Economy

Financial Empowerment: Taking Control of Your Money

Published

2 years ago

11/02/2024

Have you ever wished for financial independence to indulge your interests, explore the world, or just to live life without concern for money? You are not alone, though! Taking charge of your finances and using them to accomplish your goals is the definition of financial empowerment. In this post, we’ll look at the thrilling process of managing your money such that it’s fun and powerful. Prepare for a wild adventure through the realm of money!

Key Takeaways

The ability to manage your money effectively gives you the capacity to reach your financial objectives.
The foundation of financial empowerment is budgeting, saving, and investing.
In order to make your money work for you, learn about Ada Staking.

Budgeting Analysis: Where Does Your Money Go

The financial superhero outfit you should wear is a budget. It makes it easier for you to comprehend where and how your money is being spent. Consider your budget as your wise money partner, assisting you in making deft financial judgments.

To keep tabs on your earnings and spending, create a monthly budget.
Decide what expenses are necessary (such as rent and groceries) and what expenses are optional (such as that daily specialty coffee).
For financial stability and to realize your aspirations, set attainable savings goals.

Compound Interest’s Magical Effects When Saving

compound interest

Photo by Fabian Blank on Unsplash

It’s similar to sowing seeds in a garden to save. Compound interest, a financial phenomenon, allows your money to increase as you save more. The process is comparable to watching your financial garden grow over time.

To increase your interest on money, open a high-yield savings account.
To benefit from compound interest, make consistent contributions to your retirement accounts, such as a 401(k) or IRA.
Create an emergency fund to shield yourself against unforeseen financial turbulence.

Make Your Money Work for You By Investing

Your finances really take off when you invest. It doesn’t only stay within, it leaves and grows everywhere. Imagine doing it as if you were sending your money on a treasure quest with the possibility of earning large rewards.

Increase portfolio diversity to lower risk. You shouldn’t invest all of your resources on just one thing!
When it comes to investing, take into account stocks, bonds, property, and even cryptocurrencies.
Discover Ada Staking which is a method of generating passive revenue by keeping and staking Ada (the coin of Cardano) on the blockchain.

Ada Staking

Are you interested in learning more about Ada Staking? In the realm of cryptocurrency, it’s an intriguing idea. Ada is the native cryptocurrency of the Cardano blockchain, and staking entails keeping and “staking” Ada coins in order to participate in the network’s consensus mechanism. You contribute to the network’s security by doing this, and you’ll be rewarded with extra Ada coins as a result. It’s a method to have your Ada investments work for you and gradually grow your cryptocurrency assets.

Emotions vs. Logic in the Psychology of Money

Both psychology and math play a role in the world of money. When we should be conserving, our emotions might cause us to spend impulsively on new technology. A key component of financial empowerment is being able to identify and control these emotions.

Establishing a “cooling-off” interval before making large purchases will help you to avoid emotional buying.
Focus on what you have instead of what you lack by practicing mindfulness and thankfulness.
To be motivated and held accountable, surround oneself with a sympathetic financial community.

The Power of Knowledge in Financial Education

knowledge in financial education

Photo by Scott Graham on Unsplash

Education is your compass as you travel the path to financial empowerment. Your ability to negotiate the complicated world of money will improve as you gain more knowledge.

To increase your understanding, read books, attend classes, and pay attention to financial gurus.
To make knowledgeable judgments, keep up with the latest financial and economic news.
Never hesitate to ask financial planners or advisors for their expert opinion when necessary.

Getting Where You Want Financially: One Step at a Time

Financial empowerment is a marathon, not a sprint, so keep that in mind. It has to do with creating a safe and rewarding future for yourself. Your financial journey is entirely unique to you, whether it involves exploring the world, establishing a business, or retiring early.

Establish specific financial objectives and divide them into manageable segments.
No matter how minor they may appear, remember to honor your financial achievements.
As things in life change, make adjustments to your financial strategy and remain flexible.

Financial Wisdom: Laying a Firm Foundation

financial wisdom

Photo by krakenimages on Unsplash

You must develop wise financial practices to build financial empowerment. You may successfully navigate the complicated world of money by adopting these habits, which form the basis of your financial success. To improve your financial path, adopt the following critical behaviors:

A monthly budget can help you understand your income and spending, so budget like a pro. Sort your expenditures into categories, give the necessities first priority, and set aside money for your financial objectives.
Automated Savings: Configure recurring deposits to your savings and investment accounts. This guarantees that, despite life’s interruptions, you continuously set aside and invest a percentage of your money.
Review your financial objectives frequently by doing regular goal check-ins. Are you on schedule to meet them? To keep your strategy in line with your goals, make any necessary adjustments.
Lifelong Financial Education: Make a commitment to continuous learning. To stay educated and make informed judgments, read books, keep up with financial news, and consult experts.
Building an Emergency reserve: To prepare for unforeseen financial issues, keep a healthy emergency reserve. Try to put aside enough cash so that you can pay your bills for three to six months.

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Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

2 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

2 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

2 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.