FinGrip

Our Mission: To help to people feel confident about their finances and financial future by teaching them how to get a grip on money.
Formerly WWW School

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One of the most important aspects of personal finance is CASHFLOW MANAGEMENT.

This is about how much money is coming in and where that money goes.

Getting your cash flow under control is vital.

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You can move the percentages around based on your financial situation but some percentages should be fixed and can even increase but not come down.

I hope you find this helpful

cc: The Elevation Church

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𝐁𝐚𝐬𝐢𝐜 𝐁𝐮𝐝𝐠𝐞𝐭 𝐓𝐞𝐦𝐩𝐥𝐚𝐭𝐞 𝐟𝐨𝐫 𝐁𝐞𝐥𝐢𝐞𝐯𝐞𝐫𝐬

As salary day is upon us, we must 𝐛𝐞 𝐯𝐞𝐫𝐲 𝐦𝐢𝐧𝐝𝐟𝐮𝐥 of how we spend our money.

Here is a basic budget template a believer can adapt

10% - this is the very minimum we should give to God

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20-25% - saving (for the purpose of building wealth. Don't just save to consume, save to invest)

35% - monthly recurring expenses

20% - emergency fund or other important expenses outside of your monthly spending.

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of 16% per annum.

You would have contributed only #2,400,000 but your interest would be #226,600,625.

Little wonder compound interest is called the 8th wonder of the world.

Don't despise that #5k, it's a potential million.

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𝐓𝐡𝐞 𝐋𝐢𝐟𝐞-𝐂𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐌𝐚𝐠𝐢𝐜 𝐜𝐚𝐥𝐥𝐞𝐝 “𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭” (#5𝐤 𝐭𝐨 𝐨𝐯𝐞𝐫 #200𝐦)

Compound interest is when the interest you earn on a balance in a savings or investing account is reinvested, earning you more interest. With compound

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retirement? Compound interest accelerates the growth of your savings and investment over time, the small increases now can lead to significant gains in the future.

E.g if you start by investing #5,000 today and you add #5,000 monthly for the next 40 years at an interest rate

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Join the FinGrip Community to save monthly on Cowrywise and enjoy a whopping 18.6% interest per annum.

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What will you do when your salary/income increases?

Me: I will save the increase and live on the previous salary (every expense will be on the previous salary as if there were no increase)

You?

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You can register for GAG Cohort 2 starting on the 3rd of February.

https://t.co/qiCtU8cDqt

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the risks involved if it matches your risk appetite. Investing can be a powerful tool for building wealth and achieving financial independence.

In GAG Cohort 1, we discussed these types of investments extensively and how to get started.

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money market funds. Mutual funds can be a good option for investors who want exposure to a diversified portfolio of securities but do not have the time or expertise to manage their own investments.

Investing can be risky, and it’s important you do your research and understand

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𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐍𝐢𝐠𝐞𝐫𝐢𝐚

There are several investment opportunities available in Nigeria, ranging from stocks to real estate to fixed-income securities. Here are some of the most popular investment options in Nigeria:

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invest in a portfolio of stocks, bonds, or other securities. Mutual funds are managed by professional fund managers, who make investment decisions on behalf of the investors.

In Nigeria, there are several mutual funds available, including equity funds, fixed-income funds, and

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Corporate bonds, on the other hand, are issued by companies and can provide a higher rate of return than government bonds, but are generally considered riskier.

𝐌𝐮𝐭𝐮𝐚𝐥 𝐅𝐮𝐧𝐝𝐬:

Mutual funds are a type of investment vehicle that pools money from multiple investors to

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government bonds, corporate bonds, and commercial papers. These investments can provide a steady income stream and are generally considered less risky than stocks or real estate.

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Nigeria, including buying land or property, investing in real estate investment trusts (REITs), or investing in real estate crowdfunding platforms.

𝐅𝐢𝐱𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬:

Fixed-income securities are investments that pay a fixed rate of return, such as

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𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞:

Real estate can be a lucrative investment option, as property values tend to appreciate over time.

In Nigeria, real estate is a popular investment option, particularly in Lagos and other major cities. There are several ways to invest in real estate in

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Investing in stocks can be risky, as stock prices can be volatile and subject to market fluctuations. However, over the long term, stocks have historically provided a higher rate of return than other investment options.

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𝐒𝐭𝐨𝐜𝐤𝐬:

Stocks, also known as equities, represent ownership in a company. When you buy a stock, you buy a share of ownership in the company. There are two ways to make money from shares: Price appreciation and Dividend payment.