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EEbunlomo 3 years ago
8 months down in 2020, here are 8 Finance lessons 2020 has taught us so far:
1. Diversify your income sources: Don't put all your eggs in 1 basket. You cannot afford to have only 1 income source.
2. SAVE: You can't afford to live paycheck to paycheck. We must strive to live below your means.
3. Have an emergency fund: Save 3-6 months worth of expenses (an emergency fund), so you have something to fall back on if something happens to your income stream.
4. Don't just save, invest: Investments can serve as an excellent 2nd source of income. Saving is just storing; investing is planting. Don't just work and store, PLANT.
5. Look before you leap, don't throw your money at every "investment": Not every risk is worth taking. Ponzi schemes are bad for your finances, they may promise great returns in the short term, but those returns do not last.
6. Keeping all your money in an unstable currency can make you poorer even if you are doing nothing. In Jan 2020, if you saved ₦1 every day for 1 year, you would have $1 on December 31st but going by recent rates, if you save ₦1 every day for 1 year, you would have $0.75.
7. Money is a reward for giving value: What kind of need can you meet? What natural or learned skill can you use to meet people's needs and get some pay for it?
8. Don't be fixated on an outcome, be flexible: Life happens and no amount of financial planning can prepare you for life when it happens. Don't beat yourself up when you don't meet your goals. Don't be scared to change course when life happens.
Source: Oghenerukevwe Odjugo
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KKemisola 3 years ago
Very Insightful. I agree 100%. What a year.
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DDaniel Kaati 3 years ago
I do agree
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IItoro 3 years ago
This is spot on!
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TToyin O. 3 years ago
2020 did a lot of brain reset for many. These lessons are accurate.
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DDestiny Awata 3 years ago
I agree with this, 2020 has truly been a year of lessons and I am glad to see more people taking their personal finances more seriously.
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KKelechi Idah 3 years ago
Highly insightful.
Thank you