by Chinkee Tan
It is one of my great passion to help people to make more money.
Money that sits in the bank very rarely makes more money.
A lot of us think that so as long as our money is in the bank, we are ok.
We also begin to think that our future is already secure.
However, if our money in the bank does not make more money, it also devalues. Over time, the value of the money we have now in the bank will definitely not possess the same value in 10 or 20 years.
If you have P100,000 in the bank today, the value will only be P60,000 to P70,000 in 10 years time due to devaluation plus the increase of price.
What then should we do? To put it very simply, we need to be able to find ways to let our money produce more money in the future.
Here are three things we need to learn in order to make this happen:
1. LEARN TO START YOUR OWN BUSINESS.
The surest and one of the most practical ways to grow our money is to get into business. What kind of business? Let’s think of something that is closest to our hearts, our passion and inclinations. In doing so, running our business will not feel like work but more like doing something we love. Let us also consider what would best generate a considerable amount of income in a reasonable amount of time.
2. LEARN HOW TO INVEST YOUR MONEY.
Finding the right investment can multiply our money exponentially. Investing, however, is more than just putting your money somewhere where it has the potential to grow. It entails careful study and a keen understanding of what we are getting ourselves into.
3. LEARN HOW TO LEVERAGE YOUR MONEY.
Leveraging our money can mean suing borrowed money in order to increase a return on investment. This is not something that we should go into blindly. We need to be able to consult the right people, seek the advise of financially stable and successful people we know and choose that which we will feel comfortable with.
4. LEARN HOW TO BUY PROPERTY.
If you are not familiar with my suggestion at 1,2 and 3. The most safest and logical way is to invest in property and have it leased out. You can never go wrong with property since it helps you to generate residual income plus the value of the land appreciate through time.
THINK. REFLECT. APPLY.
What kind of business do you want to go into?
Are you equipped with the right tools to go into this business?
How will this business contribute to your financial stability?
Money that does not produce more wealth is not a guarantee of success
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