If you’ve decided to improve your financial standing – and you’re ready to get serious about it –  then read on.

This blog comes by way of a Firstliner who is not part of the Investments team but through years on staff, has become an investor in her own right.

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In my experience, wealth creation is possible not only by knowledge (although this helps a lot!) – but more so, by disciplined action.

Think about it.  The smartest person on the planet may know everything about which foods are healthy, and the number of times per week they should devote to exercise.  However, unless they act on this knowledge, in a committed and disciplined way, they will not experience the healthy bodies they desire.

In this light, we at Firstline are happy to provide you with the knowledge (sort of like your doctor prescribing the right foods you should eat), but it’s up to you to put this into practice!

Here are our Top 5 Foolproof Ways to Grow Your Savings this Year (and beyond)!

It’s no coincidence that wealthy people have various rivers of income flowing to them.  Just today my mind ran on Beyoncé who makes her money not only from her singing, but from her fashion line, House of Deréon.  Her husband – ditto.  Local and international businesses offer multiple products, and have hosts of sub-industries under their belts. Clearly the old adage, “don’t put all your eggs in one basket” is at play here.  Now it’s time for you to hop on board.  How many income streams do you have?  Most people would say, “one.”  Their jobs.

How is that working out for you?   Wealthy yet?  That’s what I thought.

If you’ve been thinking about that side job (or passion job) that you’d like to do, but haven’t made any substantial progress on it – well my friend – now (I mean now) is your time to get cracking.  2020 has to be your year!  Let go of the excuses and leave behind the fear.  Get your mindset right.  Channel your focus into concrete, consistent action, and start now.

If you commit yourself to set clear and achievable goals, and then work consistently toward achieving these, you would discover that other areas of your life (such as your attitude toward your finances) would also start to improve because you are conditioning yourself toward achieving all-round excellence.

Wealth creation is possible for everyone.  However, if you lack the requisite disciplined mindset, and the consistent action to back it up, you would not benefit from the other key points being addressed here.

The great news about habits, discipline and long-lasting positive change, is that you – and you alone – have the power to inculcate them in your daily life.

While I strongly advise that you begin to invest your funds, I would further advocate that you explore the compounding interest practice of the titans (such as Warren Buffet).  A simple definition provided by Wikipedia.com is as follows:

“Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.”

Let’s face it: loans are like financial nooses around your necks.  Most are fraught with high interest rates, which once you’ve paid off, amount to significantly more than you initially borrowed. 

In an effort to free up your finances, and grow your savings, one significant challenge I want you to accept is: to aggressively seek (in 2020!) to chop down on the amount you have to repay on your loans.  One such method is to pay a bit more, each month, toward your principal.

Think of this as having a Personal Trainer for your finances.  This service is provided by many reputable institutions such as Firstline Securities.  We have several competent, experienced and knowledgeable advisors who are waiting to chat with you about your financial aspirations.