Whether you are an entrepreneur or you are young professional in the corporate world, you need to understand how to manage money. There are many things you ought to know about money. Today, we’re sharing some money management tips we learnt from Tolu Dima-Okojie, a Money Behaviour Strategist, a certified Financial Education Instructor and Founder of the Money Map Academy.
We love the fact that she shares practical tips to educate people on how to make their money work for them. She actually makes investing sound really simple and straightforward.
Here are the five things Tolu Dima-Okjie taught us about money.
- Do not spend eveything you earn. We hear this all the time, but with bills piling up every single day, it looks impossible to practice! No matter what you earn, you can always save. Always.
- Tell your money what it should do. Create a spending plan for your money. This means that before your money arrives, you should create a plan that breakdown how the money will be spent. See it is a way to plan your money before it arrives.
- Seek knowledge first, then invest. Before you invest, make the effort to understand what exactly it is that you want to invest in. Do your research first before you put your money into any investment.
- Dedicate an amount to invest periodically. Investing is a behaviour which you need to make a habit. Don’t wait until you get that pay rise before you begin to invest. Start where you are, with what you have.
- There is nothing really wrong with money. It’s your behaviour to money that needs to be addressed.