You are probably wondering why the name, away from what you already know. That is OKAY! I am just here to share with you my view of knowledge gathered from reading “The Smart Money Woman”. A huge thanks to PHCN, given that I almost hate being idle when I can’t work on my laptop, I had extra hours to spend.
Why is this relevant? A single word might mean different things to different people, if you are like me who is open to variety of thought process, then this is for you!
Here are my findings;
Do not borrow to pay outstanding debt or purchase assets that won’t grow in value.
There is something called “active and passive income”. Active income can be in form of your salary while passive income arises from the money you have left to work for you while you “sleep”. E.g Investing in stocks or any form of investments. Until bulk of the money you spend on those Chanel bags/traveling expenses comes from your passive income, you’ve got work to do! Peeeeriodt!
Until your Passive income exceeds your Expenses/Lifestyle, there exists financial crisis.
Monitor and review your bank statement every week, track your inflows and outflows. It will help track excessive spending habits. (Personally this works, I have an app that tracks every single cash that leaves my phone/ account, I could easily monitor my financial activities, short story, bulk of it went to food! I had to cut it off/down).
The key to investing is to start early and stay consistent.
Do not invest in what you do not understand. Some of us are of the habit of investing in a certain platform because our friends are also doing same but remember that your investment objectives might not necessarily be the same.
Conferences/networking events are what you make of it.
In mentorship, do not come with the “aunty, help me” behaviour. Look for a way to be of value too.
Your network is your net-worth.
Articulate and perfect your “non-elevator” pitch with practice,practice, practice.
If you and your clique/family do not do the “money talk”, there is a problem. From time to time, gist about how you can make more money as you gist about what is trending on twitter.
Marriage is not the financial security to aspire to.
Hey lover girl/boy, I understand you own a joint account in the name of love, please have individual accounts too “incase”.
Hey beautiful girl, nobody wants a broke and beautiful girl…let that sink!
There is always traffic in Lagos, don’t ever use it as an excuse in business meetings. (Personal experience — few years back when I had an interview with Stephanine Coker for the role of a P.A, I almost lost the opportunity for this only reason), Lagos is a crazy place but no one cares anyways.
Life crisis can weigh into how you manage other areas of concern, be smart enough not to allow it get in the way of your job performance.
There is a myth about Insurance in Nigeria, don’t be on that train. Get an Insurance package.
Promote, demote, add and subtract. You are the CEO of your life, you shouldn’t be giving time to people or relationships that do not add value.
You are the average of the five people you spend the most time with. If you hang out with four broke people,you will be the fifth and if you hang out with four business minded people, you will be the fifth.
My next writeup will be an introduction to Investment. For now, drink on this!