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How to Get Out of the Rat Race Cycle?
That is right. The rat race cycle is created when people live large and overspend. Sometimes they don't even afford those things they desire but they just buy them to satisfy the gratification. It is important to learn to delay gratification and stay disciplined in your spending. Investment also helRead more
That is right. The rat race cycle is created when people live large and overspend. Sometimes they don’t even afford those things they desire but they just buy them to satisfy the gratification. It is important to learn to delay gratification and stay disciplined in your spending.
Investment also helps many to get out of the rat race cycle. When you invest, you earn more money and so you can afford those things you need. Though spending from your investment should not be too much too or you risk failing and going bankrupt.
See lessHow can I stay away from debt ?
I think you should start with exploring the reasons why you are in debt. Finding the cause helps you to come up with solutions. One of the reasons why people get into is because they are not earning enough to satisfy their needs. That person needs to find better ways of earning or increasing their iRead more
I think you should start with exploring the reasons why you are in debt. Finding the cause helps you to come up with solutions. One of the reasons why people get into is because they are not earning enough to satisfy their needs. That person needs to find better ways of earning or increasing their income in order to afford to sustain themselves.
Another reason is emergencies, they make you take a quick loan without a clear plan on how to get it back. That will require you to plan on saving into an emergency fund in order to avoid such inconveniences.
It may also help to be a great investor. Such that instead of taking a loan, you “borrow” from your own investment.
See lessHow can I prioritize which debts to pay off first?
You should start with paying off those debts that have high interest rates. That way, you prevent it from growing even bigger and costing more to pay back. You also need to see how the loans are affecting your personal life. Especially those loans that you are asked to pay back fast. It can be so frRead more
You should start with paying off those debts that have high interest rates. That way, you prevent it from growing even bigger and costing more to pay back.
You also need to see how the loans are affecting your personal life. Especially those loans that you are asked to pay back fast. It can be so frustrating if you are being harassed to pay back a loan. You better clear it and reclaim your peace.
Another thing you need to check is amount. I always pay off small loans first while paying off the big ones is installments. You should choose a strategy that works for you and stick to it.
See lessWhat Factors Should Be Considered When Investing in P2P Lending?
Security is the most important thing to consider when starting a P2P lending investment. This is because people can easily run away with money if you are not secure enough in your investment. Though I really don't know what security measures to put in place in order to recover money lost through defRead more
Security is the most important thing to consider when starting a P2P lending investment. This is because people can easily run away with money if you are not secure enough in your investment. Though I really don’t know what security measures to put in place in order to recover money lost through defaulting.
Another thing you need to have in place is how to check for people’s credibility to pay back the loan. You should have a plan on how to check people’s credit score.
See lessInvesting in your business vs investing in other business
I think investing in your own business is much better than investing in another person's business. I say this because in your own business, you can manage it well by identifying risks and mitigating it. You also have full control of what happens in the business and so you can keep investing to makeRead more
I think investing in your own business is much better than investing in another person’s business. I say this because in your own business, you can manage it well by identifying risks and mitigating it. You also have full control of what happens in the business and so you can keep investing to make it grow even bigger. You also get to enjoy all the profits.
Another person’s business limits you in that you don’t have control of the business after you have invested. This is so risky as the business may not succeed and you lose your money.
See lessHow to compound your return on your investment?
Compounding your profits is simply reinvesting any profits you make. Instead of spending all your profits, you invest it back and build your portfolio. This requires that you have another main source of income, not dependent on the investment. That way, your income source can satisfy your needs whilRead more
Compounding your profits is simply reinvesting any profits you make. Instead of spending all your profits, you invest it back and build your portfolio.
This requires that you have another main source of income, not dependent on the investment. That way, your income source can satisfy your needs while you keep on compounding profits.
You can also build your investment portfolio through investing each month from your salary or income source. The more you keep investing, the more you compound your interests.
See lessIs Investing actually a passive income?
If you are investing into a business and running the business yourself full time, that is not a passive income. That is your job and so it is an active income source. Passive income is where you invest money and wait for the profits. An example of this is building rental apartments and having an ageRead more
If you are investing into a business and running the business yourself full time, that is not a passive income. That is your job and so it is an active income source.
Passive income is where you invest money and wait for the profits. An example of this is building rental apartments and having an agent who collects rent for you and does all the maintenance needed. So you sit back and enjoy the profits while paying your employee.
See lessHow to create investment funds?
Investment funds should come from your main income. You should not spend all your salary or income on your expenses each month without investing anything. Such a behaviour will only get you into a rat race cycle. Investment gives you financial freedom. Therefore, you need to work hard to invest, theRead more
Investment funds should come from your main income. You should not spend all your salary or income on your expenses each month without investing anything. Such a behaviour will only get you into a rat race cycle.
Investment gives you financial freedom. Therefore, you need to work hard to invest, then you can afford other things from your investment.
Another source of investment funds is reinvesting what you earn from one investment. Don’t be in a hurry to spend your profits, you should reinvest instead and keep growing your portfolio.
See lessGetting a loan for investment, is it good?
Getting a loan for investment is a good idea when you don't have any other Capital. But it is important to ensure that the investment is viable and you can manage the risks in it. If you are not sure about the profitability of the business, it is best not to get into it, especially with a loan. OneRead more
Getting a loan for investment is a good idea when you don’t have any other Capital. But it is important to ensure that the investment is viable and you can manage the risks in it. If you are not sure about the profitability of the business, it is best not to get into it, especially with a loan.
One of the perks of investing using a loan is that the investment may not be successful and you will get yourself into bad debt.
It is always better to save your own income and use it to invest. Go for a loan as your last resort.
See lessHow can I control my spending habit ?
Having control over your spending habits is one great way to stay on the driver's seat over your personal finances. To gain this control, do the following; 1. Beware and accept how much you earn. Knowing exactly how much money you make is the foundation of being in control of your spending. After aRead more
Having control over your spending habits is one great way to stay on the driver’s seat over your personal finances. To gain this control, do the following;
1. Beware and accept how much you earn.Â
Knowing exactly how much money you make is the foundation of being in control of your spending. After all, awareness is the mother of resolution. Acceptance will help you be contented and live within your means.
2. Identify your needs and wants.Â
It is important to also bring awareness to your needs and wants, these are things you will spend on. Needs are those things you need to live, while wants are things that improve life but you can live without.
3. Budget your expenditure and prioritize your needs. You can try to satisfy some of your wants, not all of them. Maybe alternate on wants while prioritizing needs.
4. Keep learning about personal finance.Â
There is so much about money and spending that you can learn. So keep exploring, reading and watching videos that teach about this topic so that you can stay in control.
See less