Building wealth with your income 2

In my last post, I gave one tip on how one can build his or her wealth by spending less than he or she makes. Although this may seem simple, many people do not obey it. Buying things on credit means that you cannot afford the product now. What you are doing is, in fact, transfering your future wealth to another person.

     The second tip on how to build your wealth is by investing. In order to be rich, you must be an investor. If possible, be an active investor. Learn how to do it and participate. Do not think being an investor is a thing of the few. In fact, anyone can be an investor. An investor is someone who uses money to generate more money. The first and the second tips are complimentary because you cannot invest unless you spend less than what you make. 

     There are many types of investments. Do not invest in savings account unless you need the money as your pension fund. At least mutual funds can give you a 12% return per year. There are other ones that can yield more. Try and seek a specialist advice on investing and learn how it is done before starting the business. 

     Depending only on your salary cannot make you wealthy, but you can use your salary to build wealth by investing. Think about this! 

  

  

Walter Okpala: Building wealth with your income 1

Walter Okpala: Building wealth with your income 1: In my last post, I said I would give some tips on how one can build wealth with his or her income. It is important to remind people that bu...

Building wealth with your income 1

In my last post, I said I would give some tips on how one can build wealth with his or her income. It is important to remind people that building wealth does not depend on how much a person earns, but on one's ability to follow some basic principles, which by the way, are common sense.

     The first principle is to spend less than you make, period! It is impossible for you to be wealthy by spending more than you make. This is a very simple concept, but many people do not obey it. When you use you buy things on credit, you are spending money you do not have, in addition to paying others interest for borrowing their money. Do you know that when you borrow money, the lender is getting richer while you are getting poorer?

     You can do a research about the millionaires to see how they spend money. None of them buys things on credit. They only things they can afford to pay cash for. So, if you want to be wealthy, forget about buying things on credit. In my next posts, I will give more tips on this issue.    

        

Hierarquia organizacional 1

Walter Okpala: How do you manage your income?

Walter Okpala: How do you manage your income?: One of the problems facing workers is their ability to manage their incomes. The reason is that workers always receive their pay checks on ...

How do you manage your income?

One of the problems facing workers is their ability to manage their incomes. The reason is that workers always receive their pay checks on defined dates. Sometimes, the money is finished before the payment day. And that is the reason for the question: how do you manage your income?

     It is important to remember that your income is your wealth. The only way one can build wealth is through his or her income, period. So, if you do not build wealth with your income, how else can you do that? "One's ability to build to be wealthy does not depend on how much make, but on how much was wisely invested". In the next posts, we will look at how workers can build wealth from their income.   

Walter Okpala: I lost my job despite --------------- 2

Walter Okpala: I lost my job despite --------------- 2: In my last post, I wrote something about the possibility of one losing his or her job despite having good skill and good behavior. I mentio...

I lost my job despite --------------- 2

In my last post, I wrote something about the possibility of one losing his or her job despite having good skill and good behavior. I mentioned that one of the reasons is related to market forces, that is, external factors. 

     Another reason is not caused by external factors. A worker may have good skills and behaves well with everyone. However, he or she may lack the ability to work effectively or have productive result in teams. This condition may have been identified by assessment and feedback. But, the worker may not have improved on the subject and, consequently, be fired. Organizations do not tolerate this flaw. 

     Although an employee has good skills and behaves well individually with colleagues, he or she does not repeat that at the collective level. So, you should beware of this!      

  

Walter Okpala: I lost my job despite ..................

Walter Okpala: I lost my job despite ..................: In my earlier posts, I have written about having the right skills and good behavior. However, some people told me that they have got all th...

I lost my job despite ..................

In my earlier posts, I have written about having the right skills and good behavior. However, some people told me that they have got all those requirements, but lost their jobs. What should I do?

     I know many people are also asking the same question. Before, we look at what one should do, let us first understand that there are many reasons why companies fire their employees. You may lose your job, not because you are bad, but because of market forces and their consequences. A company may lose its market share or affected by new government policy. It may also be forced to relocate to a cheaper country in order to meet the competition. In all these conditions, a company is obliged to restructure and reduce its staff.

     It is also good to say that no organization likes firing its staff. However, organizations do so under some circumstances. Now, how does one know he or she was fired as a result of incompetence or because of external factors? One can note this by observing your superior when giving you the information. When caused by external factors, some of the bosses almost starts crying when giving the information because they are losing a valuable staff. When the cause is incompetence, there is no emotion attached to it because they want to flush out a bad staff. 

     IN my next post, we will look at another reason why companies fire employees with right skills and good behavior.