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 Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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