Seven steps to Financially Independence in 2016

1.Change you mindset about money-

Too many people have wrong mindset about money here are some
a) Money is evil – the truth is, money is neutral it only take the nature of who handles it
b) Some are born to be rich while some are born to be poor – the truth is no one is born to be perpetually poor. You can walk out of poverty by hard work and applying right financial principles
c) The poor see every income as harvest, but the rich removes seed for investment before consuming the rest


2. Understand your present income level.

When it comes to financial management there are three Personal Financial Statements you must consider in establishing your financial bearing they are:
a) Cash Flow Statement
b) Balance Sheet
c) Budget
Many confuse these three statements or assume the single statement they use is sufficient. But without all three statements working in conjunction, the value of any one of them is reduced to almost nothing.
• The Cash Flow Statement: is an accounting of your past expenditures. Most people who say they budget are actually only tracking their cash flow after they’ve already spent the money.now you can effectively view and manage your cash flow without even lifting a pencil.
• The Balance Sheet: is a snapshot of your assets and liabilities at a particular moment in time. What do you own and what do you owe? It sounds simple, but although you’re likely familiar with the myriad of statements for assets and liabilities that flash before your eyes each month, the completion of your own balance sheet will give you an aggregated view of your financial realm.
• The Budget: represents your financial future. It’s nearly impossible to create without first having completed the exercise of creating a cash flow statement. With that in hand, you’re ready to create your budget, the projection of what your spending should be in the future. For most of us, our income and expenses run on one of a few variants of a monthly cycle;



3. Cut down on expenses. The first step to financial freedom is cutting down on unnecessary expenses you make that causes financial leakage.

Most people believe the key to wealth is a high-paying job. Yes, it's easier to amass assets if you have more money coming in each month, but the true secret to increasing your net worth is to spend less than you make. It is a cliche; but it is the fundamental, absolute, non-negotiable reality of money.

Example if you are in the habit of taking a bottle of soft drink (molt or bear) after every meal you should cut the intake or stop it.
For a person that drinks molt of (#120) after each meal in a month you would have consumed #3600 and in a year #43,200. Imagine how much you would save in a year if you choose to cut down this habit and set this income aside.


4. Increase your income.
Incomes comes in different ways to and individual Salary, wages and royalties

a) Income is money received, especially on a regular basis, for work or through investments.-
Thus if your job doesn’t pay you as much as you think evaluate it again, maybe it’s time to seek for a better paying job.


b) Wages – is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed (a task wage or piece rate), or at an hourly or daily rate, or based on an easily measured quantity of work done
You can work on having multiple income streams. By this I mean using the extra hour after your current job or weekends to do things that will add to your income.eg add monetary value to services you render eg decoration, research for people and charge a token,

c) Royalties and Rent-
Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced.
what do you have that can bring in extra cash? You own a house were some of the stores have been locked up for a while? Then give it on rent, if you have more than one car and seem to be finding it difficult to maintain both. Then give out one for taxi to generate extra income.

5. Start saving.

As Napoleon Hill said in, "Think and Grow Rich", all financial success starts with the savings habit. When opportunity presents itself, those with the capital set aside to take advantage can profit big, perhaps even enough to be set for life.

Until you start saving your finances is not safe. Savings is the portion of disposable income not spent on consumption of consumer goods but accumulated or invested directly.
Not matter the amount you earn try never to consume all your income. The poor will always be poor and broke if they don’t break the cycle of depending solely on a pay check
Save something from your income and then reinvest it. by that way you will become independent from always waiting for next pay day.

How to save:
a) Set aside a portion of your income no matter how little
b) It takes sacrifice to save so stick to the plan. So be determind to stay through

Where to save:
a) Open an account that you CANT easily access and put in the saving.
b) Take an insurance policy where the savings can be locked up over a period of time.eg take FBN Insurance flexible savings policy.
c) Join a local contribution club where a certain amount is saved randomly on monthly bases


6. Start investing
The difference between the rich and the poor is in what they do with money. The poor thinks on where to spend the money but the rich thinks of what to invest the money on.
Thus to become financially independent, after saving use the money to invest on something that will generate more income rather than dispose it on consumables.

7. Avoid debt.
Debt steals your income even before you get it. As much as possible avoid debt. Before you go into debt ask yourself;
d) Is this debt absolutely necessary? is there no alternative to what you want to do
e) Can this project, be delayed and payment be negotiated instead of going to borrow to finance It.?
No matter what you think about debts, the truth is you will be much better off if you avoid new debts and destroy the ones you already have.


