like i said in my previous post, savings are very good and can help you build your financial goal. Every individual has a reason to save and this is where personal finance comes in.
Before you start saving, you need to ask yourself “what will I use this money to do the end of the day” are you saving to spend the money or you are saving to invest so it can bring you more money. The choice is yours.
When you start saving, you need to have a goal or a purpose. don’t just save for spending or save to just leave it in the bank because bank interest is very low- and won’t yield you much money.
Some people feel having savings is just enough and then they relax and feel comfortable. truth is one day that money will be all gone. If you are just saving, you are not doing well at all.
the best advice I can give you right now is to save for investment purposes. there are a lot of legit investments you can do, such as real estate, opening a supermarket, starting a business, investing in stocks and shares ( this can be a bit risky), start a production company and so many others.
In my opinion, I will say investing in real estate is a GOOD DEAL like we know, land properties appreciate with time. so investing in real estate is a big deal and will bring you more money year in year out.
Personally, I’ve dreamt of having my own reak estate, although i don’t have the money to do that in the near future by God’s grace I will invest in it.
Let me tell you what eats up most peoples savings.
- They want to impress the public by buying things they actually do not need.
- Trying to stay relevant so people don’t look down on them.
- Lending out your savings and hoping to be paid back but unfortunately, the person is unable to pay back your money.
- Lastly, the major drawback is saving to spend.
In conclusion, I will advise anyone willing to save should also get first-hand information on how to invest the money instead of spending it or leaving it in the bank.