Do YOU invest your money?

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My Success Partner is very successful. But reached out to me as a Coach to “get some things in order”

Financially, they’re doing well, and the job pays well. One of the questions that came up, was do you invest your money. And he said “no”. Part of the money sits in the bank and the other part is in my house (which he owns).

He doesn’t know how/where to invest and didn’t bother to learn.

To each his/her own – and I’m not one to intervene.

But I’m using this, as a note of caution.

Your money, in the bank, while its safe (depends on where you live) is stagnant. It does not match the increases in the inflation (general increase in pricing) and will not be able to sustain your standard of living – which is getting more expensive by the day.

Additionally, the money in the bank, by design is reserve. Which means – in case of (God forbid) an emergency of any sort, you’ll have that reserve to fall back on, and that’s that.

He is learning now and doing MUCH better.

But here’s your starting point, if you find yourself in a similar position.

1)??? Educate yourself: first on the investment products available in your local market, and the rates of return. For all you know you could be placing your money and getting a 3% when you could be investing it and getting 6% (at a minimum or more)

2)??? Explore your risks: Health, Home, Children and look at insurance products to see if you need to safeguard against any extreme/sudden unfortunate events. There are “term insurances” that protect against the loss, and insurance products that help you save and invest as well (for retirement, kids’ education etc)

3)??? Start Small, and Low risk (until you know enough) for instance, fixed deposits, are a better option compared to leaving the money in your bank account, they pay a higher interest (profit) on your money. But also, your local government could be offering Treasury bills (T-bills) that would pay even better (*everything depends on the prevailing interest rates) and then you have bonds, stocks, options, real estate and a whole suite of products you can consider.

4)??? Start – PLEASE and Thank you! Don’t let another year pass, when your bank account is packing with cash that loses its value (some currencies a lot faster than others)

Need resources?

Youtube – is a gem, just search the product of choice, listen to bite-sized videos and get educated.

Tiktok (if you like it) follow the finfluencers that explain the products, just pick your speaker wisely

Books: go old-school, buy a couple of financial literacy books and start there

Programs: there are so many awesome financial literacy programs, that are very affordable, sign up and start learning.

Anything that’s not clear, just ask. Anything that you need more one, let me know.

#investments #personalgrowth

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