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The envelope system is a way to accurately budget discretionary expenses every month.
1. Set aside an envelope each for your budget.
Be true to yourself, set aside an envelope for each expense and remain commited to it. It would help you gain control of your finances.
1. Set aside an envelope each for your budget.
Be true to yourself, set aside an envelope for each expense and remain commited to it. It would help you gain control of your finances.
2. Do not borrow from the other envelope.
Once the money is gone from a certain envelope, youโre done until the next paycheck arrives. Try not to borrow from another envelope.
Once the money is gone from a certain envelope, youโre done until the next paycheck arrives. Try not to borrow from another envelope.
An investment portfolio is a set of assets owned by an individual (investor).
It is not advisable to put all your savings in one investment instrument. Diversification is the safest way to play the investment game, and you can do this by creating an investment portfolio.
It is not advisable to put all your savings in one investment instrument. Diversification is the safest way to play the investment game, and you can do this by creating an investment portfolio.
An investment portfolio will help balance your risk and returns.
To create a portfolio:
1. Split your investment funds into three buckets.
(a). Long term Aggressive Bucket (LAB).
(b) Medium term Balanced Bucket (MBB).
(c) Short term Liquidity Bucket (SLB).
To create a portfolio:
1. Split your investment funds into three buckets.
(a). Long term Aggressive Bucket (LAB).
(b) Medium term Balanced Bucket (MBB).
(c) Short term Liquidity Bucket (SLB).
1. Prioritize saving/investing even at a young age.
2. A new job, opportunity, or contract is not an opportunity to splurge.
Take advantage of the power of compound interest by investing your funds.
2. A new job, opportunity, or contract is not an opportunity to splurge.
Take advantage of the power of compound interest by investing your funds.
3. Buy assets from the proceeds of your investment, not from your earned income.
4. Before purchasing a high-end liability, consider the cost of maintaining it.
5. Stop trying to impress anyone by splurging. Buy assets based on need.
4. Before purchasing a high-end liability, consider the cost of maintaining it.
5. Stop trying to impress anyone by splurging. Buy assets based on need.
1. Good habits are the key to success.
Success is brought by engaging in good, constructive habits.
2. Patiently pursue your goal.
Anything worth having is worth working for. Work consistently and faithfully towards your target and with patience, you shall achieve your goals.
Success is brought by engaging in good, constructive habits.
2. Patiently pursue your goal.
Anything worth having is worth working for. Work consistently and faithfully towards your target and with patience, you shall achieve your goals.
3. The biggest changes in our lives are brought about by the smallest decisions.
The small decisions we make daily compound over time and result in large results.
Find some beneficial, little actions and perform them faithfully over time so as to reap the eventual benefit.
The small decisions we make daily compound over time and result in large results.
Find some beneficial, little actions and perform them faithfully over time so as to reap the eventual benefit.
1. Start a side hustle.
If your salary is not much, you may need to multiply your sources.
A side hustle will get you on the fast track to early financial independence and more income streams.
If your salary is not much, you may need to multiply your sources.
A side hustle will get you on the fast track to early financial independence and more income streams.
2. Monetize your talent.
Have you ever thought of using your talent or gift to earn money?
You may not start a business just yet but there are people always willing to pay for what you do very well.
Have you ever thought of using your talent or gift to earn money?
You may not start a business just yet but there are people always willing to pay for what you do very well.
๐ ๐๐๐ฌ๐ข๐ ๐ฉ๐ซ๐ข๐ง๐๐ข๐ฉ๐ฅ๐๐ฌ ๐จ๐ ๐๐๐๐๐๐ญ๐ข๐ฏ๐ ๐ฆ๐จ๐ง๐๐ฒ ๐ฆ๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ.
-The Richest Man In Babylon.
An OVERWOOD Thread.
#overwood
-The Richest Man In Babylon.
An OVERWOOD Thread.
#overwood
1. Save at least 10% of all that you earn in an investment fund for the future.
2. Learn to live on 90% or less of your income.
Here is a simple budget rule to manage your finances:
blog.overwood.ng/index.php/2020โฆ
2. Learn to live on 90% or less of your income.
Here is a simple budget rule to manage your finances:
blog.overwood.ng/index.php/2020โฆ
3. Invest your accumulated capital into projects that will provide a safe, steady income, taking full advantage of compounding of the interest received.
