|#120 MWAVC| - Have savings, investments, then more investments.
Was having a conversation with a friend about how saving. She mentioned she has $xx,xxx in savings at some point in time, but blew through it when she left her old job and needed to survive. Now the savings are down to $x,xxx and she feels like she doesn’t have anything else to do but start saving again. “Do you have investments?”, I asked. Answer was no. Savings are great, but the way your money will grow is through investing…and investing wisely!
Remember these rules from the Richest Man in Babylon.
1) Start thy purse to fattening: save money.
2) Control thy expenditures: don't spend more than you need.
3) Make thy gold multiply: invest wisely.
4) Guard thy treasures from loss: avoid investments that sound too good to be true.
5) Make of thy dwelling a profitable investment: own your home.
6) Ensure a future income: protect yourself with life insurance.
7) Improve thy ability to earn: strive to become wiser and more knowledgable.
The laws of money too are like the laws of gravity: unchanging and assured.
I saw this post by Big Chief a couple of days back and I thought back to Warren Buffet’s thoughts on compounding interest as the 8th wonder of the world. That mostly happens when you’re investing. Happy to share investment opportunities that come my way.
“My biggest discovery in life was compound interest. Never leave cash lying around. Some people live off the interest on their money and it keeps compounding. Small small then a lot. My neighbor in Benin had only a few cars. His biggest expense was his children’s education. Quiet guy. His money was compounding. He was not loud. Just keep your expenses low and keep money where it compounds.”
📱📱Quote of the day
In any situation in life, you only have three options. You can change it, you can accept it, or you can leave it.
PS: I haven’t been reading that many articles that’s why there’s no article list. But soon come. Let the craziness settle a bit. Thanks for understanding 🙂
Remember: “Until the lion learns to write, every story will glorify the hunter.”