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By Damilola Faustino

The truth is everyone wants to grow the money in their account(s). Regardless, the fact still remains that there is never an easy way to make money than to work hard and grow your money. But the problem is how do you grow it? Below are smart ways to grow and expand your earnings.

money leaks

Avoid debts

For many people, debt is like a marsh. They try to get out of their present debts by taking more debts sinking in the financial troubles deeper and deeper. Eventually, it’s the habit that matters. Develop a habit that no matter what, you’ll take no more debt. For most of us, it’s probably the biggest barrier to getting rich.

Be Consistent in your Investment

It is human tendency to start something very aggressively and quitting within a few months. Abdicate this habit when it comes to investments.  This habit results in a direct loss of money. If you wish to grow your money then you need to avoid be consistent with your investments.

Don’t put all your eggs in one basket

Never be reliant on one investment. It may fail one day. Thus be open to a range of investment plans at once. Put your money across diverse options such as real estate, bonds, stocks and commodities. This is one of the best ways to grow your money by thinning out the chances of being at a complete loss if one investment turns out to be a failure as you would still have other options to count on.

Start early

It takes time to grow money. The sooner you start investing, the more time the investment gets for hatching, and the better become the chances of money growth. In a sense, investing is something that you should always have started a bit earlier to grow your money.

Invest smartly

Do not get enchanted by the investment advertisements. Use your own insight and discretion while making your choice of investment. Do not just accept and invest in just any proposal presented to. Endeavour to carry out market research so help you make a decision.

Do not be afraid

If you want to grow your money and become rich, you too have to put your fear aside and start investing. Putting nothing to risk might be like putting everything to risk. Many people think that saving the money is same as investment. It’s not! If you choose to keep your money safe in a savings account rather than investing it somewhere, you might end up getting outrun by inflation and losing the value of your money.

Read also: How To Discover & Plug Your Money Leaks

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