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...
As We Enter The Last Quarter Of The Year Make These Smart Money Moves
1.
Have A Money Meeting
Even though the best time to initiate a money meeting is the beginning of the year, however a quarterly review is very essential.
And if you have never had a money meeting before now, then the time is auspicious enough for you to start irrespective of the fact that it is the last quarter of the year.
In your money meeting you may want to discuss things like:
Completing an annual financial checkup
Looking over your debt amounts
Checking your expenses
Discussing your financial goals
Thinking about what changes need to be made
What the family’s budget is
How much is needed for retirement, and where you are
on that track
Any financial problems, and so on
There is no exact outline of what you should talk about in your money meetings because every financial situation is different.
Money meetings help you get comfortable talking about your finances, and they make it easier to set goals and work towards them with your financial accountability partner.
I know talking about money can feel uncomfortable at first, but starting to have regular money meetings is one of the smart money moves every couple should take in the year and review it quarterly.
2. Start an emergency fund
An emergency fund is money that you have saved for when something unexpected happens, and I think 2020 showed many people why creating an emergency fund is one of the best money moves right now.
Your emergency fund can be used for something such as paying your bills if you lose your job (or if your hours or pay are cut), paying for a car repair, a medical bill, or something like a surprise leaking roof.
You can learn more at - Why You Need An Emergency Fund And How To Start One Today.
3. Learn how to invest
Investing is important so you can:
Retire one day
Prepare for unexpected
events in the future
Allow your money to grow
over time
If you want to learn how to live your best life in the future, investing is a great way to do so.
And, you can even start investing with little sum of money.
Investing is a smart money move because it means you are making your money work for you. If you weren’t investing, your money would just be sitting there and not earning a thing.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account.
However, if you invest,
you can actually turn your $100 into something more.
Investing for the long term means your money is working for you, potentially earning you an income.
For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724.
If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505.
If you started with $10,000 and put an extra $10,000 in it for the next 40 years at that same percentage rate, that would then turn into $3,015,055.
4. Find an alternative to your expensive TV bill
When I was trying to conserve funds for investment, I had to cut down on the Cable subscription cost in the house. I did not cut it off completely because of other members of the household but I needed to drop all other expenses that were not adding to my investment fund.
It's more than 15 years now and we don't seem to miss anything as far as entertainment is concerned.
I know of many people who are copying the Jones and Jonesses and who spend $100 each month (that they don't have) on cable TV, many spend over $150 a month, and I even had someone tell me that they spend over $300 each month on cable.
If you’re trying to find ways to cut your budget, and you have an expensive TV bill, I definitely recommend finding an alternative. This is one of my favorite smart money moves in 2021 because there are more options than ever. There’s no reason to spend that much on cable ever again.
5. Track your money
Tracking your money is important when it comes to managing your money.
Luckily, there is a free,
easy tool that allows you to do this. Personal Capital is a free personal
finance software that allows users to better manage their finances.
You can connect accounts, such as your mortgage, bank, credit cards, investment portfolio, retirement, and more, and it is all free.
You can track your cash flow, your spending, how much you’re saving, how your investments are doing, and more.
With their free financial
platform, you can easily see all of your accounts in one place so that you can
manage everything efficiently.
If tracking your money is one of the smart money moves you want to make in 2021, Personal Capital can help you reach your goal.
Like I wrote earlier on, if you have never had a money meeting before now, then the time is ripe for you to start and if you are already a veteran, then it's time to do a review.
Winning the 'wealth - creation - war' starts with you being in touch with the money you are making and how you are spending it.
Now it's your turn
Do you think there are
other smart money moves to make as the year heads to an end?
Drop your opinion for us
here, we shall definitely pick it up.
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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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Morgan Oscar
ReplyDelete1. *Make sure you never fall into debt and if you have, clear it so you don't have any lingering debt.
*Trying to cut down on expenses is good but I would say completely forgo anything that will amount to unnecessary spending.
2. *I will have a money meeting with my partner.
*I will start an emergency fund account
*I will learn to invest
*I will find an alternative to my expensive tv bills
*I will track my money
3. It is important that as we approach the end of the year we take proper stock of how we have spent so far and check our debt level to avoid carrying over unwanted debts into the new year. Investment is key, but most importantly let us spend wisely and cautiously
1. Yes, there are other smart money moves before the year runs out and it includes *Tight budgeting *Not buying at impulse * Prudent spending and *Savings.
ReplyDelete2. I have been having MONEY MEETINGS with my spouse but I will take it more seriously henceforth.
*I have equally started AN EMERGENCY FUND.
