Personal Finance with Edirin - 1: Money Confidential

Money Confidential

Hello!

So, before I get into the article, I want to say a very big thank you to the Peer Mentors Circles team for letting me come and share my personal finance knowledge on their platform. I couldn’t have found a better home for this column. 

With that out of the way, Let’s do some housekeeping. 

From the 1st of July (i.e. today, till the end of the foreseeable future), every other week I’ll cover a topic on personal finance that will change the way you see and relate with money. 

These topics will ALL be related to each other, i.e. whatever I write in later weeks will most likely refer to a prior post. All of this is to say that, to gain the maximum value from my column, it’d be advisable to read and apply whatever is suggested in sequential order.

That’s it.

Oh, and one last thing before we start, “Personal Finance issa marathon and not a sprint”. I find that it's easier to keep things simple when it comes to talking about money, especially personal finance because we as human beings LOVE to overestimate what we can do in one year, and underestimate what we can do in five.

As our faces differ, so do the various reasons for taking the reins on our personal finances. Sometimes it’s to get out of debt, sometimes it’s to develop a better understanding of where the hell all our money keeps going, other times it’s growing our income. Regardless, you should know that when we get our personal finance ducks in a row, financial independence and freedom are ALWAYS sure outcomes.

The principal underlying foundation of everything related to personal finance is based on this very tiny, extremely simple but equally extremely difficult to implement formula which is:

• reduce your expenses

• increase your income

• grow the gap between both of them and;

• invest it

Wash, Rinse, Repeat.

Yes, there are some moving parts such as time, inflation rates, exchange rate fluctuations, etc., but by and large, if you stick to the above formula, you are already on the highway that leads to financial freedom.

Now to embark on this journey with me, I need four things from you:

1. This week I want you to set out 30-60 minutes and think very deeply about what financial freedom and financial independence means to you. Mind you, there are no wrong or right answers. Just write down three lines.  This is an excerpt of my statement: “Being able to imagine photos of myself in all the places that Lagbaja sings about in Africalypso, debt free.”

1. I want you to create a meeting on your calendar, recurring weekly when you are undisturbed, and your mind is alert, and name it “Money Confidential”. This can be 30 minute or it can be one hour, but this is the time that you’ll use to meet with yourself to go over and practice everything you have read. Personally, I use this time to track my expenses and look over my quarterly money goals to ensure that everything is going according to plan.

1. I want you to move all your spending into one account. If you are like me and you have 3 different accounts, try as much as possible to streamline all your recurrent monthly expenditure to one account. My general spending account is my GTbank savings account.

1. Finally, I want you to believe that you can be financially free and independent irrespective of what your financial situation looks like right now. I want you to know that all it takes is a mindset shift and the willingness to do the work (which exists, because if it didn’t, you wouldn’t be reading this). 

Lastly, as you commence this journey, I need you to realize, understand and accept that personal finance, while being finance, is very personal - that is to say, no one can wrangle your personal finances for you. This is something you’ll have to do by yourself, but it does not mean you have to be alone. 

The steps and activities that will come up in later posts will provide you with the tools to get to your destination, but you have to be in the driver’s seat. I’ll be with you though. Drop a comment and send me all your questions at: contact@peermentorcircles.com.

Till next time, I leave you with the immortal words of Sarkodie. 

“You know say money no be problem”.

Edirin.

How To Stay Sane When You Have to Stay Home: Things You Can Do To Keep Busy During Quarantine (“Social-Distancing”)

Lockdown

We are in the midst of a global pandemic.

It's not clear how long it will take for things to go back to normal, or what normal will look like once this is all over. All we know for certain is that for the time being, in order to keep ourselves and others safe, we must stay at home.

For some, it has been days, and for others, weeks since state and national governments around the world set new directives instructing the general public and non-essential workers to stay at home. This includes working from home during the week and staying indoors at the weekends. This is completely new to most of us, and unsurprisingly, people are struggling - that's right, you're not alone.

