Learning is essential to our existence. Just like food nourishes our bodies, information and continued learning nourishes our minds.
This is why at CKDIGITAL, we ensure learning never stops. Every month, a member of the team trains the rest of the team on a given topic.
Our Finance & Admin Executive, Jide Osinusi facilitated the training on Financial Intelligence, it was an eyeopener and a very engaging session.
Financial Intelligence is basically about knowing the ins and outs of a financial situation, be it your personal finance (an individual) or your company’s (a director) or a company you work for (an employee), and making the best out of it.
Financial Intelligence, luckily for us, is an intelligence that can be leaned and improved upon. No one is born with it! Money without financial intelligence is money soon gone.
Habits of Financially Savvy People include the following:
1. Plan and Budget
If you want to achieve your financial and wealth-building goals, you must have a plan and a budget. Your plan encompasses both long and short-term goals, and it includes leisure and purchase goals (such as holidays, house, and a car) as well as investment goals.
2. Living Within Means
Related to no.1 above, this means living within your financial capacity, or income. If there are items that you really need to purchase, you can check on other cheaper alternatives or wait until you have more money to use for it.
3. Finding Additional Sources of Income
Since we are talking about increasing purchasing power, how about finding more additional income sources.
4. Save a Fixed Percentage of Your Income
Save for a rainy day by putting away 5%, 10% or more of every income received.
5. Get Advice When You Need It
Financially savvy people also know when to get advice when they need it, whether it’s consulting a tax expert, accountant, or financial planner.
6. Prepare for Risk
Financially savvy people plan for the unexpected events in life to protect themselves and their family, so they are not easily overwhelmed by the sudden unexpected downturns in life.
7. Plan for Retirement
People who are great with money know that it’s never too early to start planning for retirement.
8. Apply Money Mangement Insights
Financially savvy people never stop educating themselves and are constantly investing in their financial education.
9. Keep Emotions Far From Your Money
Money and finances are an emotional topic for most people, and financially savvy people have learned to keep their emotions in check when making financial decisions.
10. Not Delaying Maintenance
Financially savvy people care for their possessions and if there are things that need to be fixed, they do it immediately to avoid paying more in the long run.
At the end of the in-house training, there was a fun quiz to test the team members’ understanding of the training. See the images below.
We look forward to the next training.