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If you want to be rich, you must think like the rich. Your mindset about money has a very significant role to play in your financial life. The reason why many are still poor today is because they think like poor people. They have limited their thinking to the poverty level. Like I said in my article “10 personal finance lessons you must learn before age 30” it’s a choice to be rich, and it’s also a choice to be poor.
Some people blame their lack of money on situations and circumstances. Of course, everyone has challneges that are capable of making them remain poor but the truth remains that, the rich one made the choice to stay up there. And it’s a decision you have to make today as well. So let me help you. How can you have this millionaire mindset? Because if you can think rich you can become rich. Even the Bible says “As a man thinketh in his heart, so he is.” You are what you think. Are you always thinking possibilities? So are you. Are you always thinking positivity? So are you. Are you always thinking you’ll be rich in life? so are you. As a man thinketh in his heart, so he is.
You may have been thinking you can’t be rich. You may have been thinking that money is only for some set of people and not you. Well, I’ve come today to help you change that line of thought. Here are the ways to change your minset and start thinking like a millionaire. Start thinking like a rich fellow.
1. Believe that you can make it in life.
This is the foundation of it. You must align your mind to believe that you can make it in life. You must believe that you can also be listed among the rich people in the world. Stop thinking you can’t make it. Stop thinking you can’t be rich. You may have come from a very poor background, I also do. You may have come from a country where poverty is high, I do too. But I didn’t allow this to limit my thinking. Don’t allow your background put your back to the ground. Don’t allow the environment you find yourself bring a barrier to your life. You can make it in life, you can become successful in life.
There’s still hope for you and I want you to believe this. Believe it! You cant achieve anything in life unless you first believe in yourself that you can do it. In one of my books — Success Code for Students— I said, “If you believe you can, you will. If you believe you can’t, you won’t.” You must believe it before you see it. Even when opportunity comes your way, it’s definitely going to work with what you already have faith in.
2. Say positive things to yourself
More than just believing, you also have to confess it. You have to say it to yourself from time to time. You have to hear it from yourself everyday. If all you say is “I don’t think I can ever be rich; I don’t think I’ll survive; I can’t really succeeed in this business.” If these are all you’ve been saying, you need to start reversing that right now. You need to start saying positive things to yourself. Words are powerful. Whatever your ear hears repeatedly overtime has the capacity to change your entire life. That’s because your ear is the gate to your soul and whatever message it receives from the environment, it passes to your soul and your soul begins to change your thoughts in that line and before you know it, your entire life is changed in that direction. Confess positive rich-minded words.
3. Surround yourself with rich people.
This is no more but the truth. If you want to change your minset, you must change who you listen to, you must change who you take advise from, and you must change the kind of people you discus money with. Rich people make friends with rich or even richer people, while poor people make friends with poor people. And this is the main reason why the rich will always get richer and the poor will continue in penury.
The scope of your thinking and the words you say to yourself is in a great way shaped by the kinds of people you surround yourself with. The circle of friends you have goes a long way in defining who you are. When you surround yourself with rich people, they tell you what’s working for them, they tell you their story which you can learn from, they also tell you how they’ve been able to scale up the ladder. This, of course, is going to be a motivation for you. But if the only people you surround yourself with are those who still struggle to eat twice a day, then the only thing you can gain from them is how to give excuses for not being rich, how to criticize the rich ones and call them bad names, how to complain and murmur, and say the government has been unfair. That’s what you gain from poor friends.
You have to come out from that circle if you want to really make it in life. You may want to ask: “How can I surround myself with rich people when I don’t know any? The rich people in my community never wanted to talk with poor people, what can I do?” Well, it’s not as difficult as you think. Nowadays we have almost everybody on social media – both rich and poor – and you can actually make friends with them on social media first. You can add them as friends on facebook or follow them on twitter and instagram. Read their posts, comment on their posts, buy their books if they write, attend their progrms. This is actually an effective way to attract rich people. You must be a part of whatever they do. Allow them to mentor you. Even if you’re not seeing them, you can still be mentored by them through consistent following. When you follow them consistently, very soon you’ll begin to think like them, act like them and, in a little while, you’ll be like them.
4. Read good books on finance.
Another way to build your millionaire mindset is to give yourself to reading good books especially on personal finance. Books have a way of really changing you and changing you completely. When you read the book of a man with 30 years experience, you’re already 30 years ahead of your colleagues who don’t read that book. The greatest lessons in life are not taught in a class, they are written in a book. Many people would have been better than the way the are today if they could actually read. Many would have achieved more in life if only they can sit down and read books. Books can change your life. Books can change your belief, it can change your mindset and thinking. Books like Rich Dad, Poor Dad by Robert Kiyosaki and Think and Grow Rich are recommended books that you can read. You can also search for more on the internet.
