What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
It's Time For Your Financial Check-up
Medical Doctors do advise
people to ensure that they do their physical and mental health check - ups at
least once a year.
So, just like getting a check-up for your physical health to keep your health intact, you need to regularly perform a financial check-up to keep your finances healthy.
If you have not yet done so, here's how to execute an effective financial check-up for the new month and the upcoming
ember season!
Step 1 - Identify or review your financial goals:
Make your goals specific by creating goals that are measurable, attainable, relevant, and time-specific.
Be sure to create your short-term, mid-term, and long-term goals.
Step 2 - Understand where you currently stand
financially:
Determining your current debt, expenses, and income will help you understand what specific areas of your finances need the most attention and help you prioritize accordingly.
Step 3 - Track your spending:
This means taking a look at your daily transactions and expenses.
Start by doing this exercise using a spending journal for 7 days and then extend it to 30 days to get a holistic view of exactly where your money is going.
Step 4 - Make adjustments and review your
budget:
Make adjustments to your spending to keep your expenses below your income. It's important to review your budget regularly as part of your financial check-up - especially as we step into holiday season.
Step 5 - Review your savings and investments for the long-term:
Next, you want to make sure you're putting away some money in an emergency fund.
This is money to buffer your finances in the event of any unplanned life circumstances.
Also, be sure you are contributing to your retirement savings and other investments.
Step 6 - Review your insurance coverage:
Ensure you have enough insurance coverage be it health, disability, auto or life insurance etc.
You can speak with a licensed agent to determine what works best for your unique needs.
Step 7 - Get accountable:
Finally consider getting an accountability partner to help you stay on top of your goals for the rest of the year.
The time is NOW - get
going!
#wealthisearned
About the Blog
Wealth Is Earned Blog is
owned by Topitup Media And Communication Nigeria whose Team Head is Dr. Jerry -
the First Oguzie: JP
At Wealth Is Earned Blog, we believe that being wealthy is a choice just as being poor irrespective of the circumstance and situation and it all streams from the mindset. Throw 2 men into the same gutter, the one with the wealth mindset will make it to the top while the one with the poverty mindset would be there and groveling with other inhabitants of the gutter - it is a mindset thing. God has given you the POWER to make wealth, it is your ABILITY to APPROPRATE what God has given you that makes the difference and it is wholly and entirely dependent on you
About Dr. Jerry - the First Oguzie: JP
Dr. Jerry - the First Oguzie is a Physician, an Author, a Writer, Thinker, Founder, Convener and Success Coaching addict. He is passionate about helping people become the best versions of themselves through coaching, mentoring, teaching, enlightening and enhancing their self worth. And the Platform he uses to reach out to people is his Ministry of Encouragement (MoE). He has deep interests in Personal Development including mindset reset and habit change, Personal Finance, Wealth Creation, Health and Fitness. He believes that financial knowledge (literacy) combined with self - discipline is the key to achieving financial freedom.
He is the author of ThePractical Steps To Total Financial Freedom -
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The basic foundation in carrying out a financial health check is both for retrospective purposes and prospective purposes
ReplyDeleteAs medical doctor advise one to do health check in order to know one's state of health, to review health practice done and also to profer solution so is financial check up. It helps to scrutinize one's finances, make adjustments and postulate for the future in order for one to gain financial stability
2.a.identify financial goals...in this I do have short(what I hope to have by end of month)medium(6months to a year) and long term goals.(greater than a year)
b.understand where you are...I try to review my finances in terms of my goals. What have I achieved
C.Track your spending...I keep track on it. Daily, I have a spending limit
D.make adjustments and review budget: based in current situation and expenditure, I review my finances and make necessary adjustments
.
E. Same as point D
F. Insurance...I am yet to explore this.
G. Accountable. Don't have an external accountant. I just review my finances and make adjustments. I discipline myself
3.best time..at regular intervals based on your goals. It can be daily. It helps one remain focus with the eye on the ball so as not to loose track. If daily is cumbersome, it can be weekly. It all depends on one. Just ensure it is done at regular short term intervals.
