Tag: financial goals
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Setting clear financial goals
One main reason many have challenges making smart financial choices is a lack of clear financial goals. Without clear financial goals, it is almost impossible to save and invest consistently, you will always find excuses not to. If there is no strong enough reason why, it is very difficult to maintain any course of action…
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Grow the habit that supports your financial goals
For every financial goal you set, you need to grow the habit required to support that goal to see it to fruition. This holds true in other areas as well. Having a goal without a corresponding habit to support it is like building castles in the air. It will come crashing down when reality dawns.
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Happy Independence Day and a toast to your financial independence
Today is Nigeria’s 53rd Independence Day and there are things to be grateful for and whine about, if you are so inclined. The focus of this post is your financial independence day. Have you reached it yet? Politicians are notorious for breaking promises (actually many have no clue what it takes when making the promise),…
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The trap of instant gratification
The inability to delay gratification is at the root of the poverty mentality. There is nothing wrong with getting nice things. Life is beautiful and ought to be enjoyed to the fullest, as we only get one shot at it. The issue is doing the right thing at the right time.
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Are You Making Progress Financially?
Every action we take moves us in a certain direction, this includes each time we spend. According to Robert Kiyosaki in Rich Dad, Poor Dad, with every dollar we spend, we are making a decision to be rich, poor or middle class. Each dollar adds up and moves us towards a certain destination. The problem…
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Passive Income – Your Ticket to Financial Independence
Achieving financial independence simply means being able to sustain a certain standard of living without having to work again. That certain standard of living varies from person to person. You can use as a benchmark your current standard of living, or settle for something lower. To break this down further, imagine for a moment that…
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Budget Busters – The Inflation Monster
Inflation, like taxes cannot be avoided. It is a fact of life, something you have to deal with and move on. However, you need to have an open mind. The natural response to rising prices is to throw more money in – increase your budget. This is not always necessary. There are other options. The…
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Budget Busters – The Advertising Monster
Advertising is all around us. We are constantly inundated with it, over and over again. The impulse and image monsters derive its power mainly from the power of advertising. If you hear or see something over and over again, you begin to believe it. It starts to influence your decisions at the subconscious level. If…
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Budget Busters – The Image Monster
Closely related to impulse is the image monster – buying stuff to match your status, whatever that is. A very good example is the phone you use. How many functions do you utilize? Most phone users of the old school variety are like me, we only make and receive calls, send and receive text -…
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Avoiding Common Pitfalls to Budgeting
Your budget is simply a tool to help you plan your expenditure or manage your cash flow. This should be in the context of your financial goals. This means your budget should be aligned with your financial goals. Continuing with the example from the previous post – pay yourself first in budgeting, saving 10% of…