5. Attend finance conferences and seminars.
Another way to grow your millionaire mindset is to attend conferences and seminars. Finance seminars opens you up to a higher level of thinking. It exposes you to teachings from great people who has gone ahead of you and can guide you through the way. These days we even have a lot of finance groups on social media where money matters are being discussed everyday. You should join some of them so you can learn. And subscribe to this blog so you can get notified when new valuable contents like this are being released (You can see the subscription button below).
When you attend conferences or you join social media groups where money matters are being discussed daily, it will give you an exposure into the other world — the world of the rich. When you see how rich people think, talk and behave, you’ll be inspired to do the same. Attend finance conferences. They may not be free, pay for them. Don’t think about the money, think about the value you’re going to gain. Think about how it’s going to affect your life positively. And whatever you learn in those meetings, make sure you put them to practice so that you can see the results those people also saw.
Please let me know how this article has helped you in the comment section. Also, if you have any question on personal finance, feel free to comment it below and it’ll be responded to.
Follow this blog and subscribe so you can get notified when I release new contents here. Thanks for reading… Hope to see you again 🤗🤗🥰
One major area in which people struggle in their adulthood is in area of finance. This is so because many failed to learn the most important finance lessons earlier in life. Life’s lessons are meant to build us and make us better people in life. However, if you fail to learn these lessons you may find adulthood a frustration and disappointment to be in. Before you attain the age of 30, these are the personal finance lessons that you must learn:
1. Being rich is a choice, being poor is also a choice.
I found out that many young people always try to justify their reason for continuing the poverty of their family. They try to give themselves enough excuses for not making money. But the truth is: it is your choice to be rich, and it’s also your choice to be poor. Everything we experience at different stages of our life is as a result of the decisions we had earlier made – whether consciously or unconsciously.
So, if you really want to be successful and great in life, you must make the choice now. You must make the decision now. And, of course, the decisions you make now is definitely going to reflect in your actions and your thinking. Being rich is a choice, being poor is also a choice. And like Moses told the Israelites, I’ve put before you life and death but, choose life.
2. A man who can’t save a dime cannot make a dollar.
You must learn to save no matter how little it is. You must learn to keep some money aside for the future. A Yoruba proverb says “Don’t eat with your ten fingers” it’s bad. Learn to save. I have learnt how to save since I was a little boy of about 8 years and it has been helping me till now. I remember during my primary school days when my dad would give me just N10 or N15 for lunch – and I don’t have that all the time. Out of the N10 I bought a little piggybank and started saving up some money for myself. Sometimes I bought myself books from the savings, sometimes I cook for my dad – I stayed alone with him then. This same attitude of saving that I learnt helped me sponsor myself through the polytechnic when my dad had no money to pay my school fees. As a young person growing up, you must learn the attitude of saving.
3. Wealth does not come by luck, it is prepared for.
This is one lesson I would like to teach the youths in my generation. Many young people think wealth can be made by luck and they waited for the lucky day but it never came. Wealth doesn’t come by luck. You don’t make money by being lucky. Money only comes when opportunity meets with hard-work. If you’re not preparing for it, even when opportunity comes you won’t see it. You must understand that in this world we are, wealth is prepared for. Even if your parents already laid up the treasures, you’re going to mismanage and waste it all if you’re not prepared to handle wealth.
So ask yourself: Am I ready to handle wealth? Am I prepared to handle money? It’s not a matter of how old you are, it’s about how financially intelligent you are. If you’re given a million dollars right now, how many years would it last in your hands? What would you be able to achieve with it?
I used to have a colleague in high school who was a cyber-fraud. The guy made millions of Naira in his early days and, while in high school, he already bought his own car. But unfortunately, he wasn’t prepared to handle wealth. He wasn’t prepared to handle money and so he mismanaged all he had – or should I say all he stole – and the money didn’t last in his hands. Today, after 12 years, he’s roaming the street with his legs and wearing tattered dresses. Wealth does not come by luck, it is prepared for.
4. Financial freedom starts from responsibility.
You obviously can’t make money doing nothing. In fact, the Bible says “An idle hand tends to penury.” If you want to live your life in financial abundance, you must get yourself to work. You must become responsible in life. You can’t be financially free if you spend all your life depending on people for survival. Be responsible. Do something with your hands. Engage in a trade, job or business. Even if you’re still studying, you can still make money for yourself.
I used to operate a business centre from my room when I was an undergraduate. I started by helping my colleagues do assignments and wrote thesis for some of my colleagues in my final year, I saved up some of the money I realized and bought myself a printer. And with my laptop, I started a full-scale business in school and was able to settle some of my bills even without calling home. You can read my article on how to make money as a student. You can achieve more if you start taking responsibility now.
