Category Archives: Money and You

Business, Financial Independence, Millennium and Money, Money and You, Personal Development, Winning With Money

Make Your Money Work For You ….STOP Working for Your Credit Card Company.

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YOU CAN USE YOUR CREDIT CARD TO YOUR ADVANTAGE……..DISCOVER HOW!

I met a friend recently and he confidently told me that You know there are smart ways of funding your holiday that is free but unknown to many.

Of course being a financial coach it got my ears tickled as I am always excited when I come across information like this because it is not only that I want to take advantage of such products ( especially if it puts money in my bank account ) but also because another good info to share with my coaching clients.

Which is what I am doing now through this blog. As I normally spend my budget amount anyway though I have been using my debut card and I have mastered the act of always spending below my means ( income).

If you are yet to learn how to live below your income..I do not recommend you use this financial product -credit card until you have done so. The aim of this is to make your money work for you hence I call this winning with money Tip.

If you are disciplined, can delay gratification and have mastered the art of controlling money( not money controlling you) then this financial product is for you.

Benefits OF AMEX Credit Card

  1. No fee on the credit card account
  2. You earn loyalty point on every pound spent
  3. You earn additional 6000 points if you use in the 1st three months.
  4. You pay no interest IF you pay your balance every month when due( which is my recommended way of making credit card work for you)
  5. When you spend up to an amount in a year ( £20000) you get a companion voucher to travel ( which can be used for your spouse or anybody you want to travel with).

For me it’s a WIN WIN Card if you use credit card anyway . As soon as I OPENED this account I just closed my other credit card that is not giving me any additional benefit other than credit. Why did I have to close the existing credit card you may be asking- It’s because I do not want to have more credit accounts than I do need . If you have more cards than is needed and are not using the credit it might , this can lead to a drop in your credit rating . For a good credit rating you are advised to always use up to 30% of your available credit. i.e if you have £2000 , try to always use up to £600 every month.
HOW I USE IT

I conveniently put all my regular bills on my credit card ( which is regular anyway). e.g phone bills, water bills, groceries etc

All the school fees are now on the card just to make sure I have more points even if it is not go to 20k all the points still counts towards discount for my travel.

You get 6000 British Airways avios points if you use the below link to apply for the credit card;

AMEX Credit Card

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Business, Career, Financial Independence, Millennium and Money, Money and You, Personal Development

PRESSURE OF THE SELFIE GENERATION

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1. Are your selfies landing you in debt?

The rise of the “selfie culture” and a fixation on the lifestyles of celebrities may be landing young people in debt.
Research found that young people felt pressured not to be tagged in a photo on social media wearing the same outfit twice. Not wanting to make a fashion faux-pas, one in 10 borrow money they can’t afford to buy new clothes.Internet survey found that 41% of all 18- to 25-year-olds feel the pressure to wear a different outfit every time they go out, rising to 47% for young women.
One in six young people say they don’t feel they can wear an outfit again once it’s been seen on social media, and 79% admitted being influenced by at least one social media platform.
Instagram topped the list at 55%, followed by Facebook (40%), YouTube (37%), Snapchat (25%) and Twitter (14%).

Additionally, unboxing videos, in which YouTubers film themselves opening shopping hauls, are hugely popular, with 30% of young people reporting they watch them regularly, possibly influencing young adults to go out and get a “haul” of their own – with money they don’t have.

The selfie culture has a darker side, though, with 1 in 10 borrowing money they can’t afford to repay to fund clothes shopping. Also many borrowing to purchase new clothes were eating cheap food, skipping meals and even selling sentimental belongings to fund their shopping habit.

More concerning, another study from Royal Mint shows that this is affecting savings levels, too – the #YOLO generation (You Only Live Once) are saving just £300 a year (£5.70 a week) so they can have fun with the rest of their income. This compares to £1,500 per year, which was the average saved 40 years ago, according to historical data published by Lloyds Banking Group.
b. Does stuff = success?
The problem is a cultural one that stems from our tendency in the West to value “acquisition” more highly,

“In effect, we have psychologically fused together success with acquiring ‘stuff’,” he says. We think, “the bigger my house, car, wardrobe, or holiday, the more I demonstrate to myself and others that I am successful.”

