Want to Join an Investors Club With a Low Budget? Here’s what you need to know

Ever heard of the term Plutophobia?

Plutophobia is derived from Pluto (wealth) and Phobia (fear) is the fear of wealth.

Yes, it is actually a thing that there are people who are afraid of being rich. It sounds funny, I even feel like laughing out loud as I type this, but looking at it deeply makes it not so funny.

Like, how can someone be afraid of being wealthy when we all know that money answereth all things? (We are well aware of immaterial wealth but for the sake of this article, all mention of wealth refer to money and all the riches that come with it).

There is also something called Chrometophobia. Chermato (money) and Phobia (fear) which is the fear of money.

The key triggers of phobias are external events which might be heredity or life experiences.

You might have heard time and time again that investment is not for the rich only. But then, you don’t know how exactly to invest with a low budget.

What if I told you that you do not need huge amounts of money to invest in portfolios that can give you beautiful rewards.

All you need is to have the right information and go where the opportunities abound.



Before you invest, first decide if you are willing to invest either for a short term or a long term.

This will enable you to look in the right places, thereby saving time and being decisive from the onset.

Pay attention to the following before your first investment:

  • Beware of “too good to be true” offers. Examples are investments that offer high returns just after two days.
  • Understand the risks that come with the investment you are taking up.
  • Do your own proper research.
  • Always get the second opinion from friend, family or an investments expert.
  • Ensure that there is physical paperwork stating all the terms of investment.

Now that you have the information on what to do before you invest. Here are some investment opportunities you can start investing with as low as N5,000 monthly:

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  • Mutual funds
  • Money market funds
  • Real estates
  • Treasury bills via i-invest app
  • Agriculture
  • Invest in a friend or family’s business with properly drafted contracts
  • There are also private investment opportunities where you get up to 10% monthly on commitments from as low as N50,000

Remember that you won’t get rich by hoarding money in your savings account or leaving them in a piggy bank. It is by investing.

A change in mindset would help you navigate away from societal misconceptions about being wealthy as a woman.

It would also help you overcome the fear of charging your worth for services you render or the good you sell. And as time goes on, you will see yourself making the money that you were long due to make, but afraid to ask for.

Like I mentioned earlier, decide on the type of investment you want and why you want it then go for a suitable opportunity.

Now that you are well informed about investments and how it can help you become wealthy, do you still hold any reservations about it?


How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.

3 Reasons why you are an impulsive spender and what to do about it: Lydia Chinery – Hesse

This September, we’re out here on these streets trynna secure the bag. If you’re an impulsive spender, this one is for you.

As a financial advisor working with Holborn Assets, Lydia Chinery-Hesse has helped clients put measures in place to control their spending while increasing their savings and growing their wealth.

She has been working with various nationalities to help them plan their financial future by giving them transparent, objective and honest advice. Lydia helps them visualize their personal (and business) goals and structure a plan towards achieving them.

Earlier this year, she created a Facebook group called Love Yourself Financially, a community of global women who are dedicated to being the boss of their finances.

Their goal is to be financially secure and free – which has a different meaning to each member.


The Scenario

You’ve just finished a successful meeting and decide to take a short walk through the mall, for some window shopping.

Before you know it, you’ve spent money shopping for more clothes you don’t need!

It’s 4:15 pm and you’re absolutely famished. While you could wait another hour to get home and eat some leftovers from last night’s home-cooked supper, you decide to order food that would cost the same amount as your groceries for the week.

Even if you haven’t found yourself in one of these situations before, you’ve definitely spent money impulsively in one way or another.

  • Why is this?
  • Why are we so impulsive? More importantly…
  • What can we do about it?

Here are the three main reasons for being an impulsive spender, and a few ways you can improve your spending habits.

1. You’re using a credit card

Studies show that when we pay using our credit card, we’re more likely to spend money. With a credit card, your thinking will be more along the lines of “out of sight, out of mind”, as you don’t see the money ‘leaving’ your wallet.

Conversely, when we spend with cash, it hurts a little, and you tend to think twice before spending it.

What should you do about it?

• Until you get to a point where you have significantly improved your discipline in this area, ditch the credit card.

• Ditching the card means spending cash only.

• Withdraw your cash allocation for the week, and carry only what you need on a daily basis.