5. You can always get what you want when you start making your own money.
Some young people had become a liability to their parents so much that they ask their parents for almost everything. And the worst is that some of these young fellows always want to live in luxury even when their parents are not financially buoyant. You have to understand that your parents work hard to earn money too and they, of course, can’t buy you everything. But the fact that they can’t buy you everything you want now does not mean you can’t still have those things. Stop putting pressure on people. When you start earning your own money, you can buy whatever you want.
6. Don’t try to have what you can’t afford.
Don’t try to have what you can’t afford. Don’t try to live to impress people. Don’t live above your earnings just because you want to look like other people. It’s going to wreck you. You’ll never stay financially independent if you continue to buy what you cannot afford. For instance, you don’t necessarily need to buy a car because you see your friend driving a car. Your friend might be on loan. You don’t have to live expensive life because your colleagues do. They might have other source of income that you’re not aware of. Please learn this lesson now. Don’t try to have what you can’t afford.
7. Education is good, but skills is better.
There has been a great misconception in recent times about this subject. While many think education is the best legacy, like that old saying, some still go with the opinion that skills is better. Although education isn’t complete without skills, and skills isn’t complete either without education but in this age we are, skills build you much more wealth than education. If all you have in mind is to just go to school, graduate with good grades and then get a good job, it may take you longer time to be financially independent. In fact, some had concluded that salaries don’t make people rich. So if you really want to be rich, add skills to your education. Not going to school at all is bad, but not having any skill at all is worse.
8. Don’t focus on money, focus on value.
I think this is a common sense. If you want to become relevant in life, your main focus must first be to add value to people. It is in the process of adding value that money will come. You must think of something you can do to help people – to help the society. If your main focus is to make money, you will lose touch with humanity but if your desire is to add value and impact lives, then you’ll surely be in touch with humanity because the money you’re looking for is in the hands of men and you’ll need to offer them something to get it. If you have value, people will pay you for it, and money will come.
9. You can never have enough money.
Let me clarify this to you once and for all. I know you might sometimes wonder why even the richest men in the world are still looking for money every day. You might have asked “How much money can I make that will make me completely satisfied?” The simple truth is that you can never have enough money. You can never be satisfied with money. That is why the rich are still looking for it. That is why the greatest investors still want another big hit, and another bigger hit.
You need to learn this so that you won’t put yourself under unnecessary pressure in a bid to make more money. There are many who pursued this money to the grave yet the money was never enough for them. You can never have enough money. Appreciate God for the ones you have and work hard to earn more. But never do anything that will jeopardize your faith or integrity because of money. Don’t engage in fraud, cheat, kidnapping or ritualism because of money. Because even when you get it, you’ll still want more and your appetite to commit evil will rather continue to increase. You can never have enough money.
10. God can make you rich.
The Bible says in Deuteronomy 8 verse 18 that God is the One who gives power to get wealth. Some people go to Satan to make them rich. And truly they become rich, but not without a price, not without pain. The Bible says that it is the blessings of God that makes one rich without adding sorrow. If you want to be truly rich and still enjoy the peace of mind, then you need God to be the Source of it. If you believe in God and obey His word, He will bless you in all ramifications of life just like He did to Abraham, Isaac and Jacob, and many other great men of God that we see today.
I believe this article has really helped you to learn these important personal finance lessons. What other lessons have you learnt that has helped you grow financially? Kindly let me know in the comment section below. Thank you for reading.
Hellooo, welcome to EnnyFinance, your favourite finance blog.
Have you been thinking of how to stop being broke? Then read on. I’ve got some helpful tips for you. Some of these things may not be new to you but, I tell you, you’ve not been paying attention to them or maybe (possibly) you didn’t think they’re capable of making you broke.
First, I need you to understand what it means to be broke. Being broke means to lack money. That’s the simplest definition. It means to be insolvent. It means to lack physical cash to settle your bills as and when due.
So, what are some of the things you’re doing that are taking money out of your hands and keeping your wallet empty all the time? Let’s look at these….
#1. You’re not earning enough.
The #1 reason why you’re broke is because you’re not earning enough. If you’re earning as much as is enough to meet your family and personal needs, then you’ll possibly not be broke. So how do you increase your earnings? Well, if you’re an employee of a company you may not be able to decide that because your pay rise is solely dependent on your employer or the remuneration policy of your organization, which may not be reviewed as often as you expected.
However, it is best advised that an average person should have at least four streams of income. That means you must have other means of making money apart from your usual monthly salary. There are several other things you could do to make money and your 9-5 job won’t be affected. Of course, I won’t tell you to quit your job now because no matter how little you’re earning from it you’re still taking care of yourself and your family. So, what I advise is that you try to engage in other businesses that won’t affect your normal job such as affiliate marketing and book writing.
