Amidst the dynamic landscape of personal finance, the commencement of a new year presents an opportune time to reassess and refine your financial objectives. Stepping into 2024, let’s delve into essential tactics for attaining financial well-being, and laying the groundwork for a stable and flourishing future. Here are 10 pathways to achieving financial prosperity in 2024.
1. Set Clear Financial Goals
Begin by defining your financial objectives for the year. Whether it’s saving for a home, investing in education, or building an emergency fund, setting clear and achievable goals provides a roadmap for your financial journey.
2. Create a Realistic Budget
Crafting a detailed budget is fundamental to financial success. Evaluate your income, track your expenses, and identify areas where you can save or cut back. A well-planned budget serves as a powerful tool to manage your money efficiently.
3. Diversify Your Investments
Explore diverse investment opportunities to maximize returns and minimize risks. Consider a mix of stocks, bonds, and real estate, aligning your investment portfolio with your risk tolerance and long-term financial objectives.
4. Leverage Technology for Financial Management
Embrace financial technology tools and apps that can streamline budgeting, expense tracking, and investment management. These tools provide real-time insights into your financial health and empower you to make informed decisions.
5. Prioritize Debt Repayment
Tackle high-interest debts strategically. Prioritize repayment of loans and credit card balances to reduce interest payments and free up resources for savings and investments.
6. Enhance Financial Literacy
Stay informed about financial trends, investment strategies, and economic indicators. Continuous learning empowers you to make informed financial decisions and adapt to evolving market conditions.
7. Emergency Fund Building
Aim to build a robust emergency fund to cover unexpected expenses. Having a financial safety net provides peace of mind and prevents the need to dip into long-term investments during unforeseen circumstances.
8. Explore Additional Income Streams
Diversify your income streams by exploring side hustles, freelance opportunities, or passive income sources. Supplementing your primary income enhances financial stability and accelerates wealth-building.
9. Review and Adjust
Regularly review your financial plan and make adjustments as needed. Life is dynamic, and so should be your financial strategy. Be flexible and ready to adapt to changes in your personal or economic circumstances.
10. Seek Professional Advice
Consider consulting with financial advisors or experts to receive personalized guidance based on your unique financial situation. Professional advice can provide valuable insights and strategies tailored to your goals.
Conclusion: A Prosperous Financial Future Awaits
As we step into 2024, implementing these financial strategies can pave the way for a year of financial prosperity. With careful planning, disciplined execution, and a commitment to financial well-being, you can unlock new opportunities and build a foundation for lasting success. Cheers to a financially thriving year ahead!
Being paid your worth in a career of your choice would make you realize that sometimes money can buy happiness. It can certainly make sad days a lot more comfortable!
Work is work, no matter who you are, so being influenced by salary when making a career decision is actually a pretty practical way to look at it. Some of the top careers out there are also the kind we dream of becoming when we’re little kids: who remembers wanting to be a vet when they were younger?
Here are some of the highest paying careers to pursue:
1. Anesthesiologists
The number one highest paying job in America is currently an anesthesiologist. The average annual wage of an anesthesiologist in 2018 was $267,020. This is an astounding amount for people who simply implement anesthetic procedures before surgery.
To become an anesthesiologist, you have to go to medical school for four years. Before this, you must pass the Medical College Admission Test (MCAT). This is the standard for being admitted to medical school. After this, you have to get a license, do a four-year residency, obtain a state license, and finally become board certified. Don’t worry: you do start earning a salary during these stages.
2. Airline pilots, co-pilots, and flight engineers
If you want to be a pilot,you don’t actually have to have a Bachelor’s degree, but it will certainly help your career path. You have to get a student pilot certificate and a medical certificate in order to fly a plane solo. After this, there are different kinds of licenses you need depending on the specific type of flying you wish to do. To fly for a major airline, for example, you need to earn your Airline Transport Pilot (ATP) certificate.
A pilot and co-pilot require the same qualifications. Most pilots will begin their careers as co-pilots and will work their way up. A flight engineer assists the pilot(s) and checks systems and instruments to ensure safety and effectiveness. All three earn an average salary of around $150,000 per year.
3. Petroleum Engineers
Petroleum engineers source materials for human energy consumption, and design and develop methods in order to make extraction as efficient and economical as possible. The average annual pay of a petroleum engineer is $129,990. As with most jobs, salaries depend on what state you live in and also depend heavily on experience.
