Personal Development



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14 minutes reading time (2824 words)

Financial Education 103: How to retain your money

Financial education 101: How to retain, manage and reserve money

Making money is great and could even be termed an achievement especially if you were born poor but that doesn't make you financially free.

The work does not end with making a few hundred thousand or million dollars. You see rich folks still going to work, opening new branches of their business and you think, hey!

That must be one greedy fellow. Sure, some of them want more money but they probably don't want all the money in the world.

They are actually just trying to keep their money and the best way to do that is by having multiples systems in place that keeps the money flowing.

How about when you are able to stack a billion dollars in your private reserve? Is there any more need of working?

The truth is, even someone with a million dollars don't need to work anymore and this is not because a million dollars is enough for his retirement – It's certainly not.

However, it all boils down to the kind of system you have in place. To retire early, you need to ensure there are several things out there that will keep generating enough money for your upkeep without your practical involvement.

That is how you make money work for you. And that is the first step to keeping your money.

In case you are just joining this financial education series, this topic actualy started w​ith 'gettting familiar with how money works' and then, w​e moved to 'working for money vs. making money work for you.'

Financial Education 101: Getting familiar with how money works.

We see a lot of people struggling financially these days even when they are being paid $5,000 monthly and you wonder why. And in some cases, you actually know where the money goes – Taxes, Mortgage, Bills, Food, etc. While some of these are very necessary, when you look closely you would observe tha...

Financial Education 102: Working for money vs. making money work for you

​ Working for money is the same thing with manual labour. You have to work real hard in order to get a paycheck. Working for money is terrible. Let's don't sugar-coat it. Most employees and the self-employed work for money while investors make money work for them. That's the real difference. Now, I'...

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How do you store your money? In stocks? In the bank? In a home safe? How do you ensure it will retain its value ten years down the line?

How do you make sure your $500k today will be able to buy the same thing 5years from now?

Before the end of this article, I will certainly highlight the best way to retain your money. Just read on.

There are certain things you will need to do if you truly intend to keep your money. For instance, I'm currently running a web development company – Lati Codes.

And most people doing something similar would probably think they now have a source of income and they are their own bosses so their days of worries are over.

Well, if you think so, even if you make millions of dollars, you are at the losing end if you don't have a contingency plan.

Okay, what if sometime in the future, getting quality clients becomes a challenge? There will be limited income flow for the company and things like that can shut us down.

Also, an accident can happen and we could lose our infrastructures (office, servers etc.). Not that this will ever happen

or that it happens frequently but if that happens, we are back to square one and yes, in no time I would lose my money (my source is gone).

How about those who gamble in the stock market? I'm sure you know how often they go bankrupt.

Even if you love stocks, there are certain ways you could invest your money to prevent you from being a victim.

When doing something and you want to remain in the game, you need to have multiple plans – Plan A, Plan B, Plan C to even Plan Z.

Yes, business/investing as we know is risky but it doesn't have to cost you everything. You could always find some less risky ways to do the same investment or at least, you should have a backup plan in case it fails.

Creating multiple income streams – You are not really wealthy until you have multiple sources of income. This is the best way to retain your money.

If you have an investment in royalties, also put in something in a recurring income market like real estate.

Consider starting a company or investing in someones. Building or getting someone to build a good software or game and selling out a monthly usage license will also be an added advantage and at the end of the day,

you would have created several sources of income that even if you lose your stocks, you will still remain very rich all through life.

If you think Lati Codes and Ghavoch are my only sources of income, you are mistaken! I have created several income streams that I can decide to shut down Ghavoch,

sell Lati Codes anytime and still live comfortably. You may also want to join me as I carry you along every step I take in setting up a fresh entertainment company almost on zero capital.

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Starting a small business? Here are 10 great tips to help you get started.

Going into business is not always about having an exceptional business idea. You must not create a product that will revolutionize life on earth.  In fact, to build a successful business , one only need to be able to modify or improve well-established products or services into something better ...

How to write a great business plan. Get started with these solid tips.

The importance of putting down a plan for your business can never be overstated. It's not only useful when trying to raise funds from banks, investors or when participating in the several business grant opportunities across the world but it also serves as the guideline that reminds you of your initi...

Are you employed or self-employed? It's very easy for employees to lose their jobs these days.

Every day, we see companies laying off their staffs while struggling to stay afloat. Also, due to people's ambition to get to the top,

employees now play politics within their work environment. Your colleague could get you fired just in order to gain your position or the position you have been promised. 

Sometimes you could just lose your job out of your own carelessness. So, when that happens, what do you do?

What if you don't get another job in a year, will you survive? You don't need to lose your job for you to have a contingency plan.

You could be an employee and still create a net of wealth. Why not start taking out a piece of your paycheck for some reliable profitable investment?

It's a lot easier to do this due to the presence of the internet. I mean, you could literally create an automated income stream on your PC while maintaining your day job.

Stay tuned on Ghavoch and you will learn several ways to do this. You could as well join me in creating a profitable membership website like Ghavoch where you might only have to check on it once a while.

It's a lot easier for the self-employed since they are in control of their time. For instance, if I'm a journalist,

I would prefer to be self-employed and build my empire from there. I would get a quality camera, get a van,

get accredited, get an assistant (could even be an intern), put up a website and be the one to get the latest quality contents possible.

To do this, I might need to tell people on my website to alert me of any worthy event within their location for a reward.

