My guest on #TipThursday was Omilola Oshikoya, Africa's premier wealth coach who has had over ten years experience speaking and teaching on financial intelligence.
She gave ten solid tips for young people when she came by Top of the Morning on Thursday September 10th and i took a lot of notes!
Omilola's tips
1. Start now/start small.
Omilola suggests that young people and indeed, anyone, start NOW. She says a common misconception is, "Ill start when i make it" but most people don't realise that as your income grows, so will your expenses so the habits must be cultivated from the start.
2. Pay yourself first.
According to her, once you get paid, you should take some out for savings, and investments, but first, 'pay' yourself based on your budget and expenses.
3. Set Financial Goals.
Omilola suggests targets that are Specific, Measurable, Time-Bound, and Achievable.
4. Spend less than you earn.
5. Know the difference between good debt and bad debt.
6. Create an emergency fund.
An emergency fund should be six or eight months worth of your current salary.
An emergency fund should be six or eight months worth of your current salary.
7. Invest in yourself.
8. Pay now and play later.
9. Give.
10. Seek professional advice.
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