Let your money work for you

Despite the financial downside induced by the pervasive global economic collapse that never fails to affect the social fabrics of people around the world so much, the light does not seem to be at the end of the tunnel as to when the good old days will return for a more abundant life when people normally put their needs before their wants.

The situation is so bad now that the governments of various countries continue to reduce their national budgets and so the financial allocations to various sectors of politics are drastically reduced to the point that people do not find it easy as in the days prior to the collapse, so the only way out to tighten the financial and economic belt in order to survive the ever-increasing difficulties is to diligently seek other legitimate means of survival.

In addition to desperately looking for ways and means to shore up its domestically generated income, the government of this country is seriously considering raising the Value Added Tax (VAT) from the current five to 10 percent, a bad wind that will not pass. ruin the manufacturing sector any good as the eventual increase will be passed on to the common man on the street who normally consumes the products they manufacture due to the consequent reduction in purchasing power.

All things being equal according to economists, interest rates on savings accounts in banks are now very low and quite unattractive, especially for those whose earning capacity is low, so it is imperative that the normal working class and budding entrepreneurs look for other ways to increase the value of their income and that is by putting you where you can work for them.

While it is true that there are investment opportunities in the stock market at the present time, the global economic stagnation continues to drive down interest rates beyond imaginable proportion, the big relief here is that investing in mutual funds is still fairly Viable for small and middle income investors.

This development no doubt encourages big investors to come out of their long self-imposed hibernation to the financial game plan again, as corporate performance indexes that dipped as low as three years ago are now slowly but gradually picking up. sore point remains the fact that the return on investment for small investors is still pretty paltry and what they get as a dividend is nothing to write home about. For this group of people, instead of saving money that will not earn them a lot of investment in the bank, they prefer to put it in profitable companies that yield better interests and make their lives more abundant.

One of the best options to make your money work for you as a small source of income is to engage in small-scale buying and selling of fast-moving essential commodities like food, mini-transportation, and providing common public-facing services, for example, setting up a cyber cafe in a densely populated community where the ready market is very scarce or non-existent.

The other way one can make their money produce better income is by investing in mutual funds, especially if the ultimate goal is the stock market because that is the only safe way to diversify your portfolio for better returns with little income and savings. Since these days, the accrued interest on savings accounts is no longer attractive as it was in the days before the crash.

In almost every nook and cranny of our densely populated communities, young people, particularly those fresh out of school and without any opportunities for wage employment, regularly set up TV viewing centers where people come to kick back and watch. football matches, especially during the first division. and other very important skills. They, of course, make a good living from the effort and even employ assistants who also make a living from the effort.