Yekini Grace
Member
If you truly want to build a financially stable life, you must learn to handle money with wisdom, discipline and responsibility. Below are 8 financial principles that are consistent with godly wisdom.
Live Within Your Means:
If what you currently earn can only afford a modest smartphone, don't go for iPhone. If you can afford GOtv Smallie, don't subscribe to DSTV Premium. If the school in your neighbourhood is what you can currently afford for your children, don't put yourself under financial pressure simply because you want them in an expensive school elsewhere. If you can't afford something right now, it's okay to say, "Not yet." Don't use your income to compete with people who earn more than you. A lifestyle you cannot sustain will eventually put you under financial pressure. Live within your means, and where possible, live below your means.
Don't Spend Everything You Earn:
Your income, whether salary or business profit, is not meant to be completely consumed. From every money that comes into your hands, there should be bread and seed, money to meet today's needs and money to build tomorrow. You must learn to save a portion of what you earn before you start spending. Save every month, no matter how small the amount is. Your savings can protect you when unexpected expenses arise and help you achieve important financial goals.
Invest a Little Regularly:
Don't just save; learn to invest. Learn about legitimate and regulated investment opportunities and gradually put some of your money to work. Every week on this page, I try to explain different regulated investment opportunities available in Nigeria. You don't need millions to start. You can start with what you can afford, learn as you go and invest consistently. The important thing is to start building assets that can contribute to your financial future.
Avoid Unnecessary Loans:
Don't borrow money every time you face a financial challenge. Constant borrowing can create a cycle where you borrow when money is short, repay when your income arrives, run out of money again and then take another loan. That is not financial stability. Remember No. 1: live within your means. Don't borrow simply to maintain a lifestyle you cannot afford. If possible, live below your means and avoid using loans to finance unnecessary consumption.
Stop Gambling With Your Money:
This one, ehh, is very important. Stop betting. Stop gambling. Don't expect betting or gambling to build your financial stability. It won't. You work hard for your money, so protect it. Build your financial future through productive work, saving, investing and patience, not luck.
Give Wisely:
Giving is good. Generosity is beautiful. But give within your financial capacity. One of the reasons many low- and middle-income earners in Africa struggle financially is the pressure to give beyond their means, sometimes because they have been made to believe that giving beyond their capacity is necessary to receive God's blessings. Financial recklessness is not godly wisdom. If you continuously give away money that you need to build your own financial stability, you can make your financial situation worse. Give, but don't give beyond your means.
Have Financial Goals:
Always have something you are working towards with your money. It could be rent, education, a business, property, retirement, your children's future or financial independence. Give your money a purpose. When you have clear financial goals, you are less likely to spend your money impulsively or leave it without a plan. Always know what you are saving and investing for.
Increase Your Earning Power:
This is very important. Don't focus only on cutting expenses and living within your means. You also need to increase your income. Learn new skills, improve yourself, seek better opportunities, build a side income or grow a legitimate business. Don't remain financially stagnant. Increase your earning power as you increase your financial discipline.
That's it.
LIKE and SHARE this with your friends.
Abiodun Olusola
Live Within Your Means:If what you currently earn can only afford a modest smartphone, don't go for iPhone. If you can afford GOtv Smallie, don't subscribe to DSTV Premium. If the school in your neighbourhood is what you can currently afford for your children, don't put yourself under financial pressure simply because you want them in an expensive school elsewhere. If you can't afford something right now, it's okay to say, "Not yet." Don't use your income to compete with people who earn more than you. A lifestyle you cannot sustain will eventually put you under financial pressure. Live within your means, and where possible, live below your means.
Don't Spend Everything You Earn:Your income, whether salary or business profit, is not meant to be completely consumed. From every money that comes into your hands, there should be bread and seed, money to meet today's needs and money to build tomorrow. You must learn to save a portion of what you earn before you start spending. Save every month, no matter how small the amount is. Your savings can protect you when unexpected expenses arise and help you achieve important financial goals.
Invest a Little Regularly:Don't just save; learn to invest. Learn about legitimate and regulated investment opportunities and gradually put some of your money to work. Every week on this page, I try to explain different regulated investment opportunities available in Nigeria. You don't need millions to start. You can start with what you can afford, learn as you go and invest consistently. The important thing is to start building assets that can contribute to your financial future.
Avoid Unnecessary Loans:Don't borrow money every time you face a financial challenge. Constant borrowing can create a cycle where you borrow when money is short, repay when your income arrives, run out of money again and then take another loan. That is not financial stability. Remember No. 1: live within your means. Don't borrow simply to maintain a lifestyle you cannot afford. If possible, live below your means and avoid using loans to finance unnecessary consumption.
Stop Gambling With Your Money:This one, ehh, is very important. Stop betting. Stop gambling. Don't expect betting or gambling to build your financial stability. It won't. You work hard for your money, so protect it. Build your financial future through productive work, saving, investing and patience, not luck.
Give Wisely:Giving is good. Generosity is beautiful. But give within your financial capacity. One of the reasons many low- and middle-income earners in Africa struggle financially is the pressure to give beyond their means, sometimes because they have been made to believe that giving beyond their capacity is necessary to receive God's blessings. Financial recklessness is not godly wisdom. If you continuously give away money that you need to build your own financial stability, you can make your financial situation worse. Give, but don't give beyond your means.
Have Financial Goals:Always have something you are working towards with your money. It could be rent, education, a business, property, retirement, your children's future or financial independence. Give your money a purpose. When you have clear financial goals, you are less likely to spend your money impulsively or leave it without a plan. Always know what you are saving and investing for.
Increase Your Earning Power:This is very important. Don't focus only on cutting expenses and living within your means. You also need to increase your income. Learn new skills, improve yourself, seek better opportunities, build a side income or grow a legitimate business. Don't remain financially stagnant. Increase your earning power as you increase your financial discipline.
That's it.
LIKE and SHARE this with your friends. Abiodun Olusola