In order to qualify as a petroleum engineer, you need to study for a Bachelor’s degree in either petroleum, mechanical, or chemical engineering. You may then need to gain experience as an apprentice or volunteer. You might also want to continue further study to make your CV more competitive, but this step isn’t actually necessary.
4. Oral and Maxillofacial Surgeons
Oral surgeons are pretty much-glorified dentists who focus on tasks like pulling out wisdom teeth, while maxillofacial surgeons do procedures that have something to do with the jaw. Anesthetic procedures are sometimes included in the work of maxillofacial surgeons. These surgeons earned an average of $242,370 in 2018.
To become an oral or maxillofacial surgeon, you can choose two routes. You can either go to dental school then apply for a surgical residency (four to six years). After this, you can take exams to be board certified. Alternatively, you can earn a dual degree as both a dentist and medical doctor. This degree usually takes about six years to complete, but at the end of it you come out with two degrees. Residency requirements are embedded into the course credits of this degree.
5. Financial Advisors
A financial advisor provides advice about how to spend, save and invest money. They will often provide tailored plans to their clients to achieve a long-term goal such as retirement or investment opportunities. To become a certified financial advisor, you have to earn a Bachelor’s degree, complete a course of study that is certified, and then pass a certification exam.
Your initial Bachelor’s degree can be in any subject, but you must complete certain topics at a college level to be fully qualified. These include insurance planning, income tax planning, and estate planning (to name a few). The median pay of a financial advisor is approximately $90,000.
6. Obstetricians and Gynecologists
Obstetricians and gynecologists both specialize in female reproductive health to some degree. Where gynecologists do things like cervical screening and general check-ups pertaining to reproductive health, obstetricians are more hands-on and are focused on the care of pregnant women. This will often include prenatal and postnatal care and also child delivery.
In 2018, obstetricians and gynecologists earned an average of $238,320 for the year. Many people in these careers are known as ‘ob/gyns’ because they can fulfill both roles. In order to become a qualified ob/gyn, you start by completing a Bachelor’s degree in any science subject. Biology is a good choice for this career. After this, you must attend medical school, complete a residency, and finally become certified.
7. Orthodontists
Orthodontists are a type of dentist who specialize in braces and other corrective measures. There are currently over 5,000 orthodontists in America, who earned an impressive $225,760 in 2018. The difference between oral surgeons and orthodontists is quite significant. This might be due to the fact that oral surgery generally involves complex surgical procedures.
It’s certainly interesting to see that specific roles within wider fields command different pay structures: one would think a dentist is a dentist, but these statistics show otherwise. The path to becoming an orthodontist is a long one: after completing a (generally) four year Bachelor’s degree, you have to go to dental school for four years and then do a residency of two to three years. After this, you have to complete certain tests in order to become board certified.
8. Psychiatrists
Psychiatry is an interesting addition to our list of highest-paying careers. Psychiatry is often considered one of the more artistic, or non-scientific, sciences. In other words, it’s often debated whether psychiatry is really a science or a humanities subject.as it involves the study of human behavior and psychosis.
However, in the United States, the training requirements to be a psychiatrist as the same as any medical doctor. So, in order to become a psychiatrist, you have to do a Bachelor’s degree, then attend medical school, and complete a residency to become board certified. In 2018, psychiatrists earned an average of $220,380 per annum.
9. Family and General Practitioners
A general practitioner is someone who went through medical school but only did the essential qualifications to become a doctor. A family practitioner, then, is really the same thing. They’re just called a family practitioner because they often have a lot of families who visit their clinic.
Doctors in fields like surgery and anesthesiology have to do more training in order to become qualified. A general practitioner is the doctor you go to at your local clinic when you have a mild illness such as flu, or afflictions such as a recurring headache or if you want to know why you feel tired all the time.
Family and general practitioners, despite their lack of specialty, still make a substantial salary. In 2018, the average salary for family and general practitioners was $211,780.
10. Computer and information systems managers/ IT Managers
An IT manager is a technical expert who oversees the installation, maintenance, and security protocols for IT systems. They also manage other team members to ensure a smooth operation. Software companies also hire IT managers to install the software they have designed into the systems of their clients.
To become an IT manager, you have to study a relevant Bachelor’s degree in a computer-related field. After this, you take on entry-level roles and gradually build up experience and expertise. The longer you work in the field, the more experienced you are. Eventually, you’ll be confident enough to apply for leadership and managerial roles. IT managers earn an average of $86,000 per year.
11. CEOs
Chief Executive Officers are at the very top of a business hierarchy. They often manage hundreds of staff, and the financial responsibilities fall largely at their feet. You can become the CEO of your own company by starting it yourself or work your way up to become someone else’s CEO. If you’re starting your own company, you don’t technically have to complete any college degree, but you will need a lot of industry experience. If you wish to work for someone else, they will be more likely to hire you if you have a university education.
Either way, there is no official step-by-step guide to becoming a CEO. It’s all about experience and networking. CEO salaries are potentially the highest of all, depending on who you work for. There are CEOs who earn millions every year, but the average salary of a CEO working for a small company is around $100,000.
12. Speech Language Pathologists
Also known as SLPs, speech language pathologists work with people of all ages to improve speech, communication, and sometimes swallowing problems. They are also known as speech therapists, and there is no difference between the two terms.
To become an SLP, you must complete a Bachelor’s in Communication Sciences and Disorders (CSD), then a board-accredited Masters. After this, you begin a post-graduate fellowship (which you need a temporary license for), take an additional exam, and then apply for your license. The salary of a SLP ranges from $60,200 on the lower end to $96,980 on the higher end.
13. Pharmacists
Pharmacists can work in a variety of places including grocery stores or hospitals. They dispense medication, ensure correct dosages and compliance with medical regulations, and often liaise with patients regarding their overall health. To become a qualified pharmacist, you should study a board-accredited Pharmacy program, which takes six years.
The program includes a mix of coursework and work experience. Most programs have two years of taking classes and passing coursework and general exams, and then up to four years in a work setting. Once you’ve completed these stages, you must pass the licensure exam at the end of this program in order to become fully certified. The average salary of a pharmacist is an impressive $121,500.
14. Lawyers
The final installment on our list is a highly competitive career. Lawyers represent clients in trials and advise them on the best options going forward. There are many different types of lawyers that specialize in different areas: family lawyers, divorce lawyers, and so on.
To become a lawyer, you first earn a Bachelor’s degree in law, then attend law school for three years. To get into law school you have to pass an admission test known as the LSAT. After these initial years of study, you gain experience wherever you can as a sort of apprentice lawyer while working towards passing your state bar examination.
The average lawyer’s salary is $115,820. The salary you make as a lawyer depends on many factors: your success rate, experience, the size and reputation of the firm, and your general demand. For example, a lawyer who gets their client a great deal in a high-profile case followed by media can potentially earn millions a year, whereas a new lawyer starting out in a non-profit organization will be at the low end of the earning scale. For example, personal injury lawyers in New York can earn around $80,000 in a year
Many of the highest paying careers involve many years of undergraduate and/or postgraduate study, while some require tons of experience. No matter what job you’re interested in, you will always have to climb the ladder to some degree. You can never start at the top, but you will get there eventually. Good luck in your search for your dream career!
Storytelling is the compelling thread that weaves through the fabric of today’s dynamic digital media landscape. It has become a game-changerfor individuals and brands seeking to enhance their visibility. Whether you’re an entrepreneur, professional, or influencer, mastering the art of storytelling can significantly elevate your presence in this ever-evolving media space. Here are five effective tips to help you leverage storytelling for increased media visibility.
Craft an Engaging Origin Story
Your journey is unique, and sharing the story of how you started can captivate your audience. Craft an engaging origin story that outlines your challenges, triumphs, and pivotal moments. An authentic and compelling origin story establishes a strong foundation for your brand and resonates with your audience.
Spotlight Success Stories and Achievements
Incorporate success stories and case studies into your narrative. Whether it’s showcasing client transformations, project successes, or personal achievements, these real-world examples add credibility to your story. Highlighting your accomplishments demonstrates the practical impact of your skills and expertise.
Integrate Storytelling Across Your Content Strategy
Infuse storytelling into your content strategy across various platforms. From blog posts to social media updates and video content, ensure that your narrative is consistent. A cohesive storytelling approach reinforces your brand identity and keeps your audience engaged across different mediums.
Humanize Your Brand with Personal Anecdotes
Humanize your brand by sharing personal anecdotes and experiences. Whether it’s overcoming challenges, moments of vulnerability, or lighthearted stories that showcase your personality, humanizing your brand creates a deeper connection with your audience. People relate to the human element in stories.
Create Compelling Visual Narratives
Enhance your storytelling with visually appealing elements. Incorporate graphics, share images, and leverage video content that complements your narrative. Engaging visual narratives not only capture attention but also make your stories more shareable, extending your reach across different media platforms.
