By Dr Lubinda Haabazoka
1. Put money in money market or capital market instruments
Currently treasury bills in Zambia have a very high return .You can also invest in businesses. If you have no idea where to put your money in, observe where foreign nationals are investing in. That’s where the money is. Sometimes it’s difficult to see opportunities in your own country. It takes foreigners to see that.
2. Save money for retirement
Don’t just depend on NAPSA or your employment pension fund. Develop a habit of independently saving for retirement. The excess savings will be very useful. Most insurance company are offering products that resemble pensions. Invest in one.
3. Invest in real estate
This will guarantee that you never rent again and can make money even when not in good health. Don’t overdo this because the payback period is too low for this kind of investment.
4. Invest your time
We spend too much time watching football, at the bar during the weekends or chatting with friends. Use time preciously. If your friends or the activities you do are not rocking in money, move on. Instead of drinking in a Saturday waiting for your favorite team to play, why don’t you go to the farm or plot or any side business to earn income? Most people moving towards success rarely have time for football.
5. Avoid purchases that are likely to depreciate rapidly
We can’t to spend so much to keep being in fashion. Don’t waste your money chasing for latest laptops, iPads, iPhones or Samsung phones. Skip two models. That will save you over 2 thousand dollars enough to buy even traditional land, put 10 cattle and some goats. If you don’t have land but have the latest iPhone, that’s a signal of poor planing. Avoid purchasing too many motor vehicles. Cars drop in value as soon as they leave the showroom or a new model is released...
6. Don't spend money on stupid stuff
It’s not a must that you should have cable TV and unlimited internet at the same time. Just internet can do. It’s not a must that you need to pay at the gym. You can jog outside. It’s not a must that you should have the devices that everyone is talking about. Spend only on things you can’t do without. Don’t imitate the rich.
7. Don’t develop a dependency syndrome
Most of people today for some reason think politicians will place money directly into their accounts. Well not even under communism can one get free things. You need to depend only on yourself. Much of today’s frustrations are as a result of a misconception that society owes us something. If that’s the case, watch your peers excel as you wait for the next political cycle.
8. Stay rich
Your biggest worry should be waking up broke. You need to insert sustainability in everything you do. Sometimes offers with high returns might be offered but don’t go for them if they are short lived. Sustainability is key to permanent wealth.
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