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BUSINESS NEWS || 10 THINGS TO DO TO TURN YOUR INCOME AROUND

 

Don’t let your financial fears ruin your retirement; you can invest and grow your money for your old age. You can find safe investments and good money-making ideas if you know where to look. According to www.moneymagpie.com, below are 10 ways to grow your money:

Get out of debt

Before you even start saving, any debt needs to be paid off as quickly as possible. Credit card debt along with overdrafts and loans, particularly secured ones, need to be paid off as a matter of urgency. The only exceptions to this are cheap debts such as the credit card debt at zero per cent. However, even these debts should be nagging at you until they’re eradicated.

Make sure you have a savings safety net

There’s no point investing for the future if you haven’t get enough ‘liquid’ cash saved up to dip into for short-term expenses. This means you need to have enough money in a savings account to keep you and your family going for around three to six months if everything went pear shaped.

Pay off your mortgage

One of the safest and most tax-efficient investments you can make is to pay off your mortgage early, if you have any. Mortgage loan is becoming popular in Nigeria. It gives you the most wonderful freedom to be mortgage-free.

 Spread your bets

To be safe you must spread your money across different asset classes (shares, property, cash, bonds and so on). Don’t put all your eggs in one basket. Nothing in investing is certain. No one has a crystal ball and no one can tell you what is going to happen in the future. You cannot rely on any one asset class to create a nice pot of money from which you can receive a decent income later on.

 Be regular

No sniggering at the back. In saving and investing, it’s a good idea to be regular! Even if you have only a small amount of money left over each month, in the long run it’s much better to set up a standing order from your bank account into an investment each month so that the money is put away before you even see it.

Get informed

Managing your money is like eating healthily. You don’t need to be a qualified nutritionist to know how to eat healthily, but you do need to know basic facts about fruits and vegetables, vitamins, protein, minerals etc. to work out how to have a balanced and healthy diet.

It’s the same with managing your money. You don’t need to be a qualified financial adviser but you do need to have some basic knowledge about how money works.

Invest in cheap, simple products you understand

It is possible to make sensible money in the stock market if you invest for the long-term and make sure you only put your cash in simple products that have low charges. The two main products that fall into this category are Index-tracking funds (also known as ‘Trackers’) and Exchange-traded funds (ETFs). When it comes to bonds, we like bonds that are as fun as ETFs.

Cut down the tax

Make sure you use all the tax-avoiding methods available each year. After all, why spend all that time and effort working for your pay and thinking through sensible investments just to lose a load of it in over-payment of taxes.

Protect your family’s money

If you have a family or other dependents, make sure you have enough to keep them going if you weren’t around. This is one area where you mustn’t scrimp. Make sure that they would be supported if you weren’t around.

Change investments as your life changes

Your investment needs change as you get older. When you’re in your 20s, 30s and even 40s you can afford to put money into riskier products that should give you good returns in the long run. As you get older, though, it’s better to shift some of your money into more stable products that are safer but don’t make so much money.

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