As persons seeking a certain freedom from the clutches of debts, financial literacy is needed. We become emancipated when our knowledge on the knowhow to spending, budgeting, investing and managing are full and overflowing.
As one of the key principles to surviving, striving and living a debt free life, financial literacy is needed in our everyday life.
Having been the possession of the set skills to effectively manage an individual’s ability to spend, manage and multiply money, we attended a webinar was organised by the Cowrywise Ambassadors in UniJos on the 29th of September, 2021. Facilitated by Christine Ishanpepe Vihishima also known as the money mechanic had notes left to go home with.
Below are the 10 things we learnt that you can apply as either an entrepreneur or a tech professional;
1. Think of your income as a table. Understanding that if your “table of income” has just one leg, when it breaks, the table comes crashing and if it has four legs, you still have three other supports when one breaks. Also, consider your life as a “table” and its legs as “your streams of income”, hence your life setting should be set in multiple streams of income so as to stand strong if one “leg” collapses.
2. Your money should never be kept idle. There should be a plan for your money. It is safer and best when it is been invested.
3. You must not wait for your income to increase before you learn to manage your finances. Financial literacy teaches you to start with the little you have in terms of management, investment and usage.
4. It is not wealth that brings financial literacy, rather, it is financial literacy that brings wealth.
5. To grow financially, you must acknowledge that you have a money problem (in terms of management, investment and usage); also, you must identify the problems, which in turn, helps you note your problems that doesn’t let you grow and excel financially.
6. Financial growth is a process. It is not a one-time affair that just blooms and blossoms.
7. The need for financial literacy is preeminent in times like this because money affects every aspect of our lives, it helps keep track of money (in regards to expenditure, savings and increase) and it helps plan a better future.
8. Learn to deal with your debts. It may linger but it is never forgotten and it can lag your growth financially.
9. You need more than one stream of income.
10. Your friends are a part of your net worth, so choose wisely.