There are certain things you can do that will lead to financial prosperity. But there are others that will bring you to financial disaster. If you want to sleep soundly at 50 because you practised good money habits at 30, then you've come to the right place.
13: Plan for your Kids before they are born
If you want your young ones to have a shot at a great future, plan on spending money on getting a degree, or acquiring skills that will help you earn well. It is much better to have kids not only when you are emotionally ready, but also when you are financially ready. Frankly speaking, raising children costs a whole lot. So don't rush into it. Prepare a financial cushion with your partner before you decide to start a family. This way, your kids will have a better life, instead of one full of financial struggles and instability.
12: Ask for a promotion or Raise
It should not be embarrassing to ask for a promotion if you have been working in the same position for more than three years. The time has come to make your way up the career ladder by asking for a promotion. It is the right step to improving your financial situation. This is why you should not be shy or humiliated about asking for a promotion or even a raise. But keep in mind that if you ask for a promotion, you should expect more responsibilities and increased workload. If you have been refused a promotion several times, it is time to start thinking about changing your job or improving your skill-set.
11: Invest in your health and education
it can be hard to achieve success when you are not in top shape health wise. That is why it is important to take care of yourself. Go on vacation at least once a year, get enough sleep, and eat the right kind of food. Good education can also open a lot of doors and remove barriers. You can start a course that will develop and improve your current skills or master a new one. The sky is just the beginning.
10: Don't rush into investing without having adequate information
Even if you want to get rich as soon as possible, you need to be cool, calm, and collected when it comes to financial matters. Giving-in to emotions or impulses to invest in dubious projects can strip you of a lot (if not all) of your money. It is always better to consult an expert in other to have a sensible assessment of the project and its chances of becoming successful.
9: Don't borrow to pay off old debts
There is an old saying "Don't rob Peter to pay Paul". Well that phrase is popular and has stuck around for centuries for good reason. It is great advice not to take out a new loan to pay off an old one. It is a vicious cycle. It is best to be debt-free, but if you do take out a loan, don't borrow more. Also, don't spend money buying something that is not absolutely necessary. Save the money to repay the loan.
8: Stay connected with friends and meet new people
A friend in court is better than a penny in the purse". This is another old saying with a lot of truth in it. Personal relationships are much more important than money. No amount of money is worth losing your friend over. Have you ever had any situations involving friendship versus finance? If so, tell us about it in the comment section of this article, we would love to know.
7: It is more efficient to buy good quality shoes and clothes
Yes they do cost more, but nice quality clothes will serve you much longer than cheap ones. Thus, it is more cost effective to spend money on durable things, because you are going to buy them less frequently. When you buy them during sales, it is even twice as effective. Try to make a list of things you need and jump on them if they are on sale. Then you can save your money for an upcoming vacation and take care of your health as we mentioned earlier.
6: Avoid impulsive purchases
As much joy and heart-racing excitement they bring, impulse purchases are your number one enemy if you are on a tight budget. Impulse shopping will punch a hole right through. They are nothing but a need for happiness and instant gratification. Find joy in something else instead of buying yet another blue dress for ten thousand naira.
5: Start saving money for old age NOW
Today you are 20, but you'll be 30 before you know it. Time is moving fast and merciless. One moment you are young, and the next thing you know, you are picking up your grand-kids from kindergarten. if you save at least 20,000 naira to 50,000 naira per month, you will have a decent amount when you are elderly. This will make you feel more secure. Please take care of your future self today!
4: Eat and cook at home
So many people eat out more often than they dine at home. They could be too lazy to cook at home, or perhaps they think that eating out is not that expensive. Yeah sure! A few bucks of hamburger do sound cheap at first, but next time you go to the grocery store count how much you spend on food. Also, don't forget about how many servings you get out of cooking versus that fast-food from the restaurant. If you buy a thousand of ground beef how many hamburgers will you get out of that? They will definitely be cheaper. You will see in no time that cooking at home is much cheaper.
3: Have an Emergency fund for rainy-days
Life is unpredictable and anything can happen. Some things can demand a lot of money from you without any prior notice. For instance, your car could break down, your basement could get flooded, etc. All these things require a chunk of money. But where will it come from if you don't set aside some money every month for such emergencies? You won't panic in an extreme situation when you have that financial cushion to fall on.
2: Be on the same page with your significant other when it comes to finances
It is totally normal if you and your spouse have different tastes in music, movies, books, and whatever. But partners should be unanimous when it comes to your finances. If you try to save money and yet your partner is always blowing it, you will never reach any kind of level of prosperity. Talk to your partner and come up with a family budget. Set common financial goals, and decide how you will achieve them.
1: Earn Passive income
It is good if you have a job that gets the bills paid. But in our realistic world, it is always better to have divers sources of income. That is why it is worth exploring the world of investments. Study the best ways to invest money and choose the one that suits you best. It could be real estate, stocks, or bonds. Depending on how much you are willing to risk. It will provide a nice passive source of income that will give you a little more security in your future.
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