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As we are at the halfway mark, let me ask you some important questions so you can take these daily more seriously.
The first step in solving any problem is knowing and accepting that there is a problem. Many people don't know they have personal finance shortcomings, not to talk of finding solutions to them. Some people know that they have shortcomings but are too lazy to seek help, or are too indisciplined to effect the changes they need to solve their financial troubles.
If you can answer each question confidently, truthfully, and without looking up a reference, then you are well prepared and don't need help, financially....
Budgeting, Networth, Savings, Habits
1. How much do you spend on the average everyday?
2. How much do you make when you are asleep? (What is your time worth?)
3. How much do you spend on recharge cards/phone calls every month?
4. What percentage of your monthly income do you save, what percentage do you spend?
5. Do you still spend on impulse?
6. How much do you give to charity/church/ the poor every month (what percentage of your income)?
7. Are all these answers automated (can you confidently say they will remain the same for the next 3 months), or you are just guessing?
8. How much are you worth today (your networth) -do you know the true value of all your clothes, jewelries, your car, your loans/debts, your house(s), your shares, your electronic gadgets, etc?
9. Do you have an emergency fund? How many months can it last for?
Financial goals and dreams, Health, Retirement, Insurance
10. How much do you want to be making monthly this time next year?
11. How much will you be making monthly this time next year, if your plans/goals are realised?
12. What kind of education do you want to give your children?
13. Are you ready for retirement? I mean are you already preparing for retirement?
14. At what age do you want to retire..., and with how much in your retirement account?
15. Can you be involved in an accident?
16. If you suffer a stroke, do you have enough to pay your medical bills and survive without working?
17. Do you have health insurance?
Investing, Legal troubles, Life experiences
18. What is a money market?
19. What is a mutual fund?
20. Which is more important to you; saving or investing?
21. Which is better; to give your money to a fund manager, or to invest it yourself?
22. Is it important to seek professional financial help before investing?
23. Do you think you can be sued today (by a neighbour, patient, client, employer, angry Nigerian, etc? If not, why not? If yes, do you have a lawyer?
24. If you see an investment opportunity with an annual return of 30% today, will you seriously consider it? If yes, do you think you know enough about investing?
25. Can you differentiate between a bear and a bull market? (which one is up, which one is down?)
26. If there is a war today, can you survive without cash?
27. Do you want to be able to afford anything whenever you want to buy it?
These questions are not to scare you, but to prepare you.
Life turns different sides to each of us differently, but if you are prepared for every side, financially, you have a better chance of being lucky.
Yes! You heard me right. The people who are lucky are those who are prepared when either opportunity, or misfortune comes. Everyone gets both. So stop saying someone is rich because he/she is lucky to get all the opportunities. Maybe they are actually rich because they are always prepared- for either opportunities or misfortunes, whichever one that comes!
See you tomorrow.
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