Do you see yourself in this story?
You show up to work everyday and you put your all into your job or your business. You are good at what you do and your colleagues recognize and praise you for it. You are a superstar, and you earn a high income and you treat yourself when possible because you deserve it…and the truth is you do deserve nice things.
But every now and then, during those quiet moments, you feel a strong sense of unease. “ I don’t feel I am doing well with my finances. I feel so out of control when it comes to saving my hard-earned money. What will happen if I fall sick and can’t work?”
For many Jamaicans, this is our reality.
Money is being made but with little or no savings we are in a dangerous rat race of trading time for money. If we don’t show up for work or in our business then we make no money. We constantly push ourselves to work harder, do more overtime, get more clients; do whatever it takes to bring more money through the door.
But what are we giving up while we are busy hustling for the next dollar? Time is a scarce resource. Our choices on what we do with our time ultimately impacts our quality of life. Remember this, wasted time is more precious than wasted money. How many precious family moments are we missing because we are stuck doing overtime at work? I know we are in a global pandemic, but when was the last time you took a dream vacation?
Real wealth comes when we learn how to stop trading time for money. Real wealth comes when we learn how to earn passive income that we don’t have to work for. Real wealth comes from investing.
The fact is a dollar saved today has the potential to be $100 tomorrow and $1,000 in 10 years. This is all due to the concept of compound interest. The very foundation of making your money work for you is centered around this concept. The power of compounding works by growing your investments exponentially. It adds the profit or gains earned back to the initial investment amount and then reinvests the entire sum to accelerate the money-making process. The cold hard fact is that compound interest can work harder for you than you could ever work for yourself.
Here’s the simple proof. Assuming you could earn 10 per cent per year by investing, and you started putting $1,000 away each month into an investment portfolio, that $1,000 would grow to over $191,000 in 10 years and grow to almost $700,000 in 20 years. Now think about if you could invest more than $1,000 each month; say $10,000 each month, then you would have almost $7 million in 20 years. Yes, my numbers are correct! I am a financial expert, believe me when I tell you I know this!
Now, wasted time is more precious than wasted money. I hope that you are motivated to take action and start investing. I am not talking about putting away money in a savings account. No one ever got rich putting money away in a low-interest saving account. Wealth comes from investing; creating an investment portfolio earning at minimum high single digits will be a good first step in wealth creation.
Keisha Bailey is an experienced Investment Strategist who teaches persons how to earn passive income, create freedom and reclaim time by investing in stocks.
Can also be seen on: https://jamaica.loopnews.com/content/wasted-time-m…