Is Your Money Sitting Pretty or Making You More Money? (Part 2)
Is Your Money Sitting Pretty or Making You More Money? Here's How to Make Your Money Work for You (Part 2)
In the first part of this article, we established how to make your money work for you. We will dive into more practical steps in this concluding part on how to make your money work for you through savings and investment.
Save and Invest
Agreed that what you save and invest your money in may depend on your lifestyle, age, aspirations, and goals; however, saving and investing is not optional if you want your money to work for you.
Saving and investing allows you to have funds for retirement accounts and other needs like a car, buying a home, education fee for yourself and children, travel and additional extracurricular funds for your dependents. It is easier to invest and expand your investment by venturing into new investment opportunities when you have savings.
Through investment, you allow your money to work for you. It grows all on its own through interest or the increased value attached to the nature of the investment. Some investments also pay dividends, which you can either take as extra income or reinvest to help your portfolio grow or expand to other investment vehicles. Diversifying your investment helps to reduce the risk of losing all your money. Invest in a mix of investment vehicles like Pension Fund, stocks, mutual funds, real estate, rent out assets, cryptocurrencies, peer-to-peer lending, insurance policies, government bonds and business.
Diversifying your investment helps to reduce the risk of losing all your money. Invest in a mix of investment vehicles like Pension Fund, stocks, mutual funds, real estate, rent out assets, cryptocurrencies, peer-to-peer lending, insurance policies, government bonds and business.
From the above mentioned, pension funds remain one of the most strategic financial assets to secure your future—a pensions fund otherwise known as Retirement Savings Account (RSA). Even if you falter at other investment vehicles mentioned above, ensure you follow through with your pension fund; it's your backbone when you can no longer do anything for yourself in retirement.
- Pension Fund
This is a portable retirement plan account opened by an employee and maintained by a Pension Fund Administrator (PFA) to save towards the employee's retirement. It's a tested and trusted way to invest in your future. With RSA, you set aside some money from each paycheck and deposit with a PFA for a financially stable life in retirement.
If you are not currently satisfied with your PFA, you can move to Oak Pensions. We are known for superior value and excellence. To move to Oak Pensions, ensure that you have completed the data recapture exercise with your current PFA, and then send us the following: Surname, RSA PIN, Current Telephone Number, Email address, and your fingerprint. You can also send us an email at firstname.lastname@example.org or call our Marketing Manager on 09087448661 for more enquiries.
Regardless of the option you go for in saving or investing, have a specific set of goals. Know what you are working towards, like paying for your child's education, purchasing a home, or early retirement. This will help focus your spending and give you motivation and help you decide what type of investment is the best for you.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.