Date Posted: 11/14/2012 2:28:58 PM
Posted By: Geekeijoe Membership Level: Silver Total Points: 453
Saving is making economical use of anything, an act of preserving and rescuing with no offense. In other words, it is a saving in expenses. Investing is on the other hand use of money to generate profits. Putting money for profit in stocks and devoting time to enterprises. It involves buying something useful with ultimate provision of credit. On the same, Investing rewards magical importance. All the same, saving and investing is one hard and daunting responsibility among young people but of paramount significance to their posterity. This practice requires utmost discipline and focus and sometimes sacrifices. Many young people tend to refer investing to older generation and have a perspective of “being too young to invest”. In fact, no set age is known for investment. These young people tend to live large while young burying their investment ideas under the notion that they will close the investment bridge once they reach there. In as much as it is important to enjoy yourself while young, it is equally good to balance between current affairs and future.One way one can invest is through insurance policies. Yes, forget the stereotypes surrounding insurance that you are bound to lose your hard earned income when you channel it to insurance policies and that you only benefit when you die. In Kenya, just as any financial vehicle, insurance companies are strictly monitored and closely regulated by Insurance regulatory Authority together with Kenya Revenue authority. This will follow to give you some peace of mind while deciding to invest that way. Take a case where you invest in a ten year policy plan where you start enjoying a certain percentage of your sum assured for the last five years preceding maturity of the term (10 years), and receive a lump sum pay of your investment sum plus accrued bonuses after completion of term. Many young people would find a term of ten years too long but imagining you started investing in the past five years, this year, you would be smiling all the way to the bank for your bonuses. In insurance, you not only invest, but you are readily assured as well. This will only mean that your financial benefits graduate to your beneficiaries in event of demise or total/permanent disability.In every moment of our lives, we are unconsciously forming habits; some of desirable nature and others not, some have adverse and exceedingly bad effects cumulatively while others bring as much peace of mind and increasing satisfaction.We then have it in our jurisdiction to determine which type of habits will govern our lives. In my conclusion, do believe me you that a habit of investing and saving would save us from much pain, loss and anguish. With no doubt, it is peremptory that we should make much savings and embrace that investing habit; it is truly a high time we embrace it even as young people for as they always say, we are the future and we would for sure love our future stars to shine the brightest.
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