Conclusion
As you navigate the dynamic landscape of media, storytelling emerges as a potent tool to increase visibility. By crafting an engaging origin story, spotlighting successes, integrating storytelling into your content strategy, humanizing your brand, and creating compelling visual narratives, you can effectively leverage storytelling to boost your media presence. Implement these five tips and watch as your narrative resonates, leaving a lasting impression on your audience.
Embarking on a journey of self-discoveryin a world that often demands perfection and relentless achievement, the transformative path of embracing self-love and building confidence becomes an empowering narrative for women seeking resilience and personal fulfillment. In this blog post, we delve into the art of self-love and confidence-building—essential components for navigating life’s challenges and thriving as a modern woman. How to Ignite the Power of Self-Love: Building Confidence and Resilience offers actionable insights that will guide you through this empowering journey, fostering a deeper connection with yourself and unlocking the true potential within.
Embracing the Journey
The journey to self-love is a personal and transformative one. Begin by acknowledging that imperfections are part of what makes you uniquely beautiful. Share personal stories and experiences that resonate with the struggles and triumphs of embracing oneself authentically.
Building Confidence Brick by Brick
Confidence is not an inherent trait; it’s a skill that can be developed over time. Provide actionable tips and strategies for building confidence, whether through setting and achieving small goals, celebrating accomplishments, or practicing positive affirmations. Share stories of women who have transformed self-doubt into unshakable confidence.
Nurturing Resilience in the Face of Challenges
Resilience is the ability to bounce back from setbacks and adversity. Discuss the importance of resilience in personal growth and provide practical advice on cultivating this trait. Highlight stories of women who have faced adversity head-on, showcasing their resilience and the valuable lessons gained from overcoming obstacles.
Self-Love Rituals and Practices
Explore various self-love rituals and practices that contribute to overall well-being. From mindfulness exercises and self-care routines to embracing self-compassion, offer actionable insights that readers can incorporate into their daily lives. Share personal anecdotes or success stories illustrating the positive impact of these practices.
Voices of Empowerment
Feature interviews or quotes from inspiring women who have embraced self-love, built confidence, and demonstrated resilience. Their voices can serve as a source of motivation and encouragement for readers navigating similar journeys. Include diverse perspectives to resonate with a broad audience.
Conclusion:
Embracing self-love, building confidence, and cultivating resilience are powerful tools that every woman can wield on her journey to personal fulfillment. By sharing stories, insights, and actionable tips, we hope to inspire and empower our readers to embark on their own transformative journeys, realizing the strength and beauty that lie within.
In a world where self-love is revolutionary, let’s celebrate the unique journey each woman takes toward embracing her authenticity, building unshakeable confidence, and cultivating resilience in the face of life’s ebbs and flows.
Securing media features can be a game-changer for individuals or businesses looking to boost their visibility and credibility. Crafting a compelling pitch is the first step toward grabbing the attention of journalists and editors. In this guide, we’ll explore the strategies and best practices for effectively pitching for media features.
Know Your Target Media Outlets
Understanding the media outlets you’re targeting is essential. Research their focus, audience, and the types of features they typically run. Tailor your pitch to align with the publication’s tone, style, and content preferences.
Craft a Captivating Subject Line
The subject line of your pitch is the gateway to getting noticed. Craft a concise, intriguing subject line that encapsulates the essence of your story. Make it clear why your feature is newsworthy or resonates with their readership.
Research and Personalize
Address the journalist or editor by name and reference their previous work or recent articles. Show that you’ve done your homework and understand their interests. A personalized pitch demonstrates your genuine interest in their platform.
Start with a Compelling Hook
Open your pitch with a strong hook that immediately engages the recipient. Clearly state the unique angle or story your feature offers and why it matters. Journalists are drawn to pitches that promise a fresh perspective or highlight a compelling narrative.
Clearly Outline the Value
Explain why your feature is valuable to their audience. Clearly articulate the benefits and relevance of your story. Whether it provides insights, addresses a current trend, or offers a unique perspective, emphasize what makes your feature stand out.
Showcase Your Expertise
Highlight your credentials or the unique insights you bring to the table. Journalists are more likely to feature stories from credible sources. If applicable, share any notable achievements, awards, or relevant experience that adds weight to your pitch.
Keep it Concise and Focused
Journalists receive numerous pitches daily, so keep yours concise and focused. Provide a brief yet comprehensive overview of your feature, emphasizing key points without overwhelming the reader. Make it easy for them to grasp the essence of your story quickly.