4. Invest only in areas in which you have expertise or with people who are experienced. Choose:
overwood.ng
4. Invest only in areas in which you have expertise or with people who are experienced. Choose:
overwood.ng
1. Track your expenses.
Evaluate your expenses and know if there are ways you can cut back on spending.
Evaluate your expenses and know if there are ways you can cut back on spending.
2. Align spending with values.
Align your spending with what's important to you. That way, you'd get clarity on priorities and irrelevant expenses to avoid.
Align your spending with what's important to you. That way, you'd get clarity on priorities and irrelevant expenses to avoid.
My email to OVERWOOD clients on our board of directors' selection process.
- A THREAD.
#overwood @Overwoodng
- A THREAD.
#overwood @Overwoodng
Dear Tayo,
I am pleased to announce our inaugural board of directors first to you, our valued client/early adopter.
I have worked with many boards of directors in my corporate life and have generally found them redundant.
I am pleased to announce our inaugural board of directors first to you, our valued client/early adopter.
I have worked with many boards of directors in my corporate life and have generally found them redundant.
The composition is usually more than 85% older males with years of experience but little insight into the day-to-day operation of the business.
We chose to go in a different direction at OVERWOOD.
We chose to go in a different direction at OVERWOOD.
๐ฏ ๐๐๐ฒ๐ฝ๐ ๐๐ผ ๐ด๐ฟ๐ผ๐ ๐๐ผ๐๐ฟ ๐๐ฒ๐ฎ๐น๐๐ต.
-An OVERWOOD Thread.
#OVERWOOD
-An OVERWOOD Thread.
#OVERWOOD
1. Create value and make money first.
The models for making money are skills and competence (employment) or hustle and flow (business).
#OVERWOOD
The models for making money are skills and competence (employment) or hustle and flow (business).
#OVERWOOD
2. Live below your means.ย
The first way to grow your money is by living below your means so that you can save some.
#OVERWOOD
The first way to grow your money is by living below your means so that you can save some.
#OVERWOOD
๐๐จ๐ฆ๐ฉ๐จ๐ฎ๐ง๐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ: ๐๐จ๐ฐ ๐๐ญ ๐๐จ๐ซ๐ค๐ฌ.
-An OVERWOOD Thread.
#OVERWOOD
-An OVERWOOD Thread.
#OVERWOOD
Compound interest simply means earning interest on interest, which multiplies your money at an accelerating rate.
Two factors will influence the rate at which your money compounds, and they are:
Two factors will influence the rate at which your money compounds, and they are:
๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ฟ๐ฒ๐ฒ๐ฑ๐ผ๐บ ๐ ๐ผ๐ฑ๐ฒ๐น.
-An OVERWOOD Thread.
#OVERWOOD
-An OVERWOOD Thread.
#OVERWOOD
Stage 1
Financially dependent.ย
At this stage, your life and everything around you depends on the decisions of someone else.ย
#OVERWOOD
Financially dependent.ย
At this stage, your life and everything around you depends on the decisions of someone else.ย
#OVERWOOD
Stage 2
Financial novice.ย
At this stage, your income does not cover your expenses. So, there's a possibility of incurring debt to match your expenses.
#OVERWOOD
Financial novice.ย
At this stage, your income does not cover your expenses. So, there's a possibility of incurring debt to match your expenses.
#OVERWOOD
We decided to make invested funds available to clients regardless of their fund maturity date because we knew people would need their money during this period of social distancing.
We paid back 100% of requested N64million (principal + full interest) within 3 hours.
#overwood
We paid back 100% of requested N64million (principal + full interest) within 3 hours.
#overwood
Why?
1.O.O in Ado-Ekiti withdrew 30% of her investment to pay for her father's treatment.
2.M.A in Abuja lost his job and needed his money to keep body/soul together.
3.U.O in Enugu needed to buy a computer for his daughter who would be studying at home during the crisis.
