LAST CARD (MONEY): SHOULD IT BE SQUANDERED OR SAVED?

 

There is a popular adage that says 'If you don't have any good idea, you are likely to waste money if it's given to you, and if you don't have an idea, you can't even know how much money you need.' This is because it's your ideas that give you the cost to pay. This brings us to the word EFFICIENCY.

The term "EFFICIENCY" refers to the peak level of performance that uses minimal input to achieve maximal output.  Therefore, efficiency requires reducing the number of unnecessary resources used to produce a given output.

A well-known finance specialist, Miriam Caldwell, explains that extra money is an opportunity for you to improve your financial situation. Most people squander it away because they do not have a specific plan for it.

Money should be used wisely, also to add that you should allow yourself a small percentage to use for leisure or entertainment. This should be no more than ten percent of the money, the rest should be applied to your long-term financial plan. This plan should be based on your goals and should go with your investment strategy. The safest and easiest way to invest the money is to choose good quality mutual funds with a high annual yield. Another option to consider is purchasing an asset that can yield returns like lands, properties, e.t.c. They all appreciate within a stipulated period and also bring return.

YOU INVEST TODAY AND NEVER SQUANDER YOUR LAST CARD (MONEY)

Name:Etim Esther Amanda 

State Code:OS/22B/1160

Course: Accounting 

Institution:The polytechnic ile-ife

State of Origin: Akwa-ibom