Taking Charge of Your Finances ( Financial Educataion)

 




Finance: Let just say finance in simple terms is the study of your income, which percentage goes where and when. How and why to spend money to be able to be on top things when it gets rocky.

Taking charge of your finance is very important in our lives, businesses and families. as an economic person, you need to monitor your spending your Cashflow, your expenses and your income.
 
In this article I will teach you how to take charge of your income ( Finances ) I will teach you how to cut down on your expenses, I will also show you how to invest your money in stocks and shares, I will inform you on the latest multiple streams of income available to help you double your income.

There are 3 primary things essential in our life, that is feeding, clothing, health and shelter. any other thing is secondary and can come when we have plenty. Bills like, mortgage, satellite, streaming, car, taxes, and possibly funeral fee.

Let's Me help you with ways that will make you financially aware:

Set Financial Goals
Specify your long- and short-term financial objectives. These could be paying off debt, setting up an emergency fund, purchasing a home, or making retirement plans. Setting clear objectives gives you focus and drive.

This option will allow you prioritize you capitalization goals, your needs from wants will be separated,
you will have goals and set up objectives to achieve them.
You can make a list of these goals. it could be buying a car, getting a house or getting married. whatever your financial goals are, this blog will accommodate through our options listed.

 Create a Budget : Compile your income and outgoings into a thorough budget. Sort your expenses by category to find areas where you can make savings or reductions. A budget aids in prudent money management and debt avoidance.
If you don't want to spend extravagantly, then budget is paramount. It is with this option that you can outline what is  more important.

Here you can include maybe one streaming fee ( you can choose between Netflix and Amazon Prime) fusing both will cost more, you can choose one and save the money for the later, for another purpose, you can have only one economical car, also remember your health, set up a HMO health insurance scheme. Emergency fund is also part of the budget. you can skip buying clothes every month. you can also use your washing machine at home, other than spending money money on outdoor laundry. 
You can manage  internet data for a month and decrease watching contents that will deplete it before the month ends. Budget is the most important thing here, because it will with clarity show you the extent of your expenses, and will give you the truth about your income.

Create an emergency fund : In order to pay for unforeseen costs. A savings account should be able to cover three to six months' worth of living expenses. This fund helps prevent reliance on credit in times of need by acting as a safety net for finances. 



Debt Management: Develop a plan to manage and reduce debt. Prioritize high-interest debt and consider consolidation strategies. Create a debt repayment schedule and avoid accumulating new debt whenever possible.

Firstly identify all your debts

Secondly arrange them in order of priority, i.e, the most pressuring debts first before the less pressuring, or the bigger ones over the smaller ones

Thirdly, create a repayment schedule that will conform with your income so that you can be paying it off without breaking a sweat.

Fourthly, Keep to this schedule and be disciplined about it.

Save and Invest: Set aside money from your paycheck on a regular basis. Investigate investing opportunities and think about making contributions to retirement accounts, such as 401(k)s or IRAs. Over time, investing can help your money grow, but make sure you are aware of the risks involved. Investment in Stocks and shares or long term savings plan with companies like Heirs Holdings and Insurance savings. Set up different accounts and name them by what you want them to perform. Fixed deposits are the best form of savings one can open.

Evaluate and Track Expenses: Keep a close eye on your spending patterns and keep track of your outlays. Spreadsheets and budgeting apps are good tools for keeping track of your financial transactions. Understanding your spending habits is crucial to managing your money well.

Insurance Coverage: Make sure your property, health, and other important aspects of your life are adequately covered by insurance. Insurance gives you and your family financial security and safeguards against unanticipated events.

Enroll in Finance Classes:  More Education is better to help you with your Expenses, get you the right information about tracking, debt management, and shares available in the stock market. Visit Money Africa in Instagram.



Now lets talk about Investments and where to put your money. I will briefly elaborate this topic then I will point you to the right direction.

I use 3 Apps to invest in shares, and then I invest in landed properties in areas with high market value.

