To stop wasting your cash, here are some practical tips:

Create a budget: Start by tracking your income and expenses. This will give you a clear picture of where your money is going and help you identify areas of wasteful spending.

Set financial goals: Define your short-term and long-term financial goals. Having specific goals will motivate you to save and avoid unnecessary spending.

Prioritize your spending: Differentiate between needs and wants. Focus on fulfilling your essential needs first, such as housing, food, utilities, and transportation, before indulging in discretionary expenses.

Cut back on impulse buying: Avoid making impulsive purchases by taking time to think before buying. Ask yourself if the item is truly necessary and if it aligns with your financial goals.

Avoid credit card debt: Credit card interest can accumulate quickly and lead to wasteful spending. Try to pay off your credit card balances in full each month to avoid interest charges.

Comparison shop: Before making a purchase, compare prices from different vendors or online retailers. Look for deals, discounts, or alternative options that offer the same value at a lower cost.

Plan meals and avoid eating out excessively: Preparing meals at home can save a significant amount of money compared to eating out. Plan your meals in advance, make a grocery list, and stick to it to avoid unnecessary food expenses.

Limit entertainment expenses: Evaluate your entertainment subscriptions, such as streaming services or gym memberships, and consider canceling those you rarely use. Look for free or low-cost activities to enjoy in your leisure time.

Save on utilities: Reduce your utility bills by practicing energy-saving habits, such as turning off lights when not in use, using energy-efficient appliances, and adjusting the thermostat to conserve energy.

Automate savings: Set up automatic transfers from your checking account to a savings account. This way, a portion of your income will be saved before you have a chance to spend it.

Avoid unnecessary fees: Be mindful of bank fees, late payment fees, or other charges that can eat into your cash. Stay organized, pay bills on time, and choose financial institutions that offer low or no fees.

Stay accountable: Share your financial goals and progress with a trusted friend or family member. They can provide support and help keep you accountable for your spending habits.

Remember, changing spending habits takes time and discipline. Be patient with yourself and celebrate small victories along the way.

rather focus on buying assets
Here is a list of seventy-seven assets:

Cash
Savings account
Checking account
Money market account
Certificate of deposit (CD)
Treasury bills (T-bills)
Stocks
Bonds
Mutual funds
Exchange-traded funds (ETFs)
Real estate properties
Rental properties
Commercial properties
Residential properties
Land
Agricultural land
Commercial land
Residential land
Precious metals (gold, silver, etc.)
Jewelry
Artwork
Collectibles (stamps, coins, etc.)
Antiques
Intellectual property rights (patents, copyrights, trademarks)
Royalties
Business ownership (equity in a company)
Business inventory
Equipment (machinery, tools, etc.)
Vehicles (cars, trucks, motorcycles, etc.)
Boats
Aircraft
Cryptocurrencies (Bitcoin, Ethereum, etc.)
Digital assets (domain names, websites, etc.)
Commodities (oil, gas, wheat, etc.)
Futures contracts
Options contracts
Retirement accounts (401(k), IRA, etc.)
Pension plans
Annuities
Life insurance policies
Health insurance policies
Education savings accounts (529 plans)
Trust funds
Inheritance
Government bonds
Municipal bonds
Corporate bonds
Dividend-paying stocks
Preferred stocks
Venture capital investments
Private equity investments
Royalty rights (music, book, film, etc.)
Franchise ownership
Farming equipment
Livestock
Intellectual property licenses
Software licenses
Natural resources (oil reserves, mineral deposits, etc.)
Royalty rights from mineral extraction
Water rights
Patented technologies
Trademarked brands
Broadcast rights (television, radio, etc.)
Rental properties (apartments, houses, etc.)
Hotel properties
Resorts
Timeshares
Retail stores
Restaurants
Warehouses
Manufacturing plants
Office buildings
Cell towers
Renewable energy assets (solar farms, wind farms, etc.)
Infrastructure assets (roads, bridges, etc.)
Intellectual property portfolios
Licensing agreements
Please note that this is not an exhaustive list, and there are many other types of assets available.