Include Supporting Materials
Enhance your pitch with supporting materials that add depth to your story. Include high-quality images, relevant statistics, or links to additional resources. Ensure all materials align with the publication’s guidelines and contribute to the overall appeal of your feature.
Pitch for Esther Ijewere, Founder of Women of Rubies:
Subject: Empowering Women Globally: A Story of Resilience and Impact
Dear [Recipient’s Name],
I hope this message finds you well. My name is [XXX], and I am reaching out to you on behalf of Women of Rubies, a dynamic organization founded by the inspirational Esther Ijewere.
Esther’s journey and the incredible work of Women of Rubies are a testament to resilience, empowerment, and the unwavering commitment to uplift women worldwide. With impactful initiatives ranging from education and media to advocacy for women’s rights, Women of Rubies is at the forefront of creating positive change.
I would love to offer you the opportunity to feature Esther Ijewere and Women of Rubies in [Publication Name]. Esther’s story, combined with the organization’s achievements, aligns seamlessly with [Publication Name]’s commitment to highlighting stories of empowerment and social impact.
Here are a few key points we can explore in the feature:
Esther Ijewere’s inspiring journey and vision behind Women of Rubies.
Notable initiatives and projects undertaken by Women of Rubies.
Impactful stories of women whose lives have been transformed through the organization’s efforts.
I believe this feature would resonate strongly with your readership and contribute to the ongoing dialogue on empowerment and social change. If you are interested, I am happy to provide more information, schedule an interview, or supply additional materials.
Thank you for considering this pitch, and I look forward to the possibility of collaborating on this impactful feature.
Best regards, [Your Full Name] [Your Contact Information]
I hope this message finds you in good health. My name is [XXX], and I am reaching out to you with a compelling story that I believe aligns seamlessly with [Publication Name]’s commitment to showcasing influential figures making a positive impact.
Oprah Winfrey, a global icon and trailblazer in media and philanthropy, continues to inspire millions with her unwavering dedication to creating positive change. I am eager to propose a feature that delves into Oprah’s philanthropic endeavors, shedding light on the transformative initiatives that have made a profound impact on communities worldwide.
Key points we can explore in this feature include:
Oprah Winfrey’s journey from media mogul to influential philanthropist.
Insightful details on Oprah’s notable philanthropic initiatives and organizations.
Personal stories of individuals whose lives have been positively influenced by Oprah’s philanthropy.
I believe a feature on Oprah Winfrey’s philanthropic legacy would be of great interest to [Publication Name]’s audience, adding a unique and impactful narrative to your esteemed publication.
If this proposal aligns with your editorial vision, I am happy to provide additional information, arrange an interview, or share supporting materials.
Thank you for considering this pitch, and I look forward to the possibility of collaborating on this compelling feature.
Best regards, [Your Full Name] [Your Contact Information]
Conclusion
Pitching for media features requires a strategic approach and a deep understanding of your target publications. By crafting personalized, attention-grabbing pitches and clearly showcasing the value of your story, you increase the likelihood of securing media features that can significantly impact your visibility and credibility. Remember, each pitch is an opportunity to tell a compelling story and make a lasting impression on the media landscape. Good luck!
Grab our free PR guide E-book here for enhanced visibility!
A popular wealth creator once said: “When money realizes that it is in good hands, it wants to stay and multiply in those hands.” That’s what Vanessa Ideh Adekoya represents in her industry. She understands the power of merging financial Literacy with creativity. Vanessa has managed to turn YouTube into a lucrative business, and she is now teaching other women how to do it.
In April 2020 she joined Youtube and started creating content around trending topics, and in June 2021, the certified financial education instructor (CFEI) and former accountant decided to start from scratch and build a brand-new channel called, Launch To Wealth.
The platform has now evolved into a goldmine, making Vanessa one of the top black Youtubers in the world. In November 2021, she made $23,700 from her YouTube channel in just five months of launching it, and her subscribers increased significantly. The inspiring financial coach has turned her hobby into a career, and she is reaping the fruit of her labour, hard work and tenacity.
In this Interview with Esther Ijewere, she shares her passion for gender equity and how she is using her platform to teach women the importance of financial freedom.
Vanessa Ideh
Childhood Influence
Yes, My childhood influenced me in a way. I can look back on my childhood and find patterns of creativity and expression through words. At the same time, I have always been good with numbers so I knew that whatever I would do as an adult had to allow me to use those skills simultaneously.
