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MONEY MISTAKES PEOPLE MAKE IN THEIR 30s

July 29, 2021

The time value of money is critically dynamic, and you need to get it working in your favor. If you do not make a conscious effort to get off the credit card treadmill now, you may eventually carry debt and negative bank balances straight into retirement. From a financial standpoint, your 30s are really the […]

By TRJ

The time value of money is critically dynamic, and you need to get it working in your favor. If you do not make a conscious effort to get off the credit card treadmill now, you may eventually carry debt and negative bank balances straight into retirement.

From a financial standpoint, your 30s are really the most critical moment of your life. The years around your 20s are the period where money decisions start being made, and of which most are poorly decided due to a lack of adequate financial management knowledge. However, if you are looking to stay above the financial crisis in your 30s, let us take a look at the money mistakes people should avoid in their 30s. 

Stretching on a few, we have provided a breakdown of the 5 mistakes we have chosen.

  1. Living beyond your means.
  2. Carrying too much high-interest debt.
  3. Delaying your retirement planning.
  4. Failing to set up an emergency fund. 
  5. Waiting too long to open an investment account.

1.       LIVING BEYOND YOUR MEANS; As a tailor cuts the coat according to our cloth, and does not exceed the limits, this is the same way we should spend money according to our income. Our expenditure and income must coordinate with each other, else we ruin our lives. One should give priority to his necessities before the luxuries of the world.

2.       CARRYING TOO MUCH HIGH-INTEREST DEBT; Some experts say any loan above student loan or mortgage interest rate is high-interest debt, a range of about 2% to 6%. However, building up unpaid high-interest loans is not a bold step to elude financial insecurities in your 30s.

3.       DELAYING YOUR RETIREMENT PLANNING; If you plan to continue working until your benefits reach their maximum at age 70, delaying your claim will result in greater monthly payouts. Delaying your first claim increases your monthly retirement benefit, but it may not affect the total amount you receive over a lifetime.

4.       FAILING TO SET UP AN EMERGENCY FUND; Taking the time to build up an emergency fund is sometimes a staggering effort. Instead of setting yourself up for failure, rather plan and prepare yourself for those inevitable rainy days by creating an emergency fund. 

5.       WAITING TOO LONG TO OPEN AN INVESTMENT ACCOUNT; Let us face it, if you fail to plan then you plan to fail. This popular adage applies to every activity of our day-to-day life. Not having an investment account would limit you to actualizing your financial goals in your 30s. 

We understand that financial freedom is a necessity for all individuals as it provides security in a key area of our lives. This is why our investment options were designed to help you start small. 

In conclusion, with regards to securing your monetary future, the most well-known monetary error is failing to remember that the earlier you start, the simpler it is to arrive at your objectives. This is because, when you begin making and executing monetary plans in your 30s, you are establishing the framework for your future. Staying away from these normal cash botches in your 30s when making arrangements for your monetary future can be the distinction between arriving at your monetary objectives or missing the mark concerning them.

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Becoming A Self-Made Millionaire

July 8, 2021

“It is enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” ~ Henry Ford. I want to start by asking and answering a common question people always ask. “Does money make you rich?” The answer is […]

By TRJ

“It is enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” ~ Henry Ford.

I want to start by asking and answering a common question people always ask. “Does money make you rich?” The answer is no. Money alone does not make you rich. We all know people who go to work every day working for money, making more money but fail to become richer. Ironically, many only grow deeper in debt with each naira they earn.

The concept of becoming a self-made millionaire cannot work by sitting in a cubicle, making other people rich. The road to becoming a self-made millionaire is filled with peril, which one can succeed by having dreams and achievable goals of their own. The journey has to begin with the right mindset, networking skills, cash management, patience, persistence, and any other good habits. Generally, people do not realize that achieving this dream involves far more than having a great idea and making it happen. Sometimes, it is not about the money, it is about the passion. In fact, much of the success will have nothing to do with money.

However, this is not to say that money does not play an important role in becoming a self-made millionaire, because it is a well-known fact in modern-day that one needs to spend money to make more money. It is essential to keep in mind that being a millionaire also comes with the responsibility of being an entrepreneur and an investor. There is a great reward when you think outside the box with a realistic end, so as to enjoy the journey as much as the destination. This benefit comes when you develop in a business you have passion for.

Nevertheless, one of the keys to success and how making your money will work for you is through heterogeneity. It can be a good idea to spread your money across different companies, industries, asset types, and markets. This is called Diversification, and it is a great way to help manage risks. You should never depend on a single income and making an investment to create a second source of resources can be beneficial to you. Investing a little here and a little there at different times means that when the market wants to get choppy, you might be able to take a hit without your whole ship sinking.

Furthermore, getting the right assistance is very important when you want to embark on this course, and this is where TRJ Company comes to your help. Buying stocks or investing is not only for the big players alone, anyone can start an investment with our company with as low as N5,000. Putting in a little money and seeing how it moves is a great way to learn about investments and start building up a portfolio. With TRJ Company, you can build your own millions of which we will walk you up through your ladder of success when you invest with us. We are all about investments here.

While not everyone makes financial mistakes, those who do can face years of difficulty trying to get their finances back under control. The more you read good books, have a clear picture, stay optimistic, embrace changes, be more innovative and proactive, educate yourself and make maximum use of your time, you will have your empire in no time.

The most important thing to always keep in mind is hard work and persistence always win in the end. This is not surprising that it was once said that “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you will do things differently.” ~ Warren Buffett. 

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