According to an expert, here’s why you should or shouldn’t bring money into a high-yield savings account. You can consider putting it into a high-interest saving portfolio if you have the extra cash right now.
While a lot of economic turmoil has been caused by the coronavirus epidemic. Many are worried about how to better plan for the future while preparing for current expenses as well.
If, after paying your necessities and bills, you have some surplus cash, you may want to consider placing your surplus cash into a high-yield savings portfolio.
You can gain extra money with a high-yield savings portfolio, while also getting access to your cash anytime you need it.
However, the banks don’t give enough interests to be considered as a high savings portfolio. Your best shot at getting a higher interest is in a financial vehicle like Payvest.
A bank can only boost of 7% interest per annum, but we can guarantee you 40 – 60%. Before we go over the pros and cons of having a savings portfolio with Payvest instead of the banks.
Things To Consider About High-interest Saving
Here are some vital questions you need to ask yourself:
First, ask yourself; when will you need to use this cash? When deciding on what kind of savings portfolio to grow your money, you should first consider how soon you plan on dipping into the funds.
A high-interest savings portfolio is a perfect way for you to maintain emergency funds that you can access easily if the need arises.
As we all know, banks charge ridiculous maintenance fees on their high-yield savings accounts especially when you withdraw or transfer your cash out of your account.
Now is a good time to start saving, particularly if you already have a paycheck coming in, to prioritize saving for an emergency.
For the future, it might benefit you to use a high-yield investment portfolio like Payvest to stash your money now. This is better than saving your money in a traditional savings account or other shady investment vehicles.
If you currently have a stable income with an adequate emergency fund to cover at least three to six months’ worth of expenses.
Then you can want to consider putting your extra cash in a high-interest savings portfolio to grow for short-term goals.
If you’re creating an emergency fund, organizing a potential holiday or looking to pay your rent, a high-yield savings account is a perfect place to store your cash while you prepare for short-term targets.
You should consider investing your money for higher long-term returns on a trusted platform. Saving money consistently over time can help you build wealth in the future, even though it might take more time than an outright investment.
It’s sweet and easy to live a lifestyle above what you can afford especially when you have high-income expectations and social friends to impress. However, most people don’t realise they are living above their means until its too late. Here’s a way to find out if you’re living above your means.
1. YOU’VE NEVER HAD A BUDGET
The first step to financial freedom and living within your means is having a budget, if you’re not worried about how much money you spend each day, there is a good chance that you’re spending more than you think. you need to take an honest inventory of your income, spending, and savings goals. That way you can be able to spend wisely and live within your means.
2. YOU DON’T HAVE ANY MONEY LEFT AT THE END OF THE MONTH
People whose lives solely depend on their monthly salary find it difficult to save because they have nothing left at the end of the month. An easy way to start saving and become more conscious of your spending decisions is to allow yourself to spend money only on the bare necessities for 30 days – rent, toiletries, bills, foodstuffs and cut out everything else. No shopping, no hangouts, no eating out, and especially no date nights.
3. YOU ORDER THINGS YOU CAN’T AFFORD
It is not advisable to order things you can’t afford, it will put you in debt. It is bad that before the next salary comes you have nothing left of it cos you are already indebted. If you can’t afford it twice at the moment don’t bother.
4. YOU CANNOT LIVE 3-6 MONTHS WITHOUT A SALARY.
Because certain things are unpredictable, we advise you to reserve 20% of your income for emergencies. In cases where you lose your job or have serious health issues, you will live comfortably without running into debt.
5. YOUR EXPENSES IS WAY HIGHER THAN YOUR INCOME
Your lifestyle doesn’t match your income, you spend too much and can’t give an account of your expenses when you’ve exhausted your income.
6. YOU AREN’T SAVING AT LEAST 10%
Saving money may seem impossible, but it’s probably a lot more realistic than you think. If you can’t save at least 10% of your income monthly, it could be a sign that you are living above your means.