As long as you're part of the privileged groups of people who still have access to food, water, shelter, electricity and a steady internet connection, your main concern right now is probably how to stay busy, or at the very least, how to prevent yourself from dissolving into a puddle on your couch or bed.

Evenings and Weekends

You probably have a lot more time in the evenings and at weekends than you're used to. You might find yourself wondering what to do with that time. Rest and sleep are perfectly fine answers, by the way, but there's a limit to how much of that you can do, and to the benefits of doing nothing.

If you're tired of sleeping and watching TV here are some other suggestions:

• Find a fun home workout - Yoga, pilates and aerobics can all be done with little to no additional equipment and will ensure you stay, fit, strong and flexible. Youtube is a great resource and it's free.

• Start or join a virtual book club. If you've been saying you want to read more, then this current is a perfect time. The books don't need to be too long, serious or heavy. If books feel like too much of a commitment, then you could try articles instead. Pocket is an excellent resource if you are in the habit of bookmarking and losing or forgetting about saved online articles you want to read.

• Learn a new cooking recipe or perfect one you already use. With restrictions on movement in place, it's likely that you're eating out a lot less. What's in your fridge and cupboard? Check online for quick and easy recipes. This is a great way to use up random food items and to reduce waste.

• Start or join a virtual film club. Since most of us are watching a lot more TV and film, why not turn this into a social activity and brush up on your film-critiquing skills? It'll force you to pay more attention and help you find new ways to process and analyse visual information.

• Play Games: Boards games, card games, trivia and puzzles are great ways to pass the time, and connect with others. Keep your brain active and have some fun.

Work on Professional Skills and Personal Development

• Pick up a new language or resume learning an old one. Learning a new language can be done from the comfort of your home. Rosetta Stone, Duolingo and Babbel are available online and via mobile apps. My personal favourite is Duolingo. I refreshing my French and learning Brazilian Portuguese.

• Update your CV and LinkedIn. I've seen plenty of people complain about this advice, but this really is the perfect time to do it. This pandemic has created a lot of uncertainty, job insecurity, and in some cases, a spike in unemployment. Now that you no longer have to commute to and from work, you may have some extra time on your hands, and figuring out how best to market your skills and abilities is a huge plus. Take advantage of this time - it could be a great distraction.

• Learn something new. This could be a topic, skill or acquiring a certification. If the thought of having to submit work to follow an academic timetable feels a bit much there are self-paced options for online learning; Coursera, EDX, Udemy, HBS Online and others offer an array of free online courses. You can also use books, podcasts, or live online learning events.

Get Your House in Order

Focus on putting things in place at home, both literally and figuratively. If ever there were a time when you should have a clear view of your finances cash inflows, outflows and investments, it's now.

Money

• Create a budget. If you're not usually one for budgeting, you might want to consider it now.

• Track and analyse spending: Going out less, should mean spending less, but that might not be the case if you're not properly tracking your spending. Cancel all non-essential spending, and hold onto your cash.

• Do some financial planning: Hopefully, your job isn't impacted by current global events, but act and plan as if it might be. What might change if you lost your job next month?

Home

• Tidy up: You have time to tidy - that's not as easy when you're stuck in your normal routine. Now you can tackle it little by little, and if you're home with family or friends everyone can get involved.

• Clean: Our homes need to be cleaner than ever. It's an ongoing effort, and you will need to be more conscious and deliberate about keeping surfaces clean.

• Clear out: consider getting rid of old possessions such as toys, books, shoes and clothes. Bag them up and put them aside for charity donations (lots of churches and other organisations collect clothes and shoe donations).

• DIY: Your home may need minor superficial repairs. If there are things that you can learn or do yourself, do some research online and see if you can solve the problem. If you have a garden, you could learn how to take care of it and save some costs there too.

Get Creative: Start that Passion Project

If you've always wanted to learn how to:

• Write

• Dance

• Paint

• Draw

• Take pictures

• Cook or bake

Whatever it is, now is the time!

