WEALTH PRESERVATION AND WEALTH TRANSFER (SERIES FINALE)

Hello,

Wealth preservation and transfer will be the final post on the taking control of your finances as a woman series. I have confirmation that our resource person will do us the honour of writing on wealth preservation and transfer and I am eager to have her point of view but in the meanwhile, here is mine.

Wealth preservation includes all the decisions taken and actions geared towards ensuring acquired or created wealth is not lost. This can be done by reducing investment charges and other charges which deplete your funds, also by investing in extremely low risk instruments and ventures.

Quick reminder, we have examined Basic survival needs of a woman, Saving as a tool in financial planning, Cutting down cost, differentiated between savings and investment while emphasizing that they are not one and the same, wealth creation where we advised you to increase your source of income, in an earlier post series we have suggested you start with education and mentioned that it did not have to cost you (you may wish to see how HERE), wealth management and also talked on what to do when you have fallen off track with financial prudence.

Wealth transfer can mean the passing on of wealth from one to another

INVESTING as a way to take control of your finances

Hello,
Thank you for visiting everyday and being patient enough to understand about wealth creation,wealth management and now we are in the last phase (wealth preservation and transfer).

Previous posts include saving, cutting cost, getting rid of debt as ways to take control of our finances. Endeavor to click on the links to see them if you haven't done so already. They hold a lot of great insights.

PRACTICAL WAY TO GET OUT OF DEBT

Hello,

We have all being in one form of debt. We may have become indebted by favours done us or properties volunteered to us. We may even have been indebted for a few hours, days or months. The most important rules for being indebted can be found here (If you must be indebted, do it right).

This post focuses on the burden of having a debt to pay. If you had read the ‘previous post’ and followed it through, you may have learnt one or two things. If not, this one is for you.

HOW DO I CUT DOWN MY COST (TAKING CONTROL OF YOUR FINANCES AS A WOMAN) CONTINUED

Hello,

So sorry this did not come top of the morning, had internet connection problems (could the rain have been responsible for it? I don't know) but here goes:

This is a continuation of the previous blog post; if you have not seen it, please go here and start there.

HOW DO I CUT DOWN MY COST (TAKING CONTROL OF YOUR FINANCES AS A WOMAN)

Hello,

There are many ways you can cut down your cost; you need to know what you spend money on, how you spend money and what you need to spend money on.

Let me rephrase, you need to keep track of your previous expenditure, understand your spending habit and create a budget (have a criteria for items making it to your budget – urgent and important) and look for alternatives (hitching a ride or walking).

TAKING CONTROL OF YOUR FINANCES AS A WOMAN: YOUR SALARY IS NOT SUFFICIENT?

Hello,

In the second post, you must have read that no 9 – 5 job can be called wealth creation. At best, you are helping another create wealth which is good in a sense but not what you set out to achieve. This is not to say that it is wrong to have a job, many people begin from working jobs and using salary to create wealth.

I honestly have not come across a person who is so content with their pay cheque at month’s end; this goes a long way to show that wealth is a thing of the mind. While struggling to create wealth, one has to be ‘content but hungry’. Content enough to know that it is not money that makes a person happy. The pursuit of money is almost never ending but you need to be hungry enough to want to ‘get up’ and create wealth (Trust me, the process is not a blink).

If you feel your salary is not sufficient to meet your needs, guess what? Half or more than half Nigeria’s population feel same. The only difference between most is their ability to manage scarce resources.

A WOMAN'S BASIC SURVIVAL NEEDS

Ever heard of Abraham Maslow? If you took a course in human resources management, you did and you heard about his hierarchy of needs. Researchers or Scientists may argue about the ranking or sufficiency of his 5 needs theory but we cannot argue about the truism of his physiological (basic) need.

TAKING CONTROL OF YOUR FINANCES AS A WOMAN: WEALTH CREATION

Hello,

Wealth creation is the deliberate multiplication of your resources. In most cases wealth creation benefits beyond the creator of wealth, the community and the economy are beneficiaries of wealth creation also.

TAKING CONTROL OF YOUR FINANCES AS A WOMAN

Hello,

Welcome to another significant for your success series, for this one I have pulled out my accountant and finance hat and topped it with my research belt laced with some experience. There are going to also be 10 (ten) posts geared towards giving you control of your finances.

 From accounting we understand that in order to maximize finance we need to make the most profit. In order to make more profit than we already are making, we would need to drive down cost and increase income. At the end of these blog post series, we will be able to effectively take control of our finance.

Beyond this, we will talk about wealth creation, wealth management and wealth preservation in different ways. We start tomorrow.

If you missed the ‘how to succeed as a woman series’, please take the time to read them now. Do your friends the favor of sharing and asking them to subscribe to these blog posts.

PEARL