Dear Friend, Lets talk about HOW MUCH DO YOU SAVE PER DAY?
This letter comes your way to ask two simple questions;
a) How much do you spend per day?
b) How much do you save per day?
The answer to HOW MUCH DO YOU SAVE PER DAY? must be the same. It therefore means that if you spend Kshs 200 per day, then you MUST save Kshs 200 per day (Kshs 6k per month) to maintain your lifestyle when you retire. This money can be invested to earn you more for retirement.
Saving and investing are two different ways to prepare for the future. In my opinion, the difference between saving and investing boils down to risk tolerance and time frame. Generally, savings should be used for short term planning, and investing for long term planning. Strong financial planning calls for a mixture of both saving and investing, and today’s question is about how to balance cash savings and investing for retirement.
One philosophy we teach you at Imani Empowerment Sacco is that you MUST save first before spending your income. HOW MUCH DO YOU SAVE PER DAY? becomes key. That way, you will never say i don’t have enough to save. Expand your income sources and dedicate that income to savings and eventually investments after 3 years of continuous monthly savings.
The balancing act between your income,your savings and investment for your future is directly proportional to you level of discipline. As a man of Faith, Joseph was able to store food for a whole nation for seven years. Of course you can save for you and your family. Just answer the question, HOW MUCH DO YOU SAVE PER DAY?
For answers to HOW MUCH DO YOU SAVE PER DAY? Join us at Imani Empowerment Sacco today where we educate you on how to save and invest for your future cash requirements. Nobody else will do it for you. Call me for more details 0722 281679.