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3 smart ways to take control of your finances

Saturday, January 9, 2016 0:17
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Money can’t buy you happiness, but it can make you pretty comfortable in misery – that is why you wake up every day to go to work in order to earn a living. Very few people love money in itself; after all, you can’t eat money. However, most of us love money for the things that money can buy in terms of comfort, security, and power.

Despite the key position that money holds in our lives, very few people are actually taking an active interest in determining their financial position in life. If you work at a job, (no matter how much you love the job) the job can only pay you as much as your boss thinks your expertise is worth. The key to true financial prosperity is to take control of your finances – a smart way to take control of your finances is to embark on the entrepreneurial journey. This piece seeks to explore three smart ways by which you can take control of your finances.

Take control of your finances


One of the key ways by which you can take control of your finances is to embark on the entrepreneurial journey. An entrepreneur finds a need in the society and he finds a way to meet that need. The society rewards the entrepreneur with their patronage and their money. The upsides of taking up an entrepreneurial journey are limitless since a business can grow exponentially.

The Internet has made it very easy to breakout into the entrepreneurial scene as it provides you with tons of resources that you can use to hone your skills. The internet also provides an avenue to do business in the areas of E-commerce, online services, and coding among other things. The Internet also provides you with a unique opportunity to seek funding, find mentors, and connect with other like-minded people.

Starting up as an entrepreneur has some downside on that you’ll leave the stability of a steady paycheck and you might lose all your initial investment if your entrepreneurial journey fails. Working at a job also has the same risks since your boss might wake up one morning and decide that your services are no longer needed.

Stressed finances bills

Online Trading

Not everybody is cut out to be an entrepreneur and some folks genuinely love their job even though it doesn’t pay all of the bills. Online trading activities also provide you with a cool opportunity to take charge of your finances. Online trading is close to the entrepreneurial journey in that your downside is limited to your trading capital while your upside potential is unlimited.

If you want to use online trading as a tool to take charge of your finances, it might interest you to know that you can trade in stocks, currencies, ETFs, futures, commodities, and precious metals among other things. If you want to trade in currencies, you’ll need to work with a reputable forex broker who will provide you with the tools needed to take part in the online trading market.

It is important that you educate yourself about your preferred trading asset before you begin online trading activities. If you are interested in trading stocks, you’ll need to learn about fundamental and technical analysis, if you want to trade forex, you’ll need to understand how macro and micro economic events affect currencies, and you’ll need to understand how geopolitical events can affect the price of commodities and precious metals.

Strategic Investing

Strategic investments also provide you with a smart way to take charge of your finances. Investing is different from trading in that investments provides you with ownership in a business while trading allows you to profit from the share price movement of a business. Strategic investments include buying the shares of a company with the hopes of keeping the shares for the long-term.

Strategic investments include getting an equity stake in fast-rising startups in the hopes that the business will succeed. Strategic investments also include taking up equity in businesses in exchange for your expertise, skills, advice, and money. You’ll also find opportunities for making strategic investments in real estate such as land and landed properties. Collectibles such as artworks, rare coins, and vintage cars also provide opportunities for strategic investments.

Strategic investments require a lot of strategy and you should be sure that you know what you are getting yourself into. It is important that you conduct your due diligence, educate yourself about the investment, be prepared to stay in it for the long term, and have a viable exit plan in place.


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