2. Because money should be spent

If you’re able to spend money impulsively, consider yourself fortunate to have the money to do so. That being said, just because you can, doesn’t mean you should.

As an impulsive spender, It’s likely you’re not tracking your expenses by writing them down or through an app.

If you did, you’d be less likely to spend mindlessly as you’d always be aware of what you’re spending on and how much you’re spending. 

What should you do about it?

• Before you’re about to buy something, you want, pause. Wait a day, a week, a month or longer to determine if you really need it. Chances are you don’t.

• Track your expenses, create a budget and live by it.

• Get an accountability buddy. When you’re itching to spend, call a friend you trust who will talk to you straight.

• Meal prep. Don’t give yourself an excuse to buy a meal. 

• Try no-spend days a few times per month.

In addition to all of these, it’s worth considering…what else could you be doing with that money? This brings me to my last point:

3. You are not thinking long-term

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Living for today will most likely mean scrambling or struggling in the future.

Perhaps it would be wiser to live according to this African Proverb, “For tomorrow belongs to the people who prepare for it today”. 

What should you do about it? 

• Set your savings goal and reward yourself for achieving them (without spending money – be creative!)

• Save towards future plans. Put some money aside monthly towards that goal, whether it’s a vacation, car purchase, etc.

• Be intentional about your long term goals. This begins by figuring out how much you’ll need to either live comfortably in retirement or to reach financial security (where passive income pays for your expenses).

Once you have that figured out, work backward from there to determine how much you should be saving (and investing) in order to reach your target.

Practicing delayed gratification improves your discipline and you’ll also enjoy the financial rewards in the future – @lydialydzzz Click To Tweet

It takes some self-reflection and being honest to admit that there are areas in which we need to be more disciplined in order for the impulsiveness to end. 


How are you improving your spending habits this month? Click here to share your story with us.

7 steps to Managing Your Finances while on campus

So you get your school allowance or money from your side hustle and you’re ecstatic! Next thing you know, you’re flat broke and now all you are left with is the billion-dollar question… How did this happen? Managing your personal finances while on campus can be hard, but we have a few tips below to help you survive sis!

1. Create a Budget

A budget is simply a statement showing how you plan to spend your income. Creating a budget starts with being realistic. This means that you are realistic about how much money you currently receive/earn and how much you spend or hope to spend. The word budget can come off as scary and intimidating to most of us and where does one even begin?? Please keep in mind, a budget is super important to have to maintain financial stability while in school. Let’s be honest. No matter how much money you have, it will never be enough to cover every single thing you need to buy. So budgeting is one key way to ensuring that you spend your money on the things that truly matter to you. Document everything you spend your money on, from mobile data to hair supplies to that take-out from last weekend to groceries, clothes, and stationery, all while being realistic with your current income. This helps you take charge of what exactly you want to spend and sticking to it helps reduce impulse spending on things that you don’t really value. If you can't save when you earn in thousands, it will be difficult for you to save when you earn millions Click To Tweet

2. Save, Save, Save!!!

Your allowance might be small, but truth be told, if you can’t save when you earn N20,000, it will probably be difficult for you to save when you earn N20,000,000. This is because your expenses and tastes will inevitably rise in response to your new income. In light of this, the best time to start saving is now! My favorite tip to share for saving is to open a savings account and DO NOT get an ATM Card or Mobile/Internet Banking for it, you’ll thank me later. Transfer a certain percentage of all the income you get, (including the money you lobby out of relatives, yes, even that) into that account. This makes it difficult to access the money at will. Another option is to use a piggy bank. A lot of small businesses make and sell beautifully designed ones to order. Put some money into the box and only open it for emergencies or to invest. Finally, you don’t have to attend every brunch, every party or buy every dress on sale, I promise you won’t die if you don’t do all the social activities in one month. Always stick to your budget.

3. Budget money for the fun things too

Include an amount of money for the fun things you love to do and buy. If something extra comes up that is not in the budget, politely decline and if necessary you can include it in your budget for the next month. Spread out these kinds of purchases over different months. For instance, you could buy that dress this month, go for the Wizkid concert next month (or when we’ll be allowed outside again, stay safe!) and buy those new shoes a month later.

