Let your money work for you

Despite the financial handicap induced by the pervasive global economic collapse that never fails to deeply corrode the social fabric of people across the globe, the light seems to be not at the end of the tunnel as to when the good old days will return for a more abundant life when people normally put their needs before their wants.

The situation is so bad now that the governments of various countries continue to reduce their national budgets and that is why the financial allocations to various sectors of politics are drastically reduced to the point that things are not easy for people as in the days before the collapse, so the only way out to tighten the financial and economic belt in order to survive the increasing difficulties is to diligently seek other legitimate means of survival.

In addition to desperately looking for ways and means to shore up its internally generated income, the government of this country is seriously considering raising the Value Added Tax (VAT) from the current five to 10 percent, a bad wind that will not pass. hit the manufacturing sector any good, as the eventual increase will be passed on to the common man in the street who normally consumes the products they make due to the consequent reduction in purchasing power.

All things being equal according to economists, interest rates on savings accounts at banks are now very low and quite unattractive, especially for those whose earning capacity is low, so it is imperative that the normal working class and Budding entrepreneurs look for other ways to increase the value of their income and that is by putting it where it can work for them.

While it is true that there are investment opportunities in the stock market at the present time, with the global economic stagnation continuing to drive interest rates down beyond imaginable proportions, the big relief here is that investing in mutual funds is still quite Viable for small and medium income investors.

This development no doubt encourages big investors to come out of their long, self-imposed hibernation to the financial game plan again, as corporate performance indices that fell so low some three years ago are now slowly but gradually rebounding. Sore point remains the fact that the return on investment for small investors is still pretty negligible and what they get as a dividend is nothing to write home about. For this group of people, instead of keeping money that will not earn them much investment in the bank, they prefer to put it in profitable companies that pay them better interests and make their lives more abundant.

One of the best options for making your money work for you as a small income earner is to engage in small-scale buying and selling of fast-moving essentials like groceries, mini-transportation, and providing public-facing common services, For example, establishing an internet cafe in a densely populated community where the ready market is very little or does not exist at all.

The other way one can make their money produce better income is by investing in mutual funds, especially if the end goal is the stock market because that is the only sure way to diversify your portfolio for better returns with little income and savings. since these days. accumulating interest on savings accounts is no longer as attractive as it was in the days before the crash.

In nearly every nook and cranny of our densely populated communities, young people, particularly those fresh out of school and with no opportunity for wage employment, regularly set up television viewing centers where people come to relax and watch soccer matches, especially during the first division. and other very important skills. They, of course, make a good living by toiling and even employ assistants who also make their living by toiling.