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HOW TO CONTROL YOUR FINANCIAL DESTINY

December 17, 2020

by Ayodamola Olu-Ayoola with No Comment General Article Money Secrets

4 min read

Financial Destiny

Destiny: a word wrongly understood by most, howbeit, well-known to many. Unlike the conventional belief of the majority, destiny is not really a fixed plan handwritten by one supreme being, which must be fulfilled no matter what happens; even if the bestowed made zero efforts to “fulfil his/her destiny”. Maybe that’s what you hold on to, no problem. Good Luck. (However, you don’t need me to tell you before you know that even if GOD destines you to be wealthy, and you retain POOR habits, behaviours, and actions; you will never be wealthy! FACT!)

That said: “financial destiny” is not to refer to a “DEITY-BESTOWED-UNCHANGEABLE-WILL-THAT-WILL-HAPPEN-IRRESPECTIVE-OF-YOUR-ACTIONS” kind of Destiny. But, what you “CREATE-FOR-AND-BY-YOURSELF…” kind of destiny. In this case, you are THE G . O. D. creating YOUR DESTINY, by every step you take, beliefs you hold on to, actions and inactions, decisions and indecisions.

…

Of course, I’m proudly a believer in the existence of a supreme and all intelligent and all-knowing being popularly called GOD, and also believe in destiny (from God); but in a different sense, which I’m not about to discuss here.

The purpose of this article is to show and guide you; HOW TO CONTROL YOUR FINANCIAL DESTINY.

Firstly, note the word “CONTROL”. So, your financial destiny is what you can control. Secondly, just as I had pointed out earlier, your financial destiny is what YOU MAKE IT TO BE.

Okay, before I continue, I’d like to give a more contextual definition of “financial Destiny”

Financial Destiny: Your financial future, your future net worth, your future wealth status

It doesn’t matter who you are; whether you are a novice, a business owner or an investor, your financial destiny is yours to control. You are the captain of the ship in this story and no one can be more trusted with your financial future than you.

1. Financial Education

It takes a “foundation of working knowledge” to build wealth. The journey to financial freedom is one that begins with education. Before you can control the reins, you must know how money works, how investing works and how to manage your resources. You can not assume the position of ‘captain’ if you do not know how to sail a ship. Everyday is an opportunity to learn something more about finances. There is so much information out there that is ready to used by you. “With some simple knowledge of proven strategies, you can build wealth on your own” ( Dale Gillham ).

2. Know Your Goals

Remember that this is a journey, you have to know where you are going to. At every point in your life, you have to map out where you want to be financially. Financial freedom can not happen in a day. It is a process of achieving one goal to the next; goals that are realistic. Goal setting gives you a clearer picture, and it is a good motivational tool.

3. Make A Decision And Stay Determined

The main reason why the poor and middle class remain where they are is because they are not determined enough. They hold on to the thought “they can’t”. To control your financial destiny, you must first decide what it is you want. Then you must stay determined till you attain freedom. Our tomorrow is based totally on our choices of today. Some of your financial choices might produce mediocre results, some might give us momentum and confidence. However, whether or not you reach the point of financial freedom is dependent on your determination to get there. With determination, you can even surpass those who had a head start.

4. Take Action

Controlling your financial destiny is more than knowing investment strategies. It is about knowing how money works and taking the proper actions in response. You can not just shelf your knowledge and expect that it would bring results. You can read all the books in the world but what would really count is what you did with your knowledge. Whether you have thousands or millions, take action today!

5. Protect Your Capital

Protecting your capital should be your priority. Many traders and investors often allow themselves to be concerned more about the profits than risk management factors. Remember that financial freedom can not happen in a day.

By leveraging on others,
Seeking returns on your capital,
Avoiding bad debts,
Diversification
Selling even when you do not need to buy

These are ways you can protect your capital.

6. Master Your Emotions

If you can control your emotions well, you can control your financial destiny. Emotions like fear only slows down your financial journey. Learn to handle your finances from a detached perspective. Be strict when it comes to getting emotional with money. Emotions are liabilities in finances. More often than not, they lead us to debt.

