Grow That ‘Little’ Income

A high-yield savings account

A good savings account can do much more for your wealth than you may realise. Even though interest rates are down compared to early 2019, a high-yield savings account can still help you earn up to 20 times more on your cash than a traditional savings account. Look out for one.

Schedule a meeting with a financial planner

It might not be a common thing here in our own environment, but those who know the value of having a financial planner don’t joke with them. Look out for one around you and schedule a meeting. Whether you meet once or set up an ongoing engagement, you’ll be able to get specific guidance on any aspect of your financial situation, including budgeting, retirement, investing, education planning, and estate planning. According to a Northwestern Mutual survey, people who work with a financial adviser are more likely to know how to balance spending now and saving for later; set specific goals and feel confident that they will achieve those goals; and have a plan in place to weather economic ups and downs.

An increase to your retirement contribution

Retirement may be decades away for you, but the best time to start building a nest egg is today. Whether you contribute to an employer-sponsored retirement plan or increasing your monthly savings by N100 can have a big impact. Of course, there’s no guarantee your investments will gain value in the short term. It’s nearly impossible to predict where the market will be a year from now, but waiting on the sidelines until the “right” time is a mistake none of us can afford to make.

An investment in a brokerage account

If you have money you want to grow for goals that are closer than your golden years and you’ve paid off any high-interest debt, it could be a good time to invest in the stock market. Despite popular belief, you don’t need a tonne of money to get started. Again, there’s no telling whether your investments will gain or lose value over the next year, but if you don’t invest at all, increasing your net worth is going to be a far more difficult task.

Source: Personal Finance Insider