6 DIY tips on saving for investment
Investment is a plan and requires commitment, zeal and a winning mindset to make it a reality. In these 21st century, the cheapest way to build your investment is through buying stocks. Even at that, the majority buy stocks without control.
Investing have become more competitive and expensive if you really want to do it. That is, you need reasonable cash to make an investment that is worth it-investment that put you in control. But that does not mean you should run away from it.
In fact that is why this article is written, to give you the do it yourself tips for saving towards your investment.
1. Investment is a plan
Investment is a plan. This means sitting down and writing what you want to investment in. write it down and write out how you intent to achieve it. When written, make it a duty to read it every day in the morning before going to work and before you retire to bed.
2. Reduce your daily expenses
One major problem today is the way to deal with expenses. Many can’t seem to control their expenses. But recently, I have realize that there are three major things that increase our expenses.
- Unnecessary phone calls
- Fast food
You have to learn the habit of delay gratification. Am not saying you should not do what I’ve listed totally, but do it when it is necessary.
3. Start saving for your investment
Use the money you save from your reduced daily expenses and put it in your investment savings. This should be the starting point for your investment.
4. Pay yourself first
Remove regular deductions from your paycheck or take home pay and put it in your investment account. That should be the first thing you should do whenever you collect your paycheck. Doing this often will make you achieve both your short and term financial goal.
You don’t need to take everything and send it straight into your investment account, but you can remove 10% and start from their and build it up.
5. Build another source of income
Build another source of income, but here all the money that comes in will go straight to your investment account. Come what may; don’t touch the money at all.
6. Learn financial education
Boost and know how money and investment works. This begins with the knowledge of knowing what asset is and what liability is.
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