1.O.O in Ado-Ekiti withdrew 30% of her investment to pay for her father's treatment.
2.M.A in Abuja lost his job and needed his money to keep body/soul together.
3.U.O in Enugu needed to buy a computer for his daughter who would be studying at home during the crisis.
We started OVERWOOD primarily to give everyone a chance to access safe, high-yield investments without the bureaucracies associated with big investment firms.
We are glad to let you know that we are well on our way towards that desired future.
We are glad to let you know that we are well on our way towards that desired future.
๐๐ค๐ฌ ๐ฉ๐ค ๐จ๐ฅ๐๐ฃ๐ ๐ฎ๐ค๐ช๐ง ๐ข๐ค๐ฃ๐๐ฎ ๐๐ช๐ง๐๐ฃ๐ ๐ ๐๐ง๐๐จ๐๐จ.
-An OVERWOOD Thread.
#OVERWOOD
-An OVERWOOD Thread.
#OVERWOOD
1. Avoid making rash decisions.ย
Try not to make hasty purchases. Create a plan for your expenses and think through it properly before making any purchase.ย
#OVERWOOD
Try not to make hasty purchases. Create a plan for your expenses and think through it properly before making any purchase.ย
#OVERWOOD
2. Create a crisis budget.
A crisis budget will help keep you in control of your finances amid uncertainty. With it, youโll be able to pay your bills, save and dodge debt.
#OVERWOOD
A crisis budget will help keep you in control of your finances amid uncertainty. With it, youโll be able to pay your bills, save and dodge debt.
#OVERWOOD
๐ ๐ฐ๐๐ฒ๐ฌ ๐ญ๐จ ๐ฆ๐๐ง๐๐ ๐ ๐ฒ๐จ๐ฎ๐ซ ๐ฆ๐จ๐ง๐๐ฒ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ ๐๐ซ๐ข๐ฌ๐ข๐ฌ.
-An OVERWOOD Thread.
#OVERWOOD
-An OVERWOOD Thread.
#OVERWOOD
1. Check-in on your funds.
Take stock of all your accounts. Know how much you have available and how far it can stretch.
#OVERWOOD
Take stock of all your accounts. Know how much you have available and how far it can stretch.
#OVERWOOD
2. Have a plan and stick to it.
Knowing how much you need through each month is important. Cut out all unnecessary spending from your budget and prioritize your needs over wants.
#OVERWOOD
Knowing how much you need through each month is important. Cut out all unnecessary spending from your budget and prioritize your needs over wants.
#OVERWOOD
We live in the internet age. While the benefits of the Internet are immeasurable, the criminals and curious are stepping up their efforts to invade the privacy of the unwary. How safe are you? Here are some tips to protect your privacy online.
1. Make the commitment.
Make the commitment to become debt-free as soon as possible.
Everything starts with a commitment. A firm decision to make truly important changes. It takes a lot of discipline and may require a lifestyle change but YOU CAN DO IT.
Make the commitment to become debt-free as soon as possible.
Everything starts with a commitment. A firm decision to make truly important changes. It takes a lot of discipline and may require a lifestyle change but YOU CAN DO IT.
2. Itemize your debts.
Create a list of all your debts, balances, interest rates and minimum payments.
Calculate your total indebtedness so that you can have a true picture of the situation, then start paying it back starting with the ones with the highest interest rate.
Create a list of all your debts, balances, interest rates and minimum payments.
Calculate your total indebtedness so that you can have a true picture of the situation, then start paying it back starting with the ones with the highest interest rate.
1. How much money do we need to live comfortably? Who is responsible for what portion?
2. Are our combined salaries enough to cover all our living expenses without taking debts or dipping into savings?
3. What debt are we bringing into the relationship? Who is expected to pay?
2. Are our combined salaries enough to cover all our living expenses without taking debts or dipping into savings?
3. What debt are we bringing into the relationship? Who is expected to pay?
4. What is our ultimate financial goal regarding annual income and when do we anticipate achieving it?
5. How much money have we saved and invested elsewhere?
5. How much money have we saved and invested elsewhere?
6 important books on personal finance and money management.
