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Quick Tips on Financial Investments, Diversifications and Risks

By
Buzwallet Team
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When it comes to investments, they all carry some level of risk. Investments in stocks, bonds, mutual funds, SMEs, exchange-traded funds e.t.c can lose value anytime, if market conditions sour. In other words, your investments value might rise or fall because of market conditions (market risk). Therefore, understanding the differences can help you as an investor effectively diversify and protect your investment portfolio. Diversification helps you reduce the overall risk associated to your portfolio. Having created your personal financial goals, met with your financial advisor, your next step would be to decide what to invest in.

More often, increased potential returns on investment usually go hand-in-hand with increased risk. So you must find your comfort level with risk and then develop an investment strategy around that level.

When it comes to Risk and Reward. Reward is the possibility of higher returns, while the level of risk that comes with a particular investment or asset class typically correlates with the level of return the investment might achieve. The different types of risks may include industry-specific risk, competitive risk, market risk e.t.c. Several factors therefore influence the type of returns you can expect from your investments or trading in the markets.

You’ll sure do well by getting a registered financial adviser who can help you assess or analyze your financial needs, financial goals, risks involved and tax situation. Such can then help you build an investment portfolio suitable for you. And as you possess a better understanding of the nature of risks involved in the market, you keep taking steps to manage those risks effectively. Hence, you are able to meet your financial goals with proper mix of profitable investments in your portfolio.

 

Cheers!

7 Powerful Tips That Would Help You Succeed As a Young Entrepreneur

By
Buzwallet Team
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A lot of young people nowadays seem to have the dream of starting their own business or company. Jumping into the entrepreneurial world can sometimes be a bit intimidating, because there are inevitably going to be a few challenges that will get in the way. However, this shouldn’t stop you from taking on the risk and rewards of owning your own startup. Learning a variety of business tips, planning and strategies could help get the ball rolling. In this short article, we have put together 7 powerful tips that can also help you succeed in your journey as a young or aspiring entrepreneur.

  1. Find Your Passion.

    It is important for you to know what are your passions, because in the long run, it can serve as a great source of inspiration, focus or motivation. This will also help you bring your knowledge, creativity, innovation, personal and professional experiences into play. And this will help you persevere through hurdles and eventually succeed.

  2. Identify a Problem (s) in the Market You Would like to Solve with Your Passion

    Identify a gap in a specific industry of your choice that needs to be bridged with an improved solution. You may not have to necessarily start something new, your business entry could simply be by improving on an existing solution where you create something differently and creatively. Business is all about solving problems by creating value.

  3. Know, Plan and Research Your Industry.

    Know and analyze your game plan. When you have a problem you’re passionate about solving, explore the current market trends around it, research how other players in the market are solving it so it can help you refine your own business entry strategy.

  4. Create a Business Plan

    To launch any successful business, a good business plan is critical. This plan outlines all your goals, strategies, marketing plan including the description of the products and services you intend to offer. It also details your spending plan and can help you make important financial decisions.

  5. Test Your Idea. Testing your idea will really help you get to know your industry, market and audience better. It will help you get feedbacks, discover errors, learn from errors and discover changes that are needed before launching the next big phase or going public.

  6. Put a Strong Team of Like Minds Together

    Be flexible to embrace new opinions, suggestions and surround yourself with people who share your vision. You don’t want a bunch of mindless drones, you definitely should put a team of creatives, critical thinkers, problem solvers and the likes together not necessarily at the start but highly required if you want your business to be successful.

  7. Network and Don’t Be Afraid To Take Risks.

    Having analyzed the market, you’ll sometimes need to take a leap of faith. Find out which risks will benefit your business and which won’t, and don’t be afraid to go for it. You never know where your next lead will come from. So be natural, be passionate about the solutions you offer, connect, relate, talk with, and get to know people in seminars, events or any other gatherings. A successful entrepreneur is one who is always networking. The broader your network, the more opportunities you have for investors, mentors and professional relationships in your industry.

Finally, never stop learning and improving on yourself as an entrepreneur. This is very critical to your success in your field or industry; because the market is constantly changing, you should be transforming and evolving too.

 

Good luck out there!!!

How To Avoid Financial Stress During Christmas Season

By
Buzwallet Team
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The festive season can be a hard time for a lot of people, as it can be the most expensive time of the year. The expense of gifts, food items, the pressure of shopping and other expectations of the season can put a lot of financial stress on some people. One of the best ways to avoid being financially stressed during the holidays is to create a game plan for all your spending. There are proactive steps you need to take to avoid finding yourself in a financially stressful situation during this season.