7. Master Time

Timing is crucial in everything we do. Once you have mastered time, you have mastered it all. Understanding supply and demand, knowing what and when to invest in, understanding trading trends and more are ways you can master time. Also never be in a hurry. Hurrying leads to lack of control over yourself. Be patient with yourself and the market you are invested in. Mastering time assures your absolute control of your financial destiny.

Financial freedom however, is a choice, not a dream. Anyone can become rich. Money doesn’t remember socioeconomic status or race. Anyone can be financially free. Your financial destiny is yours to control. Yours.

DO YOU WANT TO CREATE WEALTH? DO THIS DAILY!

November 17, 2020

by Ayodamola Olu-Ayoola with No Comment Money Secrets

4 min read

In life, desire is not enough. We can yearn for good things but nothing ever happens unless we make things happen. Wealth creation doesn’t happen in a day neither will it happen just because you desire it. It takes consistent deliberate effort to build lasting wealth. Which means wealth creation requires continuous (daily) work and a key fundamental aspect of it is knowledge – in other words, wealth literacy – or as many often put it; financial education.

Our school system has downplayed the importance of financial education so it is up to us to get the knowledge we need outside the four walls of the school. Education is in fact “the first step toward changing your life” (Kim Kiyosaki). The rich get richer because they never stop learning. You cannot achieve anything great if you refuse to learn. As a result, if you truly desire to be great, you MUST imbibe the habit of continuous – DAILY – learning.

WHAT IS FINANCIAL EDUCATION

Financial education goes beyond teaching your kids or yourself how to save money. It is about knowing how to make, manage, plant, grow, multiply and keep Money. It is the understanding of the language of money and the skills required to multiply it. Financial Education is the education you MUST HAVE to BE RICH! Financial education is very important in wealth creation; which is why the absence of it in our traditional learning environment affects your finances and your ability to make good financial decisions.

It might surprise you to know that some people do not believe there is much to know about money. Why? Because they’ve been conditioned to think wealth creation is for a selected few and that it’s a thing of “destiny”. Beliefs like these are the primary reason why people underrate financial education.

However, for those who desperately want a way out of the limbo that society has created, you need to know just how to educate yourself about money. Luckily, knowledge can be acquired in different ways.

Read

There is something common among all the billionaires and millionaires of the world and that is they all read. Books have proven, since the beginning of times, to be great and necessary resources for achieving greatness. Every rich man knows this. Never underestimate the power of reading a book. Mark Cuban reads for 3 hours each day, Bill Gates reads a book every week (52 weeks equals 52 books), Warren Buffett reads 500 pages every day; news alert – they’re all rich! The thing about knowledge is that it builds up like compound interest. It’s never a mistake to read. Develop the habit of reading. It doesn’t have to be a book, it could be a blog or an article. In fact, you’ll never know how much you can learn from reading the business column of the newspaper every morning. A great place to start is by visiting ngmoneyseries.com daily. Our blog posts promise to equip you with the right knowledge needed to get you to financial freedom.

Listen To Podcasts

Not everyone is a good reader and that’s okay. If you do better at listening then podcasts were made for you. Podcasts are a great way to learn about various topics of interests. You can learn at your own pace and you can listen anywhere anytime. So instead of listening to pop music on your way to work, tune in to a financial podcast. The iTunes store has plenty of beneficial podcasts, so you can start there. You can listen in chunks and learn from different people from different parts of the world.

Follow NgMoneySeries weekly podcasts on Instagram and Youtube.

Play Games

Okay, this might sound hilarious to you but do not ignore this point. Games are effective tools for learning. For example, Chess teaches you strategy and emotional intelligence. Even video games can teach you a thing or two about leadership and cooperation especially if you’re playing in a team. In Economics, there is in fact something called Game Theory. It teaches how to use the principles of games to make wins in real life. As it turns out, game theory can be applied in every aspect of life. So in addition to reading and listening to podcasts, challenge yourself each day by playing a thought-provoking game. And in turn, use what you learn in trial financial games online. That way you get an insight on reality. Besides it is better to practice with fake cash than your life savings.

One of the games you should learn how to play, and also play often is Monopoly. It teaches you a lot about money management, wealth building, and financial freedom.

