End month is perhaps the only time employees are happy because of salary. This is the moment when you find supermarkets and malls full, restaurants and pubs are full and guest houses too are fully booked.
There is no time salary will be enough, the way you spend it is what will separate you from an average employee.
Research shows that 60 % of employees in any company exhaust their salaries on 15th of every month, thus operating on soft loans afterwards.
The following is how you will invest/save your money in order to compete with the rich:
Buy Shares
Shares are good for people who love taking risks but if you are risk averse then don’t go this route. Majority of the richest people on earth have invested in shares and there is one secret they don’t reveal to the poor.
If you have a long term ambition, please buy shares in Saccos, Banks and stable institutions. This is one investment which can make you rich in few years’ time.
The best thing with shares, especially if you have committed your money in a Sacco, is that you can take a huge loan and buy assets that can change your life.
Join a Sacco and commit, say, Ksh 3000($30) every month for shares where you will earn dividends at the end of every financial year as your money grows.
Save in a Fixed Deposit Account
Fixed deposit account is where you save a fixed amount every month and you are not allowed to withdraw as you wish. You can instruct the bank where your salary is credited to make a standing order each month to your fixed deposit account.
It’s not a must for you to save huge sums of money but doing this way will instill discipline in you.
Identify a Plot/land and pay in installments
You can do this by signing agreement with the seller, a lawyer must be involved. Every month you bank will deduct some amount from your account and credit the seller’s account. At the end of the day you have a plot.
Take a mortgage
Mortgages are the best investment for people who lack financial discipline. Identify a house where you intend to live, and then approach a reliable company for a mortgage.
You will be shocked that within no time you have a home while your friends are struggling to pay rent.