#2. You don’t have a budget.
Another reason why you may stay broke is because you don’t have a budget. I know you’re not used to this budget of a thing but, trust me, it works. Few months ago I noticed that my salary finishes almost before 15th of every month and I began to wonder what’s happening to my money. You know, some religious people will be quick to say “Oh, the devil is stealing my money” but, hey, you’ve got to watch yourself before you accuse the devil else he’ll kick your ass.😂😂
So what I did was to download a budget app from playstore because I know I’ll be too busy to keep a paper budget. And, it helped awesomely. So every 1st of the month or earlier I set the amount I’m going to spend for everything I needed for the new month and as soon as I received my salary, I know how much is going to my savings account and how much is going for foodstuffs and so on. This is what has helped me monitor my spending and cut down unnecessary expenses.
#3. You’re comparing yourself with others.
The era we are now, it’s almost becoming impossible for one not to feel intimidated especially with what we daily see on social media. But, let me be honest with you, if you want to live like those you see on social media, you’ll end in penury. Social media is actually full of fake lives. People don’t show their bad side on social media, what you see is their new car and their big duplex but they won’t tell you they took car loan from work to buy it, they won’t tell you their house rent expired 3 months ago. You only see the beauty and glamour on social media and if you try to copy that, my dear, you’ll regret your action. You must learn to be contented with what you have while you trust God for a new financial level. Don’t live to impress anybody, nobody will pay your bills if you go broke.
#4. You borrow too much.
Even the Bible says that the Borrower is a slave to the Lender. This is because your purpose of working will be to settle your debts first and this can drain not just your money but also your morale and your inner energy.
My dad (in his lifetime) used to borrow a lot. He borrowed for almost everything including paying our school fees and sometimes to feed the family. I remember one time he came home with #1,500 (that’s about $4) at the end of the month and the whole family was like… seriously? For 30 days? I could imagine the pain in his heart and even mum’s. But, it was never his fault because his employer had deducted all the money he borrowed, the tax and the cooperative dues, so it left him with almost nothing. But, thank God we survived.
You don’t have to put yourself in this kind of situation. You don’t have to. Stop putting yourself in debt. I know there are times when you just don’t have any other option but, I still advise that you keep limit to your borrowing. If you make borrowing your habit you won’t ever become financially stable.
#5. You pay too much bills.
If you want to stop being broke, then you need to cut down your bills. You really need to. You need to cut down your cable subscription, data subscription, and minimize your use of electricity so you can be less tariffs.
I so much believe that there are some things you spend money on that you could actually do without. Yes, I know that. So why not do away with those things so you could save up some money for yourself, and your family as well?
I’m 100% sure that this will work for you in no small way.
I need to let you know that the fact that you’re broke does not mean you don’t have financial worth. No matter how broke you are, there’s always an idea, an item, or a skill that you have in your possession that can make you some money at the moment. So, you’ve got to look deeper into your mind and search out that thing that carries the money value but you’re not paying attention to.
If you can put these tips I shared with you into practice, then you’re on your way to financial freedom, and you’ll definitely not be broke again.
Hi, welcome to EnnyFinance. Today I want to give you some very important tips on how to know the best crypto to invest in.
I am also a crypto investor and I would not want you to put your money on cryptocurrencies that would sweep away your pockets and leave you with nothing. Many crypto investors are losing hundreds of thousands of dollars every day because they don’t have the knowledge of what I’m about to share with you now.
Of course, I’m not saying these tips are a guarantee that you won’t lose any money in cryptocurrency (everyone does), but I can assure you that if you master these few tips I’m about to share with you, then you’ll become a better crypto investor— far better than you used to be.
So, let’s get on… #1. Consider the present value. Before you invest in any cryptocurrency, ensure you have idea of what the current value is. I personally believe that cryptos with higher value has an advantage over other lower ones because they have gained stability in the market over time. I’m sure you wouldn’t want to invest in a cryptocurrency that rise today and vanishes tomorrow. So, the price or current value is the number one consideration.
#2. Read the trend. If you want to know the best cryptocurrency to invest in, you must not only look at the price but also the trend. Don’t worry you don’t have to understand statistics or some sort of calculus 😁 What you have to do is simply go to coinmarketcap.com and search for the cryptocurrency you would like to invest in (There are 10,000+ cryptocurrencies on coinmarketcap.com). You should see some information about it there. Click on “Statistics” and then it will show you a graph (some coloured zigzag lines).
The line shown here is the trend at which the crypto is performing in the market. The green line means profit while the red lines means loss.