  1. Find Frugal Ways to Save. Saving money does take effort but it can be worth it and will give you less stress over the holiday season. So, look for ways you can cut down on certain expenses to help you save more. The goal is to have yourself a merry, wonderful, fun-filled Christmas while staying out of debt.
  2. Budget for Christmas and stick to it so that you don’t overspend. This may mean putting money away weekly or monthly in a budget and sticking to your spending list. Keep a separate Christmas fund in a dedicated bank account to help you easily separate your regular expenses from holiday spending.
  3. Track Your Expenses. If you cannot track your what you’re spending on this season, then there is no need of creating a budget. Plan to keep track on your spending this season to avoid any financial strain.
  4. Shop early. This month, November could be the best time to find cool end-of-the year deals. So shop smart by looking for coupons, money-off deals, black-friday deals, e.t.c. Doing this will likely help you save cost and avoid any financial stress.
  5. Re-analyze Your Giving Strategies. Be honest with the people you intend to give to. If you don’t have much to give financially, you could volunteer your time, like cooking a meal for someone or babysitting, or something else that you believe would put a smile on the person’s face. Christmas is all about sharing love with others which is much more than just financial giving.
  6. Be Yourself. Make sure to spend within your means. Don’t try to show off or impress others, else, you may suffer unnecessary expenses which may lead to some financial regrets.
  7. Although, the Christmas season is associated with expenses, however, it is not a ‘do-or-die affair’ that you must give what you do not have or live beyond what you cannot actually afford.

What You Need To Know While Planning For Family Christmas Trip

By
Buzwallet Team
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0

As Christmas season is rolling in, family holidays can be quite pricey. The holidays usually come with a host of expenses like food, decorations, travels, entertainment, cards, charitable giving, e.t.c. However, with careful planning, you can actually afford to spend this Christmas enjoyably with your family within your means and stay debt free in the new year. And the best way to achieve this is to make and stick to a Christmas holiday budget.

You need to go into this season with your budget all set up for the trips you have in mind so you know exactly how much you can afford to spend. Once you know how much you have to spend for your family Christmas trips, the next step is to figure out the things you need to spend on during the trip (s). Don’t wait until December before you start thinking of what you are going to do. Start now! If you start planning for your family trips now, then maybe it’s not too late.

First things first, you must have set up a dedicated Christmas savings which caters for all your Christmas spending including your family trips. Perhaps, you don’t have one in place yet, you can still be able to put some funds together from your income or other sources of money you may have. And if you need some more money to hit your Christmas budget goal, then get out there to make some legit extra money via side hustles so as to boost your Christmas spending and giving power.

For your family trip (s) this season, you need to begin to look for the best travel deals online early to avoid exorbitant surges in travel prices. After deciding your destinations, look for frugal ways to spend on your trips. For instance, booking for flight or bus tickets ahead, using hotel or shopping coupons, e.t.c.

Set priorities and spending limits in order to avoid over spending. And make sure to fit all your spending within the limit you have set. Keep tabs on how much you’re spending on stuffs during your trip and how much you still have left to spend, so you won’t risk blowing through your entire budget in one trip especially when you still have other trips to make.

Holiday trips and vacation with family is a wonderful experience everyone should have, but it shouldn’t topple your budget. A little good planning can help you manage things well and have a great vacation you desire with your family. Managing your finances well can be a valuable lesson you can pass on to your children. And when you’re open about your financial planning with your family, it’ll help them understand your need to make sure you have a debt-free Christmas.

 

Cheers!

5 Bible Ways You Can Improve Your Financial Intimacy With Your Spouse

By
Buzwallet Team
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Many marriages today blow apart over financial issues than almost any other factor. The truth is that God has special purposes for every couple by creating a team that can achieve more together than the individuals could accomplish on their own. When it comes to finances in marriage, having the right perspective on finances will help keep God at the center of your relationship as a couple, not money. This right perspective keep every financial issues in check. And if you both have the right perspective about money and understand how to get along well in money matters, there won’t be much issues in your marriage about money.

True financial success comes not from accumulating a large surplus in our bank account, but from following God’s plan for our finances.