Good financial health is if immense benefit if one wants to attain financial stability. It requires certain measures to take and this should be done at regular intervals. Failure to do this will greatly dampen one's finances which will lead to a financial havoc
1. The basic foundation for carrying out a financial health check up is for one to first of all understand his finances. By this I mean understanding where one stands in terms of income, expenditures,savings and investment.
ReplyDelete2.. Relating each point raised in the write up to myself, I do a a periodic review of my financial goals. However because of the knowledge I have garnered so far,I will start weekly and monthly review of my financial goals. I am making efforts to really appreciate my financial standing. This will be better understood by me as I start tracking my spending. So far I know that lately, I have started adjusting and reviewing my budgets. I no longer buy at impulse. Though I also know that I have not been able to stick holistically to my budget. I save better lately but working currently con long term investments. I have not been keeping faith with payment of the premiums for my AIICO Insurance coverage. That one , I will also review.My accountability partner is not actually measuring up the way I would have wanted which means that I will also take a decision on whether to look for an accountability partner.
3.The best time to do a financial check up is daily.
4.A popular saying is that a stitch in time saves nine. Meaning that the earlier one does a financial check up, the earlier one's finances improves . The time is now ! Good morning and enjoy a great week ahead !!
1. The foundation for carrying out a financial health check up is the mindset change of keeping your finances healthy.
Delete2. A. I creat my financial goals annually and review them half yearly.
B. At every point in time I understand where I am financially.
C. Tracking my spending is what I have already benchmarked when I do my annual goal setting.
D. As said in C.
E. Always done and tracked in a way because I use Insurance Savings policies. This enables me to restart another cycle as soon as my target is meant and invested.
F. Working in an Insurance company, I have both Life, Health, Children Education and auto Insurance. This gives me some level of peace of mind.
G. Myself and my partner are each other accountability partner. Equally my expenses account helps me in being accountable as I can't spend more In a month once I exhaust what is there.
3. If you do a holistic checkup, review and goal setting as the year ends and a new one is beginning, you stand a better chance of doing a detailed checkup.
4. It's good to always do a financial checkup as it will help give you a roadmap of where you are going in terms of financial freedom.
The basic foundation for carrying out financial health check up is on= BUDGET("expenditures and income"). These two are just like we humans who work all through the year and needs check up to ascertain if the body is well enough to carry on. This budget actually brings us to holistic financial review of all financial activities and therefore creates a focus for moving forward.
ReplyDeleteSeven steps were enlisted. Relating each to myself thus;
1) Identity or review your financial goals. Short term goal is to raise money and stabilize my wife's shop from now till December. So by next year, she will be completely independent to run her business.
Mid term goal is to get the basic financial trainings and knowledge so as to make money via networking and other businesses and equally have financial freedom at the top run.
Long term plan is to reinvest monies earned from these ventures into farming, starting from September next year.
2). Financial position now is zero but is building up by taking steps to offset my debts and still maintain the home front.
3). One pertinent area is tracking my expenses, I don't write it out before now, but I have created a folder now.
4). Adjustment is compulsory. In fact, my expenses needs a spot on assessment , hence, adjustment.
5). I don't have it yet. Working it out as these plans continue to unfold.
6). No one yet but still looking forward to it.
7). Still on it. No one yet.
Financial check up should be a routine venture. Methinks it's reasonable doing it on daily basis.
Financial health check up is a reawakening call for all persons from all works of life so long as one is gearing towards financial freedom.
Good morning great people. It's a Monday, let's get on with our works. Cheers
Morgan Oscar
ReplyDelete1. The basic foundation or say the basic reason for carrying out a financial health checkup is to ensure a proper balance between your expenditure and income and also properly plan for the future financially.
2i. My financial goals are basically to gain financial freedom, financial security for the future..and to achieve this for the short term, I ensure monthly that even asides my savings, I still have a little left for any emergencies; for the mid term, i have certain projects I have set out to settle before the year runs out and i intend to handle them with part of my savings and for the long term, I intend to invest, though i am yet to conclude on which area, this is why i am saving.
ii. Presently, I won't say my income is satisfactory but it's enough to keep me manageably comfortable if I track properly my expenses and ensure I don't include any debt; this is my present financial stand
iii. I constantly do financial tracking, so as to ensure I can account for every penny I spend since i always have a budget for savings and expenditure.
iv. I try as much a possible to maintain my budget except when emergencies come up, but I am always open to any adjustments and budget review when necessary.
