Economy
Financial Empowerment: Taking Control of Your Money
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
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
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
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.
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Adedapo Adesanya
It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.
In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.
In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.
The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.
President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.
The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.
President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.
Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.
Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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