RECAP – Smart Money for Single Mums with Arese Ugwu

Did you miss the Wevvo Webinar series with Smart Money Arese? Don’t worry, here is a recap of the wisdom that was shared!

-Pay yourself a percentage of your revenue monthly: this is an investment mentality and helps in personal finance. Make sure you set aside a portion of your income to save.

-Understand how money works, be real with your relationship with money and how it guides your decisions.

-Have assets that can be converted to cash if your income stops: these assets can be investments, real estate, and businesses that generate recurring revenue.

-Reduce your liabilities- restructuring your liabilities doesn’t necessarily reduce the overall money you owe but it can give you more cash. Pay the loans with higher interest first.

-Track your expenses, print your bank statements or use apps. Make sure to know what you spent every amount on and refrain from spending on things that are not necessities.

-Build a foundation, no quick fix to making money: have a plan, there are no simple ways of making money.

-Beware of schemes that promise quick returns: beware of Ponzi schemes and the likes. They offer out of the ordinary returns and there’s no guarantee that you’ll get your money back.

-Have self-awareness of what motivates you: understanding and developing your self-motivation can help you take control of your financial life.

-Budget, budget, budget: always have a budget for everything and make sure you work within your budget.

-Every investment comes with a risk, determine your risk appetite before going in. E.g stock market, private credit loan companies, purchase of distressed assets, etc

-Leverage on providing solutions to problems, listen to people’s problems, and position yourself as a solution provider.

-Prioritize your spending: prioritizing your bills and expenses in order of importance allows you to meet basic needs, protect your credit, and lower your financial stress. It allows you to focus on finding ways to cut costs.

-Live below your income: you must not spend more money than you earn.

-Have an emergency fund. It is important to have 3 to 6 months of your income saved up at any point in time Separate from your rent: the purpose of an emergency fund is to be able to pay for unexpected expenses without taking new debts.

The full webinar will be on the Wevvo Community podcast when season 2 launches, you can listen everywhere you listen to your podcasts!

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