01/24/2025
The start of a new year usually sets the financial tone for the rest of the year. Here are 3 helpful tips to get you started on the right track.
๐ฏ ๐ง๐๐ฃ๐ฆ ๐ง๐ข ๐๐๐๐ฃ ๐ฌ๐ข๐จ ๐๐๐๐๐๐ฉ๐ ๐๐๐ก๐๐ก๐๐๐๐ ๐๐ฅ๐๐๐๐ข๐
โพ๏ธLIVE WITHIN YOUR MEANS: Keep your standard of living below what your earnings can accommodate. As you advance in your career and gain more experience, your pay should increase. Instead of using this extra income (from your pay increase) to live a more luxurious lifestyle, the best move is to use the money toward reducing debt or adding to your savings. If the cost of your lifestyle lags your income growth, you will always have excess cash flow that can be put toward financial goals or an unexpected financial emergency.
โพ๏ธDONโT BORROW TO FINANCE A LIFESTYLE: Borrowed money should be used when your gain will outrun your borrowing costs. This might mean investing in yourself, i.e. for your education, to start a business, or to buy a house. In these cases, borrowing can provide the leverage you need to reach your financial goals faster.
โพ๏ธINVEST IN YOURSELF: Look at yourself as a financial asset. Investing in yourself will pay off in the long run. Your skills, knowledge, and experience are the biggest assets you have. Increase your value by continually upgrading your skills and knowledge and by making smart career choices. Though this investment often starts with going to college or a trade school, keeping skills up to date and learning new ones that are in high demand can help make you a more attractive and higher-paid part of the workforce. Investing in yourself should continue over the course of your lifetime.
Apart from these, there are still other means through which one can achieve financial freedom. The three tips listed above are a few, which when put into practice, will allow you to get to the point where you will be able to take care of your bills and other expenses for yourself and may be that of your familyโs.
There is an amazing article on achieving Financial Success in The HotJem Magazine. Contact us if you would like to read it.
Copied from our Editor: Mbole Ekaney