I would make sure my contents are exclusive and I could perform some controversial interviews with great public figures.

I would also air out some influential opinions, political views. Then, I would meet with the major media companies and strike a deal.

Using a powerful sales pitch, I would give out some airing rights of my contents to the highest bidder while posting the rest on my website.

Here's what happens next. Since I have people getting fresh information on worthy contents, supplying contents to the media company will be easier.

I will monetize the website with sponsored posts, advert slots, affiliate products and even online journalism training courses while getting paid by the media company.

Then, in time, I would expand the network, automate the whole process, turning it into a business,

get some employees to do the job in such a way that if I decide not to work again, the business will survive and still fetch me my profits.

Assets vs. liabilities – The real difference is really simple. Assets make you richer, liabilities make you poorer.

Also, most assets appreciate in value while liabilities depreciate. Here's what I mean. Anything that takes money out of your pocket is a liability.

For instance, when people spend millions of dollars acquiring different brands of expensive cars,

they are only increasing the number of things draining money from their account. They may look rich and think they have a lot of properties but at the end of the day,

are only sinking more into the rat race. Most people are hanging by the thread financially because most of their money goes into things that take more money from them – Liabilities.

Why are your expensive cars liabilities? If you buy a car for $1.2m now, you will probably need to keep spending some money on it for maintenance,

repairs, fuel etc. In a year, that car could have taken over $20,000 from your pocket. In five years?

The cars' value would drop drastically that if you attempt to sell it, it could only go for about $800k (assuming it was well managed).

At the end of the day, you have lost over $500k (when you subtract the amount you spent on the car from that $800k).

The car only succeeded in making you poorer. This is no different from any other product you acquire that doesn't make you money.

The same thing with your house if you pay rent/mortgage. You see so many people moving to bigger mansions just because they got a raise at work.

They think they now live a better life but they are just as poor as they were (yes, if you don't have assets, you are poor).

They just have a lot more money to spend and a lot more things that take the money from them. If they lose that job today, they won't even be able to maintain their riches.

They will have to move back to the cheapest house in town since they have nothing capable of generating enough revenue to pay their mortgages.

The best they can do is to sell off their cars which would only cover a few more months of their expensive lifestyle. And what happens when they don't have any other thing to sell off?

Financial Education 101

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Assets and investments can be used interchangeably. This is because all investments with monetary value are assets.

The investment becomes an established asset the moment it starts generating revenue for you. Your home only becomes an asset when you can make money from it.

It becomes an asset when you can use it to generate more money. It becomes an asset if you lease (a portion of) it.

If the house takes money from you, it becomes a liability. If you want an asset you should consider putting in more money in businesses (whether yours or someone's) that will get you a steady source of income.

If you want to make your car an asset, you should consider using it (or giving it to someone to use it) for transportation or rent.

A private home service transportation could fetch you over $3,000 monthly depending on the number of clients. A car rental service could gain you over $5,000 monthly depending on the type of car.

It's time you start turning your liabilities into assets. It's time to stop buying more liabilities for yourself.

It's time to start using your money for things that make you more money. Don't get me wrong. We all need certain liabilities but the goal is to make your assets get you the liabilities.

You should only put in your money in the asset column and watch the asset generate enough revenue to buy the liabilities you want.

When you have enough assets, you will have several things getting you a steady cash flow.

If you want to acquire some luxuries, you should do it after you have built a chain of assets capable of buying you the luxuries.

Just don't go using your life savings on expensive liabilities. Mostly spend your money on things that will make you more money.

That is the only way you retain your money. That is the only way you remain rich. That is true wealth. That is financial freedom. That is a financially educated person!

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Staying afloat through terrible times – Store in gold. What we call money now is nothing but a piece of paper.

That isn't money. Money is in our mind. Money is an idea. That value we attached to that piece of paper is the money.

This means, the world can wake up today and decide to attach that value to something else and your cash will be completely useless.

This is how it has been right from the days of Adam and Eve. The world has moved that monetary value over the years from one thing to another.

There was even a time we used certain beads and shells to buy things. So, how do you stay afloat during terrible times?

We see many currencies losing value by the day (Nigerian Naira have lost over 120% of its value from 2014 -2017).

Assuming you stacked up N450m (worth $3m) in 2014, that same amount is worth only about $1.3m today and the US Dollar can't buy the same thing it could buy four years ago. 

Yes, inflation, import and export rate, demand and supply all affect the worth of a currency. If war breaks out today,

the cash in your hands (including the one in your bank) will lose value. No one will be interested in a piece of paper when it comes to survival.

Within the course of all these, since the inception of the world, there's really been just one constant valuable – Gold.

Yes, you read that right! Gold! To truly preserve your wealth, you need to store in gold. Silver and Diamond are valuables too.

This doesn't mean you shouldn't have cash or digital currency but you also need to have a gold reserve.

With gold, you are always going to remain rich. Gold is not only for decorations or for designing jewellery for the rich.

It also serves as a money reserve that stands a higher chance of retaining its value all through your life.

In fact, it will actually gain more value if the economy should collapse. When the rest of the world goes broke, you remain rich since you can always exchange your gold for goods and services.

In order not to miss an episode of this 'Financial Education' series, please create a Ghavoch account or simply subscribe to Ghavoch to be notified once a fresh episode is published.

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Financial Education 101

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Here's my top-rated and most downloaded AudioBook on 101 Financial Education; 'Working for money vs. making money work for you.'

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