How To Grow Your Money Strategically In Ghana
Absolutely, everyone wants to see their money grow so that they can accumulate enough funds to help secure a good financial future. Hence the reason for daily hustle here and there, but wait a minute! Have you ever questioned yourself “How do I grow my money”? And have you gotten an answer to that? Well, talkfinance24 cares enough to share some strategic ideas with you on how to grow your money which you might find helpful if you care enough to read this post to the end. Growing your finance is a continuous process, and oh it might not be a one day wonder or a ” get rich quick” thing. Most people will get their huge income but have no Idea of how to get returns out of it until it got squandered. Growing your income goes beyond just having enough to cater for yourself and family, it goes far beyond just receiving your salary or income each month but rather strategic ways to turn that money into a streamline residual income.
Growing your money however depends on what you want to achieve with that money. If what you want to achieve requires large sum of money then you must definitely learn how to grow your money strategically. So how can you really grow your money or income? Get it below!
✔ Develop the habit of savings
✔ Invest your money or income
✔ Clear off your debt
✔ Control and track your spending
✔ Get multiple income stream
✔ Get a residual income job
Develop The Habit Of Saving Money
Endearing desire to grow your money? Then develop the habit of saving part of your income. Savings means to set aside part of your income, probably 10-20% into your savings account for future use. Money set apart for saving means it’s not part of your immediate expenses but either for future returns on interest or for investments. To grow your money, you must not save money to just leave them idle but save to invest. The returns on savings is interest and it doesn’t have the potential to grow your principal amount. Whiles savings is good, investing the money you save gives much returns. Savings is a stepping stone to growing your money so you should seek to make savings a major priority. Always pay yourself first by saving part of your income at the end of the month if you are a salary worker and for every returns if you are self employed. You can automate your savings account to ensure that your savings account is fed before any other thing. Always find different ways to save your money to enhance the growth of your savings and seek financial advise from experts on how to utilise your savings securely. High-yield savings account, regular savings account, basic savings account, salary account and certificate of deposit are best types of savings account you can open for your savings to get interest on your principal amount.
Invest Your Income
Investment is the allocation of set amount of money with the expectation of better returns in future. Owning an asset that generates income is the best strategy on how to grow your money. Literally, the goal of investment is to get increment in the value of an asset for a period of time. Investments has given positive return over the years. As already said above, you should develop the idea of “save to invest” these two are together because you need to have some money to invest in something and it’s only savings that can serve as a stepping stone to get money for investment. Oh yes! We are talking about investment and one may ask what should I invest in? Yes it’s the million dollar question, pondering on what to invest your money in depends solely on the individual but there are proven ways to invest your money in that gives positive returns. By the way, before you invest in something you should consider;
✔ Invest smartly: You should consider to make smart investments, don’t just go and invest your money in ponzi schemes. Make sure it’s legal and have the tendency to positively impact your returns.
✔ Give your investment time: Long term investments has over the years given positive benefits, you need to give your investment time.
✔ Don’t invest on what you don’t understand: invest on things you know and understand.
✔ Target your investments: To get positive returns on your investment, you need to target value increments as in timing and pricing to catch glimpse of returns.
✔ Reinvest but invest wisely: Consider to reinvest on what gives positive returns but on doing so check the probability of getting more than what you reinvested
✔ How much money do you have and what can you invest in?: consider the amount of money you have and the kind of investment you can make with that amount. Analyze and plan your investment.
Proven Ways Of Investment
As I said, no one can tell you what to invest your money in, you do that once you follow the investment rules above. But however, there are some proven ways of investment you can venture provided you have money to invest.
✔ Investment bond: Investment bond is a way of investment where you buy bond as a way of lending or giving loan to government, company or institutions and they pay you interest according to your shares.
✔ Stock Market: Stock market is another way of investment where you purchase stock or shares in a company. The company pays you a share of the profit according to your shares.
✔ Savings Account: Savings account is actually not an investment but when you open a Savings account, you get interest on your money. As said above, savings account may not give you the best of returns.
✔ Physical Commodity investment: This kind of investment has to do with personal assets you purchase or invest in such as real estate, automobile, gold and many other personal assets you can think of and sell them for profit.
Clear Off Your Debt
If you really want to get on with how to grow your money, then I guess that know one should tell you to avoid debts or pay off your debt. Debt is one of the factors control and overcome your debt which retards the growth of personal finance of debtors. Heavy loans and high debt score on credit cards comes with huge interest which can lead you to sink in debt. Find a way to control and overcome your debt to enhance the growth of your finance.
Control And overcome Your Spending
Another way to grow your money significantly is to learn to control and track your spending. Devise strategies to keep your spending under control to avoid extravagance and overspending. Make a budget to ensure that your expenditure doesn’t go beyond bounds.
Get Multiple Income Stream
Growing your money from multiple income stream is more a great move. You can consider to find different ways to get part-time income aside your main income. This can help you to save better percentage of your money towards financial growth.
Get a Residual Income
If you can get a recurring income stream that you continuously receive even after completion of income-producing job is a great way to influence the growth of your money significantly.