How to utilize your money to curb poverty, and gain financial intelligence, which leads to freedom freedom.
Read books on financial literacy: A wise man said you are what you read, howbeit it may, I have proof of it, what you read shapes your mind and gives you a mindset about a particular topic. If you are found of reading relevant books on finance in a short time you will be well informed about the rules that govern money. Apart from experience, one of the best ways to get a hold of money is to read about it, from people that have had experience with it. Rather than fill your minds with chunk of irrelevant information, spend a good portion of the day reading about money, oh yes it is that important except you don’t want it.
Save a portion of your income: I read from the book “the richest man in Babylon” that you should save 1/10 of all your income. No matter what happens or what expense you may need to meet. If you ever desire to be wealthy one day then you need to save. Don’t just spend money on expenses. If you will like to have extra money to spend on vacations, travels, buy all you need and even want, then you need to learn to save. It’s not too late to start saving no matter your age right now. A part of all you earn is yours to keep. Just take saving as paying yourself first! You deserve it. And I have found that a very good way to help you save is to get a saving goal and probably an accountability partner to help you achieve your savings goal. You know, just saving without a goal can be monotonous, boring and at the end of the day, you spend all your savings on something irrelevant and then you have to start over again. But with a goal in mind it is easier. I use a savings box personally also apart from saving in the bank, I’ve found this helpful as it helps prevent spending change with you, and after some months or even a year, you can open it and save it again, this time in the bank, it should be a lump sum by then.
Author: Victor Adeyemo
Victor Adeyemo is a Leadership and high performance coach, an Event decorator and MC. He is the team leader of Leaders Digest