2020 Money Lessons from the Kiakia TeamReading Time: 2 minutes
The year 2020 has been a challenging and interesting year for every one of us, especially in a financial sense. There were several reports that a lot of people lost their jobs and means of livelihood, but even in the midst of all of the challenges, many people made money and experience growth in their personal and business finances.
In all, we shared, learnt and gained experiences that will help better our financial choices in the future. The team at Kiakia is not left out, and below are a few money lessons members of the team learnt in 2020. So in no particular order:
- Do not rely on one income source, diversify your income source.
- Save a portion of your income and invest a portion of your savings.
- Always spend with a budget.
- If you must grow your capital base/savings, always watch your expenses.
- Always review your finances as often as possible.
- A small Investment is better than none.
- Never spend more than you earn.
- Make financial provision for emergencies.
- Track your expenses, always.
- Live within your means, your lifestyle cost must not be more than your income.
- Savings and proper investment are important tools for financial stability.
- If you must lend money, you must have a strategy to always get your money back.
- When in debt, outline your debts in order of importance.
- Create separate accounts for everything you need money for.
- Do not spend money unless when necessary.
- Discipline in handling financial resources is important to mitigate risk and increase creditworthiness in business.
- Have foresight on financial happenings.
- Get creative ways to make money and profits.
- Most of the things we buy, we do not need.
- Prioritize what you spend your money on.
- Money is never enough.
- How you handle your finance when it’s little is a show of how you can manage it when it’s more.
- If you want to buy a thing, ask yourself: Do I need this now?
- Money problems will never go away, make sure you solve important problems first.
We hope you have learnt something from the opinions shared above. Please do well to share some of the financial lessons you learnt in 2020 with us as well. So that together we can prepare for an amazing 2021.