Sharp Daily
No Result
View All Result
Saturday, July 26, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Staying wealthy: Insights and practices for long-term financial stability

Sheilla Musau by Sheilla Musau
December 20, 2024
in Investments
Reading Time: 2 mins read

There are a million ways to get wealthy, and plenty of books on how to do so. But there’s only one way to stay wealthy: some combination of frugality and paranoia.” – Morgan Housel, The Psychology of Money.  We talk about building wealth all the time, but the harder task is staying wealthy. As Housel says, wealth preservation is less glamorous but just as important, requires discipline, foresight and a different mindset than building wealth.

Wealth is not about just accumulating assets, it’s about making sure the value is preserved over time. This means strategies to protect your money from market volatility, inflation and unnecessary risks. This can be done by diversifying your investments across different asset classes such as stocks, bonds, real estate and alternative investments to get stability and minimize exposure to sudden economic shifts.

This balanced approach will ensure your wealth grows sustainably while being protected from downturns. One of the simplest yet most effective principles of staying wealthy is living below your means. Even when you’re wealthy, financial restraint prevents overspending and builds a financial buffer for uncertainties. Frugality doesn’t mean denying yourself but rather making sure your spending aligns with your long–term goals.

The financial landscape is always changing with new investment opportunities, market trends and economic policies emerging all the time. Being informed about these changes will help you make better decisions and adapt to the current economic conditions. 

RELATEDPOSTS

Building financial stability for life’s uncertainties

February 5, 2025

CBK announces plan to increase capital requirements for Commercial Banks

April 13, 2024

One needs to be actively reading financial news, consulting with advisors or taking courses to stay ahead of the risks and opportunities. Risk management is key to staying wealthy. This includes insurance coverage for health, life, property and liability to be protected against unexpected expenses, and avoid over-leveraging or speculative investments that can lead to big losses.

Long term financial stability often goes beyond an individual’s lifetime. Creating an estate plan including wills and trusts will ensure your wealth is distributed according to your wishes while minimizing taxes and legal disputes, so your assets are protected and your loved ones are financially secure for generations to come.

Staying wealthy is really just about sticking to the basics – patience, consistency and discipline. Don’t chase trends or fall for get rich quick schemes which will end up destroying your wealth. Wealth is not what you have, it’s what you keep and how you use it.

Previous Post

Kenya eyes 3 Million visitors by 2025 with innovative tourism strategies

Next Post

Moving towards a 24-hour market

Sheilla Musau

Sheilla Musau

Related Posts

Analysis

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025
Investments

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025
Analysis

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
Analysis

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025
Analysis

Lessons from the Kuramo-TransCentury fallout

July 3, 2025
Analysis

Kenya’s CIS market: Q1′ 2025 shows a surge, setting the stage for future expansion.

June 26, 2025

LATEST STORIES

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
commercial illustrator

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025

The Importance of Asset Diversification on Kenyan Pension Funds

July 18, 2025

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024