Continue reading PRESSURE OF THE SELFIE GENERATION →

Business, Financial Independence, Millennium and Money, Money and You, Personal Development

Bursting Millennial Money Myths

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Most of us have made a few foolish money mistakes here and there. It’s the car we can’t afford, the personal loan we never should’ve made, or the mortgage that nearly sent us to bankruptcy.

So why do we keep making these same money mistakes?

Most likely, we mismanage money because of a faulty belief system. We’ve bought into some of culture’s most popular money myths. And a lot of times we’ve learned them from a well-meaning yet misinformed parent, teacher or friend.

While it would be easy to sit back and blame others for falling for these money myths, the most important thing to do is realize they are myths.

  1. Myth: Credit Card: Credit Card is to be used until I get fund to settle IT

    Truth: You are living on borrowed funds . This is mortgaging your earning in advance for personal expenses that will not give any returns.  Spend the money you have ONLY not money you are yet to earn.

2.     Myth: Debt is a tool.

Truth: Some tools help you fix things. Other tools help you break things. So in that sense, debt is a tool—it’s a sledgehammer to your financial future. Another way of putting it: Debt is the enemy of your income. The monthly payments you send to credit card companies are monthly savings you could be putting toward your retirement, your kids’ college, and your down payment on a new house! Your income is your most important wealth-building tool. Don’t surrender it to debt.

3.     Myth: Car payments are a way of life.

Truth: If you believe debt is a tool, you’re just as likely to believe car payments are a way of life. The average car payment these days is $504 per month.(1) That’s over $6,000 a year you’re putting into something that decreases in value. Instead, save that money every month for a year and buy a nice, used car for $6,000. The best car is the one without a payment.

4.     Myth: Not cooking is a way to live and Enjoy Life .

Truth: It’s a sure way to not reduce cost so no extra for future and making short term plan. An expensive lifestyle choice for someone not yet wealthy.

5.     Myth: You can’t go to college without student loans.

Truth: You absolutely can. Will it be easy? Maybe not. Will it be worth it? Totally. Whether it’s through college-specific scholarships and grants or federal and state aid (that’s aid, not a loan), going to college without debt is completely possible. And what about paying for college out of your own pocket? Rachel Cruze talks about college planning all the time. There are alternatives to loans when it comes to funding college tuition.

Many colleges offer work-study opportunities, which are essentially part-time jobs offered on campus. And no one’s stopping you from getting a part-time job off campus. Working as a barista, waiting tables, or even finding a retail job can bring in some cash to offset your school expenses. Consider even creating your own side business using your skills—tutor other students, pick up some freelance gigs, or start a pet sitting service. There are plenty of options to generate income while you’re still in school.

6.     Myth: Eventually, you’ll make enough money to catch-up on your retirement.

Truth: Prepare for retirement now. But make sure you’re out of debt and have an emergency fund of three to six months of expenses before you start. After that, you’re ready to start building for your future. Don’t put off preparing for retirement if you’re able to start today! According to the AICPA, 49% of non-retired Americans say they aren’t confident they’ll reach their retirement goals. (2) The more you save now, the less you’ll worry later. Chris Hogan explains how to retire with dignity in his national best seller Retire Inspired: It’s Not an Age; It’s a Financial Number.

7.     Myth: You already keep track of your money, so you don’t need to budget.

Truth: If you go online and know about how much you have in your bank account, that’s good. But that’s not a budget. When you just track your spending, you’re looking back at how you already spent your money. A budget looks forward. You plan how you’re going to spend your money. When you do this, you can prioritize paying off your debt, saving for your emergency fund, and planning for the future. Without a plan, you’re wandering aimlessly through your pay check.

You don’t have to keep falling for these money myths! Reshape your belief system today and positively change your future. That is when you can guarantee you are on the journey to Financial Freedom.

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Business, Career, Financial Independence, Millennium and Money, Money and You, Personal Development, Winning With Money

3 Ways People Respond to LIFE… Which is Yours?

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I recall a time when one of my cousins came to me telling me all the things happening to him and how he was tired of living. He was subtly threatening me that he wanted to end his life. For some reason my response was spontaneous and harsh; please go and let us know how many of us is remaining to share the limited resources (food) available.

