We have recently been looking at the importance of saving in designing a financial success plan. While it is critical to consistently put aside a portion of your income to create an emergency account and build an opportunity fund, the reality is that saving alone won’t make you rich.
Saving is essential to help you develop discipline with money, and it also allows you to focus more attention on accumulating money instead of just spending it. In addition, your savings can give you a head start to pursue more lucrative financial options to create long-lasting wealth.
What Does It Take to Build Wealth?
If you have been saving diligently and you are a little disappointed with the slow growth of your bank balance, you need to start employing strategies that will enable you to boost your results. Unlike the relatively passive act of saving, however, building wealth takes a lot more expertise.
I like to utilise clever Jamaican sayings to help clarify money concepts. Our snippet of wisdom for this week declares, “Wise monkey know which tree fi climb.” An experienced monkey searches for the trees with the best food sources and avoids those which hide potential danger. Continue reading Jamaican Style Money Guide: Wise Monkey Know Which Tree Fi Climb
Recently, my 25-year-old niece shared with me some of the strategies she was using to secure her financial future. She explained that she had rejected the credit-card consumption culture that was so prevalent in the United States, by only buying things that she could afford.
Saving a good portion of her salary was her main aim, as she wanted to amass a significant down payment before she bought her own home.
Although I was filled with pride as I listened to her reveal her smart money habits, I couldn’t help but reflect on my own financial history, which was quite the opposite. When I was 25, my income was inadequate, my debt was distressing, and my net worth was nonexistent. Continue reading No Regrets
Typically, when people think of investors they picture wealthy business moguls or savvy stock owners wheeling and dealing their way into large fortunes. The reality is that investors come in all financial shapes and bank account sizes. An investor is simply anyone who commits money to an endeavour with the expectation of making a profit.
I’ve often wondered about the personal traits that can help to create a successful investor. Some people seem to have the Midas touch – everything they invest in turns into gold. Many others, however, seem to fail at any investment they undertake.
What does it take to win at the investing game? Is it lady luck, dominant genes, or hard work? Continue reading Investors: The Sceptical,The Gullible and the Greedy