V. I review my savings monthly, if no emergencies come up or if more emergencies that I kept money for comes up and i dont want to include any debt, its painful though but I turn to my savings and pinch it a little.
Vi. I presently don't have any form of insurance yet but I plan to seek advice on which one best suits me.
vii. I have an accountable financial partner and also adviser I liaise with when necessary
3. Start today and do it consistently.
4. What you need to create unending flow of wealth is proper financial knowledge. Carefully study and apply all these listed above and gradually grow into a powerful wealth creator.
This post is for you to act on
DeleteFind the areas of need and implement them
Good luck
1. The basic foundation for carrying out financial checks is to verify for oneself financial state of being whether u are financially stable or not.Is better to regularly do the check ups to know where your income is going and cut down on ur expenditure so you can achieve your set goals and targets.
ReplyDelete2.a.I mostly do my financial review set towards my targeted
goals every three days within a week to determine if I am working towards my set goals or am I drifting from achieving it.
b.I check my income and expenses to determine whether I am channeling it towards my set goals and aims.
c.I trackle my expenses twice a week to determine my savings strength and cut down more of my wants add it to my savings.
d.I mostly make adjustments to my expenditure to add it to my income column to increase my savings and use that adjustment to pay my accumulated debts.
e.I mostly work within my budget to propel me in achieving my short term goals , I have realized that cutting down expenditure helps you to achieve your long term goals when you are able to work in the confines of your budget.
2f. Still planning on the insurance
3. I think it should be done by the ending of every week.
4. Is very imperative to do this financial checkups regularly to determine once financial strength to be able to achieve once set targeted goals,because without finances to foster that dreams , one's dream becomes a mirage.
You need to keep tans on this post so that you can implement its contents to the letter
DeleteEkwedike Chinwe
ReplyDeleteThe primary reasons to enforce financial health check up is to ascertain your creditworthiness, debt check,Budgeting the surplus, planning your emergency fund, know your investment options, teaching experience and save for retirement.
2.I have not really started doing anything. But with the knowledge I am acquiring in this platform, I hope to kick off soon.
ii.I am still nowhere as regards to this,
iii.Before now, I don't normally take a journal, but I will create one as from today.
iii.Currently adjusting my expenditures and budgets in order to meet the present demand of investing. That is planning to save for the rainy day.
V.Cut down on unnecessary expenses, then prioritize my spending.
Vi.I don't even have one. I think i should give it a shot.
Vii.I will finally get someone to partner with me in my bid to be responsible financially.
3.The time to implement financial check is now.It can be done daily,weekly and monthly etc.
4.Finanical check should be a habit one can possess in order to be financially accountable. Try to set goals that are realistic, review your plans,Are you meeting up with your targeted agenda?,If not restrategize,adjust.No matter what you embark on,try to be accountable at all times.
This post is to be used by you to set yourself up for financial success
DeleteDo it
1. It is important to carry out these checks to know where you actually are at any point in your financial journey.
ReplyDelete2. 1. Identify financial goals.
What that means for me is listing out what and what I want to financially achieve in my pursuit of financial fulfillment, where and where I want to be. Whether it be short, medium or long term.
2. Understanding where you are.
No matter how lovely and rosy those financial dreams sound or look like, one must start from somewhere and to start from somewhere, you must be true to yourself and your financial position, how much debit or credit do you have? That's important
3.keeping spending journals.
This is important so as to declutter your expenses, remember this is a journey and as such, irrelevant things have to be kept aside....
4. Same as no 3
5.Same as no 3
6. Insurance.... (Will look into this one)
7. Having a financial accountability partner... I have someone who helps me keep track of my cash flows especially expenditures.
3. The best time is NOW.
4. Finances are the vehicles that will catapult one to his or her dreams, doing everything possible to maintain a healthy financial life is possible and achievable. It all starts with that move and determination.
You need to come back every now and then to read this post and implement its contents
Delete1. The basic foundation for carrying out financial health check up is to know the progress, the feedback and also to plan for better productive days ahead.
