Learn about investment options and risks , and make calculated decisions , diversifying your investments to spread your risks , and learning and growing from the mistakes you make . Assess your investments ’ performance regularly and be decisive about what is adding value and what is not .
LEADING YOU
Make Right Money Moves
By Caroline Nyamwaya Mwazi
What is your vision for the sunset years of your life ? How many years away is that ? If you change nothing , will you achieve it ? If not , what do you need to do to realize your vision ?
It has been said that money makes the world go round . Almost everything we want has a financial implication ; indeed , little can be accomplished without money . Are you making the right money moves ? On this column , we look at the right money moves to attain financial freedom , defined by investopedia . com as having enough savings , investments and cash to afford the lifestyle you want for yourself and your family . In other words , being able to live at your desired standard without having to work , unless you want to .
Getting Started
Anyone can attain financial freedom if they make the right moves . Start by creating a clear vision of your future . Draw it , or make a vision board with notes , clearly showing what you want to do , be and have in your lifetime . Review and refine it until you are satisfied that it truly reflects your vision and covers every aspect of your life .
Next , calculate your net worth by separately adding up all your assets - what you own , and all your liabilities - what you owe . Subtract your liabilities from your assets to get your net-worth . Never mind if your net worth is low or negative . Your end is not defined by your present . By taking clear , consistent , intentional actions , you can improve your net-worth quickly .
Thirdly , find out what you really think about money . What is it to you ? Is it good ? Evil ? Is it for others to have and not you ? Do you deserve to be rich , wealthy even ? Can you truly see yourself as financially free ? Write down all your thoughts about money . Everything . The good , the bad and the ugly . Review what you have written and identify your general attitude towards money . If it is negative and defeating , develop a friendly and healthy attitude towards money , understanding that money is neither good nor evil . It is neutral , and flows to those who embrace it and apply the right principles for generating and keeping it , and away from those who don ’ t .
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Learn about investment options and risks , and make calculated decisions , diversifying your investments to spread your risks , and learning and growing from the mistakes you make . Assess your investments ’ performance regularly and be decisive about what is adding value and what is not .
Taking action
Once you are clear about your life vision , your net-worth and have a positive mindset about money , start making right money moves , which are the ten actions outlined in the following section .
Increase your earning power
The more you earn , the faster you can attain your financial goals and your life vision . Increase your earning power by being reliable and diligent in your work and adding value to your employer and clients . Get promoted or move to a higher paying job . Work a second job or start or grow your side hustle to supplement your income and reduce your dependence on one income source . If you are in business create and implement strategies for marketing and sales growth .
Give
What goes around comes around . Give where you worship , and to those in your family and community who need support . This will not only fulfil you , but will also lead to you receiving more in return , especially if you give with an open heart . While you can give money , your giving can include your time , expertise , food , clothes , books , and household items .
Pay yourself
Save seriously to build up funds for investing . Save before , rather than after spending your income . Decide what percentage of your income to put aside and
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