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Hello friends, I welcome you to another session of IGNITE SERIES. This week is money week ?, lol. I will be sharing some ideas on a topic called FINANCIAL ACCELERATION. The main motivation behind the Ignite series is to develop individuals who will live a life of significance in all facets of life.

‘’The youths of a nation are the trustees of posterity’’
—Benjamin Disreali
You need to understand that the concept of money answers more to quality than quantity, what do I mean by that? It’s how you spend your money that count not how much you get. No wonder Parkinson law states that “The higher your income, the higher your expenses will be”. So it’s not having 5 streams of income that guarantees posterity but having a stabilized personal financial system.
I will be sharing with you some practical steps on how to increase your financial worth. Gloria Copeland once said Never try to build a house without first laying a foundation. I don’t care how eager you are to get it finished, how excited you are about filling it with furniture and decorating it all just right—take the time to put down a solid foundation first. If you don’t, that house will be so unstable it will soon come tumbling down. The first strategy we would be considering is PLANNING.

1.  Planning

When planning money acquisition; you should not think in vague terms, you need to be specific in terms of your expenditure and savings. You would not make any progress from where you are until you become very specific about what you want. Sam Adeyemi once said that “Nothing becomes dynamic until it becomes specific“.  Do not just talk about making money without planning.
Planning your finances implies thinking on paper. You need to calculate what you want your savings to be like. Planning was Joseph’s major asset in Genesis 41. Interpreting Pharaoh’s dream was not the key to the breakthrough; it was just the problem identification. Joseph simply suggested a plan of saving 20% in the time of plenty and the building of the storehouses.
The years of plenty and famine apply to everybody. The wise one who plans ahead will always master and dominate famine.

2.  Laws of Compound Interest

For those who hated mathematics in high school, am sure you are going to love it today. Well God clearly designed things to increase in geometric progression. Joseph barely saved 20% for 7 years, yet when the famine came, there was still plenty, Joseph simply applied the law of compound interest. This law increases the value of your savings by simply making time work for you.
Let’s examine this example, if you save up #100,000 in a year and invest the funds at an interest of 12% per annum, at the end of the first year you get #112,000. Time has worked for you and increased your worth, however the longer the time, the more the multiplication in compound interest. Simply invest with part of your savings and the returns from your investment will simply amaze you.

3.  Save to be Safe

As simple as this strategy is, a lot of persons are suffering from it. Savings is a matter of “Paying now and Playing later”. Many people consume both the fruit and the seed. Some will not only consume their money but they will also borrow. The covenant obligation is to be fruitful – take some seed out of the fruit and sow and this automatically leads to multiplication.
Go through the following saving tips;
1. Save from every Pay Cheque: You need to save at least 20% of all your income. Imagine you  earn #100,000 in a month and you save 20% of it every single month, at the end of the year your total savings with amount to #240,000.
2. Save every increase in your Income: For example if your normal allowance is #100,000 and it is raised to #130,000. Make sure you save the #30,000 raise for a while. Do not blow your income raise. Try not to adjust your standard of living immediately there is a raise in income.
3. Save Unexpected income: Most times whenever we see an unexpected income, we spring up unexpected expenditures immediately. This is very wrong. Most times when extra money comes into your account or hand, things automatically becomes urgent; that is when you remember that shoe or bag you’ll love to buy, refuse to yield into such temptation.
 
Don’t be like those who when their goods increases, they increase the eaters. SAVE TO BE SAFE.

I am looking forward to seeing you next week. Have a financially buoyant week.

From your Coach.

Adebayo
To read all other posts in the Ignite series, [wp-svg-icons icon=”point-right” wrap=”i”] CLICK HERE

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