EVERYONE would agree that investing is something that financially smart people do. However, not everyone who has the money does it. Why?
Having a savings account has three purposes: it builds your emergency fund; it teaches you how to control your spending; and, it helps you appreciate the value of frugality.Time deposits and special deposit accounts are your next investment considerations. In my opinion, once you have around 3-months’ worth of monthly expenses in your savings account, then it’s time to funnel the rest of your emergency fund to a TD or SDA.
Treasury bills, low-risk bonds and some mutual funds are just some of the things where you can invest in. These instruments will, more often than not, give you enough interest rates to at least keep up with inflation.Low-risk investments are there to help you keep up with inflation but, if you want to beat it, then you have to take medium-risk investments. Balanced funds, selected stocks, some real estate investments and small-sized to medium-scale business ventures are examples of these.
These investments will typically need at least five years before you can realize a profit; some even longer. I know it can be a long time but I will tell you now: it’s worth the wait. Just think of it as a “marshmallow test.”
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