Oyenike Adetoye - NonSecrets of the Financially Secure--Volume 4: Earn More, Save More, Invest More, Give More & Spend Less--Volume 4

This book is designed to provide authoritative information on the subject of personal finances and reveal some hidden secrets to winning with money.

It is sold with the understanding that neither the Author nor the Publisher is engaged in rendering legal, accounting, or other professional services by publishing this book.

As each individual situation is unique, questions relevant to personal finances and specific to the individual should be addressed to an appropriate professional to ensure that the situation has been evaluated carefully and appropriately.

The Author and Publisher specifically disclaim any liability, loss, or risk which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this work.

While all of the stories and anecdotes described in the book are based on true experiences, most of the names are pseudonyms, and some situations and characteristics have been changed slightly for educational purposes and to protect the individuals privacy.

Contents

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. Ayn Rand

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. Ayn Rand

Introduction

We are often so consumed by earning money that we forget to take a minute and think about what it really means to us. How do you feel about money and how does it affect your life?

Money makes the world go around. To some people money is simply a necessity; the love of it is the root of evil but the lack of it makes life very miserable. To others, money means freedom, security, and independence. What is money to you?

I see money as a tool. A tool is a device used to carry out a particular function. An example of a tool is a hammer; you have a choice of what you do with this tool. You can use the hammer to build and you can use it to destroy. Just as you choose what to do with a hammer; you have the power to choose what you do with your money.

This book is for everyone that chooses to use their money to build. The 50 days daily nugget is a five-part series aimed at everyone willing to do one or more of these six things: Earn more, Spend less, Manage what they have, Save more, Give more and Invest more.

Myths and misconceptions about money are uncovered in this book. Secrets to successful planning for the future, protecting your family, and confidence around past and present financial matters and self-care are unlocked in this book. Sit back as you read and learn simple guiding principles that will empower you to win with your money.

In case you are wondering who I am to be offering you advice about your personal finance. I am a qualified Chartered Management Accountant professional who has experienced fiscal highs and lows, been in and out of debt and has worked in various multinational FTSE 100 companies in the United Kingdom for a number of years. I founded LifTED Financial Consulting Ltd as a result of my personal discoveries and experiences with money on my journey to financial freedom.

Fasten your seat belt and lets get started on this road trip of making your money work for you!

Copyright 2020 by Oyenike Adetoye.

All rights reserved.

Its Never Too Late

A lot of people are still not saving for retirement. A recent chat I had with someone in his early 50s was shocking and very concerning. He literarily said he and his wife have no game plan for retirement. He said they just never think long term, they always live in the moment.

Living in the moment attitude is okay in the short term, but what happens when tomorrow comes and you want to retire? Theres a balance in life around doing things that make you happy in the moment, but it is VERY important to take care of your retirement making it a priority. You cannot invest for the future in the future, you can only invest for the future now while you are still earning.

Its true that compound interest works best when you start saving early. But you can harness its power to multiply your money at ANY AGE. So if youve left things a bit too late, I encourage you to start now... start today, give it everything youve got and stick with it. A future without a retirement plan is a scary one. Its never too late to start saving for retirement!

Its never too late to start something new, to do all those things that youve been longing to do. Dallas Clayton

Opportunities Are Everywhere

The dictionary definition of an opportunity is: "an appropriate or favourable time or occasion; a good position, chance, or prospect for advancement or success." I have realised that in life, opportunities are everywhere but not everyone is looking for them. And interestingly, only a few recognise them when the chance comes their way.

Opportunity favours the well-prepared. When you hear of a so-called lucky person, what you are probably not aware of is that they are doing a great deal more than just waiting for their lucky break - they are relentlessly PREPARING themselves for a future opportunity. Some of the most successful entrepreneurs in the world dont have the best business acumen, but they are very good at seizing great opportunities.

Are you looking for ways to positively change the trajectory of your finances? Keep your eyes open for the countless doors of opportunities around you. Devotedly prepare for them and BE READY. How you respond to opportunities will ultimately determine the person you will become!

Jumping at several small opportunities may get us there more quickly than waiting for one big one to come along. Hugh Allen

Why Budgets Fail Poor Planning

A budget is a written plan for how you will spend your money. I highly recommend budgeting; it is the primary way that you can take control of your finances ensuring you stay within your means. So why are people not budgeting? From what I've observed, many people don't budget because of the frustration of watching it fail, again and again. The good news is, "Fear of Budget Failure" is a problem that is solvable. Today's nugget is focused on: "POOR PLANNING".

If you don't have a realistic budget plan in place, you're not likely to find much success with budgeting. For example, your car servicing and MOT is due once a year. Is savings towards this peculiar yearly expense reflected anywhere on your budget plan? Unexpected and one-off expenses are the quickest way to derail a budget if you don't plan for them.

The simple fix for this problem is to ensure you include these expenses in your weekly or monthly budget planning. I personally do this by setting aside a set percentage each month in a separate account towards emergencies and savings for specific seasonal expenses.

How To Create A Simple Budget

I encourage people to get into the habit of budgeting before the month begins. This means before the month starts, you are making a plan and giving every penny a name. My favourite is the zero-based budget.

As the name denotes, it doesnt mean you have zero pounds in your bank account. Instead, it means your income minus all your outgoings (including savings and investments) equals zero. Below are the steps to creating a simple budget: