To achieve a financial balance starts with getting either a job or something that can get you money; then again, whatever you earn must be sufficient enough to meet your needs. In most cases, what we earn is not able to meet our needs; hence, we look for means to increase this sum by adopting several side jobs/hustles. The bigger question now lies with how long one can work in order for him to have the sufficient amount that can match up to his needs at all times.
It is quite obvious that one cannot continue to work all the days of his life only to get paid and feed his belly alone. That alone cannot give us the balance, because if you are able work and meet up with your daily basic needs or monthly needs, for how long can you stay strong enough to continue that circle of earn to spend on needs.
Our is strength drained while in duty as the years pass by and the energetic YouTube who has lived in lack may no longer be able to stay active for ever to cater for his needs. These and many more concerns are the reasons why we all seek for a good financial balance such that even on the days you can no longer work, your finances can do the work on your behalf.
Over the years I have learned something from reputable businesspeople: how they have been able to achieve this balance by getting their money to work for them. When we work daily and consistently, the ability to draw more in resources reduces over time, but when our money works for us, even at old age, we can still be able to meet up with our financial demand.
Saving money
Where does the journey of financial stability start from?
You have to save first in order to invest. Most investment happens from the finances we have been able to set aside over a period of time.
Different people have different motives for saving, but personally I can't save money over a length of time to purchase a gadget or liability for myself.
My savings are aimed towards getting funds together in order to pour them into various investment opportunities that will present themselves. For a very long time now, I have hoped that something will work out, but like some transmissions with glitches, I have ended up in the same circle.
Enemies of Savings/Investment
I have encountered several enemies to savings, and the sooner the situation is arrested, the better for me, except if my choice is to remain in that circle of not being able to invest or get my money to work for me. Some of the keynotes to watch out for are these:
Not having emergency funds can crash one's portfolio in times of crises. On good days, efforts should be made to keep some funds for unforeseen challenges.
Being a poor philanthropist can get you poorer. Most times we get caught in the web of trying to assist others when we are yet to find a footing ourselves. Our friends, families, and loved ones are meant to allow our resources to grow first before they seek financial assistance.
If you feel really happy giving out your paycheck to others all in the name of sacrifice while being unable to save something to invest, one of the things that will most likely happen to you is this:
You will continue to work only to service families and friends.
You will never save enough to start a business, invest, or get your money to work for you.
You and family members will eventually get stranded in the coming future when you have worked together constantly eating up your resources.
Knowledge is power, they say, but a deep understanding and wisdom unto action brings a better result. This has been my personal experience for a good while, and I may have realized this a little late. Pushing this out might be helpful for another. I hope that you pick an impactful line reading this.
*Images are mine.