This article may help you to become a rich person without doing anything, on the other hand...
This is not financial advice. All things mentioned on this content are all based on author's opinion, invest at your own risk and always do your own research.
We can't reach our dream if we will only stare on the ceiling and relax every day. All things need a hard work, everything needs an effort. In this generation, we can't deny that most of us want to become a financially stable and it is not easy for a normal person.
On the other hand, we want to become a financially stable but we love to spend more and more money on our daily lives. If this happens, your dream has a low chance to achieve.
In this article, we will know how to manage and how can we spend wisely our money. Again, this is not financial advice.
Put your money in a bank
Saving your money on a bank is a good choice especially if you love spending your money every time that you are holding it.
We can't deny that having money on our hands is quite addictive, spend it all the time until it's gone. This is why putting your money on a bank is one of the effective way to avoid your addiction. It has also an Annual Percentage where you can earn 2%-5% interest per year depends on the offer of the bank.
However, putting it on a bank has also a risk because it's just like you are trusting the other person to hold your money and when the things became worse, they can take it anytime. Also, do a research first before putting it on a bank because there are banks where when they experienced bankruptcy, your money will be involved and has a chance to take it away from you. This is the importance of doing research. Choose the bank that is running for a long time.
Needs over wants
Always invest your money on things that you need and not your wants. It is very important for us to know what are the things that we need, when I say needs I am referring to the things that you need for a living or the things that you can't live without it, such as your house (if you don't have it), foods and drinks, clothes and etcetera. You can also buy things that you need for your work or your daily living.
Avoid the things that you want to buy because of admiration or something nonsense. We have this famous line, “Be practical”. Always ask yourself, “Do I need this thing?” “Can I live without this?”, if you don't need a thing, don't invest on it, don't buy it because you are just wasting your money.
On the contrary, there are times that you also need to buy your wants. Sounds confusing? What I mean is you can buy your wants IF you deserve it. Treat it as a reward for yourself. If you pass your exam, treat yourself. If you did a great job, treat yourself. It is all about self-care.
Invest your money in a wise way
When we heard the word invest, the next thing that we are thinking is risk. Most of the people are afraid to invest their money because they are thinking that someone will scam them and afraid to lose something. Well, those things are really risky IF you are not investing in a wise way.
We can invest our money in a different way such as:
Cryptocurrency, investing your money in crypto has a high risk since it is volatile. We have this line, “High return, high risk” so always invest at your own risk. So far the investment that I like is investing in CST token where you can earn 1% to 3% interest of Bitcoin cash every week directly to your wallet which translates to between 52% and 156% APR annually. This is quite contradicting on the first list because for me, it has a higher return compared to banks where you can only earn 2%-5% APY.
Another way of investing your money wisely is buying or building an apartment where tenants can hire and rent your apartment. You can also buy a vehicle and find a person that will hire it. By this process, you will have a passive income and you are also giving them to have a shelter and temporary work.
Personally, I'm planning to buy a vehicle (a tricycle) and let the other person rent it so I will have a passive income. For now, it is quite impossible because I need to save more money and think the situation if it is possible on our place.
CLOSING THOUGHTS
There's a lot of way where we can earn, manage and grow our money and what you need to do is to choose what suits you. By doing these things, there will be a chance to makes you a financially stable. Always remember that investing is quite risky, there's no easy money and we need a hard work to become successful.
Before this article ends, let me say this to you. “Don't work for a money, let the money works for you. Passive income is the best. Plant a money and let it grow.”
Sources:
https://cryptosorted.info/cst/
This article is republished
Thank you for this amazing article. "Needs over wants" indeed. Although, in this day and age, the line between needs and wants gets thinner and thinner by year, which is I think inversely proportional to my waist line which gets wider every year. :(