Geofrey AKATU.

SOME LESSONS ON FINANCES 💯

1. Must have EMERGENCY FUND - enough for 6 months of expenses/current lifestyle.

2. SAVE MONEY and MONEY WILL SAVE YOU. Don't save what is left after spending. Only spend what is left after saving.

3. Best to have ZERO DEBT, if you can't pay cash, you CAN'T AFFORD it, nothing beats PEACE OF MIND.

4. Avoid unnecessary spendings, forget sale price, everything is 100% off when you don't buy it. Don't waste your money on things that you don't need, even if they are cheap. EVERY PESO COUNTS!

5. Learn to BUDGET - it is telling your money where to go instead of wondering where it went!

6. If we buy things that we don't need, we will have to SELL THINGS THAT WE NEED.

7. PRETENDING TO BE RICH can make us poor. Must learn to live BELOW MEANS. Don't go broke trying to look rich.

ACT YOUR WAGE.

8. MONEY IS NOT EVERYTHING, but we cannot deny the fact that we NEED money for our FAMILY.

9. Always have a BACK-UP PLAN for life's uncertainties.

Start having your personal LIFE INSURANCE with INVESTMENT.

10. Let's break the TOXIC FAMILY CULTURE about
FINANCES. Your children is not your retirement fund, and your parents is not your emergency fund.

Ccto ✨

WISDOM FROM RICH DAD.
From the book Rich DAD Poor DAD, by Robert Kiyosaki

1. Don’t work for money:

Rich don’t work for money. If you work for money, your mind will start thinking like an employee. If you start thinking differently like a rich man, you will see things differently. Rich works on their asset column, every dollar in their asset column is their hard-working employee.

2. Don’t be controlled by emotions:

Some people’s lives are always controlled by the two emotions of fear and greed. Fear keeps people in this trap of working hard, earning money, working hard, earning money, and hoping that it will reduce their fear. Secondly, most of us have the greed to get rich quickly. Yes, many people become rich overnight, but they have no financial education. So educate yourself and don’t be greedy or fearful.

3. Acquire assets:

Don’t buy liabilities on your way to financial freedom. People buy liabilities and think these are assets, but they are not. Many people buy luxuries first, like big cars, heavy bikes, or big houses to live in. But the rich buy assets and their assets buy luxuries. The rich buy houses and rent them, and they pay them for their Lamborghinis. The poor or middle class buy luxuries first, and the rich buy luxuries last.

4. Remember the KISS principle:

KISS stands for keeping it simple, and stupid. Don’t be too overloaded your mind when you are going to start your way to financial freedom. Things are simple and keep them simple. The simple thing to remember is assets put money in pocket and liabilities take money out of pocket. Always buy assets so they put money into your pocket.

5. Know the difference between assets and liabilities:

Assets are anything that puts money in your pocket, like stocks, bonds, real estate, mutual funds, rental properties, etc. Liabilities are anything that pulls money out of your pocket, like your house, your car, debt, etc. People think their home is their biggest asset, but it is not. A house is an asset w

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