|
Back to Blog
1 way to SERIOUSLY GROW your money5/6/2019 Take a look at this: You woke up this morning and decided, every month I want to save £100 each month in a savings account that pays 5% annual interest rate. 5 years later, You wake up and look at your account and your balance is £6,828.94 10 years later, as you continue to deposit your £100 and you check your account as it says, you have £15,592.93 30 years later, you check the account again and it says, you have £83,572.64 saved What is happening here?  How patience pays you back. Imagine setting out to climb Mount Kilimanjaro over 6 days, pitching tents and making it to the summit without giving up! “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” The 8th Wonder of the World  Let your principal grow and your interests returns will increase.
0 Comments
Back to Blog
As an evergreen financial and wealth student, I am always on the lookout for new ideas, tips and time saving ways to manage my finances. One tip that many wealth builders apply is using an automated standing order. This tip allows me to build wealth by significantly reducing the hassle that is required to manage my funds.  Set up Automated instructions for your funds to grow wealth and meet your goals How do I use an automated Standing order?
Back to Blog
Clues on Taxes3/6/2019 One of the wealth mantras that has always remained with me is it is not how much you make but how much you KEEP. When I heard these words the first time, it shattered my beliefs that in order for me to have wealth, I would have to make a significantly higher income.  Keep more of your income by understanding your tax position
|
 |  |  |
 |  |  |
Back to Blog
If you want to manage money successfully, you need to understand it and you need to talk about it in order to develop successful money habits
Take Pleasure in saving money
Where did I learn my money habits?
9/23/2018
One of my friends asked her dad about how to save and he told her to google it
Looking back it is very likely that my friend's dad did not know much about saving and investing. To begin my own journey into understanding how I could plan and manage my money better, I had to go to the beginning and be honest about the following question-What do I know about money today and how to make it work for me?
To unravel this question, we must first understand where individuals learn habits in the first instance? As a child, you learn your speech, behaviors and values from your surroundings which is made up of family and friends. In just the same way you also learn your money habits from your surroundings. Your money habits include how you spend, save and think about money.
“Your money habits include how you spend, save and think about money.”
Your surroundings can have a profound effect on how you manage your money. It also defines your path to wealth. It is therefore critical to assess how much your money habits is attributed to what you have learnt from your surrounding in line with evaluating your current circumstance. This insight will allow you to understand how a family can have wealth for generations, because the rich teach their children rich habits and the less well off teach less well off habits. Teach can also be observation.
Take for example, if you lived in a household where there was always a scramble to pay rent and meet monthly expenses, you could accept this a normal and find yourself with very little to spend at the end of each month as a working adult. But you can make another choice, you can take the time to assess why the scramble took place and plan how you can make money work for you and not fear it.
“Your surroundings can have a profound effect on how you manage your money. It also defines your path to wealth.”
My middle class parents did not teach me about money and financial management. This was in part due to the fact that they did not get an education from their parents. To be frank, money is not a subject that most families or friends discuss in open. To some any topic about money is best held in private or not at all. But if you want to manage money successfully, you need to understand it and you need to talk about it in order to develop successful money habits.
WealthSquats is intended to help others understand that they can start their own path towards financial with the right information, patience and discipline. There is no complex jargon about finance-it is basic, it is simple and it works.
It all starts with knowing that with what you have today, you can make the most of it by starting small.
To unravel this question, we must first understand where individuals learn habits in the first instance? As a child, you learn your speech, behaviors and values from your surroundings which is made up of family and friends. In just the same way you also learn your money habits from your surroundings. Your money habits include how you spend, save and think about money.
“Your money habits include how you spend, save and think about money.”
Your surroundings can have a profound effect on how you manage your money. It also defines your path to wealth. It is therefore critical to assess how much your money habits is attributed to what you have learnt from your surrounding in line with evaluating your current circumstance. This insight will allow you to understand how a family can have wealth for generations, because the rich teach their children rich habits and the less well off teach less well off habits. Teach can also be observation.
Take for example, if you lived in a household where there was always a scramble to pay rent and meet monthly expenses, you could accept this a normal and find yourself with very little to spend at the end of each month as a working adult. But you can make another choice, you can take the time to assess why the scramble took place and plan how you can make money work for you and not fear it.
“Your surroundings can have a profound effect on how you manage your money. It also defines your path to wealth.”
My middle class parents did not teach me about money and financial management. This was in part due to the fact that they did not get an education from their parents. To be frank, money is not a subject that most families or friends discuss in open. To some any topic about money is best held in private or not at all. But if you want to manage money successfully, you need to understand it and you need to talk about it in order to develop successful money habits.
WealthSquats is intended to help others understand that they can start their own path towards financial with the right information, patience and discipline. There is no complex jargon about finance-it is basic, it is simple and it works.
It all starts with knowing that with what you have today, you can make the most of it by starting small.
If you want to manage money successfully, you need to understand it and you need to talk about it in order to develop successful money habits
“Your money habits include how you spend, save and think about money.”