Why I Pitched My Tent In the Financial Literacy Sector
Making a mark in the world of Financial Literacy as a digital creator is me coming full circle with myself. For as long as I have known myself, I have been a confident speaker and creative thinker but growing up in an African household, I thought there was no way for me to express my natural talents and be financially stable at the same time. You were either a broke artist or an educated professional. So, I decided to be an educated professional and it doesn’t get more professional than being an Accountant.
However, after landing a job at one of the Big 4 accounting firms, I quickly realized that I would never feel fulfilled if I did not have room to be creative and to speak often as part of my job. That was when the search for an alternative path began. I had coffee chats with people who worked in Marketing, PR and other communication-heavy fields but it wasn’t until I found a brand called Clever Girl Finance that I felt like someone had created exactly what I wanted to create. I did further research and found that she is a Certified Financial Education Instructor so I became one too. The rest is history.
The Journey So Far
It’s been Amazing. On many days, I feel like I am living in a dream because I recognize how much of a privilege it is to show up as your full self, work in a field that you were naturally designed to work in and make a difference in the lives of many. I see it as God’s goodness and I never want to take God’s goodness for granted.
Challenges I Encounter In My Line Of Work
It depends on what room I am in. In some spaces, the challenge is explaining what exactly I do for a living. In other spaces, the challenge is finding the right people to join my team so we can move the vision forward. However, regardless of the challenges I face, I still find joy in doing what I do.
The Society and Its Support For Content Creators
It is a relatively new field and so people don’t understand it enough to appreciate it. It is only a matter of time, though. I see that changing in the future.
Vanessa Ideh – Founder, Launch To Wealth
Other Projects and Activities
I am currently working on a project that would shed light on the creator economy. It is something I am so passionate about because it is the reason why I am able to do what I do in a sustainable way.
What I Enjoy Most About My Job
The level of impact that my work has. People literally pray for me every day because I expose them to opportunities that they otherwise would not be exposed to.
3 Women Who Inspire Me And Why
Bola Sokunbi, the CEO of Clever Girl Finance. I love the fact that she was bold enough to build a platform centered around women and money. Those are two subjects that get me fired up and as far as I’m concerned, she is a blueprint.
Tara Durotoye, the CEO of House of Tara. I love her love for life and for people. She wears many hats well and I think that is not easy for anyone to do.
Myleik Teele, the CEO of Curlbox. That’s a woman who believed she could and did. She built a social media community and then turned around to create an amazing company around the needs of the women in her community. That’s remarkable; in my humble opinion.
How I Use My Passion For Financial Literacy and Gender Equality To Create Room For Other Women in Our Industry
I actually have a closed community for black women in the financial literacy and media space. It’s one of my most recent projects and something I am very passionate about. I love to see women thrive and succeed.
One Thing I Wish To Change In The World
I would make room for more black women to thrive. We need more women at the table.
How To Empower Women In The Society
Teach them how money works. I don’t think women can be empowered if we aren’t financially empowered.
Being A Woman of Rubies
My audacity. I think it takes a lot of courage to break away from a traditional path, tell yourself the truth about who you are and then find or create a path that allows you to show up as your best self. Many more people would do this too if they had the audacity so I would say audacity makes me unique.
To Young Women Trying To Navigate Their Path In Life
I will probably say 2 things:
Who you are is enough. Find where people like you get paid and go there
Give yourself options. You never want to be in a situation where you feel stuck so ensure you make decisions that open you up to multiple opportunities
Take a look at other related interviews we’ve had in the past:
Building wealth and getting clarity around your finances doesn’t have to be daunting or stressful. In fact, with the right practices instilled, it can be liberating.
If you want to be one of them, then read on to educate yourself about debt, value-based spending, the best saving habits, financial freedom, and the key components that lead to financial success. It won’t be easy to implement these new habits, but you certainly won’t regret it.
ONE- Pay Off Your Debts.
Not all debts are bad. Debt with a plan can actually be really good for acquiring assets. These are ‘good debts’ as they are spent on investments and assets that are valuable and can be liquidated in the long run.
‘Bad debts’ are those debts you use on consumption.
When you have a million naira personal income and you have a debt of 500 thousand naira that is due or will be due, it is advisable you pay off your debts first before you calculate how much you really own.
If you have more than one debt, pay off the one with the highest interest rates or the one with the highest balance first.
TWO – Determine Your Priorities.
When you prioritize debt, think about high interest versus low interest. You can build emergency funds simultaneously while paying off your debts because if you do not have an emergency fund, you may slip back into that debt if real emergency happens.