Continuity:
In everything you do the key that keeps you to the end is continuity. Don’t just start keep at it till you reach the desired goal of becoming truly Financially Independent.

Cc: lalasticlala
source:Robosky Financial Independence Journal

so guys whats your take on these?

for those who dont have any job at all

the beginning point is getting something that will give you some basics

that is a job for a start..

This will most definitely become handy come year 2016.

For those seaching for Job


Here are some quick time-saving job search tips that will help your hunt for a new job go smoothly.

1. Be Prepared. Have a voice mail system in place and sign-up for a professional sounding email address. Consider getting a separate email account to use for your job search, so you can stay organized. Put your cell phone number on your resume so you can follow up in a timely manner.
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2. Be More Than Prepared. Always have an up-to-date resume ready to send - even if you are not currently looking for work. You never know when an opportunity that is too good to pass up might come along. If you're not on LinkedIn yet, create a LinkedIn Profile and start making connections who can help you job search.

3. Get Help. Utilize free or inexpensive services that provide career counseling and job search assistance such as college career offices,. Many libraries provide workshops, programs, classes, computers and printers you can use, and other resources to help you with your job search.

4. Create Your Own Templates. Have copies of your resume and cover letter ready to edit. That way you can change the content to match the requirements of the job you're applying for, but, the contact information and your opening and closing paragraphs won't need to be changed.

5. Review Samples. It's always a good idea to look at sample letters and resumes to get ideas for your own job search materials.

6. Use Job Search Engines.Use the job search engine sites to search the major job boards, company sites, associations, and other sites with job postings for you - fast. You will be able to search all the jobs posted online in one step.

7. Jobs by Email. Let the jobs come to you. Use job alerts to sign up and receive job listings by email. All the major job sites have search agents and some websites and apps specialize in sending announcements.

8. References Ready. Have a list of three references including name, job title, company, phone number and email address ready to give to interviewers. Print a copy of your reference list and bring it with you to interviews.

9. Use Your Network. Be cognizant of the fact that many, if not most, job openings aren't advertised. Tell everyone you know that you are looking for work. Ask if they can help.

10. Get Social. Social networking sites like Facebook and Twitter can be a good way to get job listings before they are listed elsewhere.

Plus, you can promote your candidacy using the social media tools that are readily available for free for job seekers and companies are increasingly using social media for recruiting. This tip isn't a time saver, but, it will broaden your online job search resources.

Don't Stop. Don't limit your job searching to the top sites.Check the smaller niche sites that focus on a particular geographic location or career field and you will find plenty of job listings. Networking works, too. Tap into your network of contacts to see who might be able to help you with job leads or a referral.

So will come and say "poverty mentality" cos you asked them to cut down on beer intake or bbm subscription or dstv sub dat doesn't bring in money for them.
The thing is, recognise your financial level and live in accordance not doing pass yourself.

If you can't do without beer,reduce it to at most, once a week. Put a check on your android subs and reduce the bet9ja! Lol

oluwafreshkid:
So will come and say "poverty mentality" cos you asked them to cut down on beer intake or bbm subscription or dstv sub dat doesn't bring in money for them.
The thing is, recognise your financial level and live in accordance not doing pass yourself.

If you can't do without beer,reduce it to at most, once a week. Put a check on your android subs and reduce the bet9ja! Lol

the truth is those who really make the money dont seat to be drinking away there life
or spend productive money hour on bbm subscription and chats that will not fectch them money.

those who laour to impress actually dont have it.

be truth to yourself if you reaklly want to make wealth you cost to take dreastic decisions.

This is nice writup thanks. A friend of mine really needs to see this. Bsc MSC for the past years still no job. the guy is getting frustrated. really wish I can help. pls anyone with useful job opening should pls help a brother. Bsc physics, also MSC physics Thanks

lullu:
This is nice writup thanks. A friend of mine really needs to see this. Bsc MSC for the past years still no job. the guy is getting frustrated. really wish I can help. pls anyone with useful job opening should pls help a brother. Bsc physics, also MSC physics Thanks

thanks @Lullu

just any one can break away from financial dependancy if we really want to

PRISTINEMUSCLES:
This will most definitely become handy come year 2016.

yes the time to plan is now

cos tomorro 2016

we will need to start excuting our plans

Very educative write up!

OP, must you reply every comment a person makes?

Good one

scarplanet:
OP, must you reply every comment a person makes?

you want me to reply you right?

ok have done it for you

but plan well thanks the bottom line

nice write up

Nice write up, well articulated.

Nice write up... very helpful to all class