In one of the group discussions, a colleague asked. “How can someone handle three M’s of Money in life”?
1. Making Money
2. Managing Money
3. Multiplying Money
Those are brilliant questions, which get a node of distinct answers and responses. I will give my answers relating to my own experience and things I have come to learn and appreciate over the past few years, of my quest. It must be known that all three should be deliberate, do not come by accident.
- Making money
Of the three, making money is the easiest in that it is not a secrete. You must have worked and get paid. Sell something, a product, skill, and begging! Lol
The later one is not guaranteed though. Bottom line being, at one point in one’s life a person will have some money. Here are some of the things you can do to earn money.
• Start a business/ Physically or Online
• One that will give you quarterly dividends or Annual dividends.
• If you have a skill, use it to earn money. Use FB, YouTube, Instagram, TikTok to market yourself
• You can learn new skills on YouTube to increase the capacity of making money
2. Managing money
This is what most of us struggle with, the abstract way to managing money is to invest in financial education. Learn basic skills of budgeting, monitoring spending habits, finding creative ways to saving more, and Increasing money.
Use tools such as spreadsheets to monitor income and expenditure and Charts for making financial projections. Very useful to use these available tools as they give you a glance into your financial future, that you could see what it could be.
Find out laws about taxation and how you can save from paying excessive tax. On a more advanced level, learn financial markets and basic economics.
Surround yourself with people that are motivated to do this. Join investment groups on FB and other financial tabloids. Most importantly find a financial advisor.
Last but not the least, make it a priority to teach your family member’s financial discipline. This point seems to stand on its own, but it is very important as this has a direct effect on how you will manage your money. If you have family members that depend on you for everything from soaks to caps, that is a potentially tough to manage money.
3. Multiplying money
This is equally difficult as everyone is striving to it, but this is also attainable. Ways of multiplying money include.
• Investing in stocks, Bonds, ETFs, and Real Estate. You have options to choose from ones that give you quarterly dividends or Annual dividends. Getting the right investment portfolio powered with compounding interest will be a right pass to your passive income.
While some of these skills come naturally in certain people. You must always seek to speak to a financial advisor. You can find these people in most banks and DON’T shy away from making appointment with them.