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Top 10 tactics to accumulate wealth
| DATE: 29 June 2009 |
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| BY: David Dlamini |
It’s not all gloom and doom in the financial world… there’s still plenty of money out there to be saved and made – you just need to follow a few simple steps!
1. Set yourself a goal
This may sound difficult, but find something that you really desire, such as a plasma TV, and start saving for it. Don’t cheat and buy it on credit!
2. Stop spending on a whim
Spur of the moment spending leads to major cash shortages. That R2 000 you spontaneously spent on a beautiful jacket could’ve been better used elsewhere – like paying off debt, or saving for a holiday.
3. Take a second job
This is not an easy option, as many companies frown upon moonlighting. Why not try something on weekends, like working as a shop assistant in your local mall?
4. Plan ahead
If you know that you have a major transaction such as a car service coming up, set aside some money to make the blow easier.
5. Draw up a budget
You have to be involved with your money. There is no point in just letting your money sit in the bank. Draw up a weekly budget to see where your hard-earned money is going.
6. Cut down on luxuries
Do you really need that branded pair of denims that cost four figures? Of course you don’t, so stop spending on luxury goods (even if they make you feel great) and focus on your priorities.
7. Invest
Consider hitting the stock market and invest in portfolios that have worthy returns – but remember you could make a few losses before the returns start coming through.
8. Kick your debt
Your monthly payments, which may not seem like much, will end up draining you if you’re not careful. Every little debt repayment adds up in the long run and can seriously hamper your financial wellbeing. And stop buying things you don’t really need on installments!
9. Plan for retirement
You are never too young to start investing in your future. Talk to a financial planner who can advise you where to put your money. Even if you invest as little as R50 a month, it will all help in the end.
10. Adjust your payments
If you have a long-term bond on your house or car, consider shortening the period to ensure that you save on interest in the long term.
