Tag: savings
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Your TV viewing habits affect your spending
It has been established that we spend with emotions and justify with the mind. This is the main reason advertisers go for our emotions rather than confront us with cold logic. The focus is on how the product with make us feel, wonders it will do for us rather than features. That is the main…
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Are you caught in the status trap?
It is very easy to walk right inside a status trap. You find yourself in a situation where you spend all you earn, be in debt, and seem unable to find a way out. You look at your income and expenses and cannot seem to figure out what you can do differently. You are caught…
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Save off the Top – Pay Yourself First
If you are like most people, you face challenges saving. Your salary does not seem to be enough in the first place, talk less of saving? How can you save when you are trying to make do with what you have? It seems like being asked to make bricks without straw. It does not sound…
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Financial Security
The first and most important component of your financial foundation is your financial security plan. This is your base – if all fails and the sky comes tumbling down, you have food on the table, can pay your bills and life goes on normally. Investments can fail to yield the desired returns. You can lose…
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Between Financial Freedom and Independence
The two words – financial freedom and financial independence seem to mean one and the same thing in the minds of many. This has led to a lot of confusion and mix-up when it comes to building a sound financial foundation to be able to withstand financial storms which are a fact of life. Financial…
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Learning from Life’s Mistakes and Establishing an Emergency Fund
By Aaron Hackett There is nothing mysterious about emergency funds. An important part of your finances, the emergency fund is what you would use to cover unexpected car repairs, medical expenses, and those other emergencies that appear sometimes. Consider the last time something happened, and you didn’t have the money to cover the expense. Did…
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Attaining Financial Independence: The Power of Focus
Maintaining focus is very crucial in attaining any goal, including financial independence and freedom. While it is great and exciting to start any new endeavor, how you finish is what matters the most. Setting a goal and getting to work on it is fantastic, but finishing is what separates the men from the boys. It…
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Do You Have A Savings Account?
We all have savings accounts, or we think we do. We have an account that is not a checking account, where we deposit the money we put aside as savings. So far so good. The snag is, what is the account balance? For most, it is close to the minimum balance. Many have gone dormant.…
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The Trap of Short-Term Thinking
It is very easy to act without thinking of the consequences of our actions. The key reason is that most consequences do not show up immediately. If you overeat, you do not become obese overnight. If you spend everything you earn, you will not go bankrupt in one month. If you cheat and do not…
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What is Your Wealth Conversion Ratio?
What percentage of your monthly expenditure comes back to you as positive cash flow? What percentage of your income, once you spend it ever comes back? For most employees, it is zero. This means if they earn N50K per month, they spend N50K per month and nothing ever returns. Their salary is on a one-way…