Steps To Enhance Your Financial Intelligence

Financial intelligence is one of the skills that we need on earth to not only be able to build streams of income but also to establish a comprehensive financial blueprint that guarantees generational wealth and fulfillment.
Families that are able to transfer wealth across generations did not merely leave their children their money as inheritance. They left with them a legacy of financial intelligence. Rockefeller’s children were taught from the tender age of 4 some key principles about money, no wonder he was able to transfer his wealth and his children grew up to be responsible and wealthy men. He gave them 5 rules, which forms the crux of this post.
The Rockefeller rules for his 4yrs olds are still as relevant today as they were then. They are also very applicable to every age, these are the key tenets of financial intelligence that created and sustained wealth.
Rule 1: Plan and work for all you get!
Rockefeller taught his children to learn to work, to learn to solve other problems, to learn to create value, to learn to be rewarded for work done, rather than be given gifts or to beg. Work is the horizontal flow of value from a supplier to a consumer. Money flows in the direction of service. Money that is worked for is replicable. He ensured that his children understood that money is a reward, not a gift or a right.
Rule 2: Give away at least 10% of your income from time to time
Different religions encourage their people to part with 10% as an offering or as a commitment to God. All the great and rich men of all times, have shared this same principle. Giving away at least 10% of your money is a way of sowing, planting or INVESTING. Giving opens up your hand to receive more and more.
Rule 3: Pay yourself at least 10% all your income
Don’t spend all the income that you generate from time to time Set aside at least 10% to be saved in account on a regular basis. One of the most popular financial books – The Richest Man in Babylon, alludes clearly to the fact that 10% of what you earn should be saved as yours. What you pay yourself is not for any other.  It’s yours to utilize for more income and happiness.




Rule 4: Live on the rest.
Many of us find it increasingly and extremely difficult to live within our means. Before we collect the salary for the month, 80% of it is already carried forward to service debts. We must learn to live within our means. Parkinson’s Law states that when money increases, those that will help consume it also increases. We must however learn how to contain ourselves within our means. A times we need to dim our present, to brighten our future.
Rule 5:Account for every dime
Now this is difficult. It involves being shrewd and taking the time and diligence to track daily spending. There are two parts to accounting for every penny (kobo), one is done ahead of spending, called budgeting, and the other after spending, called accounting. Budgeting is planning; this is crucial to financial success. The pain of accounting is not absolutely useful on the short term, but on the long run it gives you a clear picture of your priorities.
A rich man once said, “Money is a game” If you know the rules you win, if you don’t know the rules you don’t win.
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Yours sincerely,
Aminu Sule
08092253255

3 Basic Money Habits That Puts You On The Path To Financial Success

Your thoughts and actions over time form your habits, and your habit gives direction to your life. Most people make poor financial decisions in their life at one time or another, but the ones who realize it early and decide to start making smart financial decisions have a better chance at being financially successful.

You need to take the time to create some great money habits that could have a major positive impact on your life in the years to come.

1. Always ensure your income exceeds your expenses.

This calls for planning, accountability and discipline. Habitually try not to bite off more than you can chew each and every month. The key is to know how to budget and have consistent and realistic self assessment and self-control in managing your money.

There are a couple basic principles that allow you to easily live below your means. Such as making sure your rent is 1/3 or less than your take home monthly income. This leaves excess cash flow for bills and investments that will bring you funds in the future.

Secondly, spend more of your money on acquiring assets than liabilities. For every major purchase, ask make sure you satisfactorily answer the the following question:  “what is my ROI (return on investment) on this.”

2. Have more than one stream of income.

The most successful people have several channels of income coming in, usually it is monthly, and for some it’s weekly, while for some others it is daily. We live in a very progressive society today and there are a lot of ways to make money. By having multiple streams of income you minimize your chances of going broke, and increase your chances of building wealth.

Do not just depend only on the full-time job and think ok this is the way I am going to make money. Carefully search out what you’re passionate about, and figure out how you can monetize it. Opportunities are endless these days, especially with all the technology out there. And of course, as Robert Kiyosaki always emphasize there is always Real Estate, a great way to generate passive income.

3. Develop adequate and up-to-date knowledge of your banking.

Successful people have a full understanding of their banking! They realize that all the little bank fees a person can accumulate will add up! Be aware of overdraft fees and monthly fees. Know all the automatic charges coming out of your account every month, from the smallest to largest, it all adds up.

Essentially, know your bank statement like the back of your hand, and be able to recognize every transaction therein.

Lastly, do not get caught up with paying interest on your credit card debt. Pay you bill in full and on time every month! Successful people make their money work for them and focus on gaining a return.

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Yours sincerely,

Aminu Sule

08092253255

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