One of the central themes of financial planning is Investment. There are short, medium and long term investment vehicles that one can consider when planning the usage of his/her finances. Four (4) of many ways are elaborated below:
- Obtain a skill in demand: Charles Darwin was noted to have said: “It is not the strongest of species that survive, nor the most intelligent, but the one more responsive to change!!” Seven of the world`s most in-demand skills after COVID-19 include – Data Science, Artificial Intelligence, Digital Marketing, Cloud computing, Blockchain, Cybersecurity, Business Intelligence & Analytics. There are indeed many in-demand skills that people can take advantage of in order to earn to invest. One must yearn to learn in order to earn and eventually invest. Many forms of craftsmanship, Graphic design, ghostwriting, etc are highly in demand and these skills can become the mainstay of income sources when embraced fully.
- Moonlighting: In Ecclesiastes 11, the Bible mentions that we invest in seven ventures, even in eight; for we do not know what disaster may come upon the land. One key way of finding money to invest, is in profiting from a hobby or other part-time businesses. As long as one can still make time for family and other non-financially related commitments, extending tentacles to other sources of income, will greatly boost chances of finding money to invest. Extra work should certainly not conflict with your full time job as it can be detrimental.
- Adjust your lifestyle: Lifestyles can be adjusted via the type of car one drives, the size or type of house one lives in, where one shops, the school attended by the children, restaurants one eats from, etc. Although many can afford these lifestyles and still not be worse off, others are not in good standing to afford such but only do that out of unnecessary competition which would only plunge them into trouble. It is better to cut your coat according to your material at all times. One can save more than enough to invest by adjusting lifestyles.
- Set up your own business: Enormous wealth is made in business rather than being an employee, undoubtedly in the 21st century. One clue in starting your own business is to leverage your hobby or what you have great passion for and enjoy doing at all times with ease. Operating your business gives you excellent opportunities to find more money to invest in different instruments. Anytime you are frustrated about a service or product for not being done well, it may be an opportune time to begin yours and find your way to investment of a lifetime.