financial matter

 

With everybody complaining about the unstable economic times, market, high rate of inflation and losses, affecting ones day to day activities, it’s important to understand we are living in a globalized economic world, whereby partially the whole economic structure is entangled and dependent on each other.

To attain financial growth, one requires making crucial sacrifice, taking time to educate oneself on; investing, savings, money market fund, bonds, traffics, shares etc. to fully understand finances .By acquiring  such knowledge, one get the chance to projects his or her life forward and achieving a greater milestone.

Financial education has no age limit when to start. The early this knowledge is acquired, acted upon and disseminated the better, one gets. As dynamic, the education structure and life is, one gets the chance to learn quiet a lot on how, the political, social, emotional, financial literacy and mental aspect affects ones’ finances.

As one journey through life, a tonne of advice is often offered. Essentially to steer in the right direction and alter of any pit-holes likely to be encountered, while offer solutions on how to mitigate. This article is aimed to share important financial nuggets the editorial team has learned, as well as, have being offered along the course of their career.

They include:

a. Take time to learn about financial management, saving, money market funds (M.M.f), investments, bond etc.

b. Have and maintain a budget, being realistic, learn to stick by it, track your expenses and income, and normalize using cash to pay for non-essential to avoid overspending.   

c. In case you owe a debt, develop a payment plan, how much to pay back either on weekly or monthly basis and be committed and consistence.

d. Make the earnings of your monies earn you more.

e. If need arises to take a loan, always invest wisely in channels and asset capable to service it regularly.

f. Always pay yourself 10% of earning before paying off other expenses

g. Start saving immediately, and as your incomes increases tend to save more, bearing in mind the following; while saving have a defined goal, and set a specific target amount, automate your saving-set a standing order, monitor your progress to ensure you are on track, and use the unexpected bonus to boost your savings.  Since saving requires discipline, consistency to stay focused.  

h. invest into assets

i.  Diversify ones’ channels of income.

j.  Borrow within your limit

k. As a person hold yourself accountable.

l. Learn to separate personal finances from business.