With hindsight, that was a sharp insensitive response that I would not give with a hind sight but the truth is that Life happens to all.  DO YOU RESPONSE OR REACT when life throws its punch at you?

You may be asking what the difference is. There is a huge difference between the 2 and the difference is in the outcome.

Outcome of reaction is irritation, getting stuck, throwing out tantrums at people around you, playing the blame game etc. but the response of response is  inward reflection , outward assessment, taking responsibility , looking for lesson(s) learnt, improved capacity…etc.

The following analogy or experiment perfectly illustrates how we all respond to life struggles when we come across it.

When you take a kettle of water, heat up to boiling temperature, pour the boiling water to the following items (Fresh Egg, Carrot and tea bag) let’s see what happens to them after sometime .

The Egg gets hardened; the carrot becomes soft while the tea bag changed by infusing its content to move from one state to another and at the same time changing the water to tea.

Boiling water is figuratively the life that happens to everyone… no one is immuned to it.

How do you ride on life storms? Like the Eagle that use the storms to soar or the chicken that runs for cover?

How have you responded to life up till now?   CARROT, EGG and TEA BAG.

Is there a need to change? How do you hope to change? Let me hear from you. Share your experience for others to learn from you in the comments.

 

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Money and You, Personal Development, Winning With Money

3 Winning Tools To Attain For Financial Freedom

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These are words you are not told to attain Financial Strength/muscles and Confidence.

  1. Sacrifice( Delayed Gratification). Holding off on what you could do or have now for a better and greater future gain.
  2. Discipline. Simply doing what you ought to do to achieve your desire goal or aim whether it is convenient or not.
  3. Hard-work . This never kills. It expands or stretches your capacity to earn more and live with more.

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Business, Financial Independence, Millennium and Money, Money and You, Personal Development, School of Life, Winning With Money

5 Money Questions To ASK Each Day

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In my quest for improvement in my career and business; I have discovered the power of questioning. The Questions you are asking yourself determines how far you want to travel on the journey of life.  This applies to all areas of your life; Career, Business, Relationship, Health, Spiritual etc. When you ask empowering questions in any particular area of your life it unlocks your potentials, creativity, innovation etc.

Hence in the Winning with money series; I would like to share with you 5 empowering personal finance questions you do should to ask yourself if you desire to achieve financial independence, confidence and freedom.


Answering these questions may lead to new discoveries and enable you to make or review your money or personal finance decisions with the aim of achieving any financial set goals you have made. Answering these questions could open your eyes to know what you need to do to improve your financial life to achieve confidence, independence and freedom.

Do you have a loan or credit card debt ?       

For you to have a healthy financial life, your net worth should be in the POSITIVE i.e.  What you owe is less than what you own must be positive. If you find this skewed in the opposite direction; then it might be because of loans and credit card debt. (If you have watched my video 3 Never to Do with Money).The use of debt to fund your lifestyle should not be encouraged so STOP.  If the answer to this question is yes; the first step to do is to decide to eliminate the loans/credit to at least achieve a break even position in your net worth.

Do you have a personal budget?         

Does the word “BUDGET” send shivers to your body? If it does; you are not the only one. There is a myth on budget that it is technical term that requires some technical knowledge own to be able to have one. It is not truth. Budget is simply giving your money (every penny) an assignment. It is a managing or control tool. You simply prepare a plan for the week/month/quarter/year as you are most comfortable with, of how you spend your money. Assign every penny you earn.

How much do you know about investment?     

Are you investing? If you are not investing then, how are you multiplying your money? Answering this question will make you to realise that you need to start or continue investing to attain financial success. You can determine and afford the lifestyle you desire just by earning the income to support it.

Have thought of saving for Retirement?

That is one question that you need to take care of as early as possible in your working life. Planning for retirement is usually left to the end of many people’s work life. At this time it is challenging and the effort required would be doubled that which would have been put in if it was earlier on in your working life. Waiting till later puts so much pressure on you that may ultimately impact on your health or enthusiasm to life.

Do you have an emergency fund?

