To avoid financial struggles, consider these steps:
Create a budget to track your income and expenses, ensuring you live within your means. Avoid buying things you don’t need and overspending. Don’t be trendy and want to buy everything coming your way. Go to the store and buy what wasn’t on your shopping list even if it’s on offer.
2. Emergency Fund
Save a portion of your income for unexpected expenses, so you’re not caught off guard. Money says save me now I save you tomorrow. If you don’t save for a rainy day you’ll find yourself in fixed situation and start calling your friends fake for not coming to your rescue. I always say thank God for the angels but think evil the whole day.
3. Debt Management
Minimize and manage debts, focusing on paying off high-interest debts first. There is a statement saying if you realize you’re in a hole the best you should do is to stop digging. Avoid buying things on loan you can do away with your credit card if you have one. If you are already in debt, negotiate with your lender to allow you to start paying in bits and avoid continuous borrowing. Leave below your means until you can comfortably save enough to enable w you to live for up to 6months without working too be able to bounce back no matter what happens.
4. Education and Skills
Invest in education and skills that can increase your earning potential over time. Yes Formal education will earn you a living but self-education will earn you a fortune. The learning curve of most people is very sharp from age 0 to around age 20. Most people stop learning after school but don’t let that be you. Most skills you need to succeed in life are written in books that you don’t read in school .All these successful people have put their success secrets in books, so start a reading culture plan. You can’t face your 30s with what you learnt in your teens or 40s with 20s skills. Personal Development.
Set aside a portion of your income for long-term goals, such as retirement or major purchases. Yes a part of all you earn is yours to keep. To learn more about how to keep a part of all you earn and what to do with it for it to multiply, read this book THE RICHEST MAN IN BABYLON by GSC, Get it here
6. Financial Literacy
Educate yourself about personal finance, investments, and money management. If you wish to be successful study success, If you wish you be welathy study wealth. Books like THINK AND GROW RICH you shouldn’t miss the secrets discussed there
7. Live Below Your Means
Avoid excessive spending and lifestyle inflation; prioritize needs over wants. Yes you got that right. Avoid appearing rich if you truly know you are not. Don’t impress the street to believe you run the town. Focus on yourself
8. Diversified Income
Explore additional income streams, such as freelancing, part-time work, or investments. Yes no wealthy or rich Person made it with a single stream of income. And if salary is your only source of income, then you’ll soon be in deep crisis, Salary is an income that can stop anytime.
Maintain your health to prevent unexpected medical expenses. Someone people don’t do well because they don’t feel well. Take your health serious to avoid earning your money in your 20s and 30s only to spend it in your medication in your 40s and 50s just because you didn’t take care of your health. Have you heard of the statement, “An apple a day keeps the doctor away?” what if that’s true.
Build a strong professional network to access job opportunities and support. Yes your network determines your net worth. The more people you know the more money you’ll make and the more impactful you’ll be.
11. Avoid Impulse Spending
Think before making purchases and avoid unnecessary spending. Don’t buy what you don’t need or what you can do without. I have to stress this because of you spend money to but hat you don’t need then soon or later you’ll have to sell what you need to solve a crisis.
Learn about investing and consider making informed decisions to grow your wealth. Above al,l You save to invest not to have your money in the bank. The money in the bank isn’t that active capital… Now what should you invest in? Check Number 5, a book is recommended there to help you get started.
Remember that financial stability takes time and effort. Tailor these steps to your specific situation and seek advice from financial experts if needed. If you’ve learnt something spend a minute to drop a comment in the comment section.