Hello, Welcome to my Blog! How are you doing today? and How do you plan to spend your weekend? As for me, I’m very good by God’s grace and I plan to make the most of my weekend, by studying and relaxing. Check out my previous on building the right habit for growth https://journeywithomoye.com/2023/03/03/building-the-right-habits-for-exceeding-growth/
Anyways, today’s blog is about financial growth. Although I’m not where I want to be in my financial life, I know I would get there. Last week Friday, I had the opportunity to talk about building a financial legacy as a guest speaker in purposeful Twenty Community and today, I would be sharing with you some points I shared with them.
Majorly, when you hear financial growth or how to grow financially, the first thing you would hear is to save or make an investment, which is actually true. What I would be saying today is not far from it. Stay expectant!
Let’s move into the points or systems to build a financial legacy or to grow financially;
1. SET REALISTIC FINANCIAL GOALS: In your financial journey set SMART goals (Specific, Measurable, Attainable/Achievable, Realistic, and Timely). Your financial goal should be;
- Specific: it should not vague but specific.
- Measurable: Make sure you can track development or, more specifically, how you plan to expand while creating financial goals. For instance, begins with basic goals and evolves to larger ones. Build a system that can assist you in achieving that goal.
- Attainable/Achievable: Your plans to reach it are what make your financial goal attainable.
- Realistic: Your plan or system for achieving your financial objectives should be practical and not based on wishful thinking or fantasy.
- Timely: If you don’t give yourself a deadline for achieving your financial objective, you can unintentionally put it off. Set a deadline for yourself to achieve your financial objective. The deadline aids in keeping your attention on the final objective.
2. HAVE THE RIGHT FINANCIAL MINDSET: Consider yourself capable of achieving your goals when you start. Maintain the belief that you can succeed. Do you realize how powerful our minds are over our actions and decisions? If you continue to doubt yourselves or have a failure mindset, attaining financial stability and building a strong financial legacy will be challenging. But have the mindset that you can achieve it; even if you fail or hit a roadblock, you should remain optimistic. I never said it would be simple.
3. SAVE MORE AND SPEND LESS: This is not to argue that you shouldn’t spend money, but that it should be spent less frequently than it is saved. Regardless of your income, allocate a portion to savings and another to expenditures. You can use this to keep track of your inflow and outflow. Investing and saving are crucial. Start by saving, then go on to investing. Compared to saving, investing demands far more work.
Don’t jump into buying real estate right away; wait till you have greater inflows before you contemplate investing. Among the saving and investment platforms we are familiar with are Cowrywise, Piggyvest, Bamboo, and others. You’re welcome to look for them whenever you want.
4. HAVE A SOURCE OF INCOME: This is quite crucial. You cannot grow financially if you do not have a source of income. It is not required that you work from 9 to 5, but you must earn money. You can’t save or invest if you don’t have any money coming in, and you can’t set a financial goal if you don’t have any money coming in. To begin developing a financial life, you must have something.
5. START NOW: Whatever your age may be, start at that point. There’s no defined age to start building your financial life.
I discussed all of these problems, but I’d like to conclude the blog by outlining some practical ways to save or make an investment. If you receive a regular paycheck, you already know that 10% is set aside for God, leaving you with 90% of your earnings. As expenses often arise in our daily lives, create two savings plans: an emergency fund and a retirement fund. Your emergency fund would aid in preventing debt accumulation. Although it may seem simpler said than done, discipline is required.
You can budget about 40% for that aspect of your life. So you still have about 50% to spend. This is not applicable to everybody, your expenses a month could be a lot, so you can start from as little as 5% and them keep increasing to 10%.
For those who have irregular income, it is still possible to save, let’s say you are a freelancer and you get job not so frequently, start by saving at small percentage like 5% or 10% of every income you get. I won’t advice making investment immediately.
That’s basically it for today, I hope you can start taking charge over your financial life and not let the control it for you. Start setting your budget right. Even as believers, we are to be financially free. So start now, as a student or an employee.
Till I write again…
Your Blog Bestie,
Omoye
