Are you a wealthy youth?

Are you a wealthy youth?

My friends and I were having a good laugh😂 about our poor money decisions and it was so funny how wise girls like us could make such decisions. We all had the big dream of being young and rich🤑 but we weren’t. We spent money on bags, shoes, weaves, makeup, entertainment and clothes that made us happy for a day or two and then we returned to being broke girls, our bank accounts and stomachs were rich for a second but at least we could get away with looking rich for a long time. I had always asked myself in my broke state, can I enjoy myself and satisfy my wants without getting nairaless at the end of the day or do I always have to sacrifice one for the other? after reading Arese Ugwu’s book “The smart money woman” I got my answer. I realized that as an evolving youth our wants range increase and one of the responsibilities of an adult is to manage finances while satisfying desires. In order to do this, we need to gain knowledge on savings, budgeting and investing.

Budgeting

Budgeting is simply arranging our needs in the order of priorities. For me I try to put my needs with their price tag and calculate how much I would end up spending from my income. My typical school budget looks like this

Budget	₦     :   K
Tithe	***  :  **
Offering	***  :  **
Provisions	***  :  **
Food etc	***  :  **

Savings

We’ve all been advised to save but the big question is how do I save? Throughout my 100 to 300 level I had tried saving and failed woefully because I always tried to save 30 to 50 percent of my pocket money which left me drinking garri for days and at the end of it all when I couldn’t bear it any longer I ended up spending the money in a short period in the spirit of “I can’t come and kill myself”. After reading “the richest man in Babylon” I realized that in order to build a healthy saving culture you have to start little, let’s say 10% of your income and grow from there.

Investment

The real goal is to get wealthy; you can’t get wealthy on your savings but you can on investments. To me the main reason for savings is for investments. According to the richest man in Babylon you have to save to raise funds for investments and then study extensively on a business you have interest in or do it with someone you trust (the person must be knowledgeable about it) before you invest.

  I hope you enjoyed this article, check out other articles and you can get  “The richest man in Babylon” and Arese Ugwu’s “The Smart money woman”by commenting and it would be sent to your mail. Have a great day😇