So before you buy the crypto, look at the trend. Don’t buy if it’s making more losses in the last seven days. Although this can also be leveraged on but that is not covered in this post.
When you have a cryptocurrency showing this kind of trend please don’t put your money in it, yet.
#3. Check the market capitalization. The market cap is simply the net worth of the crypto as determined by the blockchain. This is also determined by the number of investors who has put their money in that cryptocurrency.
I would advise that you choose a crypto with very high market capitalization. The reason is simple. It is rational to buy shares in a company with high liquidity.
#4. Check if it’s listed on a large crypto exchange. This tip is more of a security tip. If a cryptocurrency is not listed on the popular crypto exchange platforms like Binance, Coinbase or Blockchain, it may mean that the cryptocurrency has not been verified or authorized, and this may be a threat to your money if you buy them.
These are basically the few tips that can help you decide which cryptocurrency is best for you to put your money in. If you need a one-on-one training on cryptocurrency trading kindly contact me.
Meanwhile, I’ll like you to give your comment and also share this post. Thank you 🤗🤗
With the present situation of the global economy, the only people that will break through financially are those with relevant skills— not certificates.
Yes, you just read that. Only those with relevant skills will make as much money as they want. Gone are the days when young people depend on certificate to survive. They go to school, have good grades, and then, they join the queue of those waiting to be recruited in the labour market.
This present day, certificate is fast fading out and skills is taking charge. And this is why I personally advise every young person out there to get at least four skills that can earn them money and make them their own bosses.
So, with the ones you’ve got, how do you start making money with it? Let me hold you by hands and take you through the steps…
#1. List out the skills you’ve got. Get a jotter (or your personal diary) and make a list of the skills you’ve acquired over the years. Your skills are simply things you’ve learnt how to do. It may be writing, singing, teaching, talking, coding, selling and so on.
You’ll have to think deeply to be able to capture them all because there are some skills you have but because you don’t use them often you tend to pay less attention to them. So if you’ve listed them, then
#2. Think of some successful people who have the same skills and what they’ve done with it. If you have to search on google.com for this it’s fine. If you have “Writing” as a skill for instance, you could search for “Successful writers in the world”. Browse through their profile (it’s mostly available online) and see what they’ve been able to achieve in life with the skills.
This will give you motivation and with that you can be inspired to begin your journey to exploits.
#3. Think of how the skills you’ve got can help solve some of the problems in the society. This means you need to find out what major problems people are facing and how the skills you have can help solve those problems.
#4. Think of a product you can create around the skills you’ve got. If you have coding skill for instance, you could think of creating a program, an app or a website that you can sell to people and help them solve a problem. You could even create an ebook to teach people how to code.
#5. Market and sell your skill. There’s no other way to make money with your skills than to work with it. And this can only happen when people know what you do.
You need to learn how to market yourself. Practice telling people what you can do for them. Tell them you’ve got so and so skills and you’re good at it. If you’ve made a product, tell people about it and chances are they will purchase it and pay you for it.
And there are several ways to do this. You could start by telling your friends, your family members or your neighbours. When those close to you know what you’re capable of doing, it will be easy for them to promote you and your product.
#6. Search for jobs that can help you showcase your skills. Yes. Even if you’re not able to create a product, you can still search for jobs relating to your skills and make reasonable income from it. Websites like latium.org and fiverr.com are good freelancing sites where you can make money with your skills online.
After all said and done, don’t forget to always sharpen your skills from time to time. It is only when you are up-to-date that you can create value and it’s only when you create value that you can make money.
I hope this article helps you…. Please drop your question and comment below
Finance is the major challenge of many private schools. You may get frustrated as a school owner especially when you have a large student population and you’re not really seeing the money to run the school to the standard it should be. If you own a school in a developing country like Nigeria for instance, it gets even more tougher to run a successful private school business due to the economic situation.
However, no matter the challenge or situation of the economy, I still believe that you can run your private school successfully with the right financial intelligence. I’ve put these tips together to help you become a successful private school owner.
#1. Own your premises. If you really want to stay up financially, you must own your school premises. Many private school owners spend so much on rent that they are left with very little to run the school itself. The first step to having a successful private school business is to cut the cost of rent. And this can only be done when you own your own premises. If you don’t own a property yet, I would advise you start saving up for that. Set your financial plan of how you’re going to raise fund for your own school property because renting an apartment for your school will cost you a lot.
#2. Employ teachers you can pay. There’s no point putting yourself in debt before you can pay teachers’ salaries. You need to learn how to cut your coats according to your size. Qualification matters but you don’t have to employ a professor to teach in your school. You don’t even need a PhD holder. I personally believe in value rather than certificate. I believe in what a person can deliver than what is written on his or her A4-Paper certificate. Employ teachers that can deliver the value you need to your students not the ones that will come to suck your pocket because they have higher qualifications.
