INVESTMENT TIPS: HOW TO YIELD MORE ON YOUR SAVINGS BY OYINKANSOLA ADEBOYE

We live in very interesting times as the entire world is in the middle of surviving a pandemic. The reality of the Covid-19 pandemic has taken a downturn on the general economy of countries across the world. At this time, the importance of investments and proper planning for the future is limitless. You need to consciously forecast your obligations and begin planning ahead for them. 

Investments are vital in planning for unforeseen circumstances, it’s benefits cannot be over emphasized. Interested in learning how to properly balance your finances through investment? Here are five important tips just for you; 

1. Savings or Investments? 

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It is important to understand what your financial objectives are. Are you simply putting some extra money aside to be used whenever you need it or do you hope to achieve a specific return on investments? A good understanding of why you have chosen to save your money would help you plan better. We however, advise that for every penny you decide to save, you might as well, look for opportunities to invest and gain more from it. Why keep your money locked up somewhere when you can kill two birds with one stone?

2. Understand Your Investment-Power: 

What is your present net worth? how long you can afford to invest your money for and how much you can afford to comfortable set aside periodically. In other to manage your finances properly you have to understand how large your stream of income is and divide your expenses according to percentages to suit your different needs. Whatever you do, you have to ensure that you do not save/invest too much or too little. A proper understanding of your financials will help you get a balance between your investment money and your flex money. We only live once, you do not want to be cash-strapped in the future.

3. Be Open to Widen Your Scope and Take Calculated Risks: 

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It’s the 21st century, there are so many untapped investment opportunities that you can take advantage of. Gone are the days were all you had to do was go into the generic real estate, agriculture and all of that in order to invest. In recent times, while those are still important investment players, there is so much more that you can do out there, such as fixed deposits, bonds, the stock market, investing in a start-up amongst many other options, all you need is a little research.

4. Be Sure of Your Short Term and Long Term Plans:

It is important to write out your short term and long term plans, this will help you plan how to properly manage the finances available to you in order to achieve your goals.

5. Start Small: 

This is a simple but very important tip. Take it a step at a time, you don’t need to have a stash of money to start investing, remember the saying, tiny drops of water form a might ocean. Set aside that little extra money that you have now, do your research and start yielding some profits on your savings. 

Beware of Ponzi schemes and other fraudulent activities out there. Remember your money cannot be doubled within seconds. It takes a conscious effort to plan and invest your money properly for the future. It’s the 21st century, take advantage of the amazing opportunities out there, do some research on the investment plan that suits your earning power and watch your savings grow!