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Re: Personal Finance Management Tips And Tricks By PFM Babe by RealEzee(m): 3:55pm On Nov 08, 2020 |
Thanks a billion for this write up, I'll look up the book u suggested 'the richest man In babylon' 1 Like |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 9:35pm On Nov 08, 2020 |
RealEzee: Thank you for the support! |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 9:35pm On Nov 08, 2020 |
megastarkels: Thank you so much! I have a lot more in store |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 10:55am On Nov 09, 2020 |
Explaining Diversification using Jenga Diversification is a tool that EVERY investor must take advantage of! It is the process of placing your money in a variety of investments, with different types and degrees of risks. Imagine you’re playing a game of Jenga, where you have to pull out blocks from the structure and stack them again. If your stack falls, you lose! Now imagine your Jenga stack is your investment capital. If you invest all of it in stocks of one company and the company goes bankrupt, your stack falls and you lose ALL your investment capital. But what if you had 3 stacks of smaller Jengas? If one falls, you still have 2 standing! So if you invest in the stocks of 3 companies and one fails, you’re not back to ground zero, you still have some of your investment capital! Diversifying your investments allows you to control your risk. If you put all your capital in one type of investment or asset class, then you will be a HEAVY victim of any problems that may arise. Let’s say you have #100,000 as your investment capital. If you use it ALL to trade forex and the market crashes, you’d have lost ALL of your capital. But if you diversify your portfolio and invest #50,000 in Treasury bills (relative safety), #30,000 in agritech (medium risk and higher returns than treasury bills) and #20,000 in FOREX. A market crash will only cost you your #20,000 but the bulk of your investment capital will be preserved. Diversification is a vital part of investing and should be done wisely, to maximize return while controlling risk. Do you have an investment portfolio? If yes, is it diversified? 2 Likes
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Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 5:45pm On Nov 10, 2020 |
Words of wisdom that will never get old! The more of your craft you know, the more skilled you are, the more you can earn. If you're currently a low income earner and you're trying to find a way to make more money, look within. What skills do you have? What do you have experience in? What have you failed and succeeded in? There are currently people walking those paths who will pay to have access to your knowledge so that they can avoid the mistakes and errors you made. As much as I love investing in various assets and asset classes, my greatest investment is in myself. I spend big on courses, books, workshops, etc. Anything that will make me better than I was and help me have more knowledge to apply and succeed with. Invest in yourself today! 1 Like 1 Share
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Re: Personal Finance Management Tips And Tricks By PFM Babe by Nobody: 10:33pm On Nov 10, 2020 |
Wow, good read! Sane people with educative posts are surfacing on Nairaland. I'm already following you, please keep it up. 1 Like |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 11:18pm On Nov 10, 2020 |
Johnxyz: Thank you for the support! I will definitely keep updating this thread |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 9:12am On Nov 23, 2020 |
Hi guys, it's been a minute! A lot has been going on with the Nigerian economy. We're officially in a recession, the naira has fallen even more against the dollar....sike! Today I'm going to be talking about: Saving VS Investing Saving is the act of accumulating money for emergencies and future investments. Investing on the other hand is the act of putting money to work in order to generate more value or appreciation over time. When starting your personal finance journey, you might feel like you have to save a HUGE amount of money first before you start investing. That’s not true. You can invest as little as #500 in low risk investment options….your return of course will be low but that’s due to the combination of low capital and low interest rates. While your first step in your savings journey should be to accumulate an emergency fund, you can also invest that fund in highly liquid (easy to convert to cash), low risk investments so that there is at least, a little return on that sum. Saving your money in the bank is one of the worst decisions you can make. Bank rates are currently around 1.25%....ANNUALLY! That means that inflation will reduce the value of your money to a large degree, as it is not growing at the same pace as the inflation rate. Saving and investing go hand in hand and you should constantly learn more about the opportunities available to you in order to take advantage of them. How much did you or are you planning to accumulate before you start investing? Please START NOW! 1 Like |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 10:38am On Nov 24, 2020 |
I have a confession….I used to hate affirmations. Some days, I still don’t like them but other days, they make me feel like everything is possible. Today is one of those ‘Anything is possible days’ so I’m saying this to myself: “There are no limits to the amount of money I can make”....and that’s that on that!
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Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 10:38am On Nov 25, 2020 |
POOR: when you have too much month left at the end of the money That wasn't a typo! Has this ever happened to you where you find yourself in the 2nd week of the month with more than 75% of your salary/income spent already? You’ll now take out your calculator and start doing further math as if it’ll magically increase how much you have to spend till the next payday/sale. Having and following a budget is a great way to avoid this situation. When you properly allocate your income, you’ll hardly find yourself in this situation. Of course, this doesn’t apply to people who just aren’t earning enough. It’s for those who earn enough to do that but YOLO will not let them shine! |
Re: Personal Finance Management Tips And Tricks By PFM Babe by PFMBabe(f): 9:07am On Nov 26, 2020 |
Possible Causes of a Financial Crisis A lot of times, financial crises are caused because the victims are low income earners…..but there are so many other reasons or causes of financial crisis: 1) Poor financial planning: when you spend your income without making any plans for the future, any problem that may arise, no matter how small, could form a huge crisis for you. 2) Debt: poor debt management can lead to financial crisis. Always pay back the debts with the higher interest rates first. 3) Poor investment decisions: failure to understand the risks involved with various investments before jumping into them can cause you to lose your entire life’s savings and cause a financial crisis. 4) Living beyond your means: if you’re on this table, just quietly come down. We all want to live lives of luxury, but if your income is not high enough to ensure you’re financially stable and still enjoy those luxuries, then you need to stop living beyond your means. These are just a few reasons or causes of financial crisis. Have you ever had one before? What did you learn from it? 1 Like 1 Share |
Re: Personal Finance Management Tips And Tricks By PFM Babe by portplus: 7:45am On Jan 15, 2021 |
PFMBabe: Thanks! 1 Like |
Re: Personal Finance Management Tips And Tricks By PFM Babe by Theophinio(m): 9:27pm On Oct 09, 2021 |
PFMBabe: Well done ma � You know your onion � You are worth listening to |
Re: Personal Finance Management Tips And Tricks By PFM Babe by nextedge: 7:08am On Oct 10, 2021 |
You are making very good points here. This is also my sentiment. Things are damn expensive now no doubt but there's no reason to think it won't be more expensive going forward. If we can get the money it's better to buy NOW. PFMBabe: |
Re: Personal Finance Management Tips And Tricks By PFM Babe by Alsonjecs: 4:12pm On May 16, 2022 |
I was attracted to investing when I wanted to have an additional source of income. I decided to start by just trying to buy shares in companies that I knew and see how they would generate income. After a while, I built a portfolio of 5 companies with a 1% yield. Then I started researching the market and investing methods and found valuable tips at https://www.askyourfinanceguy.com/. I was learning how to diversify my portfolio. Diversification is a risk management strategy when investing in the stock market. |
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