Connect with us

Personal Finance

5 Tips For Financial Success To Wade Through Tough Times

Published

on

They say that if you took all of the wealth in the world and spread it evenly among all the people, within 50 years 82% of the people would be in the same economic position as they are today. This is because wealth is behavior-based and less dependent on outside factors than you may realize.

Times are tough financially for most people. That’s no news. What’s important is learning how to thrive instead of just learning to survive. Use this tough market as a wake-up call and condition yourself to take steps to adapt the behaviors necessary to truly build wealth for you and your family.

Recognize that thriving assumes surviving. Survival in these tough times is critical, but it’s not enough to just stop there. By focusing on thriving, survival is assured. You’ve got nothing to lose by living with an optimistic, great outlook. Here are a few good tips:

Invest In Yourself.

Take the time needed to acquire knowledge for your own financial success. Most people always assume that a stockbroker or investment banker knows what is right for you. This thinking is wrong. No one will ever watch your family’s money more carefully than you will.

Do your homework: it might not be what you would expect but you will be better off with the information and knowledge you gain.

Cut Back.

I know this is obvious but many people still don’t adhere to this all-important financial rule. You will never get out of trouble if you spend more than you make and refuse to do something about it. This include staying away from friends or relationships that make you spend more money!

A simple ‘No’ does not need explanation, it’s your journey and you have to live up to your own expectation.

Bring In More Bacon.

While you’re trying to be frugal, you should put more energy into having more streams of income. Look around your home, what can you turn into money? If you have a spare room, you can turn list your space on www.airbnb.com with rental fee from $20/night.

You can also turn your spare room into a weekend day care or nursery for kids. I remember when I was nursing my twins, I needed to make more money as a SAHM (stay at home mum), I opted to babysit other kids on weekends with my twins in tow. I set a flat fee of #1,500/child between the hours of 9 AM to 5 PM.

Save.

It takes 30 days to form a habit. No matter how little you might be making now, cultivate the habit of saving daily or monthly. It’s just a habit you develop and build overtime.

Start little so you don’t stall your progress, give margin for relapse but be sure to get back up. In due time it becomes a part of you. Just a few months back, I and a group of friends decided to save daily, no matter the amount.

While surfing the net, I came across www.piggybank.ng and was thrilled to find a savings platform that is really flexible. I quickly signed up, chose the monthly plan and recommended to my friends as well.

Stay Motivated.

Motivation is like bathing, you need it everyday. No matter what you do, don’t give in to fear, worry or distress. Focus on things that give you fulfillment. Develop your passion, connect with your true self and enjoy your journey. Life is too short, you’re not getting out alive, thrive and don’t just survive.

This article originally appeared on Piggybank.ng. Please follow them on Facebook , Twitter , and Instagram.

Personal Finance

VIDEO: 3 Things You MUST Know About Your Credit Score

Published

on

We all know what a credit score is. Sort of. But what really goes into your credit score? In this video, Investopedia breaks it down. Here are the top 3 factors that affect your credit score — and what you can do about it.

Continue Reading

Personal Finance

INTERVIEW: Kevin O’Leary On How To Survive A Market Downturn

Published

on

Market downturns are inevitable. Just as the boom drives home the big bucks, recession can plunge many into despair with low employment, weak wages and dwindling upbeat market sentiments.

In this video, Shark Tank host, Kevin O’Leary talks about how you can win during the market downturn.

Continue Reading

Personal Finance

How To Invest Your Way To Your First $1M (In 8 Steps)

Published

on

While being a millionaire most certainly offers a sense of privilege and extravagance, it also provides comfort.

Despite the idea that many of life’s luxuries can cost you your bank (plus a large chunk of your future earnings), achieving comfortable wealth is possible—if you’ve got a solid investment plan you’ll follow religiously.

Here are eight investment strategies to work your way to your first million dollars.

1. Say No To Fees (Of Any Sort!)

Investing comes packed with hidden and some obvious fees – broker fees, distributor fees, exit and entry fees, maintenance fees, and a string of other service-based fees. If you can manage your own investments and money, you can save hundreds of thousands in fees over the lifetime of your investment.

2.  Don’t Try To Time The Market

This can be one of the biggest blunders one can make—simply because it’s impossible, speculative and you’re gambling with your savings. While there are indicators that show market trends, this does not promise that your investment will most certainly move up or down.

3. Think Long Term And Diversify

If you put all your investments into one asset class, your investment will tank the minute the asset class goes into free fall. How do you beat this? Plan and diversify your investment – it could be debt, treasury bills, equity, real estate, startups, business ideas – anything, as long as you think long-term. This can pay off in the long run.

4. Think Like An Owner

When you buy your stocks or make your investments, think and act like it’s yours – you’ll be doubly careful to make the right checks and invest smart. When you invest in solid, robust companies with this in mind, the returns would also be equally strong. Good companies can pay you high dividends that can up your total income.

5. Invest In Yourself First

Be it education or investing for your retirement, put yourself first and then try to budget for the other frills in life.

6. Borrow If You Can, Don’t Buy

With a growing shared economy, you now have plenty to choose from – co-working spaces, ride-hailing and ride-sharing services, shared rentals and accommodation, and the list goes on. Here’s where you can really cut costs – be it while running your business or as a regular looking to channel the savings elsewhere.

7. Set Goals (And Stick To Them)

Make sure you start saving as early as possible and invest it – even a dollar can compound over time. As time goes, set bigger goals and get excited about them! Once bonuses and income increases come your way, bump up your investments – it can soon touch a quarter of a million.

8. Max Out Early

Your 401K can be one of your biggest retirement funds and maxing out your annual contribution by the end of June can be a great way to boost your retirement savings. How does this help? It gives your money an additional six months to compound.

 

 

Continue Reading

Trending


Warning: count(): Parameter must be an array or an object that implements Countable in /homepages/28/d742565295/htdocs/clickandbuilds/WealthLab/wp-content/themes/zox-news-child/single.php on line 683
5 Articles Left
Get unlimited access
X

Forgot Password?

Join Us