In this masterpiece, Oyedamola Taiwo emphasizes the importance of investment.
Save but take it a step further.
The traditional believe about thrift spending involves continuous separation of a specified amount of money to a “no spending zone”. This is backed up with the assurance of a wealthy-happy ending. But the question I ask is, “why do we have to wait till the end to be wealthy, why can’t I have money today and also in the future has it tends towards the end”. I have watched people linger in the cycle of self denial to gather funds to spend on something big and to resume self denial for the next big achievement. For how long in a life time will the time lag of waiting earn you a place among the wealthy? A young person starting out to take responsibilities adhering strictly to the saving culture will have to indeed wait for the wealthy happy ending. I am not in any way discrediting saving, I just wish to introduce an uncommon twist to discourse.
In the array of paths to wealth, being abstemious in spending is a crucial process for its accomplishment. However, it is a necessary but not sufficient condition. The crux lies in the usage of the gathered funds. If you belong to the league of persons that exhaust their saving on purchase of items that will depreciate to zero economic value in no-time, then, you are bound for the self denial cycle. Casting all your lots into purchasing the latest mobile technology brand for aesthetic purpose, fashion apparel, cars even house rent cannot make you wealthy any time soon; except those items, in a way, contribute to your income. Spending your savings solely on items that depreciated or require maintenance without any form of addition to your income status will only take you to a steady exponential growth in self denial. You will have to give up more and more to maintain a specific standard of living instead of growing wealth.
The way out of this heinous cycle that leads nowhere good? Well, I recommend investment. Why? The right investment guarantees you a continuous flow of income higher than your initial capital. Your initial capital is the money you give to initiate the investment deal. When you save, all you get back is your money. Instead of leaving your money redundant to spend later, putting it in an investment will get you more money while your initial input remains intact. Then, you can afford all the luxury you desire without the fear of the loop of self denial. Risks are attached to investments but engaging the appropriate professionals will save you a lot of stress( Visit fandksavings.com.ng) to Know More). Check the profile of the wealthy people around you, they didn’t arrive here by saving religiously, rather, they put their money into ventures that will grow and make them more money. Saving is not enough!
Taiwo Oyedamola is a writer, social entrepreneur and a graduate Economics Student. She specializes in helping young minds identify opportunities and bridging gaps to their possibilities.
Savings and investment is key.
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