Cycles of Financial Mistakes

 

 Hello and welcome to our today’s blog on financial mistakes and how to curb them. It is time to make hay while the sun shines.

Evefinancialinsights blog ensures that you will not regret in future and wish  that you had someone to suggest financial valuable tips long ago when you started your career.

We have divided this article in age-based sections for your better understanding.

 Age 20

As a teenager, it takes a lot of dedication and mentorship to start a financial health journey. We understand the mental struggles and all the emotional rollercoasters you are going through at this puberty stage of life. There is a bright future stay positive and trust yourself you can do it.

When you are saving money at a young age do not save too much do not sacrifice fun experiences for the sake of having extra money in your account. Do it moderately after all you have all the time. Instilling the good financial habit is the key here.Once you get the flow repeat it for the rest of your life.

Nevertheless excuses like I am still young. I just finished college, I just started working, Next time I will invest will keep you slugging.

Unfortunately, our school systems do not teach our children anything about finances and future planning or anything that is helpful in the finance world. This would have a great positive impact in our overall economy.

Kindly read our previous blog on Financial Literacy for Children for information that is more comprehensive. Please find the link down below.

 AGE 30

Understanding how money works ,avoiding debt traps and high interest payment at this stage in life is paramount .Spend free time on meaningful things when you are unoccupied add some habits that will help you in  the future. Skills like editing, photoshoping, web developing, video programing etc.

Please do not give room for these excuses; I am enjoying my youthfulness, you only live once, I just started climbing the corporate ladder the other day, I am newly married and still enjoying my honeymoon stage. Next time I will invest

AGE40

You have to plan on your retirement saving.at this stage no compromising in your goals and objectives as it will affect you dearly and may be you may not be able to recover. Do a regular evaluation for short and long-term goals. Prioritize your goals.

You are half of your working life. The reality of life and responsibilities sets in but this does not warrant these excuses .My children school fees are expensive; I just build a family home, or may be aging parent to look after. I have no more money to invest.

At 50

Money is a store of labor from when you could work for use later in life when you are unable or less able to work.  At this time, you are supposed to have a good retirement savings .unfortunately the government is still on your case taxing your pension. Retire with dignity.

Security and peace are important to you. This will save you regrets if I am about to retire, I do not have any investments yet.

The word of God says, “A good man leaves inheritance to his great grandchildren”. Are you a good man?

I am retired I will let my children take care of me.This should not be the case.

It is important not to be negative about who achieve success and wealth respect and do not criticize them. As the saying goes, you cannot fight something and have it.

Today is the youngest you will ever be, protect your finances and be on your way to financial freedom.

Starting early is the best way of getting ahead to build wealth, investing remains a priority.so start today.

Do not think you are sacrificing today for the better tomorrow instead enjoy the journey. Do not be compulsive shopper instead save and budget with what you have.

The stock markets has plenty of opportunity to earn a decent amount of money with the right skills and proper understanding of how the markets works. If you stay invested, ignore the markets up, and downs, you will make a lot of money in the end that is why it is better to trade than to hold. The only thing is to know where to focus.

You may not have have those millions to invest but that does not mean your money cannot share same opportunity available to others. You work hard for your money; make sure your little money works hard for you too.

Start finding fun and intrinsic joy in your financial journey rather than getting scores. Whatever you are doing to get money, always have a plan of what to expect but prepare for risks, this will save you from losses you are not prepared for. Learn to manage your money through investments as the saying goes money cannot happiness but poverty cannot but anything.

Expose yourself to more moneymaking and entrepreneurship content.infact you are at home with evefinancialinsights.blogspot.com

Engage the services of a financial planner in all stages of life.

https://evefinancialinsights.blogspot.com/2023/01/financial-literacy-for-children.html

Ways of Improving Your Financial Health

  

 

Millions of Kenyans are struggling financially due to the growing standards of living as we all know it. The economy is only as bad as it gets. however, the wise Kenyans have decided to find ways of earning a living and living a fairly comfortable life. There many ways of earning an income but unfortunately millions of Kenyans are struggling due to the lack of these precious gems. This year lets change this and here’s some tips how to. 

START WITH A PLAN

As the adage goes failing to plan is planning to fail. This is where resolutions come in, before the start of this year you should have a financial plan. What is your budget this year? What are the bad spending habits you would like to stop that emptied your pocket dry last year? What are your goals? How has your performance at your workplace been? Is there something you need to change, maybe your attitude or simply turning to work late? If you’re aiming for a promotion this is exactly what you ought to look out for. Write all thing down but the story doesn’t end there make a plan on how you ought to achieve your goals.

FIND AN ACCOUNTABILITY PARTNER

Find a down to earth friend who will hold you accountable for neglecting your goals. Be honest and tell them of your financial plan, of course this must be someone trustworthy and close for example, a spouse. Let them monitor you, tell them of your progress and failures so that you might come up with the next course of action.

HAVE A SIDE HUSTLE

It’s a no brainer that no matter what profession you are in you must have a backup, no one knows of tomorrow but a wise person would have a backup plan. With the increase in technology, online services are everywhere and this is a blessing. You can come up with an online job their countless ones just choose what works with your interest and time. Most online jobs do not require special skills just a bit of your time. Unlike the traditional hustle system that requires your physical Prescence, online jobs can be done while you’re strolling around your office chair waiting for a client this saves you time and energy, allowing you to focus on family. However, if you’re not so conversant with how online jobs work you can still opt for the traditional hustle. The catch is having a backup.

START NOW

The problem with most of us is not that we don’t have an idea but the fact that we, think of an idea then tell ourselves it won’t work. We should be willing to take risks and do all we can until we succeed. Procrastination won’t get us anywhere but taking action surely will. Imagine if that idea is the one that would make you a multi-millionaire but you simply brush it off? why not try and see where this adventure will take you. Is it a restaurant that you’ve been dreaming of opening? do it there is no such thing as the right time, if you can invest on your idea. Please do.

