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17 Oct 2017

4 Insights That Will Change the Way You Think About Money

Money can indeed be a very dynamic concept. There are a lot of lessons to learn and apply to be able to truly manage money and get it to answer to you. Jumia Travel, the leading online travel agency, shares 4 insights that will change the way you think about money.

Regardless of the Size of Your Paycheck, You Probably Already Make Enough Money to Become Rich

This nugget of wisdom was given by a man called David Bach, an American self-made millionaire. According to him, the amount of money you make has little or no bearing on how you can build wealth. It’s not so much about how much you make, but about how you can keep it. The key is to start as early as possible with savings and investments, no matter how little they might be. This will make it possible for you to reap the full benefits of compound interest.

 

It Takes Time

The golden rule of savings and investments is really to think long term and start as early as possible. According to Warren Buffet, ‘It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.’ The money made in investments is by investing, owning and managing these investments for long periods of time.

 

Secure Your Financial Future By Getting Paid What You Are Worth

If you know your worth in an organization, there is no reason to sit back and waste away in underpaid oblivion. You really have to ask for what you want, however, there is a right and wrong way to go about asking for a raise. It is recommended that when asking for a raise, you look at the range for someone with your level of experience in the industry, this can help you understand your worth. You can then ask for a raise based on that information. If you have tried all you can and your current company still refuses to value your expertise by paying you what you’re worth, it is best to immediately start looking for one that will.

 

The Best Investment You Will Ever Make is in Yourself

Grant Cordone, another American self-made millionaire, said this as an advice echoing the one his mother gave him when he was younger. Investing in yourself will always give you a return that nobody can take away from you. Get the necessary education and skills you need, and also learn to give whatever job you find yourself doing your best, even if the job is only temporary.

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