Being in debt is stressful so you will feel more compelled to rid yourself of that burden. High-interest debt steals from your wealth; values-based spending helps you get in alignment with building wealth, and an emergency fund protects your wealth so that you don’t slide back into high-interest debt.
THREE- Practice Value-Based Spending.
The first step is awareness – know what you’re spending.
Look back at the last three to six months of your spending and analyze how much you’re spending on your lifestyle.
It is easy to often assume that you are just paying for rent and food but our brains want to rationalize that we’re on our best behavior, so it doesn’t allow us to think about all of the subscription boxes.
Value-based spending is a lot easier than budgeting. Setting a budget can feel restrictive, like being on a diet.
You spend within your budget for a week and then you see that dress on Instagram and you click.
But if you have values, you will see that that instant gratification won’t be gratifying for long because it’s not aligned with our values. Once you determine three values that really matter to you, you’ll find that they can function as a filter. An example would be equity, family, and leverage (when you’re willing to spend money on things that help make life easier). Buying the shoes doesn’t align with any of those pillars, so it needs to be a preplanned choice.
FOUR – Open a High-Yield Savings Account.
Saving is the inverse of spending. Parkinson’s law states that work expands to fill the time available for its completion. Basically, any one thing can shrink or contract to the size of its container. In relation to money in a bank account, the reason you end up spending what you should be saving is that it’s right there, visible, in your checking account.
Open a high-yield savings account and automate transfers on a monthly basis. That recurring act will give you accessibility to only what you should be spending.
Consider investments as well, but make your research so you are investing in what you are knowledgeable about.
FIVE – Understand the Definition of Financial Freedom.
Financial freedom is an equation: enough passive income to outpace your expenses. When you have financial freedom in your life, work becomes an option instead of an obligation.
Financial freedom allows you to enjoy your wealth because time is no longer a finite resource.
When you go to work, even as an entrepreneur, you are trading time for money. But, if you can buy assets to create additional income, then you are trading money for assets that bring you more money.
If you get on this train and educate yourself, you will find that you don’t always have to rely on yourself and your body to make money. It takes a lot of time, effort, and sacrifice to get up every morning and go to work.
SIX – Instill the Key Components That Lead to Financial Independence
Six qualities that every wealthy woman should try to encompass:
Planning: Determine your financial goals, write them down, and find an accountability partner. You can’t get what you want if you don’t plan for it. When it comes to money, you have to be goal-oriented.
Frugality or Intentionality: Commit to saving more, spending less, and sticking to a plan. This formula leads to an ability to have a passive income because if you spend all of your money then there will be nothing left to invest it.
Confidence: In order to gain financial confidence in managing your money and investing, you need financial education. We didn’t learn this in school. You have to go and find it, otherwise, you will stay in a state of stress. Inaction is terrible for your finances.
Responsibility: Accept your role in financial outcomes and take action to make financial changes in your life.
Focus: See your process through to completion one step at a time. Accountability is crucial.
Social indifference: Don’t succumb to buying the latest thing as a means of feeling good. If you practice this, it will change your life. Women are the targets of consumerism. But, if you appreciate how you look and how you are inherent, you will save yourself a lot of time, money, and energy.
Adeola Adefemi stands as a shining exampleof unwavering dedication and remarkable achievement. As a public school teacher, Adeola has not only carved a niche for herself but has also become a beacon for the advancement of quality education and the establishment of safe and inclusive learning environments.
A Journey Rooted in Commitment
Adeola commenced her educational journey in 2013, joining the Lagos StateMinistry of Education. Over the years, she has tirelessly worked towards the advancement of collaborative education and the establishment of safe and inclusive learning spaces. Currently serving as the Principal Education Officer at Keke Senior High School in Lagos, Adeola has become a trailblazer in the field.
Global Recognition and Advocacy
Beyond national borders, Adeola’s impact is globally recognized. As a Fulbright fellow, Global Teacher Prize Ambassador, Global Partner Exchange fellow, and Distinguished Judge for The Royal Commonwealth Essay Competition, she advocates for quality education on an international scale. Her initiatives, including the Girls Allowed Hub, Every Child Counts Club, and the Secure Your Future Campaign, exemplify her commitment to empowering students globally.