#3. Stay out of debt. This is common among many private school owners especially in Nigeria. Many principals and proprietors borrow money to pay their teachers salaries,many of them even borrow money to renovate the school. Don’t try this, it’s the path to financial woes. Stay out of debt as much as you can.
#4. Have a strategic flexible payment plan. The major reason why many private school owners run into debt is because their students are not paying. I know a proprietress of a very small private school with less than 100 students that was owed over #400,000 within a short period. Now that’s huge! And the proprietress could not afford to pay her teachers because the students were owing so much. The only way to overcome this problem is to have a strategic payment plan that will encourage the parents of your students to pay as quick as possible (I’ll be releasing a post for this soon).
#5. Sell something. If you want to increase your finances as a school owner, try selling some stationeries or anything you think your students would buy. Sell books, calculators, pen, math set, drawing board, and anything you could think of. You could even open a mini restaurant for your students within the school premises. This should help you generate more revenue for your school.
#6. Don’t try to impress parents by buying what you can’t afford. Many private school owners make this mistake. They try to impress parents by acquiring gadgets they know they can’t afford. Parents are not really impressed by what you have in your school, they are only impressed when they see the changes your school is able to make in their children. I’ve been a teacher for 8 years now and I can tell you that. Don’t try to impress parents. By the time they expect to see a change in their children and they can’t, they will definitely change the school and go somewhere else. So you don’t need to spend all your money buying a gadget in the school just to make the parents impressed cos they won’t.
I hope these few tips has helped you. Please like and comment below. Thank you!
I’m sure the word “Budget” is not new to your ears. It’s something you say (or probably do) often. And for some of us, it’s already a part of our financial living. Today I’ll be sharing with you some 10 very important reasons why your organization needs to set budget.
But first, what is budget? A budget is a financial or quantitative statement prepared in order to help achieve a specific target or plan over a stipulated period of time. A budget is usually a quantitative plan of action. It is the projected needs and expectations of an organization. It is a strategic forecast of revenue, expenditure, sales, production, salaries and incentives, market share, and so on. A budget literally covers every functional areas of an organization.
So why does your organization needs to have a budget? #1. Budget is a means of converting long-term strategic plans into a more detailed short-term plans. Every organization exists on the basis of strategic plans. These plans are usually long-term projections of what the company intends to achieve in the nearest future. These strategic plans are, in simple terms, the organization’s mission statements— the reason for it’s existence.
These long-term plans needs to be broken down to short-term targets so that every department or functional units in the organization can have a specific thing to focus on at a time. Hence the need for budget.
#2. Budget ensures that planning is linked to the long-term goals and strategies of the organization. Budget is what I call the “Management Guide.” When your organization has a budget, it will guide the management in their planning process. It will serve as a compass, always directing the management to only make decisions that aligns with the organization’s overall corporate strategy.
#3. Goal Congruence. By goal congruence it means that every department or functional units in the organization are working towards achieving the same goal, which in this case is the corporate strategy. Budgeting is a process of harnessing the departmental objectives together in order to make them align with the overall corporate goal.
#4. To communicate the company’s future plans to individuals who will put those plans to productive actions. Budget is a means of communicating the corporate plan to individuals (managers and other employees) who will work with those plans and ensure that the set plans are achieved.
#5. Budget is a source of motivation. When the budget is communicated to the responsibility officers, it will give them a push to always do more. Budget is a form of target that needs to be achieved so the responsible manager would work harder to ensure that he meets the target and, of course, get the reward attached to it. That may be an incentive, promotion or a bonus.
#6. Budget helps to set standard for authorization of expenditure. With budget, the management can know what to spend money on and what not to spend money on. This ensures that no expenditure is permitted outside the budget.
#7. Budget helps in identifying key areas of responsibility. Budgeting helps to identify the important responsibility areas of the organization and the individuals who should be responsible for them. This is an important means of ensuring accountability.
#8. Budget helps in benchmarking. Benchmarking is the process of comparing the performance of an organization or department with others in the same industry over a period of time. Budgeting is the basis for measuring the actual performance of an organization.
#9. For cost control. Budget can go a long way in helping to control the costs incurred in the different departments within the organization by comparing it’s budgeted plans with the actual results achieved and investigating any variance that occur between the two.
#10. Budget helps in performance evaluation. Budget is a good way to measure the performance of individual managers in the organization. Since budget is a target, it makes it easy to compare the performance of each manager and what they are able to achieve compared to the set goal.
