You are probably in your mid 20s, out of university, decent
starter job, living at home with no real responsibilities. You
feel like your whole life is ahead of you, so investing and
saving can come later. The truth is there is no better time
than now to set financial goals and learn about what
investment opportunities are available to you.
1. Get Money
In order to maximize your earning power and have the
ability to invest, you need to pursue a career you are
passionate about and create multiple streams of income. This
does not necessarily mean you have to become an
entrepreneur. The reality is, not everyone is cut out to be
‘their own boss’ and you need to learn this early on. Being a
boss is not about working for yourself and avoiding the
discipline of a 9-5. It is about adding value and being a high
performer, wherever you are. There are two ways to be
stuck. (and you don’t want to be stuck in your 30s or 40s)
Stuck in a 9-5 job you hate and stuck in an entrepreneurial
role you can’t do. Turning your passion into a paycheck is
more complex than it sounds. You need to figure out what
comes naturally to you, than it does others. Just because
you liked planning your wedding, does not make you a
wedding planner. Liking something doesn’t mean its your
passion, being good at it and willing to do what it takes to
sharpen your skills, is what will turn your passion to profit.
2. Create a game plan for your money.
In order to take control of your money you need to devise a
strategy that helps you allocate your resources efficiently and
cultivate the habit of spending less than you earn and
investing the rest in assets that generate income. (i.e mutual
funds, real estate, money market products) The longer you
leave your money invested the better your average annual
returns will be, so time is on your side.
3. Change your money mentality
Again, if you earn a N100m and you spend a N100m, what
you have left is zero.
People are generally good at working hard and earning
money but they are terrible when it comes to scaling their
consumption. If you can spend N250k on shoes, you should
be able to make N250k in investments to match it.
4. Establish your Net worth
Aliko Dangote is not the richest man in Africa because he
earns $23.5 billion as his salary. He is the richest man in
Africa because his net worth (assets- liabilities) is $23.5billion.
Therefore, building wealth is about using the money you
earn to make more money by investing in building assets.
For example, Tinuke makes N10m, invests N3m in land and
spends the rest, assuming she has no liabilities and no other
assets; Her net worth has gone from N0 to N3m. It’s not the
number that matters but the progress. Set a goal to increase
your net worth by 10% every year.
5. Your budget is your friend not your foe
Stop thinking of a budget as something that restricts you;
instead think of it as something that tells you all the things
you CAN do with your money. An easy way to achieve this
is dividing your income into three parts. Long-term financial
goal, (20%) short-term financial goal (10%) and living
expenses (70%).
Cultivate the habit of investing at least 20% of your income
before you spend 1 kobo every month. It doesn’t matter if
20% of your income is N10, 000 or N100, 000 if you are
saving and investing consistently you will definitely be richer
in a few years than you are today.
6. Run your own race
Nigeria is fast becoming a place where, it’s more important
for people (women especially) to be popular and LOOK like
they have money, when in actual fact, they are struggling
behind closed doors, to uphold an image they can’t keep up.
Buying things just so that you can look as though you have
as much money as someone else is silly. When Tinuke buys
a bag to top Ada’s bag collection, what she doesn’t know is,
Ada owns several properties, as well as an investment
portfolio worth 80m, so she won’t be ‘soaking garri’ after
she buys a designer bag. Sometimes, the grass is actually
greener so don’t compare your beginning with someone
else’s middle. Instead of competing with her, use her as a
point of contact “Baba God, my own go betta’.
If you are caught up in this mentality it’s important to focus
on surrounding yourself with winners. Friends, who
genuinely support you in your endeavors (because
friendship is not a competition) and mentors who can guide
you on your walk to greatness.
7. Money and relationships
It is great to be Mrs. somebody but its even better to be a
force in your own right so you can be a value addition to the
right man. Even if your goal in life is to marry a rich man,
being financially literate could help you see through the
smoke and mirrors ‘before you go enter one chance.’ Some
rich men are not necessarily generous (you don’t want to be
the woman who can’t top up her phone without asking her
husband) or in some cases not necessarily rich because the
more you look, the less you see.
There are many instances of women who ‘thought’ they
were marrying into wealth or miscalculated because they
saw Family money, a Range rover and a Rolex, that are now
ladened with the sole responsibility of paying the rent, staff
salaries and children’s school fees.
The bible says that it is the man’s responsibility to provide. 1
Timothy 5: 8 ‘ A man that does not provide for his family is
worse than an unbeliever’. So being financially independent is
less about not needing a man and more about learning to be
self sufficient like the Proverbs 31 woman and at the very
least having plan B, because even the most independent
woman appreciates a good man to depend on.
We need to raise a generation of women who are financially
literate. So that they are likely to become beacons of hope for
survival in times of strife as opposed to cautionary tales of
helplessness.

Read more article @ www.glamourscenes.

Nice one @op
I hope dey will listen.

yomi007k:
Nice one @op
I hope dey will listen.

thanks dear.... Only god can help us

Not just for ladies, I learnt something too

unfortunately my bae don't like this kind of thread

'IT'S NOT ROMANTIC' she says

Yungwizzzy:
Not just for ladies, I learnt something too

unfortunately my bae don't like this kind of thread

'IT'S NOT ROMANTIC' she says

Bro, dt word Romantic is costly...
It has some financial implications in d long run.
Na Romance don make black man broke oo.

yomi007k:

Bro, dt word Romantic is costly...
It has some financial implications in d long run.
Na Romance don make black man broke oo.

lol

thank God say romance cost o not love

no wonder naija girls refer to one ugly pot bellied old cargo as being romantic


sorry it's moneymantic

Yungwizzzy:


lol

thank God say romance cost o not love

no wonder naija girls refer to one ugly pot bellied old cargo as being romantic


sorry it's moneymantic

Baba everything na money for this 9ja.
If u no spend for woman, dem go call u unromantic, not caring, not loving, not passionate(mild names).
Stingy, self centred,inconsiderate(moderate names).
Broke ass, unfortunate,poor bastard, demonic(severe names).



Life hard for dis part of d world oo

mtchew