Kindly beware of fraudulent messages being circulated. TRJ Company Limited does not approve loans by SMS and would never request payment before approving or disbursing your loan

X

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.

Recommended Articles

Sign up for our newsletter

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. 

Recommended Articles

Sign up for our newsletter

Pay Yourself or Go Broke!

June 24, 2021

You’re probably like, what does that even mean?  First of all, what does it mean to pay yourself? Let’s explain what it means to pay yourself. This is a very important perspective culled from the book ‘The Richest Man in Babylon’.  A lot of times, we tend to see saving as a sort of obligation […]

By TRJ

You’re probably like, what does that even mean? 

First of all, what does it mean to pay yourself? Let’s explain what it means to pay yourself. This is a very important perspective culled from the book ‘The Richest Man in Babylon’. 

A lot of times, we tend to see saving as a sort of obligation or punishment, something that’s really hard to do, but it is not. Saving is simply paying yourself, and here’s how. When you get paid your salary for the month, you begin to pile up a list of things you are going to do with it, like pay rent, go shopping, feeding etc and before you know it, somehow by the end of the month you’re broke once again no matter how much salary you earn, how?!

Here’s how, by purchasing or doing all these things, you are inadvertently paying all these people, you’re paying your landlord with the rent, you’re paying Shoprite with grocery money, you’re paying the Suya man with that your #1000 suya you are buying every week, I see you.

But do you know why you’re broke, after paying all these people? Because you haven’t paid the most important person, YOU. When you earn that salary, before you begin to think about the endless list of people and businesses you’re going to pay with your hard earned money, why not pay yourself first. Whether it’s 10% or as much as 40%, that’s up to you, as long as you are consistently paying yourself you won’t go broke. 

Now that you know why you should save, do you know how to save?

How to Save : Practical Steps to take

  1. Make the basic savings decisions:

First, you need to make up your mind to save. Understand that this is something you are ready to commit to and decide that you’re ready.

After doing that, you need to agree on how much you are willing to save, what percentage of your salary or pocket money, how frequently you will save, will you save from unexpected cash inflow, like a birthday gift of cash, and all that.

  1. Decide on the Savings Platform:

Do you want to save in a bank account you’re not using, open a savings bank account or invest in TCL 4:24 scheme and relax while receiving your monthly returns

Choose the platform you are most comfortable with, as some people are not comfortable with online banks or savings accounts and will prefer bank accounts, so choose whichever fits your ideals.

  1. Cut down your expenses

In order to save, and not end up clearing out your savings to meet your expenses, you need to learn to live on less than you earn. So assume you only earn what is left after you save, so if you’re earning 200k and you save 20k , as far as you are concerned your salary is 180k. 

So plan your expenses according to that number. Cut down in little ways like using less data, not leaving all the lights on in your house when you go to bed to save electricity, buying #1000 suya every Friday instead of #2000, saying no to that event that you don’t really want to go to that you know will finish your money. These little spending cuts may even leave you with some change at the end of the month that can roll over into your savings.

  1. Hold yourself Accountable

It’s easy to be tempted to withdraw from your savings for that birthday party, that Asoebi, that thrift store sale. You’ll return the money later right? My darling, don’t do it, that’s how it starts. We know we’ve all been guilty of it.
So make sure you hold yourself accountable, be disciplined, don’t take from your savings unless it is an emergency or a calculated investment opportunity. Emphasis on calculated not pyramid schemes. 


Respect your savings and invest it.

In Summary, in this life, if you don’t pay yourself first by saving, you will just be going broke monthly and be wondering where all your money went. So Pay yourself, or go broke.

