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Financial Literacy

Must-do things after you finally become debt-free

Now you are finally debt-free, these next steps will help you make sure you never fall back into debt again.

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So now that you are debt-free what next? Remember that clearing your debt is just one part of the exercise; staying out of debt is vital to ensure that you don’t end up in the same financial injury. Living debt-free is not rocket science. All it requires is the consciousness that healthy finance is essential for you to live a happy life.

You may want to check out our previous articles 9 Brilliant ideas to pay off debt fast in 2021 and How to get out of debt: A step-by-step guide where we discussed extensively how to find your way out of debt.

Outlined below are some things to help you live debt-free; have a good read.

Make a list of your income and expenses

The first thing to do to ensure that you don’t fall into debt is to plan. Planning is such a vital step to success for anything we want to do in life. Indeed, if you don’t want to fail, you cannot neglect to plan. This doesn’t have to be complicated in any way. It’s as simple as you putting down words and figures. The first step in this process is making a list. You need to see on paper, what your finance looks like. It may not seem like such an important thing to do, but it is necessary. Making this list, all you have to do is write out what you earn on one side. If you have different streams of income, put it all on paper. Then, write out your expenses on paper, everything you know you spend money on monthly. Depending on when you receive your incomes; you can make it weekly or bi-weekly. Just compare how much is coming in against how much is going out.

Read Also: FG closes border to protect economic interests – Customs 

Create a budget plan

The next step in the planning process is to create a budget. Based on your analysis from the step above, you should assign every dollar/naira you earn a task. You cannot afford to be passive with your money, give them work to do. They are available to make life easier for you right, but if you don’t tell them what to do, they cannot help you achieve that. You have to understand also; depending on what the ratio of your income to expenses is, you might need to make certain adjustments. In fact, if you want to stay out of debt, you NEED to make those adjustments. This step is not as difficult as you may think, if you do not know how to go about this process of creating a budget, you can use a budgeting app to make it easier for you. There are so many choices out there so you must choose wisely because your financial needs may be different from your neighbour’s.

Be intentional about your money

This tip can be summarised into the first two steps already outlined. But it is such an essential factor that deserves special attention. Intentional merely is being deliberate in your actions. Therefore, being intentional about your money requires that you don’t leave anything to chance. Conscious money habits will ensure better financial health and keep you from running into debt. So, as basic as the first two steps might seem to you, you really cannot neglect them.

Do not make purchases based on emotions

It is very easy to spend to make ourselves feel better. The painful truth is that the things you buy won’t make you feel better. They cannot take away that feeling, because when the initial gratification has waned, you would still be left with that emptiness you were feeling in the first place.

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Read Also: Nigerian pension funds increase exposure to foreign money market funds

Unsubscribe from sales emails

Everybody likes to get the first updates for those juicy deals and grab them as they come. If you have not planned for it, please don’t do it. You have to unsubscribe from emails that make you spend more money. Remember that the person sending those emails wants to make money. You do not need to place that instant ordering; turn it off.

Maintain a good credit score

Remember when we talked about how to stay out of debt; one of the tips offered was to negotiate lower interest rates. Having a good credit score qualifies you for lower interest rates. More than that; having a good credit score grants you more negotiating power, better insurance deposits, easier approval for loan requests, it also affords you higher credit limits. Overall, having a good credit score places you on better standing than having a bad one.

Read Also: Why you must plan for retirement, even as a student

Do not tie up your money in illiquid investments

As necessary as an investment is, you must engage in those with high liquidity as opposed to illiquid investments.

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Earn more money

There is no human on this planet that this idea will not be appealing to. We always want to have more money, no matter how much we already have; it’s in our nature. The simple ways to earn more money is to get a side hustle, become a freelancer or contractor; use your skills to make money. With unlimited access to technology, the world of work offers more opportunity than ever for anyone to turn their skills into pay.

Staying out of debt can be summed into these few words; “Live within your means”. The way to ensure that you do that is by planning. Be intentional about your money. Life can happen at any time but even when it does, with a proper plan already in place, you will be better equipped to handle unforeseen circumstances than when you don’t even know where your money is coming from.

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Financial Literacy

How to stay employable amidst massive unemployment

Here are some ways to stay employable amidst massive unemployment.

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With the advancement in technology and change in traditional job roles, the workspace is constantly changing. The recent Covid-19 crisis and its consequent economic downturn have rendered many people who were employed jobless, thereby increasing the rate of unemployment. Surviving in an ever-evolving and uncertain labour market, therefore, becomes a great deal of work which requires improved thinking pattern, continued professional development, life-long learning, and the ability to adapt.

