Starting on a Right Footing 1: Finance 101

Hello, it’s good to be back here today❤️

On today’s blog, I’ll be talking about a particular thing I did during my break from writing.

Jumping right into it……

 I did a lot of reading during my break, funny how most of it was centered on finance. 

Yes, I’ve been making some efforts to improve my knowledge on finance but reading a lot of finance books was definitely the most unplanned planned thing I did😂😂😂 (whatever that means)

I’ve  also been talking a lot about money. A friend told me, the more you talk about it, and look for ways about it, the more you attract it to you. I guess I took his advice.

Apart from the advice, the realization of I’m entering a phase of my life where I’m supposed to be earning money if I did a 4 year course is seeping into my reality and the need for some sort of stability has become more pertinent than ever for me. 

Fortunately, the people I’ve been talking to about this, have been so kind to show me one or two things regarding it, even as far as suggesting books. As you’d guess, the book worm in me eager to devour any book, wiggled with joy each time.

For today’s post I would share some of the lessons I learnt from one of the books I read (Richest Man in Babylon). 

I hope by sharing this lessons, you can learn from it and start your financial journey on good footing or to even continue with the reassurance that you’re doing something right.

Lessons from The Richest Man in Babylon 

How to acquire money, how to keep it and how to use it:

1. Savings: Part of all I earn or receive is mine to keep. In other words, pay yourself first before all other expenses!!!

Wealth like a tree grows from a tiny seed. The first copper you save is the seed from the tree of your wealth. The sooner you plant the seed the sooner shall the tree grow.

2. The more faithfully you nourish and water the tree with consistent savings, the sooner May you bask in contentment beneath its shade. 

3. Compound Interest: What I save must earn, it’s children (interest)must earn also. Don’t just save money, let your money work for you.

4. Learn to live upon less than you earn 

5. Learn to seek advice from those who were competent through their own experiences to give it.

6. Budget: don’t just spend as you want, assign your money firstly to your necessities, then to your wants/ cravings after paying yourself first, that is, after saving. 

7. Ensure the security of your principal when investing.

8. Guard your treasure from loss by investing only where the principal is safe, where it may be reclaimed and where you  will not fail to collect a fair rental/ interest.

9. Insure a future income for when you cannot earn money like a retirement plan.

10. Cultivate your own powers, to study and become wiser, to become more skillful, to so act as to respect thyself 

11. If you desire to help your friend, do so in a way that will not bring your friend’s burdens upon yourself.

Other lessons from the book:

Opportunities fly from a procrastinator 

Opportunity is a haughty goddess who wastes no time with those who are unprepared 

To attract good luck to oneself, one must take advantage of opportunities.

Action leads you forward to the success you desire 

Till next time❤️

Ifedolapo