So, I was at "Repositioning for advantages" today - a practical financial intelligence training. Wow, wower, wowest. Thumbs up to Abiodun Alafe and co for putting the program together.
Apart from meeting some great individuals, I also went home with hands-on training on how to lead a better financially free life. I feel so bad for not inviting you my friends; a lot of things that you should have heard by yourself. So I'm compelled to share my personal note, jotted during the event, with you.
Here's my personal note: delivered as promised (slightly edited)
Question: The third diagram, The rich? What's the difference in being financially free and being rich? I just want to be rich? Is that not everyone's desire?
Everything is created twice, first in thought, then in reality. Everything is energy. Thoughts are energy.
During Mrs. Gbonjubola Sanni’s session
I need to meet Mrs. Gbonjubola Sanni. She engages and teaches kids.
We don't get formal training on how money works. That's a big challenge. What we do most times is reverse budgeting, we don't do budgeting.
Why do we need to work with adults? If you don't help the adults, they won't be able to help the children.
For every topic that's important to you, you must have read as many books as your age.
Question: What's your goal in 25 years?
In 25 years, I want to have lived 10 yrs without needing to worry about money.
Your goal should not be financial security but financial freedom. Goal should be in the direction of not needing to work every day.
Have a budget for the future. Many things we think are assets are not. They are not assets until they bring money for you.
Begin to convert your money into assets. If I have a phone and I use it for business, then it's an asset; else it's a liability.
It's about sitting back and thinking about what you want to do, it's not about hard work. People that work hardest are the least paid.
Saving all the money you make isn't what makes you rich. How much you earn isn't what makes you rich. It's your decision (and actions?)
Economics is not all true. Resources for financial freedom aren’t scares: it's available everywhere.
The disadvantages in your life aren’t setbacks, they are actually stepping stones.
Your financial issues aren’t coming from anybody. You have no enemies of financial freedom. You are your only enemy. Our financial irresponsibility causes whatever mess we are inn.
A goal without a plan is merely a wish. What's your roadmap?
When you make the decision, you begin to attract the resources. Fill yourself up with the right information.
Rules of financial Intelligence
- Make more money- decide what you can do to make more money. Innate abilities with what the society wants.
- Learn the good way to handle money. We teach six jars - all incomes should be divided into six accounts.
- Pay yourself first. Save some amounts of money from your income. I won't eat my future. Recommended amount is 10% and you don't have to start with that. The ability to be consistent is the important. Look critically at your need. On a monthly basis. It's call FFA financial freedom account. It's not an emergency account. Make it a point of duty to borrow money with interest for emergency. The money is for you to invest. Question: what's a recommendation saving plan for someone that makes money only about 3 to 6 times a year in an irregular manner? Answer: pretty much the same. Just need to be more disciplined as all the plans will be on paper.
- Help other people - don't be selfish, don't think about yourself alone. Save at least 10 percent to take care of other people's needs. Charity
- Long term projects, a car, house. It shouldn't be things that happen now. We should plan for them. 10 percent. Learn to plan for things
- Entertainment: all jack and no play makes jack a dull boy. 10% to recreate and rest.
- Personal Development: people who develop themselves earn more money. You can make 100% more if you can set aside 5% of your income for personal development. When you train yourself, you build capacity. Look for mentor in things that mean a lot to us. Identify areas you need help on and choose mentors in that field. The people you associate with determines where you get to. So meet people, read books.
- Every other thing: all expenses, friends, school fees, up keeps etc. 50% should take care of it.
Goals change when we grow
Be a doer - talk is cheap. Everything you get here.
TO BE CONTINUED SOON.