How to manage money better
- lizahurombo
- Aug 2, 2024
- 2 min read
Updated: Jan 4, 2025
It’s no news that as you progress in life, you begin to have more understanding about life itself and realize valuable lessons from mistakes you’ve made. So today, allow me tell you a story about my mistake.
Shortly after I left the university, when I was in law school, my friends wanted me to invest in something but I didn’t have the money to. I saw them comfortably bring out 100-125k to invest but I could only boast of 20k to my name. I began to consider what I was doing all those years when my parents were giving me pocket money. I didn’t think of saving any for a rainy day, talk more of investing. It was then, I
realized I wasted a lot of money in Uni.
That’s how I became interested in how to create sustainable wealth for myself. I determined in my heart never to be poor.
This led me to start searching for investment opportunities. My cousins had a stock broker who would come to their office regularly, so I bought into the idea of buying shares. Till today, I haven’t heard about my shares or received dividends.
However, I didn’t relent. I looked for other means. Tried my hands on a lot of things including business. And there are four things I learnt in the process:
Having multiple streams of income is key to financial stability
It doesn’t matter how much you save or invest at first, what matters is that you make it a lifestyle. Consistency compounds, in like manner your ROI will compound over the years.
Your highest source of income will come from investments not salary.
It is never too early to cultivate the habit of saving and investing (if I knew this, I would have started right from when I was an undergrad).
The concept of finance is so important, therefore you need to pay attention to it. Don’t behave like you don’t care about money. You need it and to acquire it you must arm yourself with financial knowledge.
If you’d love to have start building your finances & learn more about managing your finances, download this free resource with links to my favorite books and videos for personal finance.
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