Walter Okpala: What do you do with your bonus 3?

Walter Okpala: What do you do with your bonus 3?: In my last posts, I mentioned the issue of people receiving yearly bonus and misusing it. Do you know you can build wealth with your bonus? ...

What do you do with your bonus 3?

In my last posts, I mentioned the issue of people receiving yearly bonus and misusing it. Do you know you can build wealth with your bonus? Let us lok at ways you can do that.
     Someone who receives a yearly bonus of $100,000 can buy a house of the same amount and pay cash. Doing this eliminates the monthly house rent. The money used for house rent can be directed to retirement contribution. The money can also be used as an investment which gives you return. If this amount is used for investment for a period of ten years, you can even quit your job because the money has accumulated a lot. 
     The biggest investors today did not start with a lot of money. If you remember my old posts where I mentioned that a monthly contribution of $100 for a period of 30 years turns one into a millionaire and $500 per month ($6,000 per year) makes you $6-$7 million in 30 years. $100 for 1 year totals $1,200 per year. If $1,200 can make one a millionaire, imagine what $100,000 per year can do for you during 5 or 10 years.
     The reason why many people end up poor is that they do not invest. Many think investment is meant for some people. In a capitalist economy, anybody can be an investor. It is a question of spending less than you make. There is no miracle. No one is born an investor. Think about this!
      

Walter Okpala: What do you do with your bonus 2?

Walter Okpala: What do you do with your bonus 2?: What do you do with your bonus? This a question asked by many people. Organizations, especially, the big ones pay their employees bonuses e...

What do you do with your bonus 2?

What do you do with your bonus? This a question asked by many people. Organizations, especially, the big ones pay their employees bonuses every year. The value received depends on the performance of an employee in reaching targets pre-established by their companies. Depending on the position of an employee, he or she can receive $100,000 or more. 

     What do people generally do with their bonus? I noticed some use the money to buy new cars. Others use it to travel while others even spend the money on paying rent in richer neighborhoods. It is intereesting that many people want to be wealthy, but do not make any sacrifice towards it. What are the common needs of workers?

     The common needs are generally skill acquisition, second language acquisition, educating their children, buying their houses, preparing for their retirement, among others. Why is it that only the majority invests in the afore mentioned needs? Someone does everything to get money in order to fill the needs. However, these important needs are not met. Instead, the person prefers investing in leisure and entertainment. 

     In the next posts, we will look at how you can use your bonus effectively in building wealth. Think about it!

      

  

Walter Okpala: What do you do with your bonus?

Walter Okpala: What do you do with your bonus?: There is a question that always arises with respect to building wealth. What do you do with the yearly bonus you receive from your Company?...

What do you do with your bonus?

There is a question that always arises with respect to building wealth. What do you do with the yearly bonus you receive from your Company? How can it be a source of wealth for you? Think about it!

Walter Okpala: How is your project?

Walter Okpala: How is your project?: The first month of the second quarter is finishing. How is your project for the quarter or year being executed? Is it moving at the correct ...

How is your project?

The first month of the second quarter is finishing. How is your project for the quarter or year being executed? Is it moving at the correct pace or very slowly?
Check it!

Walter Okpala: How can you participate in the knowledge economy?

Walter Okpala: How can you participate in the knowledge economy?: Sometimes you hear people talk about knowledge economy or the era of knowledge. In this post, I will first define what a knowledge economy ...

How can you participate in the knowledge economy?

Sometimes you hear people talk about knowledge economy or the era of knowledge. In this post, I will first define what a knowledge economy is and give some tips on how one can benefit from this trend.

     Knowledge Economy is nothing but economy that is driven by knowledge. Simply put, it is the transformation of knowledge into products and services. Although this was also done in the past, however, only people with factories or infrastructure could do that. That is, only big companies could afford it. Today, knowledge economy is used more than ever because of the internet. The internet makes it possible for anyone transform his or her knowledge into product or service without having to invest a lot of money. Some examples are Facebook, Twitter, Google, Yahoo, etc.

     The second question now is: how can one participate in this trend? In order to participate in a knowledge economy, you must have an idea. Secondly, your idea has to be transformed into action or execution. However, your idea cannot ideal before trying it. Many people are not successful because they never try anything. Having idea is one thing, having the courage to execute your idea is another thing. Quite often courage is more important than the idea itself. Your first idea may not be successful, but will lead you to many other possibilities. That is the essence of entrepreneurship. However, entrepreneurship is not limited to starting your own business. It can be applied to your job.

     This will be the subject of the next post.