We Have Put Together Five Bible Ways We Believe Can Help You Improve Your Financial Intimacy With Your Spouse:

  1.  Define Your Goals. Our first financial priority should be God and His work. Proverbs 16:3 “Commit to the Lord whatever you do, and he will establish your plans.” The issue of managing our finances, is of great importance to God. Goal setting is a form of practical dreaming – and who doesn’t like to dream about what the future could be? Goal setting is when couples sit down together to honestly ask questions like “Where do we want to be in 5 years? In 10 years? In 15 years?”  And then look at the financial implications of those goals they have jointly set. However, this goal setting shouldn’t just be about finances, but every other aspect in life as well. When you begin to align your goals together as couples, it becomes a lot more easier to accomplish them. But when you both have separate goals it will be nearly impossible to have financial intimacy in your marriage.

  2. Share Responsibilities

    Decide together and assign responsibilities according to the task you are each good at. This may include things like paying bills, paying the children’s fees, feeding, making investment decisions, transferring funds, etc. Good money management sure takes knowledge and wisdom. So, create a “willing to do that” list and assign adjustable responsibilities by rotating every task in that list.

  3. Keep Good Records. 

    As written in Proverbs 24:3-4 in the bible that “By wisdom a house is built, and by understanding it is established; by knowledge the rooms are filled with all precious and pleasant riches”. It is important for couples to have their finances under control and have the basic understanding of good record keeping. As couples, it is imperative to develop your financial plans together and then decide on who should be the book keeper in the house.

  4. Budget Jointly and Review Regularly:

    Examine each other’s financial habits and determine how you would like to proceed and where you need to cut back. After you have both defined your goals and figured out the financial implications of those goals. Next is to apply achieving those goals into your monthly budget. The budget helps you achieve the small goals along the way to achieving your ultimate goals. After setting your budget, regularly review it together and track your progress. As couples, you need to learn basic financial management and budgeting principles and use that information to avoid debt or financial problems.

  5. Put the Needs of Your Spouse Above Yours.

    True love puts the needs of others first. The Bible gives us the way of Christ, which is self-giving, not self-seeking. True love is when you think about your spouse more over yourself, and you are willing to go the extra mile. To say you love someone means you have embraced that whole person despite their blemishes or faults even in the area of finances. This love brings an element of commitment into your marriage when things aren’t always on the straight and narrow.

Finally, always discuss finances together as a couple. You both need to have a balanced perspective about money and make decisions as a team. Financial intimacy in marriage will bring you together in a new and deeper way, as you trust God together and follow His plan for your marriage.

How To Reduce or Eliminate Debt

By
Buzwallet Team
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0

There’s this old saying that goes thus, “You can have almost anything you want; you just can’t afford everything you want.” Many people get into debt and remain in debt just because they tend to always spend more than they earn or buy what they want, when they want without a proper budget for it. If you are in debt now and really struggling to make any headway paying it off, then you need some help getting started with a plan. Because, the sooner you start dealing with your debts, the sooner you’ll have it all paid off.

Knowing where the money you earn or make currently goes is a critical step in managing your finances properly to avoid or eliminate debt. In this article, we will be looking at few ways that can help you reduce or eliminate your debt:

  • Increase Your Income 

    Come up with ways you can begin to earn extra money and dedicate a reasonable part of it to tackle your debt (s). For example, you could earn extra cash by starting a side hustle like trading, or by generating income from a hobby.

  • Set up a Budget 

    Pen down how much money you earn or make weekly or monthly from your primary job and any other side hustle. Note all of your recurring expenses, fixed expenses and nonessential expenses. You can make use of a budgeting software, App or you just create a simple budget with a notepad and pen.

  • Sell Some of your stuffs for cash

    Put together a list of your items you can put up for sale. Perhaps, items that you barely use or you can do away with for now just till you get back on track to replace them. Then you use the proceeds to pay down some of your debt(s) to lighten or eliminate your debt load.

  • Decide the Debts to Pay Off First

    Prioritize and rank your debts in the order you want to pay them off. Knocking off small debts first can help you build confidence and then you put a plan in place to pay off the rest gradually.

  • Consider Getting a Consolidation Loan

    See if your bank can help you consolidate all of your consumer debts into one loan with one payment at a lower interest rate. With a proper spending plan, this loan will allow you to save some money monthly and also keep you from building up new debt while you’re paying off the consolidation loan.

In a nutshell, when you’re eliminating debt or trying to stay off debt, be certain you have an emergency savings fund in place to provide for any unforeseen expenses. Then, strategize on how to pay off your smallest debts first, find ways to earn more, budget well and continually build toward paying off any larger debt you may have faster.

 

Cheers!

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