Create an additional source of income
It’s a good thing to have one source of income, but it is an even better thing to have several streams of income. Having multiple streams of income will add to the current quality of life the Ndalamas may enjoy now and their quality of life well into their retirement. The logic behind it is that the more Pemphero and Mercy earn now, the more disposable income they will have available to invest...
Make an investment plan
Last week we discussed the importance of budgeting, which allows you to accumulate savings. Saving alone without an investment plan is like planting a seed in dry sand—no growth can happen. You therefore need a solid investment plan for your savings. For your investment plan to be effective, you must know why you are investing. Ask yourself, what is this for (a fallback plan, growth, or income)?...