Is there a right way and a wrong way to use money? yes, we can agree that there is the wrong and right way when it comes to how you use money regardless of how small or big the amount of money you have at your disposal to can use.
Many people think they are using money well since they are making themselves happy or because they know how to make it and that makes them feels like making money is using money well. And they are hardly and deeply wrong you can make a big chunk of money but that does not use it well at the end.
Here are some of the things that people mistakenly do wrong thinking they are right.
- Saving Money at the Bank.
Many people have a tendency of telling others they are not using money well because they are not like them they are not saving at the bank. The banks averagely give 6% to 8,9% per annum on your savings. Tough luck I hate to be the one who tells you that your money at the bank is losing value. Soon it won’t be able to buy the thing it used to can buy. let me make it simple to you. Let’s say bread price goes up by R1 and Maize Meal Goes up by R3 and Money Courses Goes up by R10, and all your money in a years time you have invested R1000 it went up by 8% which is R80 can you add the prices which have increased and your interest won’t make a difference so it better to avoid saving money at the bank.
What is a better thing to do to use the money well to save it where it is a little bit safe and does grow?
Start investing in stock shares and investing in other businesses which you will see your money coming more than 2 times in a year. Investing in property and Stock Market shares will start building you an investment portfolio and before you know it with patience you will be making money using money.