Here are some ways to stay employable amidst massive unemployment:

1. Build your expertise

Companies and organizations are looking for individuals with ideas and knowledge that will shape the company’s growth. Learning more about your field will give you an edge over others. It will also enable you to discover new tools and strategies to adopt, that will keep you marketable and make you an attractive hire.

2. Be receptive to change and emerging innovations

Life-long learning is a habit that has to be encouraged if anyone hopes to stay employable. To remain relevant in the workforce, you need to build your competence beyond past qualifications and ideas. Receptiveness to change and emerging innovations will keep you abreast with what is in your career field.

3. Enhance your job-related skills

Landing a job is challenging. It is even more difficult during an economic downturn when companies are laying off workers. One of the strategies to stay marketable is to find ways to improve your job skills. Individuals can learn skills that align with current employability needs by taking up training and courses relevant to their career scope.

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4. Be Savvy on Social Media Platforms

The recruitment sector is gradually gaining a presence on social media. Many recruitment agencies take to social media to look for and assess prospective candidates for some job opportunities. Building a strong social media profile and network will help to build relationships with peers and potential employers. This network will increase your chances of landing a job. Building a network in career fields of interest will keep you abreast of information and opportunities in your career path.

5. Refine your soft skills

As traditional work environments are replaced gradually by remote or virtual workspaces, companies are looking for individuals with soft skills like leadership, managerial competence, creativity, time management, good communication skills, etc. Individuals looking to stay employable have to develop soft skills that will help them remain economically viable. Many organizations do not just want to hire skilled people but also self-regulated and innovative individuals able to carry out tasks independently.

6. Be Confident 

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Self-confidence will make you more assertive about your skills, knowledge, and abilities. Confident individuals can communicate their ideas more eloquently and convincingly. This personality will make them stand out and portray them as relevant hands needed in any organization.

Staying employable in today’s ever-changing and competitive work environment is a process of evaluation, learning, and adaptation.

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Financial Literacy

7 ways to earn in dollars while living in Nigeria

Here are a few ways you can earn in dollars while living in Nigeria.

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Where to invest $10,000 right now

Living in Nigeria and earning in dollars has become many people’s dream. With the high exchange rate from dollar to naira, a few dollars will change your life for good in Nigeria and make you comfortable.

However, being in Nigeria and earning in dollars doesn’t come easy because you have to know your onions. Here are a few ways you can earn in dollars while living in Nigeria:

1. Freelancing or Remote Full-time Jobs: One of the top ways to earn in dollars or other foreign currencies is by freelancing or working remotely. You can get freelancing gigs as a writer, graphics designer or data analyst on freelancing platforms. You can also apply for full-time remote jobs and work from the comfort of your home in Nigeria while you earn in dollars.

READ: FG states reason for $100 charges, others imposed on Nigerians in diaspora

2. Blogging or Vlogging: If you can write or speak well, then you can also earn foreign currency from clients abroad who are interested in your written or video content. Blogging lets you earn from visits to your blog and advertisements. You should consider vlogging on YouTube and other platforms if you enjoy doing videos and have exciting and educative content to talk about.

3. Virtual Trainer: Teachers are not left out on this list. You can earn in dollars if you enjoy teaching by simply putting courses or tutorials on different platforms online.

READ: U.S Central Bank leader says no rush into crypto dollar

4. Publish E-books: Writing and publishing e-books on Amazon Kindle Direct Publishing or other online platforms is one of the most popular and sure ways to earn dollars while living in Nigeria.

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5. Translation: You are worth more than gold in 2021 if you can speak foreign languages because you are exactly what many companies are looking for these days. You can land yourself an excellent freelancing gig or remote job if you speak any language other than English. Your local language also counts in this case because people are looking for you to do some translations.

6. Transcription: You should consider being a transcriptionist and earn some cool dollars if you can pay attention to details and type fast. You could get as much as $15 to $25 an hour for transcribing short audios.

7. App Development: App developers are the ones making most of the dollars if you ask us. Every business owner wants an app for their business both home and abroad, and you will be making cool cash as an app developer if you put yourself out there.

You can also earn in dollars working in Nigeria by learning new skills and selling your crafts online to those who need them abroad. If you are very smart about it, you can grow your wealth right here in Nigeria without setting foot on foreign soil.

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