I hope this article has helped you. Please ask your questions and give your comment below. Don’t forget to like and share. Thank you.
Hello, welcome to my blog. Today I want to tell you some very important things you must know before you invest your money in Cryptocurrency. I’ve received several questions from people who wants to earn a living through Cryptocurrency and I think it’s time I put up some things for you here. I want you to get the accurate knowledge about Cryptocurrency before putting your hard-earned money into it.
Let me go straight to the point. Here are 10 key things that you must know before you invest in Cryptocurrency. #1. Cryptocurrency is a digital money. The word Cryptocurrency is actually a combination of two words “Crypo” and “Currency” Crypto means coded, secured or encrypted. So Cryptocurrency is an encrypted money. It’s a digitally secured currency. In other words, Cryptocurrency only works in a digital system. And because the world’s economy now rest on digital systems, it gives Cryptocurrency a kind of “perpetual” existence. This is probably the reason why many forecasters has predicted Cryptocurrency to be the future of money.
#2. Cryptocurrency is not owned by any national government. While many nations are legislating against the use of Cryptocurrency within their jurisdiction, others are gladly embracing and welcoming the innovation. Whichever way, the fact still remains that Cryptocurrency is not under any national government— not even China. Cryptocurrency works on digital systems which are decentralized just like the internet, which means it can be accessed by anybody anywhere in the world. This is the more reason why no government has been able to own it. The crypto market is a free market. The only thing government does is to put some laws in place that will help regulate the use of Cryptocurrency so as to control fraud, money laundering and other cyber offenses.
#3. Cryptocurrency cannot be completely banned by any government. Even as some countries are making moves to stop the use of Cryptocurrency, this has not proven to be successful. Since Cryptocurrency is not owned by government, the Blockchain programers has the freewill to modify the systems as it will benefit the users. Many crypto trading platforms has now added the P2P mode of trading which allows crypto traders to buy and sell cryptocurrencies without directly using their banks. So this has made it difficult for governments to completely ban Cryptocurrency.
#4. There are over 2000 cryptocurrencies in use. This is surprising right? Yea. That’s because we only hear of a few ones. There are actually over 2000 different cryptocurrencies used around the world and each of these cryptos have their varying values. So before you start investing in Cryptocurrency, make sure you find out which one is best for you.
#5. Cryptocurrency is highly volatile. Volatile means it is subject to “uncontrolable” changes whether positively or negatively. Sometimes last month, Bitcoin was $64000 (that’s about #30 million) but as at today, Bitcoin is around $35000. This is to tell you that Cryptocurrency can rise very high and also dip very low. Some cryptocurrencies can rise as high as 2500% within a week. Now that’s a wow! But you really need to be up-to-date if you’re investing in Cryptocurrency. But if you can’t do the stress it’s something I can help you with. Contact me if you need to know more or drop a comment below.
#6. Many businesses are now using Cryptocurrency. This is one of the reasons I will advise you to invest in Cryptocurrency. Many businesses around the world are using Cryptocurrency. They buy and sell with cryptos. This gives Cryptocurrency a brighter future in our economy. I have personally worked for some companies and they pay me with cryptos.
#7. China is the largest crypto miner in the world. Yes. You know China has always been leading in almost everything in the past few decades. I think the technological advancement of China is what gave them upper hand in the crypto market.
#8. You can start investing with almost any amount. This sounds cool, right? Yes. Before I started investing in Cryptocurrency I used to think it’s a business for the rich guys but, from experience, I’ve learnt that you can start Cryptocurrency with almost any amount. What you just have to do is create your crypto wallet, search for Alt coins (Alt coins are cryptocurrencies other than Bitcoin) with very low value and buy them. I’ve personally discovered that the cryptocurrencies that do well in the market are usually those starting with very low values. Example is Dogecoin.
#9. You don’t necessarily need to trade. That’s just the truth. I know the reason why many run away from Cryptocurrency is because they don’t have the knowledge about trading. But you can still make money from crypto without even trading. Just buy and hold. That’s all. But if you need someone to help you trade I can do that for you anyway and you’ll still make your extra cash.
#10. You may not make profits immediately. This is the honest truth many people won’t tell you. The crypto market is just like any other markets. You shouldn’t expect to make profits immediately because sometimes it can take a longer time for a crypto to boom. So just be patient when you invest but also know when to sell your assets and when to buy. When you start a new business, you won’t expect to be making huge amount of profits immediately but with time you will. That’s the same way with Cryptocurrency investment.
Alright. That’s a wrap on this for now. I believe you’ve learnt something. Please leave your comment below. Subscribe to get more financial update. Don’t forget to like and share…. Thank you!
Hello, good to see you here. If you’ve been looking for some practical ways of managing your finances and taking control of your financial life, then you’re in the right place.