Build Good Relationships

Every day is a chance to connect with someone new. The power and position of men are too crucial to be ignored in finances. You picked most “life lessons” you know today from someone, either consciously or subconsciously. Your parents/guardian, teachers, spiritual leaders, siblings, friends, colleagues, neighbours are all practical examples of why you shouldn’t ignore the effect of relationships in your success/failure; because they’ve all influenced you (habits, behaviours, mindset, thoughts, aspirations, desires) one way or the other, either positively or negatively. Your network of people can either help you achieve financial freedom or lead you to poverty. So every day, build on your existing relationships with the right people and connect with more. Have conversations about money and you’d be amazed how much people know or don’t know. One financially sound man in your life can change so much for you.

It doesn’t really matter how you learn, just that you learn. Go online, sign up for courses, talk to people, attend business conferences, read blog posts like ours, do what you need to! And do it every day.

I’ll leave you with this quote below;

“Focus first on your education, then the money will follow”
Robert Kiyosaki

Five Things My Parents Could Not Tell Me About Money

June 3, 2020

by Ayodamola Olu-Ayoola with No Comment General Article Money Secrets

3 min read

I’m from a society where I repeatedly heard the proverb; “Train up a child in the way he should go…” It is every parent’s responsibilities to train their child. Of a truth, my parents taught me a lot of things – how to cook, politeness, humility, great communication, and human relations. Even before I knew the institution called “School”, they had drilled me to be the amazing kid they wanted.

But as I grew up, I realized there was one thing I just didn’t get right. And I wouldn’t want you to blame me. Neither did my father who is the breadwinner of the family nor my mother who is the home manager made mention of it. In fact, it was like a taboo if I discussed such topic with them.

You know how awkward it gets when you ask someone about their sex life, right? That was the exact feel whenever I discussed topics about money with my parents; most especially how much they earn and save. I was literally clueless on money matters.

Ignorance stopped being a bliss for me when I gained admission into the higher institution and had to live by myself. “Pocket money” was never enough, neither did I know how to account for my spending.

When it dawned on me that I have mastered many life’s issues from my parents except money, which is also essential, I sought knowledge.

And here is what I found out:

Money is beautiful but it doesn’t grow simply by admiring it.

I had the habit of keeping money when I was younger. I would wrap it up in my closet so that no one would touch it nor rumple it.

I must have picked this habit from my mother who also kept her money in a knot at the edge of her wrapper, so it wouldn’t get lost. She could keep the money for as long as a month or two, or a year. What she didn’t know was that she could keep the money in a bank for it to accrue interests or invest it, which would bring returns (ROI). She did not know hwo to plant money, to make more money for her. So, she could not teach me, neither did my father.

Money multiplies by investments, just like how seeds multiply by planting. It is not meant to be kept on the table and admired like a meal. This, my parents did not tell me.

Money alone does not bring happiness

Money afforded me all I wanted as a kid – both the necessities and unimportant things of life. I could get all the chocolate, biscuit, sweet, and toys that I craved. So, it was a difficult thing for me to accept that “money doesn’t bring happiness”.

I thought all I needed to be happy in life, is MONEY. Yes, Money also brings its own share of happiness. With money, you can acquire many good things, live the life of your dreams, and do so much that will make you very happy. However, money alone does not bring happiness. This, my parents could not teach me.

Plan how you want to spend your money – Budgeting

I grew up asking for, receiving and spending money. Little did I know that mindless spending makes one short of money. I spent as I earned and even spent more than I earned, thus I wallowed in debts. I wish my parents had cautioned me when I was younger.

A friend of mine had a journal for recording her income and expenses. She would write all her expenses for the month ahead before she spent any of her money. She as a preference list which she followed religiously. This helped her to effectively monitor, and regulate her spending. This also saved her from reckless spending and debts.

Money Management

Money worries are not meant for adults alone. No child is too small to learn about money; how it is earned with hard work, and most importantly, how to manage and multiply it.

I shouldn’t have had to become an adult before I know all things are not meant to be bought. If I had been refused several unnecessary things I spent money on when I was a kid, I would have learned to differentiate between needs and wants.

Avoid debts like a plague

Unfortunately, we cannot all avoid debts. Debts can be good, and also unpalatable. Hence, we must tread with caution around it.

Earn more than you borrow so you don’t become saddled with a cliff of debt that is hard to pay off.

In conclusion…

Money respects those who understand it. I learnt this the hard way.

