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How to make your salary work for you.

Salary is the amount of money that you get every month after working for 30 days. This money comes as a gross of basic salary, house allowance and all other allowances that you are entitled to have.

Then there is what gets to your bank account known as net pay. This is the money that remains after after all deductions for that month are done. This is what you are left with for planning and budgeting.

Have you ever heard someone complain that his/her salary is so minimal that after paying for monthly rent and food he/she is left with nothing to invest? Today i want to discuss how you can make your salary work for you no matter how small.

The following two stages will help you out:-

1.Accumulate the capital.

2.Research on the market gap.

3.Establish the business.

Once you have mastered those three stages take each stage at a time and work on it independently.

1.Capital.

Open another bank account. A part from your bank account that the salary comes through, open up another savings account. Then direct the bank to put a standing order that certain amount of money be transferred to that account every month.This American Life: The Giant Pool of Money | WBEZ Chicago

Its doesn't matter how small it is, within months you will have accumulated some capital. It is not wise to borrow money to start your first business. Just save over a period of time and be patient enough.

2.Research on the market gap.

Once you have the capital, go out now and research on what is missing in the market or the service that is not well covered.

Study the market well and do a breakdown of how much it will need in terms of cash to start it. Remember you have certain figure in your head. Do not push yourself to borrowing to supplement what you have already accumulated.

If the money you have is not enough to start you off, add yourself more months of saving. The idea is to stay out of debts.

3.Establish your business now.

After the market is found and the funds made available, open up your business. Take three quarter of your money and put it in the business. The remaining quarter is for collateral incase you need to boost up your business.

Remember the bank account is still receiving the standing order money. Let your business run for sometime without demanding money from it.

Content created and supplied by: BruceNthiwa (via Opera News )

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