Hello friends,
Financial independence entails that one needs to know how to use their money wisely and look out for ways to earn more. In looking for ways to earn more, the least thing you should do is just keeping your money in the bank without letting the money work for you.
By working for you I mean, bringing you percentage from investments or interests. Just letting your money lying pretty in your bank wouldn't make you rich or financially free. You will realize at the end of the day that you are even loosing money than you should.
Last month, I decided to keep some money in my joint account. At the end of the month I realized that the exact amount I kept wasn't what I was seeing as the bank had deducted some amount of money in the name of charges. Did I loose money? Yes I did.
If I had invested that money where it would have yielded profit for me, I am sure I would have been some percentage richer instead of loosing the little one I had manage to get.
This is what happens so many times when we don't invest out money wisely. We loose them or they just lie there without adding anything valuable.
Inflation is a Challenge
Inflation is everywhere now. And what inflation does is that it affects the value of our economy. So if I have let's say #50,000 in my account which looks like a big money for me, the next time I may want to use it for something, it may turn out that the value of that money has dropped. Which means I may need more money to add to it.
For instance, the prices of goods in the market is incredibly high and seems like it increases every single day. What I may use that #50,000 to buy today may not be what I will use it for the next time I go to the market.
Some months ago, the government of Nigeria decided to change her currency. That period people who had their money stack somewhere were running helter skelter to look for ways to change their money to the new notes.
Some business owners used that avenue to make more money because people who had the old naira notes were forced to pay more than the usual price of the item because the money was now de-valued.
Imagine buying a product of #100 for #150 simply because you had the old naira notes. So you see, sometimes instead of just keeping your money saved up somewhere, use it for something else that will yield you profit. Flow with the trend of the economy of the country you live in.
Inflation will always come even though only few countries manage it properly.
If your country is like mine, so what's the best step to take in such situation?
Invest Wisely
There are so many genuine investments that can help you multiply your money, daily, weekly, monthly or even yearly. All you need to do is to ensure you carry out your research very well first before investment.
Try as much as you can to invest in low risk platforms to avoid unnecessary heartbreaks at the end of the day. The crypto space gives you opportunity to earn more when you invest.
For instance, hive is a good place to invest. Let's look that the 20% APR when you save your HBD. I have read articles from people who have been living off their interest from saving their HBD alone on the block chain.
Which bank gives you 20% for saving your money with them? I am yet to find. So you can consider investing in some HBD and earn something decent too.
Conclusion
Everyone is looking for ways to earn more money. You won't earn more if your money is just lying idle somewhere. You need to put it to work and by doing so, you will realize that you are already building wealth for yourself.