A lot of us, including me, struggle with saving money because we don’t have enough motivating goals to match them to. When we’re 18, 19 and 20 and are having the time of our lives in university, the last thing on our mind is ‘how do I save better’ or ‘where do I put my money to grow?’. Unknown to us, that these conversations to be had sooner rather than later, will either lead us into financial turmoil post university or financial success.
It’s not very hard to see why a 21 year old coming out of university with student loan and maybe some overdraft will think ‘hm, where do I invest now that I’m working?’ Whilst our formative years are our toddler years, a lot of what is learnt in early adolescence, is a strong foundation and really shapes the rest of our future adolescent years.
How do we then tackle this? We don’t want to take away the joys of university students, neither do we want to come into the real world and realise that it’s going to take more than a decent paying job to become financially successful.
In a week, it could all be different. Your financial life, how you deal with money, your ability to increase your earning potential and finally getting started with investing because you know just HOW to.
This and much more including buying a property and saving for an emergency fund will be talked about at the Money Matters Conference happening NEXT WEEK SATURDAY, JULY 28TH, 2018. This 3 hour intensive workshop and seminar happening in London will have you feeling confident about how to earn, save and grow your money for the rest of the year.
WHY SHOULD I ATTEND?
Let’s talk about what really holds us back from saving / investing & break that down.
a lot of people think if they save or invest they won’t have time to do other things they normally do or can’t be spontaneous with their money.
TRUE OR FALSE?
Demystified: Contrary to popular opinion you CAN have a decent lifestyle and still save & invest.
You may have to make sacrifices every now and again, but I promise its worth it in the long run.
Here’s how I was able to go on 5 holidays last year whilst saving nearly 30% of my NET income.
- Having multiple accounts: I have about 6 different accounts, which easily sections out my money as soon as I receive it. Bills, credit card, everyday spending, travel & short term savings, investing and emergency fund. I’m very extra like that but it helps me understand exactly where my money needs to go. You don’t have to have this many but at least have these 3- Emergency fund, Savings & Investment & everyday account.
Budgeting. You either hate it or love it but you just can’t do both.
What is a budget?
A budget is a plan that helps you plan and allocate your income and expense. Yes, it’s really that simple.
How do you do it?
Ugh, adulting. /ādülting/ [Urban dictionary] to do grown up things and hold responsibilities such as, a 9-5 job, a mortgage/rent, a car payment, or anything else that makes one think of grown ups.
Adulting is that one thing we are all starting to do but no one really likes it or talks about much about it. Well guess who’s here to address the elephant in the room?
Have you ever gotten to the 10th or 15th day of the month and wondered where all your income you just got went to? We’ve all been there. It’s the last day or last Friday of the month and it’s payday #woohoo! The bad news is by Sunday you’ve spent a good proportion of that money and by the following Sunday you’re stuck. You should have more money, but you don’t. And you still have bills to pay mid month. You also need to travel to go see your parents. Or maybe not? So what do you do? How do you make your money go further?
Here are two things you can try to make your income last longer. Choose what works for you and stick to it as far as you can.
Staying put is easy and safe, going into uncharted territory is risky.
At some point or the other, either we were told to, or we sort of figured it out on our own, or maybe even your friends told you – someway, somehow, you started saving.
It wasn’t too hard – you just take some money and put it somewhere that your everyday cash is not. It was really that simple.
Do this for a few weeks, months and years and you may think that’s all there is to succeed in your financial life. What you would soon come to know, is that, on it’s own saving is never enough.
Or as I say, you cannot save your way to financial freedom.
In life, there will be many wins, and likewise many L’s. The journey to financial freedom, will cause you to laugh, cry, and be thankful about your many blessings. Most of all, you will watch yourself grow and blossom and start to see that, really money was never the goal. You made the sacrifices for your kids, for the health of your parents, so you could see your loved ones smile again.
You kept pushing to hit those goals, not because it was easy or because life dealt with you nicer, but because you saw life beyond the money.
If you had all the money you’ve ever wanted, what would you do differently? How would you live your life?
It’s time to make SMART goals. Where do you want to be in 5 years? How about in 2? This year maybe?
We all have goals and dreams. We have things we want to do, places we want to visit and things we’d like to accomplish. However sweet our plans seem, they are nothing without actions. We all want to wake up in 5 years in our dream homes with our dream cars etc. That’s all well and good. Except from the part where we’re not changing our actions to reflect that lifestyle. We are acutely aware that our choices today determine our tomorrow. Why then do we stay doing wishful thinking instead of actively working on those goals? Nothing ever came to those who slept and dreamt sweet dreams.
‘Start doing and stop ‘dreaming’.
Cryptocurrency is the hot topic at the moment and what everyone wants to know is “should it be in my portfolio and how can I get my hands on them?”. I had a Q&A with one of my good friends and a young investor I admire, Olamide. I asked the questions and he gave me his very honest answers.
[PS, If you haven’t read my Introduction to Cryptocurrency Part 1, you can do so here.]
It was quite enlightening and I hope you enjoy!
1. What is your knowledge of cryptocurrency – how did you first hear about it and why did you think/ are you thinking to invest in it?
I would say I have a more than basic but less than expert knowledge of cryptocurrency. I first heard about it in June of 2017 through an American mentor I was speaking with about markets at the time.Back then I had very limited knowledge and invested quite a bit of money into Ripple, only to withdraw it all only the next day because of anxiety and constantly looking at the chart.
2. You’ve seen all that happened towards the end of last year to Bitcoin and the sudden interest in it, does that scare or overwhelm you as an investor? If so why, if not, why not?