Recommended Articles

Sign up for our newsletter

Digital Evolution of Finance in Nigeria

June 2, 2021

THE ORIGIN OF DIGITAL FINANCIAL SERVICES  Dr. ATINA SHOFAWATI SE., M.Si. Faculty of Economics and Business at the Universitas Airlangga says that digital financial services by and large allude to the expansive advances accessible to perform financial services from a more extensive scope of suppliers to a broad class of beneficiaries. This is conceivable by […]

By TRJ

THE ORIGIN OF DIGITAL FINANCIAL SERVICES 

Dr. ATINA SHOFAWATI SE., M.Si. Faculty of Economics and Business at the Universitas Airlangga says that digital financial services by and large allude to the expansive advances accessible to perform financial services from a more extensive scope of suppliers to a broad class of beneficiaries. This is conceivable by the utilization of digital distant methods including e-cash; card installments like ATM, POS, and electronic assets move like NIP. Digital finance can prompt more noteworthy financial incorporation by growing financial services to non-monetary areas, and the development of fundamental services. It can prompt more prominent monetary steadiness and expanded financial intermediation. It can likewise help long haul beneficial outcomes on banking execution.

Financial institutions all over Nigeria are constantly developing towards digitalization. The present urge to satisfy the ever-changing need of the customer when it comes to financial services, a constant that causes most banks to be on top of every solution for customer-based problems to keep the business running and relevant.

Digital finance is financial services being delivered with mobile phones, internet, P.C’s, cards linked to a government-approved and reliable digital payment system. Digital finance is a magnitude of upgraded financial products, related software, business, and customer interactive and communications services, this is delivered by financial technology companies and providers of financial services.

Automated teller machines, Point of Sales, Internet, Mobile money, Electronic Bills pay, and mobile phones to access transaction receipts.

Nigeria launched the digital payment system and the Central Bank of Nigeria also launched the National Financial Inclusion Strategy with the vision that more than 80% of bankable adults across Nigeria have access to financial services. The digital payment system in Nigeria is aimed at assisting to unbundle the stress of some economic activities by implementing technology-driven methods. These methods are intricate to the plan for economic diversification and also prevent financial leakages in all sectors. All digital means of a transaction have a feedback mechanism to secure moveable assets, provide a secure framework for crowdfunding, and providing clear regulatory measures on crypt-currency transactions to combat electronic fraud.

FINTECH IN NIGERIA

Fintech is also known as Financial Technology is the innovative ability to use technology in planning, designing, and delivering financial services. This results in creating new business models and processes which have effects on the nation’s financial services and institutions with promises of easier, transparent, cheaper, user-friendly financial services. 

The Central Bank of Nigeria launched the Payment Service Vision in 2007 creating a spark of interest in the Fintech Industry. Before this launch Fintech firms have been operating in Nigeria but without a widespread adaptation. Until then the use of physical cash was the only valid means of transactions which cost the Central Bank of Nigeria to use limited resources to maintain and print the banknotes which is part of the cause of the devaluation of the currency.

Interswitch (2008), eTranzact (2011), and Remita (2011) were the initiation set of firms established by the Federal Government, through CBN for cost minimization that drew attention to the benefits of digital financial services. The main purpose for the pioneer fintech firms was to create an environment for commercial banks to adopt the process later in the future and this birthed internet banking, mobile apps, and unstructured supplementary service data (USSD).

Fintech can be categorized into other aspects like artificial intelligence, peer-to-peer lending, assets management, advisory services, biometrics, digital payment, and crowd computing. In Nigeria, financing, lending, and remittance of currency are at 70% of the FinTech prospect, with 30% of untapped categories like crowd computing, big data, and business solutions.

Studies have shown that the payment service of all the various service segments is the most utilized in successful Fintech firms, but only 15% of the banking revenue pool is from payment solutions and it continues to grow. This encourages more digital presence than ever for Nigerian banks as a result of implementing the Fintech Policies. These Fintech strategies are growing from credit to payment and assets management.

Recommended Articles

Sign up for our newsletter

INVESTMENT

February 8, 2021

Lorem ipsum text nnnn

By TRJ

Lorem ipsum text nnnn

Recommended Articles

Sign up for our newsletter