*I have equally started paying attention by learning how to invest in some Businesses bearing in mind one of the topics you discussed thus trying to study the Businesses to invest in.
*I have long stopped routine subscription to DSTV. I subscribe one in a blue moon knowing that I don't even watch TV often and it equally constitutes a distraction to my children's learning.
*Tracking my money is now what I am paying attention with all the Financial lessons lessons we are learning in the COWEC.
3.WEALTH CREATION in the 21st Century is a Very serious business thus one has to devise serious means to guard his sweats and these include but not limited to the following: *Having Money Meeting.
*Starting AN EMERGENCY FUND.
*Learning to INVEST.
*Finding an alternative to Expensive TV Bills and
*TRACKING ones money generally.
The poser here should be that, everything as listed here are not just to be read and competed for rather, it should be imbibed and knacked into our system and make a way to go.
ReplyDeleteMoney meeting; just had it for the first time and I am good on it now. I am ready to go on a money meeting now despite that, it was supposed to be from the beginning of the year but since it's not late, better be late than never. Learning it to be a part of me is why I have engaged myself with the community, apt.
Emergency fund; this doesn't need the elaborate detailing again. The first time it dropped like a bombshell, the fancies in me was tinkled. Till now, I am not imbibing the culture but has stuck my head with it. Thanks for the emergency fund lecture that takes care of joblessness, car repairs, repair of linking roofs and sometimes, health bills.
Investment; we can't talk about wealth creation without talking about investment. It is here that the cruise of the matter lies. Ideally, without coming here, this is the standard in the IGBO community. Right from childhood, I have been on trying to invest on anything to the point that, as a little child,we always get those local fowls whenever an uncle dashes money and breed them till the end of the year which is sold and profit utilized for bills at that level.
Cutting down cable; this is not only applicable to cable subscription but to all frivolous expenses. It is here that I learnt and became strict on expenses and savings. These two go in paripasu. If you spend, hardly you save, but if you cut down, you have more available to save. Sometimes, this subscription gives headache that you don't only spend the money but it engages us with lots of distracting entertainment if no discipline is well posited. Cable subscription, is a virus and needs to be contained invitro and invivo.
Tracking your money; this is another message I have heard here. I don't track money because I am still on course and growing. Don't have avalanche of what to track for now but has set out on serious wealth creation and look forward to having my monies tracked. Money tracking, convener, you are loading us to become stockbrokers and financial gurus, thanks.
In summary, this is not only coming for the basis of the contest, rather getting into my fabrics to get me spurned and better tomorrow. This is the best time to review our financial dealings and break fallow grounds.
1.Unnecessary debts incurred brings worry and lingers ur progress in life so check ur spending habits and conserve the saved amount of money into investment portfolios.
ReplyDelete2.a.I will conduct money meeting starting from the beginning of next year.
b. I will check my spending habits and reserve the amount saved into investment portfolio everymonth.
c. I will pay all debts incurred by using the strategies derived from this book the richest man in babylon ,by saving 10% of every amount received,live on 70% and use 20% to settle off debts and use the same strategy to put my finances in check after the payment of debt.
d. I will create an emergency fund and start saving into it reserved for unforeseen events.
3. Is very essential to take inventory of our finances as the year comes to end and start a better financial planning next year to able to achieve the financial freedom we are striving for.
KELLY
ReplyDelete1. The poser on the blog post has to do with ensuring that your finances are constantly monitored and the health of your finances are sound, stable as well as having a sustained growth.
2. (i) My wife and I do have monthly money meetings. This helps to sustain or readjust the budget prepared for the new month. Of all that has been listed here-under, it is the 7th that we're yet to discuss, that is, "How Much is Needed for Retirement and Where You are on that Track". I only know my retirement account is active, and just last month I made a projection of how much it would be in the next 5yrs at the current monthly rate.
From this write up today, "I need to Personally Decide What it Should be at Retirement". And also pursue to fulfill the decided amount, that is, if the current savings amount rate will not get me there.
2.(ii) Start an emergency fun. I started this January 2018 and it is, and will remain continuous in terms of monthly savings.
(iii) Learn how to invest. I'm also into investments. In fact in the last three years it has been uppermost in me. Entered into investing in equity shares & fund in 2002. Entered landed properties in 2003 and got our home in 2010. With few others about to be developed for tenancy. Got into insurance January this year.
(iv) I was on DSTV premium for nearly 10yrs and slashed it to compact 6yrs ago. Before this advice came in, I've made up my mind to slash it to the lowest subscription as soon as the children leaves for the campus next month.
(v) Track your money. I believe my strong monthly budget adherence takes care of this. I'm strict to a fault in maintaining my monthly budget.
