There are many things that we do in life that are actually very good. Meanwhile, a time is coming that we will not be able to do such good things again. If at the and you agree with me, will it not better to start thinking of how to stop doing it timely?
5 of those practices and how to start and act on stopping them are as follows:
1. Working Hard for Money: Working hard for money is good, but can you do it forever? Hence, it will be better if, as we are working hard, we begin to think on how to make our money to start working hard for us, as we are also working hard for money. We have to start acting because a day is coming that we will not have the strength to work hard for money any longer, and no employer will like to hire a liability of course. Hence, before you become a liability, begin to think on how you can get assets and investments that will make you to be relevant and be an asset.
2. Saving Money: Saving money is very good! But is it an end in itself? It ought to be a means to an end. Now that you are saving a particular percentage of what you are earning per week or month, it looks very good and you feel well about it. But as we have said earlier, one day, you will not have enough income again, after retirement, if you are an employee (except some few); hence, you will not be able to save any longer. Besides, experts like Robert Kiyosaki has made us to know that, the inflation is rate is higher than bank interest rate on savings. Therefore, you it is high time you began to think on what to do with the substantial money you have saved, before it is depreciated to zero in value.
3. Getting Out of Debt: It is good not to be in debt. But there are some things that you need to borrow money to do, some of them are contracts, supplies, and buying and investing in real estate and some other safe instruments. Notwithstanding, you have to mind where you borrow from, and at what interest rate. You can actually get into debt to be wealthy, I have tried it and I’m still doing it. It is not easy but it pays off.
4. Investing for the Long Term: Long term investing most times is suffering, except if you know ,how’ and wise. Putting all the factors together, investing for the long term is good, but investing for the short term is better, and it is the best! It is better to invest in a place where you can liquidate (turn to cash) your investment at any time, in case you are in need of money and there is no money in your emergency saving account.
5. Diversifying: Diversifying is very good, but what about the logistics? It is sagging right? Hence, if you are to diversify, you can do it indirectly, let others do it for you even at a fee. That is why some mutual funds are good. Even, if you are to diversify at all, I think it shouldn’t be more than three. Discover a good basket, put all your eggs in it, and take care of it with all your strength and everything it deserves.
Many things are actually good in life which we can not engage in forever, hence, it will be wise while we are still doing it, we are thinking of the alternatives. Best wishes and regards!