Everybody should have an emergency fund. This is an ingredient in the recipe for financial success. This is a fund set aside for the rainy day, when the unplanned or unforeseen happens and this requires spending eg when that car develops a major fault that you did not have a warning or someone in the family falls sick or dies and a funeral spending has to take place. The emergency happens to all. It is not IF but WHEN it’s going to happen. So when it happens, what do you? Who do you go to for the needed fund? Bank (for loan), Credit Card Company or family and friends that are planning their finances (hence have extra to lend you). The ancient book says the “The Borrower is the slave to the Lender”

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Millennium and Money, Money and You, Personal Development

3 Money Moves to Make in Your 20s

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This is the best season of your life when you the freedom to do as you like with your money. Freedom to spend,save,invest, protect and control.

  1. Get Emergency Fund saved in an account,

  2. START Investing now  and 

  3. Have a Retirement plan and stick to it

CLICK HERE FOR THE DETAILED INFORMATION ON THE 3 MOVES FOR THE 20’S

Career, Money and You, Personal Development

3 Benefits of  Pension People Miss Out On

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So many employees and self-employed people do not pay attention to how their financial future will be. Can you tell me how your financial future will be like when you do not have the strength to do as much as you are doing now. People are so engrossed in the past and present while failing to pay more attention to the future; the time you might not be able to work or you attain the age of retirement. How well you have prepared for the time now determines the quality of life you live . What does the future hold for you financially? This is a question many people do not want to ask for either fear of what to discover( lack of preparedness or thoughts that the future is a far away time). For any of the reason, you have to come to terms with reality. Below I share 3 sure benefits to get from pension scheme participation. A lot of people miss out on this unfortunately.

Guaranteed More Money From Your Employer

A sure means to get a top up on your earnings/income because employers always have a percentage contribution to the scheme if you participate in the scheme. The government also encourages employers to do this, Participating or contributing to your company’s pension scheme is a sure way to get paid more from your employers. Most, if not all the scheme have the employers contribute to it based on your contribution. There is o way you can get that money from your employer if you do not participate or contribute to your company/employer’s pension scheme.

Guaranteed Tax refund from Government

All your contribution to the pension scheme is tax-free. The government refunds the tax deducted on the portion / amount you are contributing to the pension scheme. This is the way the government encourages or inspire employees to register and contribute to their companies’ pension schemes. This is a sure means of getting money from the government. E.g. if you contribute £100 to your company’s pension scheme and your income tax rate is 20 %( i.e Tax you pay on your wages/salary) ; the money that is effectively invested in the pension scheme is 120 i.e. 100 plus 20% (20) = 120 not 100 deducted from your wages/salaries.

Guaranteed Retirement Income

Contributing to your employer/company’s pension scheme is a making future plans for retirement income. More than 70% of people end up little or no plan for retirement, hence you find that when people retire they have to make a downward adjustment in lifestyle to be able to afford it. This affects the quality of their lives because little or no plan has been made for retirement. Contributing to the pension scheme is an indication that you have plan for that future hence you design that future life you want.

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Money and You, Personal Development

3 MONEY PITFALLS TO AVOID

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I am very excited to share these major mistakes people make with money. 3 MISTAKES TO AVOID IF YOU WANT TO WIN WITH MONEY These are pitfalls you must avoid in order to enjoy financial peace or freedom in life.

  1. Don’t Spend More Than You Earn  

    One of the major money mistakes we all make is this one and it is so easy with the era at which debt is sold to all in credit cards, high street shop cards, loans, etc If you are not conscious of this you will find yourself spending more. It’s a major  error to take you into poverty and indebtedness.        WATCH VIDEO OF THE ARTICLE

  2. Don’t Fund Your Life Style With Debt

    Have heard of the saying that the borrower is  a slave to the lender. This is so true. When you are in debt , you have lost control of your money decision because the lender dictates . Regardless of your needs or wants ; the debt is what you have as top priority to settle.  STOP keeping up with the Joneses STOP trying to appear rich when you are not rich. Get a grip of your financial life, You can not have financial peace in life if you fund your life with debt. When you are in this habit, you are unlikely to think of your financially future and if care is not taken you end up being broke if not bankrupt some day.

  3. Don’t Go Shopping When Hungry

 Going shopping when hungry is a recipe for money mistakes. When you are hungry and shopping; you may find yourself buying more and items you do not need . Also when you are in this state you may never buy what you really want to buy because you want to rush off and end up making wrong choices and spending your hard-earned money just because you are hungry. Never go shopping when hungry.

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