It’s another week of paychecks, credit alerts and ‘abundant’ cashflow. It feels good to know that money will always find its way to you because you have worked for it!
Our question is, “How sustainable is your salary?”. Can your salary give you the life you dream about? Can it buy you a house, take you on vacations abroad without drilling a large hole in your pocket?
A lot of people complain about their salaries hardly being enough to pay for bills and cater to leisure expenses every time. Mayowa (not real name) complained bitterly about his salary hardly ever seeing him through the month.
According to him, he goes broke barely two weeks after his paycheck. While we cannot deny the fact that Mayowa may need to curtail his spending habits, we know that to have financial wellbeing, he may need to learn to make money work for him and not the other way around.
Having a steady source of income is great. However, it is just a step to securing your financial future. If you desire to earn and achieve more, you need to devise a means to ensure that money work tirelessly for you.
Here’s our Advice:
Allocate your earnings wisely
A lot of people have started a business from scratch with a salary from a stable job. They understand the importance of paying themselves first and invest a percentage of their earnings periodically to meet financial goals. A great way to begin is by investing in instruments like the money market funds, treasury bills, and Bonds that provide investors with regular and competitive returns.
Create several streams of income
Whether you earn a high or low income, you should never depend on one source of income. Look for opportunities and avenues that allow for financial sustainability. Once you do this, you can then invest your earnings to create passive income.
Watch your spending habit
To see the future, you have to look beyond the present and never try to live above your earnings. Stay frugal with your spending, while budgeting to ensure your expenses match your income.
At Cordros, we care about your financial wellbeing and want to help you grow. To learn about our various investment offerings or to speak with one of our financial advisors, please contact [email protected].
Let’s help you grow!