 TAKE ADVANTAGE OF YOUR HOBBIES

Most if not all of us have a hobby, and if you have none try one until you find the one that works for you. Hobbies are very important. In our busy lives they are an outlet for the soul and mind. Respectable activities which we enjoy and do freely without a supervisor breathing down our necks, but are you aware that this seemingly insignificant activity can be a source of income? Most of us don’t like monetizing our hobbies since its an activity we enjoy without pay but the key is moderation it won’t be a full-time job but just another source of earning. Again, I emphasize on online platforms you might not get people in your local place to buy your stuff but you would be surprised by the amount of people willing to buy them online. There is a site known as patreon.com. Here young artist and authors can find monetary gain for their work together with many others. 

SAVING

Most of us are familiar with this term but, not what to do about it. Saving is simply cutting on expenses’ good way to save is through m-pesa this is how, simply log into your m-pesa sim-toolkit >Safaricom>m-pesa>loans and saving>mshwari>lock saving account>open account. You’re only required to put a minimum of two bob then the next day twice the amount of the previous, . Saving on smartphone is much better since we tend to really spend our money in our M-pesa account. Also choosing cheaper thigs in order to save is actually wise but this doesn’t mean that we become overly protective of our money we can still occasionally treat ourselves, but still save. Saving is not so much as not spending money but, it is more of not spending money unwisely. Adopt a saving habit and thank me later you’ll be blew to buy things you never thought of, open businesses you never dreamed of. Saving is a powerful tool we chose to have it.

BE CAREFUL OF SALES

I am sure what am writing about is nothing new, we all get excited once a product we had our eye on price’ has dropped to significant amounts. We buy it then feel we still have a lot of money and buy a couple of other things, we tend to be so in the moment that we don’t consider our budget until we sum up the cost and realize we have messed. Once there is a sale firstly make sure the product in question was initially more expensive it might be cheaper in other stores too, consider by how much the product has actually dropped and then make a plan to buy the product along with others whilst still considering your budget. Another thing to look out for are online buying apps if you’re a person who is still struggling to keep your impulse buying in check, I wouldn’t recommend installing this apps. If you really need something online visit the site with the intended product and purchase it.

We all want to be financially stable so that we do not burden anyone. This can only be achieved if we are willing to discipline ourselves and finally reap what we sow.

Financial Literacy for Children

 

We work hard to ensure our kids gets the best in land and what they need to succeed in life. We need to give them the tools they need to thrive financially .Engaging them in our daily money saving and spending activities acts as a great learning lessons.

 For example sending them to buy bread and a packet of milk, gives them a sense of responsibility and a notion that you have to pay money to buy goods and services. Getting the right change and knowing the actual cost of the product improves their mathematics and accounting skills.

Good financial habits are cultivated by using kids friendly methods for example piggy banks to save, deposit spare change, cash gifts from family members and friends.

Familiarize your kids with the bank procedures. Let them deposit their savings physically.

Help them understand if they save money for some time, they will be able to buy their desired items. This encourages them to save and helps them learn about goal setting. Since we do not want them to grow up spoilt and we know that they will be happier if they work for the stuffs they need.

 Instead, they are more fortunate through this teaching on life lessons and will pass it on to the next generations.

The following are tips to put in place in enhancing kids’ financial literacy.

Identification of different notes and currencies

This is the first step in financial literacy. Teach on different notes and denominations, coins and different currencies. Let them know how that Euro, dollar and shilling look like and their value.

Expose to them the concept of investing

 Encourage them to seek knowledge and mentorship from the successful people in the field of interest. If you do not find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key.

Importance of money

 Money is a medium of exchange and without it, we cannot trade. It gives you security, options and freedom. We earn, save, invest and spend because of its availability.

Teach them the difference between assets and liabilities.

Assets are items that one owns ,they help in generating revenue. They can either be fixed or current.

On the other hand liabilities are obligations that needs to be paid in the future. They can either current or non current liabilities.

Teach them on spending habits

Encourage your kids to plan how to spend their savings. Spending on what is necessary and of importance. Spend more on your needs than in wants. Prioritizing things matters

Money management

This is the best gift that the kids can get from us parents. Plan your monthly budget together, stick to that plan and review it monthly. Put everyone on board and this will ease the goal achieving process.

 

Different ways of earning money

There is always s money out there you only need to get a way of bringing it closer to you. Most people come from a point of scarcity making this not to settle well in their mind. Even if you are an employee, there is always other streams of income.

Invest in real estates and stock markets. The internet has opened up many opportunities for example Tiktok and Instagram if you build up a following, look fly and on trend, the you can get brand deals and partnerships.

Developing productive habits from the early age

 Teach them to do a private budget, manage credit wisely.

Deal with the sense of entitlement

No matter how wealthy your parents are, let your kids learn to earn their own success. Be financial independent and Stop clinging to that inheritance.

 Delayed gratification

  It takes time to build an empire and patience pays eventually. All hard work will be worth it.

To solve other people problem always pays back

Every multi billionaire in the world provided the so much needed solution to a certain problem. Always strive to be a solution giver and not a complainer.

Being financially knowledgeable places you high above giving you opportunities to flex your muscles and make it in life.

 Do not be poor and look rich, be rich and look poor because you invest in secret.-Robert Kiyosaki saying looking good but going nowhere has proven to be true to some visionless individuals.

 Always remember clean earned wealth makes one proud of his hard work and efforts giving satisfaction and fulfilment.

Let us bring up a financial literate generation making the world a better place to be.