If you want to make headway in building your wealth, simply saving money might not be enough.
Your next move to maximize your savings should be to begin investing. Investing is an important building block of a sound financial future and can help you get higher returns from your money than you’d get from a savings account or certificates of deposit.
Investing can pay off handsomely if you follow these steps:
- Set the stage for a sound investment
Before putting a shilling in any investment, set the stage for sound investing. First, set up a budget indicating all your capital and recurrent expenditure.
- Seek help
For brand new investors, the process might be overwhelming. If you are unsure of how or where to put your investments, get a firm that can advise you well.
- Start with simple investments
The best way to invest is to keep things simple. Begin with a simple and manageable monthly investment and work your way up as you get to know the investing markets better. For example, Optiven Ltd, with their new project Victory Gardens can be a good place to begin your investment journey. With only Ksh30,000, as a down investment, you have a chance to build a home hassle-free.
4.Learn where to invest your money
Optiven’s group CEO George Wachiuri – an entrepreneur, author, motivator and astute businessman – offers the following advice on where beginners should invest: “For beginner investors, the best investment market is the real estate sector. With a 45% – 75% growth per annum, this is the best way to invest your money.
5. Start small
There’s no need to wait until you have a huge stash of cash to invest. Start with a 30,000 or whatever you and grow your way up.