The strain and stress of current events, as well as the constant bombardment of bad and scary news, can have a draining effect, so it's up to you to push yourself. We don't yet know how long it will take for this to all be over, but however long that is, it's important to remember that life hasn't stopped, and neither should you. By no means am I advocating that you do everything in these lists? Why not pick 1-2 activities to keep yourself busy? The more you can find to do at home, the less likely you are to step out and risk getting yourself or others sick.

How To Keep Sane During Your Job Search

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Author: Ariyike Sodeinde

Job hunting can be a really frustrating, emotional and depressing time, especially if it's your first time facing the job market. I have been looking for a job, straight out of my masters programme, for over a year now.

This is post is about how to keep going. I'm sharing some personal tips and suggestions on how to have a balanced life during your job search, and not so much on how to apply for jobs. II'll share tips from my personal research and experience, about how to start your job hunt, for those who are currently in the thick of it, keep sane as possible.

I. Remember: It takes time.

I definitely feel like I was not prepared for how long this process would take or how many rejections I would get before I even got a first stage interview. When speaking to my friends they all felt the same way. Some waited six months, one year or or even two years before they finally got a full-time job.

If you were like me and getting through full-time education with good grades was fairly easy, you may be entering the job market with unrealistic time expectations. Going from my A Levels, to my undergraduate degree programme, and then onto the postgraduate degree programme I wanted was fairly simple. Don’t get me wrong, there was A LOT of work involved at every stage, but the application processes did not take long. So if you’re just setting out on your job search or you’re  like me and did not see yourself still looking for a job a year after you finished your degree; remember that these things take time. Do what you can; make sure your CV is in good shape, continue applying and interviewing for jobs, even find some part-time work if you can, but beyond that, don't spend too much of your time worrying about factors over things out of your control. It can take months from the point where you complete and submit your application to getting to a final stage interview or assessment centre. Creating more stress and pressure for yourself means that you won't be able to get through the process with a clear head. So, try to relax, fill and complete every stage of your application to the best of your ability, and be patient for responses - remember that sometimes you won't get a response at all. This kind of rejection can be really tough, but try not to let it get you down.

II. Get a part time job.

If looking for a job is your full-time job, getting a part-time job might be a good way to get you out of the house and help you to earn some money whilst you are going through the application processes. Working for Peer Mentor Circles has helped me to develop new skills. Being a social sciences graduate, I never thought I would have anything to do with website migration, social media or even blogging, but learning how do to these different things has helped me to continue to get a sense of accomplishment during this waiting period. Getting a part time job also looks good on your CV. As I said, company application processes can take a long time - you don’t want to have significant gaps in your CV, and a part-time job can show that you are developing and learning new skills.

III. Find other ways to occupy your time.

Looking for a job can be extremely monotonous. Throw in the current social-distancing and self-isolation requirements, and it can add quite the strain on your mental wellness. To battle this, create a daily routine for yourself and try to stick to it. You can see the day like a working day, and split your time into three blocks. For example, 9am-12pm, 12pm-3pm, 3pm-6pm). Make sure you create breaks for yourself, and in these breaks, eat, watch tv, read a book, or workout. Do something so that your mind can take a break for a little while. Short breaks will always make you more productive.

Whenever I say I am looking for a job, people tell me to enjoy this time that I have because when I start working nothing will be same. It’s hard advice to take because you can feel guilty when you’re relaxing or enjoying your time because, “should you really be doing this when you’re effectively jobless???”. The answer is yes. Of course jobs are important, but so is having a balanced life, both in and out of employment. So whenever that nagging guilt comes, remember that employment shouldn't mean you can't enjoy some free time, rest time, or social time.

I hope these tips help you. Keep sending in applications each day. Take your time with them, and have someone else look through them before you submit. Try to find a way to make some money on the side if you can, and remember to enjoy every day and every moment as it comes.

Written by Ariyike Sodeinde for Peer Mentor Circles.

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Hello Fed Up: A Letter to a fed up employee