Liabilities are financial obligations or debts that one owes to others. To ensure sound financial management, it's generally recommended to only take on liabilities that are necessary and avoid unnecessary debt. Here are some key points to consider:

Distinguish between needs and wants: Before taking on any liability, evaluate whether it is a genuine necessity or simply a desire. Focus on fulfilling essential needs first and prioritize spending accordingly.

Budget and financial planning: Create a budget that outlines your income, expenses, and financial goals. This will help you determine how much you can afford to allocate towards liabilities without jeopardizing your financial stability.

Consider the purpose and value: When contemplating a liability, assess its purpose and the value it will bring to your life or financial situation. Will it contribute to your long-term goals, provide a significant benefit, or enhance your financial well-being?

Evaluate the interest rates and terms: If you need to take on a liability, carefully review the interest rates, repayment terms, and any associated fees. Ensure that the terms are favorable and manageable within your budget.

Minimize high-interest debt: Focus on minimizing or eliminating high-interest debts, such as credit card debt or payday loans. These liabilities often come with exorbitant interest rates, which can hinder your financial progress and lead to unnecessary financial strain.

Consider alternatives: Before taking on a liability, explore alternative options. For example, instead of taking out a loan, can you save up and purchase the item or service outright? Exploring alternatives can help you avoid unnecessary debt.

Seek professional advice: If you're unsure about a particular liability or its potential impact on your financial situation, consider consulting with a financial advisor or credit counselor. They can provide personalized guidance and help you make informed decisions.

Remember, liabilities are financial obligations that can affect your financial health and future. It's important to be cautious and deliberate when taking on debt, ensuring that it aligns with your needs, goals, and overall financial well-being.

use below formula
70% Expenses

10% on Savings

10% on Investments

10% Tithe

Delay Purchasing Toys & Experiences and Invest in Income-Generating Assets

I'll always remember a story shared with me by a young man about a cow and a dirt bike. During a seminar where I was explaining the concept of assets, a young man approached me and said, "That's exactly what my dad did when I was growing up. My dad is a farmer, and when I was in middle school, all my classmates were getting dirt bikes to ride around the farm. I asked my dad if we could buy a dirt bike too."

His father joined the conversation and continued the story, saying, "That's right. But I told him, 'I'm not going to buy you a dirt bike; I'm going to buy you a cow... Actually, I'm going to buy you a pregnant cow.'"

The young man looked at his father and expressed his disappointment, saying, "But I told you I didn't want a cow. I wanted a dirt bike. Riding around the farm on a cow wouldn't be as impressive as riding on a dirt bike."

Nevertheless, his father went ahead and bought him a pregnant cow. That cow eventually gave birth to two calves. The father and son sold one calf and used the proceeds to buy the dirt bike outright. At the end of the day, they had a fully paid-off dirt bike, a cow, and another calf.

When you understand the distinction between assets and liabilities, you can have the best of both worlds. Once your assets start generating income, you can utilize that money to purchase the car, television, or trip you've been desiring. By prioritizing the acquisition of assets, you actively build wealth. As your wisdom pays off, you can then acquire the liabilities you've patiently waited for. Additionally, taking a pause before making a purchase will help you determine what you truly want.

By delaying the gratification of buying toys and experiences and instead investing in income-generating assets, you create a path to financial prosperity and attain the ability to fulfill your desires in due time.

if you can not buy cow buy goat if you can buy goat buy chicken etc

Impressive.

The allure for quick unsustainable wealth will not make this beauty of a write up to hit front page.

However, I have some reservations on the spending formula of 70-10-10-10 as way too much is assigned to expenses and a meager 10% for savings/investments.

For most Nigerian who would be starting late in the savings/ investments world, a 30 to 50% would be my recommendation due to the uncertainty of government policies, unpredictability of our business climate and retirement for those in the employ of government, or private organizations.