Mentorship and Triumph
Adeola’s mentorship has been a driving force behind the triumphs of numerous students, who have excelled in over 150 local and international competitions. Her dedication to education has earned her prestigious accolades, including the JCI Outstanding Young Person in Nigeria Award, Best Teacher in Lagos and Nigeria Awards, and the coveted title of Best Teacher in Africa (African Union Continental Teachers Award). In 2021, she proudly joined the ranks of the Top 50 Teachers in the World by winning the Global Teacher Prize.
Literary Pursuits and Academic Contributions
Adeola’s influence extends beyond the classroom into academic discourse. She has presented papers at renowned conferences and summits, showcasing her depth of knowledge and commitment to advancing the field of education. Her passion for literature is evident through her extensive literary pursuits, including scriptwriting and creating over 50 plays and poems, one of which was performed during the Lagos at 50 celebrations.
Continuous Professional Growth
Adeola’s thirst for knowledge is insatiable. With over a hundred international certifications, she exemplifies a commitment to continuous professional growth and expertise in her field. Her dedication to staying abreast of the latest developments underscores her role as a trailblazer in the dynamic landscape of teaching and learning.
In Adeola Adefemi, we find not only a teacher but a visionary leader who has dedicated her career to shaping the future through education. As the Global Teacher Prize winner, her impact on education is not only transformative but also a testament to the power of dedication, resilience, and an unyielding belief in the potential of every student.
In just four days, the entrepreneurial community of Canada will come together for a night of recognition, celebration, and inspiration at the prestigious Canada Vendors Entrepreneur Awards and End of Year Gala. This extraordinary event, founded by the visionary Maryam Muritala, promises an evening filled with glitz, glamour, and a collective celebration of entrepreneurial excellence.
The Canada Vendors Entrepreneur Awards aim to spotlight and honor the outstanding achievements of entrepreneurs who have demonstrated innovation, resilience, and a commitment to excellence in their respective fields. It is a platform that recognizes the tireless efforts and contributions of individuals who have played a pivotal role in shaping the business landscape in Canada.
Maryam Muritala, the driving force behind this initiative, believes in the power of acknowledging and celebrating the entrepreneurial spirit that fuels economic growth and community development. The awards ceremony will serve as a testament to the remarkable journey of these entrepreneurs, highlighting their impact and paving the way for future successes.
Get Ready to Celebrate: Entrepreneurs, industry leaders, and esteemed guests are invited to join this unparalleled celebration of success. The gala promises an enchanting evening featuring inspiring speeches, networking opportunities, and the presentation of prestigious awards recognizing excellence in various categories.
Don’t miss the chance to be a part of this momentous occasion. Secure your spot now and be prepared to witness the brilliance of Canada’s entrepreneurial community.
For media inquiries, sponsorships, or to RSVP, please email: info@canadavendors.ca and visit canadavendors.ca
Mignon Francois, a single mom of 7 turned her last $5 into a million-dollar cupcake business.
Mignon Francois struggled financially to support her family between 2005-2007 after a job offer for her former husband fell through. A neighbor knew her plight and penchant for baking and offered her an opportunity to turn her situation around. She put in a request for 600 cupcakes at $1 each.
The Plot-Twist For Mignon Francois
With just $5 to her name, Francois wasn’t sure how she would make it work, but she used her last bit of coin to purchase the ingredients, baking 60 cupcakes, and gaining a $60 profit that same day to buy the rest of what she needed. She launched The Cupcake Collection, selling custom cakes and cupcakes and growing her small business which now generates more than $1 million annually.
Mignon Francois is proud of herself, her journey was not without its share of challenges. As a Black woman, one of the biggest obstacles Francois faced was funding. Instead of relying on banks and facing loan denials, overdraft fees, or credit card debt, Francois relied on an old envelope system trick.
“I think a lot of times in my community, we often have been used to rejection from banks. Having my money in a bank account at that time, if I had messed up even a dollar, it would have caused me to get a bank overdraft, which would’ve cost me $30, and then that’s just a vicious cycle of snowballing in a negative way,” she said.
Staying In Business
The entrepreneur used the system to designate her money via envelopes, categorizing her profit into an emergency fund, set a budget, and a debt snowball method to help reel her finances in. Today, the New Orleans native uses her story to help others.
As a now successful entrepreneur, Francois has begun paying it forward, funding scholarships at Tennessee State University, and partnering with community organizers to support education and food insecurity efforts.
She also sits on the Pathways Women’s Business Center and Nashville Entrepreneur Center board and works with grassroots organization Corner to Corner to help other aspiring business owners.
To learn more about Francois and the work she’s doing, visit The Cupcake Collection.
