STRIKING A BALANCE BETWEEN YOUR INCOME & YOUR EXPENDITURES: Know The three most important tools for financial Freedom & Stability
It's very necessary as much as we can to relate on these thin line between living within and beyond our means, sometimes beyond does not necessarily mean to spend extravagantly but not prioritizing your needs and wants appropriately, so anytime funds drops, because you didn't have the time to prioritize these things, funds just began flying out of your hands, you might not really understand it at the time , maybe there are more coming in, or you've got some multiple streams so with these you feel relaxed or not concerned at all at spending.
THE NECESSITY TO FACTOR THIS IN YOUR FINANCIAL PLANS
Three things are paramount if you must take control of your funds and not just the other way round, cause there are many that once say big money comes, they don't even know what to do at the moment so they just spend on any thing that pops up in there heads, you must follow these three principles of you are willing to take control of your financial freedom in life ,
FINANCIAL PLANNING
I can tell, you've probably heard dozens of financial tips, read books and I'm sure you probably tired of all these back and forth stuff and just want to live life the way it comes,
Still if you must break free from the norm then you must factor this in your daily living and be intentional about it, cause whether you like it or not you spend everyday, once you wake up from the toothpaste to the T fare and snack, calls you make, data and all of that all boils down to spending so therefore as a wise person it will be very necessary to PUT UP A PLANNING that sees or monitor how these funds flows out and how they should or ought to come in sequentially
Financial planing entails that you placed an order on how funds flows out or how they come in
I'm not your preffered financial advisor neither I'm I one but there are very little things we often take for granted such as these, been conscious about our finances is the sure way to financial freedom and stability.
Having a plan on ground even before the funds come in is very vital to your survival and living high above the poverty line, so create a plan today for your finances
FINANCIAL DISCIPLINE
PROBABLY they're dozens of book on these, one of which is THE RICHEST MAN IN BABYLON RICH DAD POOR DAD and many others I can't mention but these are the simple basics,
Especially here in Africa were many are still captive in the cage of financial illiteracy, because they lack the understanding of how money works.
Same like we apply discipline to out personal life's just to achieve certain things, so we can let go of certain immediate pleasure for something big ahead, this is same to Attaining financial freedom. There's this thing with money once you have it especially when it comes in abundance, it tends to amplify the character of the holder, that's control
In other to place a restrictions or monitor how much you spend it is necessary to discipline oneself, and one of the ways of doing these is by
1- .Build a scale of preference
2- . separate your needs from your wants
3- . Create a budget
4- . Know your limit per day, per week or per month
FINANCIAL LITERACY
You can only do so much base in what you know and how well you understand what you know, this is literacy, most times when I see people behave in a certain way I don't blame them, that's the level of their literacy, so when people go about spending money extravagantly it's just to them the best they can do at that moment
Recently I visited a village in the Remote part of cross River State Nigeria there they just discovered a very rare precious stones that can sale for up to 10million, one of the locals a young vibrant and energetic guy found these stone and sold it for about 5million straight up he was just buying things up and down and hit himself a phone worth $17.387 that's about 800,000 in Nigerian currency, and these just a young guy, these huge sum of money could have changed his life for ever, but he would rather spend it all and return to the mining site to look up for more stones if he could get lucky
As the saying goes knowledge is power if you truly wish to become financially bouyant in 2023, then you must go for knowledge read books watch videos, attend seminar, do all you can to get enough knowledge in personal finance, investment and building multiple streams of income..
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