A wonderful piece and thanks for the education.

joinnow:
To stop wasting your cash, here are some practical tips:

Create a budget: Start by tracking your income and expenses. This will give you a clear picture of where your money is going and help you identify areas of wasteful spending.

Set financial goals: Define your short-term and long-term financial goals. Having specific goals will motivate you to save and avoid unnecessary spending.

Prioritize your spending: Differentiate between needs and wants. Focus on fulfilling your essential needs first, such as housing, food, utilities, and transportation, before indulging in discretionary expenses.

Cut back on impulse buying: Avoid making impulsive purchases by taking time to think before buying. Ask yourself if the item is truly necessary and if it aligns with your financial goals.

Avoid credit card debt: Credit card interest can accumulate quickly and lead to wasteful spending. Try to pay off your credit card balances in full each month to avoid interest charges.

Comparison shop: Before making a purchase, compare prices from different vendors or online retailers. Look for deals, discounts, or alternative options that offer the same value at a lower cost.

Plan meals and avoid eating out excessively: Preparing meals at home can save a significant amount of money compared to eating out. Plan your meals in advance, make a grocery list, and stick to it to avoid unnecessary food expenses.

Limit entertainment expenses: Evaluate your entertainment subscriptions, such as streaming services or gym memberships, and consider canceling those you rarely use. Look for free or low-cost activities to enjoy in your leisure time.

Save on utilities: Reduce your utility bills by practicing energy-saving habits, such as turning off lights when not in use, using energy-efficient appliances, and adjusting the thermostat to conserve energy.

Automate savings: Set up automatic transfers from your checking account to a savings account. This way, a portion of your income will be saved before you have a chance to spend it.

Avoid unnecessary fees: Be mindful of bank fees, late payment fees, or other charges that can eat into your cash. Stay organized, pay bills on time, and choose financial institutions that offer low or no fees.

Stay accountable: Share your financial goals and progress with a trusted friend or family member. They can provide support and help keep you accountable for your spending habits.

Remember, changing spending habits takes time and discipline. Be patient with yourself and celebrate small victories along the way.

rather focus on buying assets
Here is a list of seventy-seven assets:

Cash
Savings account
Checking account
Money market account
Certificate of deposit (CD)
Treasury bills (T-bills)
Stocks
Bonds
Mutual funds
Exchange-traded funds (ETFs)
Real estate properties
Rental properties
Commercial properties
Residential properties
Land
Agricultural land
Commercial land
Residential land
Precious metals (gold, silver, etc.)
Jewelry
Artwork
Collectibles (stamps, coins, etc.)
Antiques
Intellectual property rights (patents, copyrights, trademarks)
Royalties
Business ownership (equity in a company)
Business inventory
Equipment (machinery, tools, etc.)
Vehicles (cars, trucks, motorcycles, etc.)
Boats
Aircraft
Cryptocurrencies (Bitcoin, Ethereum, etc.)
Digital assets (domain names, websites, etc.)
Commodities (oil, gas, wheat, etc.)
Futures contracts
Options contracts
Retirement accounts (401(k), IRA, etc.)
Pension plans
Annuities
Life insurance policies
Health insurance policies
Education savings accounts (529 plans)
Trust funds
Inheritance
Government bonds
Municipal bonds
Corporate bonds
Dividend-paying stocks
Preferred stocks
Venture capital investments
Private equity investments
Royalty rights (music, book, film, etc.)
Franchise ownership
Farming equipment
Livestock
Intellectual property licenses
Software licenses
Natural resources (oil reserves, mineral deposits, etc.)
Royalty rights from mineral extraction
Water rights
Patented technologies
Trademarked brands
Broadcast rights (television, radio, etc.)
Rental properties (apartments, houses, etc.)
Hotel properties
Resorts
Timeshares
Retail stores
Restaurants
Warehouses
Manufacturing plants
Office buildings
Cell towers
Renewable energy assets (solar farms, wind farms, etc.)
Infrastructure assets (roads, bridges, etc.)
Intellectual property portfolios
Licensing agreements
Please note that this is not an exhaustive list, and there are many other types of assets available.

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