4. Take advantage of Student discounts

Don’t be embarrassed to use your Student ID to get the student discount on a movie, event or even products. Look out for these discounts and coupons and make the best of them. However, with everything else in life, moderation is key. Don’t splurge on everything simply because the word “SALE” is attached to it.

5. Get a Side Hustle

Can you make wigs, create content, draw, do makeup, code, etc? Then get a side hustle – sharpen your skills and monetize them. Spread the word about these skills and confidently charge money for them. This will serve as an extra source of income for you.

6. Flee Debt!

You’re too young and too cute to be in debt sis. Try not to borrow, especially if it is not urgent. Live within your means always. Not only do unpaid debts make your relationships sour, it also reduces the amount of money you have to spend on yourself when you receive your next income, making you run out of money early and pulling you back into debt. See, it’s a vicious cycle. If you must borrow – please try to pay back as soon as possible. Don’t hide from your debtors – be transparent, this ensures that if you ever need to borrow again, you are creditworthy enough for friends to comfortably lend you money. Whatever you do, run away from debt! Always live within your means Click To Tweet

7. Already up to your neck in debts?

Don’t worry – create a space in your budget for the repayment of these debts. Split them up into manageable bits, create a plan to repay, and discuss this plan with your debtors. Back up your words with action and ensure that you pay back as planned. I wish you the absolute best as you SLAY your financial goals!
If you’d like to share your story with She Leads Africa, let us know more about you and your story here.

Five benefits of vacation work during the holiday season

So the holiday season is here, and whilst everybody is in a tizzy over year-end functions, pre Christmas plans, decorations and basically bawling over the holiday season… You or perhaps someone you know, maybe thinking well now that the semester has come to an end; what to do?

Quite the temerity it must be; deciding whether to lounge around and have a jam all summer, or work towards building your portfolio to be industry ready.

In as much as the season may leave many of us with a lot FOMO as a result of Instagram lifestyles, we need to stay the course in our personal journey towards achieving the goals we have set for ourselves. It is never too late to jump back onto the bandwagon!

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Decisions… Decisions…

What to do? Christmas is generally a season where everyone is spending copious amounts of money, sometimes even to their detriment.

And the social media platforms are an absolute field trip for the type of lifestyle one should be engaging in, consumerism is a monster unleashed.

As a student, graduate, or a job hunter, your best bet would be to look up any vacation work that may be offered by corporations or NGO’s. This will not only aid in keeping you from spending money which you (or your parents) don’t have, but it will propel you a few steps closer to the career you want to find yourself in.

What is better time there to start actualizing your dreams and aspirations than the Christmas season with all its good cheer and positive vibrations?

 

Benefits

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There are undoubtedly a plethora of benefits when it comes to taking up vacation work, however, here is a narrowed down five points to bring the thought home:

1. Vac work will aid in establishing whether the career field of choice is the right one.

It is always better to know before making a long commitment to a particular trade service, whether or not it is what you want to be doing for the rest of your life.

Nothing brings more clarity than having a real-time experience of a work environment to further solidify your stance.

2. Extra flow of income, if it is a paying gig.

Vac work may not always have a monetary benefit if it does, however, that means Christmas spoils for yourself and some money to put towards the savings account.

In the instance that it is not a paying gig; there is a lot that could be made up for that in the form of experience. It would be important in this instance to ensure that wherever you’ll be taking your vacation job, there are individuals who are open to and willing to mentor and guide you.

3. New experiences and encounters.

This is self-explanatory, having a chance to experience new things generally is always a plus. At no extra cost to you, nothing brings about rejuvenation and perspective like exposure to a way of being that is different to yours.

4. Showcasing a level of responsibility to the parents.

Parents want to know that their children are ready to take up adulting and the responsibilities that come with that. Nothing spells grown up more than taking charge of one’s life and journey.

5. A sense of accomplishment.

Nothing brings on a booster more than a sense of achievement. No matter how small the feat or how insignificant the milestone may seem; but to you, it is a step in the right direction.

You can always be proud of yourself for doing the work of being a better version of you.

 

You were born for this…

Do you boo! You are able to do everything you set your mind to. You just ought to get up and show up in your life. It is important to hold yourself accountable for the life you want to live.

It is equally important to ensure that no Christmas splurge fest formed against you shall prosper.

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Time to enjoy the holidays, hone your craft and Merry Christmas!