Access To Diamonds

www.thesparkng.com
The Spark | Ignite/Connect/Achieve
Write it down
Writing down goals serves two purposes:
Firstly, to make them more real to you. It’s not
enough to think up your goals in your head,
write them out, boldly. Secondly, writing
your goals help to remind you of them. While
writing out your goals, make them simple,
straightforward and achievable. For instance,
don’t write “Save/Invest money” write “Save
N20,000 monthly in a mutual funds account.”
It’s okay to start small, don’t attempt to save
90% of your income on your first trial.
Build an emergency fund
An emergency fund is that amount of money
you have saved for unexpected expenses that
must be urgently attended to. I added “... that
must be urgently attended to” because an
unexpected expense may not be urgent and
in that case, you can provide for it in your
next budget. We usually recommend that
you have at least six months worth of your
monthly expenses in your emergency fund.
That is, if you spend about N50,000 monthly,
you should build an emergency fund of at
least N300,000.
Read books on finance
If you’re serious about reaching your
financial goals, then you must stay motivated
and enlightened. There are a good number
of books you can read to keep you informed
about money, savings, investments, stocks,
etc. Here’s a list of my top three, thank me
later.
Intelligent Investor by Benjamin Graham,
Rich Dad Poor Dad by Robert Kiyosaki, You
are a badass at making money by Jen Sincero
Invest in a mutual fund
A mutual fund is a pool of money from
different individuals invested and managed
by a Fund manager for profit. What
distinguishes a mutual fund is what it invests
in. For instance, we have the Money market
mutual fund, equity mutual fund, real estate
mutual fund, amongst others. There are
many mutual fund managers in Nigeria today
that offer investment opportunities for as low
as N5000. Make sure to acquire information
about interest rates and redemption policies
before you invest.
Build a stock portfolio
Diversification is a key feature in investing
as it helps to reduce risks. A stock portfolio
means that you have invested in more than
one kind of stock. This is to make sure that
your risks are mitigated; if one stock is not
performing as expected, others might. You
should do your research before you decide
which stocks are best for you to invest.
Find a profitable side hustle
The term “side hustle” is parlance for an
extra stream of earned income. That skill or
talent you have can be developed to earn
you more money. Don’t dull in 2019, make a
profit from your passion. Even if it’s not your
passion, if it’s legal and profitable, you can
make plans to monetise it.
Draw a budget
Budgeting can never be overemphasised.
You can’t control what you don’t track.
Make sure to keep track of your expenses
every day and draw up budgets before you
start spending. This will help you have more
control over how much money goes out of
your wallet or bank account. Several mobile
apps can help you with this. It’s not enough
to draw up the budget, be disciplined about
keeping to it. You might have to say no to
some hangouts or “Aso-Ebis” if you were
not pre-informed. You don’t owe anyone
an explanation besides “I cannot afford that
now.”
Learn a new skill
About that side hustle, certain skills are
currently on demand that can bring in some
more cash for you. More interestingly, you
can acquire most of them for free by taking
courses online. Even if you have to pay,
consider it an investment. By all means, keep
learning and keep earning.
Get an insurance cover
No one likes to spend money on
insurance, but it is one of the smartest
things that you can do on your road to
financial independence. If the unexpected
circumstance happens, you do not have to
spend the money out of your pocket. It is a
hedge against an unforeseeable event, and it
is a wise investment decision to get one
Join an Online Community
One of the best ways to push you further
towards your goals is by learning and
accountability, a community does this for
you. Of course, Money Africa is one of the
best personal finance platforms you can be
a part of. Let us help you earn more, invest
more and grow sustainable wealth.
Follow us on all social media platforms @
moneyafrica.
“A new year is a new
opportunity to set new
financial goals and
achieve them.”
@thesparkng
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