Many people want financial stability. Yet, few know what it takes to achieve it. Many face instability in tier 3 countries like Zambia, Malawi, and Zimbabwe. This is different from the United States, where many people are stable.

This article will help anyone seeking financial stability. I’ll share the essential information beginners need to achieve financial freedom. You’ll find a step-by-step guide to go from being a beginner to achieving financial stability.

Here are a few points that you need to follow and stick to to reach the level that you desire:

1. Learn to plan.

Planning is key to success. If you don’t plan, you’re still making a choice—not to succeed. So, planning to fail is still a form of planning. The only difference is that failing to plan means you are choosing to fail.

What is a plan? A plan consists of a set of laid-down steps that one should follow. If you get money without a plan, you may misuse it. You might use it wisely on some occasions, but it frequently leads to failure. This happens because you tend to act on your ideas, even if they aren’t good. Since you lack a purpose for the money, you use it on whatever comes to mind.

Having a plan enables you to manage your money in a way that achieves your financial goals. It serves as a guide to reach your goals. With this plan, all your resources will focus on what you want to achieve. This way, you avert the misuse or misappropriation of funds.  

Have you ever seen a builder building a house without a plan? The answer is no! Every building needs a plan. To achieve financial freedom and live debt-free, you need a plan.

A plan is crucial for any money-making venture. Whether you earn offline or online, having a strategy is essential. This includes methods like blogging, YouTube automation, and freelancing, among others.

To succeed in offline money-making ventures like farming or real estate, you need a solid plan. Even as a student, having a reading plan is important.

No one is born to fail. Everyone has potential in some area. Those who struggle often haven’t found their strength or haven’t taken the time to plan.

2. Start saving

Make it a habit that for every amount of money you receive, there is money to save. You can’t spend all the money you get and still expect to be rich. It doesn’t work that way. Success starts in your mind. You either love what you do and take the right steps, or you skip them and stay poor.

Wealth doesn’t come overnight. You need to make careful moves. Follow a step-by-step process to reach your goals. Everyone can become what they want to be if only they take the necessary steps to reach the heights they need. 

Saving money is important. There are many ways to do it, but I recommend using banks. It’s safer this way. If you keep cash at home, thieves might break in, or a fire could destroy it. Banks provide security because they insure your money.

This process works in any country, like the USA, Canada, Australia, India, Nigeria, or Zambia. The principle is the same. If you don’t follow it, the results will be the same, no matter where you live. So what is key is to save in a reputable bank.

3. Investment

Once you save enough, you can access your money and invest it. There are many types of investments. For example, government securities are a stable option. They carry low risk because you lend money to the government. They will pay you back with interest when the agreed period ends. Government securities consist of government bonds and treasury Bills. 

4. Government bonds

are a long-term investment, lasting at least two years. They pay you interest every six months. This interest is a percentage of your total investment. The percentage varies based on the bidding price. The government advertises these rates in newspapers. It can range from 10% to 12% or more, depending on the agreed price.

Once the tenia matures, you’ll receive all your invested money plus some interest. This is why you should consider government bonds after your savings grow.

5. Treasury bills

Treasury bills usually last up to 12 months. They pay interest when they mature. This makes Treasury bills short-term investments, unlike government bonds.

6. Farming

 Countries like Zambia and similar countries with good rainfall is a great way to earn money. Countries with poor rainfall can still use irrigation. This method lets you plant and harvest crops all year long. It depends on what you grow.

Farming can support you and your family, even without a job. Proper planning makes this possible.

7. Real Estate

This fast-growing industry has turned millions of people into millionaires worldwide. This industry has no losses in that it has to do with land and buildings that are gaining value all year round.

I’ve seen people buy land at a low price. They hold it for a few years and then sell it for much more. Others buy raw land, develop it, and sell it at a profit. Some build houses, lodges, or hotels and rent them out to visitors.

8. Transport

The transport sector has its ups and downs. Still, it can be a great source of income. You can buy vehicles, rent them out, or use them for rides. This way, you can earn money every day.

Conclusion

You must separate every amount of money you receive because you should have seed and bread. Seed is the money you invest. Bread is the money you spend. To achieve financial stability, follow all the steps outlined in this article. 

If you get money without a plan, you’ll likely waste it. So, as I mentioned earlier, planning is essential. Follow the steps and create a thoughtful plan; this approach can lead to a good return.

Thank you for reading! I wish you the best in your future. Always keep planning, saving, and investing in mind.

If you have any questions about what we have discussed in this article, you can reach out to me at the following:

Email at tomsom651@gmail.com

Or visit my website: www.tomsonchilyobwe.com