Aston Lukoye
As May 2023 begins, many individuals are setting new financial goals for themselves. For those looking to improve their financial health, there are several steps that can be taken to achieve greater financial stability and security.
One of the first steps that individuals can take is to join a Savings and Credit Cooperative (SACCO) and start saving. SACCOs are a great way to save money and earn interest on your savings. They also offer loans at low interest rates, which can be helpful for those looking to start a business or make a large purchase.
Raise your deposit
For those who are already members of a SACCO, consider raising your deposit by 30% to further increase your savings. This can help you reach your financial goals faster and with greater ease.
Another way to invest your money is by joining a Money Market Fund. These funds invest in short-term, low-risk investments such as treasury bills and commercial papers. They offer higher returns than traditional savings accounts, making them a great option for those looking to grow their savings.
Investing in stocks can also be a great way to build wealth over the long-term. Consider buying stocks and holding them for at least 10 years to see significant returns on your investment.
For those looking to generate income outside of traditional investments, consider raising livestock such as sheep, goats, or chickens. These animals can provide a steady source of income through the sale of meat, eggs, and other products.
Finally, with the rainy season upon us, it’s a great time to start farming. Whether you have a large plot of land or just a small backyard, growing your own food can be a rewarding and cost-effective way to improve your financial health.
Financial security
By taking these steps, individuals can set themselves on the path to greater financial security and stability, setting themselves up for success both now and in the future.
