For many of us, we enter into a New Year with renewed hopes and a list of things we would like to get accomplished. A New Year always presents us with a new opportunity to achieve things we could not achieve in the previous year.
Financial independence is something we all crave, and it is achievable in 2019 with these few tips below:
Write Them Down
It is one thing to think or dream of a goal but written goals are easier to achieve because they appear real. Another reason you should write your goals is so it can serve as a reminder. Keep your written goals simple, achievable and keep in mind it is okay to start small.
Read Books on Finance
If you must attain financial independence, you must be knowledgeable and one good way of staying enlightened is to read. There are many good books on finance you turn to about money, savings, stocks, investments and much more. Classics like Intelligent Investor by Benjamin Franklin, Rich Dad Poor Dad by Robert Kiyosaki’ should come in handy.
Build an Emergency Fund
Having an emergency fund is a smart financial move for unexpected expenses that needs urgent attention. In saving for an emergency fund, however, understand that an unexpected expense differs from an emergency fund. Ideally, you can save six months’ worth of your monthly expenses in your emergency fund. For instance, if you spend about N50,000 monthly, build an emergency fund of at least N300,000.
Invest in a Mutual Fund
A mutual fund is a pool of money from different individuals invested and managed by a Fund Manager for profit. Before investing, acquaint yourself about things like interest rates and redemption policies.
Have a Side Hustle
“Side hustle” is parlance for an extra stream of earned income. Don’t slack in 2019, find something legal that brings you extra cash.
Have a Budget
Before you spend, have a budget. You cannot control what you cannot track. After drawing up a budget, be disciplined about it by sticking to it.