Wealth creation within your grasp

The dictionary definition of wealth is “an abundance of valuable possessions or money” or “a plentiful supply of a particular desirable thing”.

To many people, living a life of wealth and opulence is nothing but a dream, but think about the fact that you do have things in “plentiful supply” in your life already, like a loving family, your own home and a good job. These are “wealth” in your life - things you have made a long term investment in and which have borne good fruit over the years.

Just as maintaining a good family and home life, being money wealthy requires commitment, sacrifice and patience, especially if you are to have a financially secure retirement. 

Should you have started saving and investing for this much earlier in your life?

The earlier you start planning for your retirement the better. But remember that it is never too late to introduce good investment and savings habits into how you manage your money.

African Bank believes that deciding on the best ways to invest money for a financially secure future must be underpinned by setting financial or investment goals.

 Setting financial goals

Do not take this lightly. Staying focused is a powerful tool in wealth creation. Your goals are your desire to be financially successful, not only a wish or hope to be. Your goals should be specific and measurable.

Think about what you want in the future, where you want to live, how big a family you want and when you want to retire. You are striving for better and the reward will be tangible if you set goals you can easily track.   

 Ways to invest money

Investing may sound complicated and a playground for only the super-rich, but there are many average earners who, with the right guidance and advice, are seeing good returns on investments. The truth is that investing can be as simple as making a deposit into a bank account.

There are hundreds of strategies for making your money work for you and some approaches do require expert advice, but remember that you cannot make an investment if you do not have money to invest.

This is why scrutinising your own personal circumstances is important. Be realistic about your finances. Put measures in place to get them in order before you start dabbling with investing and perhaps make the wrong decision with money you really do not have to lose.     

If you are thinking of investing but are not sure where to start, you will find this African Bank blog on the topic insightful.

Having a plan is important to stay on track and achieve your goals.

While it is helpful to get advice from a financial planner, remember it is your money and your future, so stay involved and interested every step of the way.

Take charge of your own wealth creation and seek out opportunities that will yield the best possible returns for where you are now and where you want to be in the future.

If you are still wondering how to take the first step, think about this – you do not need heaps of money to become an investor, it is never too early to plan for your retirement and it is never too late to start saving money.

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