3. The summary of the post is the need to be diligent in creating and strictly adhering to your budgets, creating multiple streams of incomes by diversifying your investment portfolios. Finally it is about tracking your expenses and eradicating wasteful spending.
This comment has been removed by the author.
ReplyDelete1.Having a meeting for money is a necessity,although it supposed to start by the beginning of the year. The meeting should include completing an annual financial checkup,your debts amount. Your financial goals,what need to be changed.e.t.c.
ReplyDelete2. I don't normally have a money meeting, but now I am going to start one.
Emergency fund:I started it immediately,I received my first salary.
Learn how to invest
I have not invested,By the knowledge acquired so far in the COWEC .I am going to start investing for the rainy day.
Alternative to expensive bills,I have reduced the amount to subscribe in the TV cable.
Track your money
Controlling my expenses so that I don't spend more than I earn is crucial to tracking my money.
3.In conclusion, the post is all about wealth creation to be effective,there is need to be cautious in managing our finances,have money meeting, spending religiously,think of other streams of income. Set up emergency fund, cut off unnecessary expenses, track money.
This comment has been removed by the author.
ReplyDelete1. Smart money moves; whenever, I hear smart! I am always agitated to the item in question. I hear money often these days, like never before. Thanks to Dr JP the first, For this awareness and awakening. It echoes in my mind now and I believe it's good for my health and growth financially. I believe so much this smart moves of money will go a long way, if not help me to manage myself when the money start coming. I am earning little now, believing to earn more in near future, as I am already strategizing.
ReplyDelete2. Money meeting: I don't have a financial accountable partner for now. However, I have myself. I will check my financial goals, dept, my expenses; which is the major challenge I have for now. But with the information gathered so far I have already started checking the way I spend.
Emergency Fund: This emergency fund, since I heard it in COWEC. It keep repeating itself in my mind, I will do something about it soon. When I can.
Learning how to invest: I was not taking it serious in the past. But since I joined the community, I had to invest small amount in BitTorrent. And planning to invest more.
TV bills: This is insightful to me, reason is that it is actually an idea to me when I have one. However, I make unnecessary calls in the past, but any calls that does not worth it, I don't make currently.
Tracking money: I have not really started tracking my money because I feel I have little for now. But with this information, sure, I will start now to track my money.
3. Smart Money moves as contained therein; are very key to any one that wants to grow his wealth. Having money meeting, an emergency fund, learning how to invest, finding alternative to ones TV bill, tracking ones money are sure ways to be smart with ones money. To achieve all these one need to start now, with discipline too.
#Nestor Amuche Ike.
1. Financial turn around is vital to me as well as everyone .it seems like a tall order but thanks to this wonderful community it is now doable.
ReplyDelete2. Money meeting: i don't have a Financial accountability partner but I hope to get one soon.
Emergency Fund :I have tried setting up Emergency funds but have failed but I intend to work on it to make it work.
Learning how to invest: since joining the community, I have been making baby investment moves in agriculture.
TV bills: I am also working on it too.
Tracking money: I am also working on it especially since joining the community. The concept keeps getting clearer by the day.
3. Smart money moves are vital survival skills and with discipline, it is achievable.
1. It is easier said than done when it comes to money man2, but the good thing is that it will keep you posted updated and informed when you look back and remember how it all started and how it has saved you from so much troubles and harassment especially when it comes to emergency funds. Learn to save and invest no matter how little it it. It might not be easy as being said, but the truth is that when you remember that you couldn't even achieve anything reasonable thing with that money you didn't save, it tends to regret about it.
ReplyDelete2. Money meeting as the name sounds to me is just trying to balance cash in flow and cash out flow from the account. Its usually funny when we check how we spend money and come to realise that the unnecessary expensewe make during the day, month or year as the case maybe if managed is going to save us from a whole lots of trouble.
Emergency fund no matter how we want to paint it is absolutely necessary. I have initiated the movement, even though it seems to have been late, but I am still not regretting anything. Its absolutely necessary that we have one but it saves a whole lot of stress.
Investment is good no matter how little it is and its something one has to consider. I am currently trying to sign6a contract in my place of work about some investment package from one of the micro finance bank here in Nigeria.
I recently discovered that if one can manage the unnecessary expenses that we make in the course of the da,so many things is going to change positively for us. Few of us make effort to track our expenses even when it's eating deep inside of our pocket. It actually something I never regretted doing but it ends up keeping me on check.
3. There will always be a platform to invest no matter how little it is, the basic thing is just to start from somewhere. Monitor and manage your cash inflow and out flow because its going to make you become financially intelligent irrespective of what is happening around you.