm tilting towards a no though if you are still early in this journey. Why? You are trying to grow wealth, not blow wealth. The next and final piece of this step by step guide is to invest.
Investing is basically putting your money to work in a way that earns you returns. There are a whole lot of investment options available today, from real estate to transportation, financial markets which include stocks, bonds, currencies and cryptocurrencies too. The knowledge on how to invest properly and patience are the tools that help you reap good returns from your investments. Getting luxuries can finally be an option when you have solid areas where your money is working for you via investments
If you stay consistent with this guide, you will be enjoying the fruits of your efforts in time. It takes consistent actions and time to see results but is ultimately worth it. Overtime, I find that asides building wealth using these methods, we gain an understanding for the principles of wealth increase and it refines our perception of money
Stay tuned as further series will be dedicated into in-depth explanations and industry insights on each of the areas.
What can you do?
Leave a comment on what you have learned and what changes you want to apply/practise
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