3 Areas to put your money if you want financial stability
Napolean Hill once said, “There’s one quality that one must possess to win, and that is: definiteness of purpose, the knowledge of what one wants, and a burning desire to achieve it.
Undoubtedly, one of the common life goals to many of us is to achieve a financial stability.
No one wants to remain poor.
Everyone desires to reach somewhere in their lives.There’s no problem with that.
But, do you know where financially stable people put their money?
Chances are most of people don’t know. Luckily, I’m going to let you know 3 key areas to put your money:
In today’s “Dot-com” world distinctively crowded with neatly established social networks, people’s interactions has been immense. Well, that’s good.
Conversely, on the other side of the coin, some young, inexperienced people try very hard to impress their online friends, close acquaintances, colleagues, to name a few, through showing off their daily lives.
They get used to buying expensive stuffs, clothing brands, fancy watches, and…but wait here before we continue. I understand some people would say that I am a hater, and other blah blah. That’s fine, everyone thinks what they feel and I don’t blame anyone being that way. It’s purely human.
Now, I continue; Let’s ask ourselves some few questions:
Will wearing clothing brands make us successful? Unlikely.
Will putting fancy watches on our hands make us rich? Not really.
You might wonder what should we do? So,so, so simple. Avoid unnecessary, high expenditures. Kill that habit, then bury it inside the grave. Six feet deep down.
Save your money as much as you can.
What comes in your mind when you hear the term “Investment”?
By the time when I was still young, I knew it was all about having a huge capital, big company, so many assets, lots of employees and so on.
Poor me, I was somewhat wrong. Investment is NOT about all that.
Simply put, an investment is just how you use your money, time, and effort into a certain thing that’s going to yield a profitable outcome.
We should never “bank on” a single source of income. Hardly ever.
In most developing countries,especially Tanzania, we can invest in agriculture, construction, transportation, housing, small or large scale businesses, retailing or wholesaling and so many other emerging areas worth investing.
Remember that timing is everything in the investment.
Start now. Wise people say a stitch in time saves nine.
Make an investment as early as possible.
Life can be good, life can be interesting.
On the other hand, life could throw you a curveball. Life is full of uncertainties.
We don’t know exactly what will happen tomorrow, next month, or a couple of years ahead. We certainly don’t.
You might ask yourself:
What if the house you’ve built from a bank loan, burnt into ashes? You lose the money, you lose the house, right?
What if you get serious ill and you’re unable to cover medical expenses? No treatment,right?
What if your factory gets a fire accident from an electric shock? You lose the factory, right?
What if you get an accident at your working environment and you’re unable to perform well as before? I don’t know…probably you lose your body part and current position.
Well, the list of “What if’s” might be very long.
To cut the long story short.
Insurance is the answer. It compansates part of the cost of those uncertainties.
There are varieties of insurance, to mention a few: health insurance , motor insurance, fire insurance, life insurance, property insurance and so on.
It’s advisable to find an insurance company that will suit your need, and offers it provides.
Lastly, remember the chief ingredient–DISCIPLINE.
If you put your best foot forward, and “chuck away” all of your bad money habits, you’ll certainly achieve financial stability.
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