  • Bamboo
  • Yochaa
  • Trove
Investing With bamboo and Yochaa, allows you to buy shares from companies in United States Of America. Being it that their economy is more stabilized than ours, you don't anybody to tell you it is a good advice.
Investing with bamboo has the best four stocks to invest in 2024 with dividend paying rights.

And the video below will tell you 12 best stocks to invest and be getting dividends every month, we call it salary style







Investing in Real Estate: 2 years ago I bought a 600sqms land for 3 million naira and the initial plan was for development. but along the line, I had a problem with my business as of that time and I needed leverage and cash to fix and be on top things, I sold the land for 5.5 million naira in the space of 19 months. ( my gain being 2.5 million naira ) What if I didn't invest in that plot of land at that moment in time. All I am saying is, channeling your money into Real estate is one of the best decisions.




However big or small your paycheck is, their is a real Estate invest for you. You can own Jointly with a little amount of Money. or buy outright if your budget is fits in. The video below will teach you about owning Jointly in real estate, you can also contact them for more information.


Investing in other segments of real estates like Air-BNB, Short-lets, land marketing, or even brokerage services. will surely help in your finance building and wealth creation.

Bonds: Bonds are debt securities that allow investors to lend money to corporations or governments in return for the principal amount lent plus periodic interest payments.

Important Points: Generally speaking, they carry less risk than stocks. High-grade corporate bonds and government bonds are frequently thought to be more stable.

Exchange-Traded Funds (ETFs) : Are stocks that are traded on stock exchanges, much like individual stocks, and are comparable to mutual funds. ETFs frequently follow a particular index.

Key Points: Flexibility and low cost ratios. They offer diversification, just like mutual funds.

Peer-to-Peer Lending:

  • This is an online platforms that connect borrowers with individual lenders. Lenders earn interest on the money they lend.
  • Higher risk due to the potential for borrower default. Returns can be attractive, but it requires careful selection of loans.

Opening a Sole Proprietorship Business: You can invest in Cash-flow option of your household  by investing in low income businesses that have high cash flow ability. Businesses like Point of sale ( Agency Banking), distribution businesses and food businesses will help you scale through and make more.


Latest Streams of income to help you with bills:

The stuffs I am going to list here will help you to add to your main income stream. I will list both Offline and online.

  • Offline streams: Opening an Agency Banking (POS) is one of the lucrative business a person can do. it is cheap to start and you don't need much utility expenses. except internet to help you navigate the POS machine.

  • Estate Brokerage : You Collect Commission by fusing both buyer and seller of a property together. This will give you income at random and if you are lucky to broker high value properties, you earn 10 to 15% of the money as a commission. You can market such properties from your social media handles, especially Facebook Marketplace. 

  • Distribute food items: Food items like grains, (rice, maize, corn, millet, beans, flakes etc) move daily at a high proportion. surveying the convenient one for you in terms of logistics, proximity and customer base. One thing people will always do is eat, even in crisis, war, conflict, inflation. So this is a  business that will always stand the taste of time.



Online streams On income: 
Some in this category will require you to get a skill set to operate, some will require you to read an article to be better informed. here are the streams.
  • Freelancing : Use freelance marketplaces such as Upwork, Fiverr, or Freelancer to market your abilities and services. Composing, graphic design, programming, marketing, and other fields are common areas for freelance work.
  • Online Tutoring: Offer your online tutoring services to share your knowledge. You can connect with students who are looking for help through websites such as Tutor.com, Chegg Tutors, or even on your own through social media.
  • Affiliate Marketing: Advertise goods or services by means of affiliate marketing schemes. Receive payments for each sale or lead that is brought about by your special affiliate links. For more information on how to successfully become Pro affiliate marketer read Make money as an Affiliate Marketer and Fiverr Affiliate, The best Affiliate Program For beginners
  • Digital Products: Create and sell digital products such as ebooks, online courses, printables, or software. Platforms like Gumroad or Etsy make it easy to sell digital goods.
    • Read Explore the Freedom of Digital Product Creation


 If you are able to do these above, the sky will be your limit. 

Thanks for reading


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