Tag: saving
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What is Your Wealth Conversion Ratio?
Your ability to accumulate wealth or the extent to which you have accumulated wealth depends on your wealth conversion ratio. Of the money that comes into your hands every month, how much remain as wealth, and how much leave, never to return? This is a very good question we need to ask ourselves at a…
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Thou Shall Respect the Naira
I have noticed the respect the dollar commands in our psyche, and this affects the way we spend. We tend to spend the naira freely but hold back when it comes to the dollar. Also if you walk into a Nigerian banking hall to withdraw an amount in dollars, the procedure is convoluted and sometimes…
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Till Debt Do Us Part
Apart from infidelity, financial stress is the single most deadly wrecker of marriages. Financial difficulty is the underlying reason for most marital squabbles. The love of money may be the root of all evil, but the lack of money is the root of bitterness. Money is the lubricant of love. Like it or dislike it,…
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In Sickness and in Redundancy
Starting and sustaining a savings habit is crucial to achieving a solid financial foundation. Running your finances without a strong financial foundation (financial security) is like building on quicksand. Most salaried employees make the mistake of assuming their salary is their financial security. Come rain or shine, if their salary is regular, they will do…
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To Save and to Keep
Spending less than you earn is common sense. An average employee or income earner knows this deep down. Spending less than one earns is one of the usual suspects in many a failed New Year Resolution. We routinely give in to aimless spending in the holiday season, pay the price in the New Year as…
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Ten Small Steps To Carry You Out Of Debt
By Jon Robinson There is no shortage of advice available about how to tackle the problem of debt in your personal finances. Everything from credit counseling services to television presenters would all like you to think there is a magic bullet to easily brush away all of your financial burdens. The truth is, YOU are…
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Baby Steps to Multiple Streams of Income
Attempting to create multiple streams of income when all you are used to is one income source can be a scary proposition. It is tempting to attempt a big leap and get something meaningful, compared to your current salary. That is a common mistake. You need to start with baby steps, doing what you know…
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Money Questions: Finding Out the Why
When it comes to money, we often do not stop to think through before we act. The answer to why holds the key to why we do the things we do, and consequently get the results we get. If we are not getting the results we desire, it means we may be doing something wrong.…
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Guiding Your Children to Financial Freedom
By Ayo Olesin Now that the children are on holiday, is perhaps a good time to consider the introduction of some personal finance principles to younger members of the family. The challenge for parents these days is that children are being invariably raised in an increasingly consumerist world, with a focus more on eating the…
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How to Stick to Your Budget
Sticking to your budget is a no-win battle for many. There are tons of advice online and offline about how to make a budget and stick to it. There is nothing wrong with the advice, things you need to do, or formulas you need to follow. Making a New Year’s Resolution is not the problem.…