To ensure a productive and long-standing recovery, the tourism sector must incorporate lessons learned from current crises and ensure better preparedness for the future.
#Sustainability
P.S.
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That's it on how you should get started with saving & investing once you land your job.
If you enjoyed this thread:
1/ Follow me @kahome_steve for more amazing threads.
2/ Retweet the first tweet in this thread so that other people may see it.
Finally:
Remember that saving is as important as spending.
Invest in meaningful experiences that will enrich your memories as you grow old.
Also, learn early on that money is never enough. Don't die chasing more money.
13/ Run, then walk.
Try to save and invest as much money as you can early in your career for maximum returns in your retirement.
Money invested earlier grows more than money invested later.
Compounding money is also easier than saving money.
Make sure you have opened the following accounts:
1/ A money market fund account- savings for short term expenses
2/ A CDS account - for investing in the NSE
3/ A CDS account(with CBK) - for investing in Treasury bonds
4/ A @HisaApp account - for investing in US stocks & ETFs
12/ Prioritize liquidity.
No matter how valuable an investment may be, it's of no practical value to you unless it's liquid when you need to cash out.
Investors perish if they have no liquidity.
11/ Remember Cash is King
Cash is the most basic building block of a portfolio.
You should never run out of cash to meet your expenses.
If you keep the cash portion of your portfolio secure, it can hold up the rest of your wealth through the worst times
10/ If Total Assets x Expected Annual Return < Expected Savings,
This means that your savings are earning you more than your investments, so you should focus more on saving more money
However, if your assets can earn you more than your savings in a year, focus more on investing
9/ Saving is for the poor, investing is for the rich.
With small amounts of money, focus more on saving more money or increasing your income first.
Worry less about investing returns as they do not matter that much in the short term.
8/ Why is it important?
- It will help you avoid selling your long term assets whenever you have a financial emergency.
- It will help you sleep well at night knowing that you have a financial back up
- It will come in handy in case of a future job loss, or any other emergency
7/ Create an Emergency Fund.
Once you have a good foundation in personal finance management, it's now time to get ready with investing.
An emergency fund is a pool of resources that should cover your normal expenses for a minimum period of 6 months.
6/ For Money Market Funds:
- They require as little as Sh 100 to get started.
- You can add up your savings at any time and with any amount.
- You also get to access your money within 2-3 days
To learn more about MMFs, see this thread:
https://t.co/tCqVVvpo02