ReplyDelete2. I have always wanted to have several sources of income and cash flow in. It has not always been easy coupled with the fact that our plan does not always work as scheduled, but we keep on making efforts and working on a daily basis for a better output. I am also happy for the opportunity the community of wealth creators have given me to see beyond the imagination and take the necessary actions.
I have come to realise that the unnecessary expenses we make during the course of the day is usually part of our financial crisis. There are items that can be avoided, that are not just necessary to be spend on. I believe ig we can manage and track our daily spending, then our issue with finance can improve dramatically. I am talking from experience and I know it is possible, only when we decide to be intentional about it and do the needful.
When it comes with budgeting, I think the success of every budget is to track our daily expenses. Sometimes, we may not be able to manage our budget especially when there is inflation in price and when we are also careless in our daily expenses. Budget review can only help us to organise and improve on the next line of action towards having a good financial management and understanding.
Savings and investment is also another important part of financial planning, it will definitely help to keep you in check especially during the rainy days and emergency.
Insurance cover is so important that we tend to underrate it. Well, this is only taken into consideration in some property and assets such as rented apartments and vehicles as the case maybe. The need for insurance can never be overemphasised because of the advantages that comes with it when the unexpected happens.
3. The best time to do a financial health check up is now.
4. Financial health check is as important as life itself. We ought to always consider the benefits and the advantages the impact will have on us.
This comment has been removed by the author.
ReplyDelete1.
ReplyDeleteThe basic foundation for carrying out a financial health check up are; concentrate more on savings. Try to come out of any dept; dept free of any sort will reposition you to plan well on how to manage your finance and proper spending where you should too.
2. I am not good at saving before now. However, the little I make, I try to save no matter how small it is. But I discovered, at some point I stopped saving due to other demands that needs finance to take care of. I am still finding it hard to properly take care of my needs, which keep reducing the amount I save on monthly basis. Anyways, it has not been easy to discipline myself on what I should and shouldn't spend money on.
At the moment I am not owning, and thank God for this information at my disposal now. I will try to be dept free at all times. Nevertheless, with this financial health check I will prioritize my spending on things I should spend my money on. Believing to increase my savings capacity.
3. I think the best time to do financial check up, speaking for myself; is everyday. That way I will be very conscious of my spending for the day, bearing in mind that I need to save more.
4. A stitch in time saves nine. Financial health check-up is paramount. From the well articulated writing, I discovered that one needs to identify his financial goals, know his financial strength at the moment, be conscious of his spending, review; his budget, savings, investments, and insurance coverage too. In all, accountability is very key.
#Nestor Amuche Ike
# COWEC
ReplyDeleteThe basic foundation for a strong financial health check-up is to know the type of financial disease u suffering from just as we go to the hospital for doctors to diagnose the sickness we suffering from and give us the antidote for them. To get a tactical plan for it and take action like saving to invest a lot to earn good money, review the plan regularly to know the shortfalls and continue with resiliency to see the desired and effective results.
2. * With financial disease- l didn't have enough knowledge about wealth creation but wanted to be a billionaire. So l started to realize when l saw a post from Bloomberg's billionaire index where world billionaires shared their own experience so far. So l started to read a lot on financial education books. And and can tell a fact that, am little endowed with financial education with traits which people l meet tells me that am really insightful on finance.
* Plan and action- l had no idea or clue about how to budget as my expenditure always increase beyond my paycheck, but through the financial books, and our great mentor Dr. Jerry the 1st, am able to now do a calculated budget for myself and also helped me to build a savings and investment quadrant to follow to attain financial freedom.
* Review and results- I always do a review of my expenses and revenue to know if am really performing towards attaining my financial goals and freedom. Also, l remove those steps that didn't help me to get there and take inclusion of those that changed me.
3.Time is the prophet which causes great change as my Teacher would say. Time is of the essence which our great mentor Dr. Jerry. Today is a present so the time for a financial check up is NOW".
4. Financial health check-up is very necessary and needful do every enterpreneur and every individual who aspire to be great, hence urgent attention to this subject very key to success.
# COWEC