Frequently I am asked the question, “What is a good investment to make?” You too may have often asked this question. Just keep reading and you will soon find out what I’m bullish about when it comes to investing and why.
Unfortunately, when persons ask this question they are usually not prepared to invest. You see in order to invest you must first have some money. That’s right you need money to invest and you can only get money to invest by saving a portion of your income every pay for this purpose.
If you have no savings, then you can have no investment. You can't invest what you don't have. So the first step in investing is to save some money!
Not every now and then, but consistently and systematically. You should save a portion of every pay cheque you get.
Here’s a simply formula that I like and that will help you get started. After receiving your pay cheque why not start setting aside:-
1. 10% for saving,
2. 10% for investing and
3. 10% for giving (tithes), and then
4. manage your expenses so that they are covered by the reminding 70 percent of your pay.
And if you need help, “Taking Control of Your Money” workbook is a great resource to get you started
I know as you read this you are probably feeling that it won’t work for you but even if you have no money, or heavily in debt, it's important to start now to correct your situation and come up with a plan to cut your expenses and maximize your savings.
You have absolutely nothing to lose and everything to gain by trying this formula. So why not decide today to take time out and begin to properly managing your money! It’s one of your most important resources.
Secondly, you must realize that investing is risky business. You can lose your money.
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