Here are a few tips to help you. #1. Monitor your spending. If you ever find yourself always running out of cash, then I think it’s time to start watching where your money goes. Monitoring your cashflow is one important aspect of financial management. You must keep track of your daily spending and know what you’re really doing with your cash.
#2. Have a monthly budget. I know you’ve heard this severally but, hey, you just have to try it out. Whether you’re trying to manage your business finance, family finance or your personal finances, budgeting is a very good and effective approach you could use.
Setting a monthly estimate of income and expenses will help you know what to spend and when to spend. A budget will guide your cashflow so that you won’t have to spend on things that don’t really matter to you or your business.
#3. Buy what you need not what you want. Economists told us (and it’s evident too) that human wants are insatiable. Meaning that we can’t stop desiring material things in life. It’s part of our make-up as humans. Even in business, there’s always a desire to get the best so as to outrun your competitors. But, you know what? These desires will always remain. Even when we get what we wanted, there’s always a craving for more.
If you therefore want to manage your finances and take control of your financial life, you must first learn to control your appetite for material things. Before you spend your money on anything, you must first ask whether it is something you really need or it’s just a natural desire. And how you know this is by weighing the opportunity costs.
#4. Consider other options that makes you spend less. Another way to control your finances is to consider if there are other alternatives to your spendings. Before you spend, try to see if there’s another means of getting that thing done that will reduce your cost.
For instance, I noticed that whenever I withdraw money from a POS using my debit card I often get charged in three different ways. My bank charges me, the vendor’s bank charges me and I still have to pay the POS attendant. I averagely pay #250 for a transaction of #5000 and the higher the transaction the higher the charges. So I resolved to transferring from my mobile app to the vendor’s account and pay #110 total charges instead of #250 for a transaction of #5000. This is just for illustration but there could be other ways of applying this rule too.
#5. Stay out of debt. If you would really stop being broke, then you have to stop borrowing excessively. You need to clear off your debts and then try these ideas I’m sharing with you.
Sometimes the interest you pay on those debts are the ones taking away your money. Stop borrowing please. If you have to borrow, make sure you have a steady income that will be able to service the debt and still leave you with enough to live by. Don’t borrow to buy luxury or host a party, that’s a bad habit.
#6. Don’t lend out what you can’t afford to lose. I’ve fallen victim of this many times and I’ve learnt my lessons. Sometimes you see people cry to you and ask that you borrow them some money. And because of your church-mind, you’ll not think twice before lending them. But after they collect the money, many of them become lords and refuse to pay back. The painful part of this is that, most times this unjust act comes from people you know.
So, in order to avoid stories that touches the heart, ensure that the money you’re lending out to people is what you’re able to bear in case the borrower refuses to pay back. It’s always good to be on a safer side. And, please, don’t ever lend out your feeding allowance, your school fees or business profits if you’re into business.
#7. Have other streams of income. There’s no better way to stay out of financial lack than to open up multiple streams of income. Diversification is the driving force of any economy or business. So also, as a person seeking financial freedom, you must be diversified. You need to have other sources of income than your monthly salary. Salary don’t make people rich. Get that.
#8. Avoid gatherings that won’t spare your pocket. I know this is funny but it’s actually true. Some gatherings won’t spare your pocket. You need to avoid such gatherings. If you know hanging out with your friends will make you spend all your money on pleasures, please stay back. If you know your girlfriend is always demanding for money whenever she comes visiting please try to limit her visitation because if you go broke she won’t come to feed you— unless the few sent ones anyway.
Any social gathering where you spend more than you gain is not worth attending. You should dissociate yourself from such gatherings.
#9. Learn to save no matter how little. Saving is an everyday language but ironically, only few people learns it. Saving is the act of setting aside a portion of your income for future purposes. The truth is that, if you don’t save when you earn little, you can’t save when you earn big.
There are many who think the reason they can’t save is because their salary is little. But that’s not true. The reason why you can’t save is because you lack self-control. You can’t control your appetite for spending. You have to change. Save the future now!
#10. Be a Giver. There are some laws in life that can never change no matter what theorists propound about them. One of those laws is the law of sowing and reaping. Whatever you do in life will always be reciprocated to you in one way or the other. So, if you want to be blessed financially, learn to be a blessing to others too. Learn to give to those in need. Giving is an eternal investment and if you believe the eternal law of reward, you will surely reap a return someday. Let me go in the way of the holy scriptures “Give and it shall be given unto you…” Luke 6:38
I have no doubt that this article has really helped you. You can comment below if you have any question and let me know your view about this topic. Also like and share on your social handles. Thanks for reading…. I am Michael Egbayelo
EnnyFinance 