For many, the subject of money can be very sensitive or hush-hush. On the flip side, your rogues are big advocates for sharing money goals, struggles, and successes.
In this episode, Aisha and Ejiro delved into the world of finances. Talked about unlearning money habits as it relates to Savings, Investments, tips to paying off debts, and budgeting.
We’ve all made money mistakes. Whether it’s the one time that you realized that you spent $400 in one month on Uber alone or the impulse purchase you made in the name of retail therapy that you didn’t even need. This is a no-judgment zone because we too have had our share of mistakes, and that is why it is important we have this very serious conversation. Ever heard the saying that all the money in the world won’t make you happy but it’s way more comfortable to cry in a Ferrari than to cry on a motorbike. Either way, life will always throw us struggles.
The best place to start with planning your finances is knowing your Why for when things get tough. How? “If I gave you one million dollars with no taxes or worries, what will you do with the money?” If you can answer the question you would be closer to deciding what your why is and will help you in crafting your money goals, according to Clever Girl Finance. Understanding your net worth will definitely put things in perspective especially if you have some debt to pay.
How do credit cards work? What’s the secret formula for managing expenses? How do you set a SMART (Specific, Measurable, Attainable, Relevant, Time-bound) goal. Where do I even begin to pay off my debt, and how do I create a balance between. These and many more are the things we discussed.
It wouldn’t be a complete episode if we didn’t give you some money saving common sense advice, because we know it be the little things that eventually build up to become mountains. Sometimes you just can’t budget your way to financial freedom and what you really need is to either get a side hustle or a new job.
- Article on Understanding how your credit score is calculated
- Clever Girl Finance by Bola Sokunbi
- The Budgenista by Tiffany Aliche
- If you are in Canada checkout Wealth Simple for Investing and buying stocks. We also love Mylo because they round up your purchases to the nearest dollar and invest the spare change.
- If you are in Nigeria, check out this article by Funmi Adewole on a Layman’s guide to buying US Stocks in Nigeria. Also Cowrywise allows you to save and also invest in mutual funds that are low risk . Also check out Money Africa for resources tailored to financial literacy in Africa
**Please note that some of the links shared are referral links. It just means we get a little something when you signup for any of the services. Thanks 😉
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