Take Pleasure in saving money
~Suze Orman
Back to Blog
Shaking up the plan work hard in school, get a decent job, stay at the job and somehow I would get rich
The plan was to work hard in school, get a decent job, stay at the job and somehow I would get rich. The ‘how’ is something that I struggled with for a long time. Questions I wrestled with include:
The trigger for Change
The answer to these questions are becoming clearer over time through continuous research and a thirst to get a solid education on managing money. Now, your own quest for wanting to manage your money better can be for several reasons:
After much soul searching which included a solo evaluation of my own life's current circumstance and my future goals, I came to understand that getting or being rich was not my goal, my goal was to understand and implement the mechanisms of how to be financially savvy.
Your money management goal may vary from mine and that is a great thing. For you, the exact figure that you need to meet your financial goal is up to you to define.
Let me explain, Financial Independence to me, means that I get to a point in my life where I have enough funds to manage my expenses and address my financial issues without worry. I have always believed that if I do not want to worry, I must have all the necessary information and a solid plan.
In order to plan I needed to know:
With these questions addressed, I was ready to kickstart my journey towards building a more informed life.
About Me:
The Pursuit
9/23/2018
As a young child, I have always known that I wanted to be rich. I knew that I wanted the finer things in life. I did not want to live paycheck to paycheck and most importantly, I wanted to be rich quick. This desire stemmed from my circumstance where I observed people who had more and wondered how they got it.
Shaking up the plan work hard in school, get a decent job, stay at the job and somehow I would get rich
The plan was to work hard in school, get a decent job, stay at the job and somehow I would get rich. The ‘how’ is something that I struggled with for a long time. Questions I wrestled with include:
- How can I multiply my income
- How can I sustainably save?
- What are other successful people doing that precludes me?
The trigger for Change
The answer to these questions are becoming clearer over time through continuous research and a thirst to get a solid education on managing money. Now, your own quest for wanting to manage your money better can be for several reasons:
- You want to retire early
- You want the capability to afford nice things
- You have goals that you have set for yourself e.g. travel the world, buy a house, buy a car, open a foundation
- You are in debt
- You always have a limited amount of money to survive on at the end of the month
- Other
After much soul searching which included a solo evaluation of my own life's current circumstance and my future goals, I came to understand that getting or being rich was not my goal, my goal was to understand and implement the mechanisms of how to be financially savvy.
Your money management goal may vary from mine and that is a great thing. For you, the exact figure that you need to meet your financial goal is up to you to define.
Let me explain, Financial Independence to me, means that I get to a point in my life where I have enough funds to manage my expenses and address my financial issues without worry. I have always believed that if I do not want to worry, I must have all the necessary information and a solid plan.
In order to plan I needed to know:
- What is my monthly income pre and post taxes?
- What are my monthly and yearly expenses?
- What percentage of my income is saved?
- What percentage of my income is saved?
- How can I budget to have fun?
- What are my goals?
- Why does being financially literate matter to me?
- And more.
With these questions addressed, I was ready to kickstart my journey towards building a more informed life.
About Me:
Age
Millennial
Employment type
Full time
Sector
Information Technology
Indulges in:
Food
Travel
Everything in Ottolenghi
Books
Back to Blog
How do I nail down my expenses?
9/22/2018
Managing your expenses is good way to find money that you can free up save and invest.
What is an expense?
An expense is something that takes money away from your pocket. This is my favourite definition provided by Robert Kiyosaki. An expense is in contrast an asset or investments which put money into your pocket (read Rich Dad, Poor Dad).
Taking note of your expenses is about making you aware of what things, actvities, or people that are taking money away from your pocket. The table below provides a sample list of expenses. You can also use this simple spreadsheet to quickly calculate yours.
What is an expense?
An expense is something that takes money away from your pocket. This is my favourite definition provided by Robert Kiyosaki. An expense is in contrast an asset or investments which put money into your pocket (read Rich Dad, Poor Dad).
Taking note of your expenses is about making you aware of what things, actvities, or people that are taking money away from your pocket. The table below provides a sample list of expenses. You can also use this simple spreadsheet to quickly calculate yours.
Types of Expenses |
Description |
Amount I spent per month is.. |
Rent |
Money spent on housing. This should be circa 30% of your monthly income |
... |
Mortgage |
Money spent on owning a home. This should be circa 30% of your monthly income |
... |
Groceries |
Money spent to buy food |
... |
Gym Membership |
Money spent on fitness |
... |
Recreation |
Money spent on socialization including theatre, concerts, dining out, going to the movies etc. |
... |
Electricity/water/gas bill |
Money spent on your home utilities |
... |
Telecom |
Money spent on phone credit, phone payment plans and phone upgrades. |
... |
DSTV/Television |
Money spent on television packages |
... |
Clothing |
Money spent on clothing,bags, shoes,sneakers etc. |
... |
An example of expenses