What about you? What were the things your parents did not teach you about money?

Please share them in the comments section below.

Seven (7) Unproductive Money Habits, The One Way Out!

May 27, 2020

by Ayodamola Olu-Ayoola with No Comment General Article Money Shakers

3 min read

The lives of the rich and famous are often tempting and glamorous. Irresistible; the flashy cars, luxurious life, and expensive outfits that the famous stars often wear. The poor might end up cursing the day they were born but sometimes, the rich are often caught up in the success-web.

Success is the desire of most people (most people hate failure) but not everyone knows how to move on and chase (more) success. Most times, many people are trapped in the cell of success, and their passion and zeal surrender to the most recent success without vision and hunger for more.

Many people were half baked for the success they achieved early in their lives, the fame, and the money was bigger than what they could handle.

As good as success might be, it can also be a huge burden that crushes people if not handled properly.

Some of the celebrities and athletes that we know went from grace to grass not as a result of laziness but for some untamed habits that shot them down. While some were able to bounce back, others never did.

You must learn to differentiate your seeds from your harvest—seeds produce harvest.

SEVEN UNPRODUCTIVE MONEY HABITS

Have you seen a successful businessman/woman? Study their habits; perhaps you have seen a poor man, check his habits. Habits are everything—it either makes or mars a person.

The rich do the things that make them rich, while the poor have habits that keep them poor. Below are the seven (7) money habits that make a man poor:

1. Wrong company.

When a man keeps a company of his sense mates, it may be difficult to make meaningful progress in life. You need a mentor, someone with experience and can provide hindsight & foresight where career and wealth creation is concerned.

2. Inability to invest.

The poor work for money while the rich have money work for them. The rich spend their time looking for the best places/business, to invest their money in a bid to multiply it as time goes on, but the poor hardly save much less invest.

The concept of investing can be best explained from a farmer’s perspective, a farmer will invest (sow the seed) into the earth and get a harvest in return. Lastly, saving doesn’t make you wealthy, investing does.

3. Focus on survival.

The poor are perpetually in “Survival mode”. They acknowledge their needs but they consistently deny themselves by the inability to delay gratification. Moreover, they wallow in self-pity. They hide under escapists’ theories like “all is vanity”. Survive, but more importantly – thrive!

4. Poor money management.

One of the attributes of humans is the ability to manage resources and situations — time, money, problems, success, failures, and.

The poor lack money management skills and will often spend money on wants. The poor are most times unable to differentiate between asset and liability, so they spend more on liabilities than on assets.

5. The poor expect money miracles.

Poor people pray the most, that’s not saying the rich don’t have time for prayers. The expectation of the poor is that miraculous money will drop in their account. Whereas miracles do happen, they are not the foundation upon which wealth creation is built. Refusal to seek for financial knowledge because one is waiting for miracles is detrimental.

6. Lack of money-making ideas.

One way to make money is “idea”. An idea that solves a problem will make you money and if you are financially intelligent enough- wealthy. You are truly poor only when you lack ideas. Facebook is an idea of Mark; Coca-cola is someone’s idea, Honda automobile is someone’s idea. Great, innovating ideas get you into money.

7. Lack of financial knowledge.

You are only enslaved by what you don’t know. The poor lack the basic knowledge of how to make money and how to make money work for them; thus remaining in poverty. If you know what you don’t know – that is a call to seek knowledge and knowledge is only power when it is applied.

WHAT IS THE WAY OUT?

Discipline.

It may sound simplistic but if something seems simple – it will often require a great deal of attention. Very few people on planet earth are disciplined in their commitment to learning and earning.

Are you disciplined enough to keep working with the principles of wealth creation?

Yes, this is one of the virtues that the rich possess that keeps them on top of their game.

Twelve Words That Locked All Your Money Up

May 23, 2020

by Ayodamola Olu-Ayoola with No Comment General Article Money Secrets

4 min read

The mind works in unfathomable ways, words are the command of life itself, the command of money too. Not knowing these twelve words that locked all your up isn’t a good thing.

Some years ago I had a light bulb moment, my eyes lit up as I listened intently to the financial intelligence expert who spoke on investments, financial intelligence, and passive income. I was in my 20’s and I had never understood what those words meant and how they impacted my chance of escaping poverty and achieving everything I dreamt of.

