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Working hard for money? let your money work harder for youBY: DrRitu | Category: Finance | Post Date: 2009-11-18
The concern of our parents to send us to the best possible institution; to get the best possible grades and finally to get a lucrative job is worth appraising. You will note that in all of the above process of development there is no talk of how to teach the child the ways to make money. You may be a six pointer in your education but when your intelligence for money is checked your performance is average. We all know that the only way we can become rich is by ‘working hard for money'. But go and ask a business man, he will laugh at this concept of making money. He has never worked hard to become rich, he makes his money work harder for him. Our money has very typical characteristics of multiplying. If you have $100 then it has the power to become $200 by next month. The ability of money to multiply itself as a function of time is called -the power of compounding-. It's like placing a 50 cent coin in your piggy bank and seeing it become $1 with the passage of time. Of course your money does not multiply automatically. If this would have been the case then all piggy banks would have been overflowing. Not only that our so called real Banks would have become bankrupt as they would not have been required for storage and growth of money. So what is the catch? How to make our money ‘compound' (grow) with time. I called this power of compounding as -money working harder-. Money is like a tree; you sow good seeds and provide nourishment it will start growing. A stage comes when the same tree will become so independent that it will not need your care. Irrespective of whether you are there to care or not it will grow at a specific speed. Your money expects the same form you, give it nourishment and it multiplies. The buzzword of making your money multiply is ‘investment'. Investment has the ability to give your money the power to multiply. If you keep your money invested for a specified period of time it will automatically grow. There are numerous investment options available in the market. You can invest in direct equity, mutual funds, real estate, debt linked instruments, unit linked insurance plans etc. The choice of investment option is dependent on the psychology of an investor. A person nearing his retirement will be a more conservative investor than a 25 year old professional. Let it be whatever be your age, the idea is to invest your money and make it grow and work harder for your. Never let your money lie idle in your savings bank account. Inflation has the power to make you poorer each day. Investment is one tool that can fight against the might of inflation. In fact historically, investment has always beat inflation. But not many of us use the investment tool to fight inflation and become rich. We are ignorant with the powers of investment. To start with; put your money in fixed deposit for one year, the balance realizations will follow. Article Source: http://www.writearticles.org About Author / Additional Info: Additional Articles: * Ego - Do You Have One ? * You can loose weight without strenuous workout-trainings * God of 22nd century * Home Decor- Try Unique Coffee Tables In Your Home * Basic Home Remedies For Insomnia Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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