If I didn’t understand those basic money principles, how could I make them work for me? The truth is, most of the principles of financial freedom have been codified into words.

Understanding and making use of these words (codified principles) in our daily decision making is what helps us achieve financial freedom. Let’s talk about some major ones.

Financial Intelligence is one of the phrases that changed my perspective on how money works. Just as you need emotional intelligence to make your relationships thrive, you need financial intelligence to make the right decisions concerning money. There is a right way to think about money – learn it!

One of the major concepts financial intelligence affords you is a basic understanding of TAX. Tax is one of the most mysterious money-words. The rich try to avoid it and the poor have no clue how it works. But just because you don’t know a substance is poisonous doesn’t mean it won’t hurt you. Whether you are self-employed or a businessman, taxation influences your financial freedom in a great way.

Passive Income is a phrase that confuses a lot of financial illiterates. Passive income is often seen as ponzi scheme to some folks and this a great injustice to financial intelligence. Just as you work actively to generate income, passive income is generated when you’ve invested money (into ventures).

Owning one percent (1%) of the shares at Google makes me a billionaire; not because I code or write algorithms but because what I invested will yield ROI (Return on Investment).

Yes, there is no form of business venture or investment that does not have a level of RISK in it. Many people run away from risk without knowing that risk is a part of life.

Mark Zuckerberg said that the greatest risk is not taking any risks. The wisdom here is to take calculated risks.

Partnerships: the backbone of most wealthy individuals is the strategic partnerships that they have other people. Research shows that businesses that were started by two or more people have a higher chance of being successful than that of a sole proprietor.

The goal of having a partner is to complement your skill and personality deficiency. You don’t partner just for partnering sake; you partner because there is something unique that your partner can offer.

BRAND: what if you decide not to enter a partnership, then it is important to develop a very strong brand (read more here -5 Reason You Are Probably Still Poor).

Actually, it’s not only single founders that should develop a brand. Your brand is the projection of who you are and your value. Having Donald Trump’s (before he became President) name on any real estate implies a Gold Standard. You like it or not, that’s what his brand is. The more your brand is worth, the higher the chances of you achieving financial freedom.

VALUE: the more valuable your brand is, the more financial returns it brings to you. Someone told me recently that money responds to value. So instead of chasing money, why not focus on adding value. Mark Zuckerberg is quite wealthy today because of the amount of value he brings. That’s the same reason why some top athletes make considerably more money than their teammates –the extra value they bring to the team.

I was at a conference some years ago, where one of the speakers said that ‘because you are worth something does not mean that people will value you the same way’.

Just because you see yourself as worth something does not mean other people will see you as such.

A process of bridging the gap is NEGOTIATION.

Negotiation has to do with seeing things from the perspective of your business partner and leveraging on that to get whatever you want. The only way you can get what you really deserve is by negotiating for it. Ask Donald Trump why he wrote the book “The Art of the Deal”.

The major key to successful negotiations is COMMUNICATION. Okay.

I can hear someone say “Is it not just about talking or speaking?”

Communication is probably one of the most underrated skills; no wonder the Toastmasters International makes it their focus.

Excellent communication skills are essential to pitch your ideas to investors, to cast your vision to your team. It is practically impossible to influence people without being skillful at communicating.

After communication, MARKETING is probably the next most important word for an individual or a business.

The truth is, we are all selling something. How well you can sell yourself will influence the rate at which you attain financial freedom. It’s not surprising that Fortune 500 companies spend millions of dollars annually as their marketing budget.

Marketing is about sharing stories; stories that will ultimately convince people to buy your product or service. What sharing stories also does is to help expand your NETWORK.

Entrepreneur Dan Lok said that he will rather spend time with people he has a common future with than people he has a common past with.

The more valuable your network is, the more your chances of escaping poverty and achieving financial freedom.

We probably have been talking about a lot of ideas and “soft stuff” but what makes them all work is EXECUTION.

A renowned NASA scientist said that “one test is worth ten thousand expert opinions”. Execution eats ideation and planning up for dinner. Execution is where the juice is.

There are thousands of other words – codified principles – that their understanding and correct application will help you attain financial freedom.

Imbibe these words and see as they revolutionize your money life.