7. YOU BORROW MONEY TO PAY BILLS
It’s a clear sign you cannot afford your lifestyle so you borrow from friends and relatives to clear your debts. This is a straight road that leads to poverty because you are taking on more debt to pay the debt you already have.
8. YOUR DEBT KEEPS INCREASING
If your debts keep piling up and all you have is just a single stream of income, perhaps you don’t even have a job, you should know you are living way above your budget. If you’re in debts and you keep letting people do things you can do by yourself laundry, car wash, cleaning you will end up financially dependent.
9. YOU LET YOUR FEELINGS DICTATE YOUR SPENDING
If you let the feeling that you only live once (YOLO) get to you, you will end up borrowing because you don’t want to miss out. But don’t let your FOMO (fear of missing out) dictate how you spend money. While you don’t need to give up your entire social life, it is important to take a look at your motives for spending and find affordable ways to spend quality time with yourself and friends.
10. YOU ARE WORRIED ABOUT WHAT PEOPLE THINK
Because you care so much about what friends will say and you don’t want to be judged, you buy things at the expense of impressing friends to show off on social media, even when it’s above your budget. You also spend lavishly to create an impression.
If you discover you’re guilty of one or more of these warning signs, there is a solution, these tips will help you live within your means and improve your finances.
1. Create a budget: The only way to create an effective budget is, to be honest with your spending habits.
2. Get a side hustle: With a side hustle, you can charge great money per client, do all of the work from home, and
3. Always use cash: Using cash is a great way to stick to your budget. Why? You can only spend as much as you have.
4. Don’t let People’s Opinions Influence Your Financial Decisions: Don’t be too concerned about what others think of you, it could lead you to make bad financial decisions.
One of the best ways to increase your skills and intellect is by reading books. By reading a good book on finance you consume a huge amount of research in a relatively short period of time. These books help you manage and understand the ideas behind money, savings, investments, finance, and budgeting.
The best way to get a grip on your finances and grow your funds is to learn, educate yourself on money, and shape your mind towards financial freedom.
So we searched for 30 “Best of Lists” highlighting the most recommended Books about Finance by various sites and combined the 11 most earmarked Finance Books that kept appearing on recently published lists.
From a total of 174 Finance Books reviewed and ranked, here are 11 of the Most Recommended Finance Books that appear on most of the Best Finance Books lists to get you on the route to financial freedom.
1. The Intelligent Investor: The Definitive Book on Value Investing | Benjamin Graham and Jason Zweig
A Philosophy published in 1949 Teaches on investment and finance approach. The intelligent investor has 13 out of 20 times been listed in the hallmark of Grahams, not for profit maximization but loss minimization. In this respect, the Intelligent Investor is a book for true investors, not speculators or day traders. Also recommended by the most successful investors, Barron’s American premier financial magazine, and Fortune Magazine.
2. Your Money or Your Life | by Vicki Robin and Joe Dominguez
The author Vicki Robin shares 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence” dare to express the idea that living frugally will make you happier.
Earning money should not mean misery, you just have to learn to structures your budget accordingly. Overall, it’s not so much about learning to budget as it is about living within your means by changing your habits and enjoying life.
Your Money or Your Life is a book listed 4 out of 20times, highly recommended by John Robbins (The best selling author and president of the Food Revolution Network).
3. The Richest Man in Babylon | by George S. Clason
The Richest Man in Babylon is a book written in 1920, listed 6 out of 20 times. George Samuel Clason issued the first-ever famous series as he dispenses financial advice through a collection of parables set 4000 years ago in ancient Babylon.
Still regarded as the classic of personal finance advice, his book is a great gift for a graduate or anyone who seems baffled by the world of finance and a wonderful. This book is a refreshing read for even the most experienced investor as recommended by the Los Angeles Times.
4. Rich Dad Poor Dad | by Robert T. Kiyosaki and Sharon Lechter
Rich dad poor dad was written in 1997. Listed 3 out of 20times, this book advocates the importance of financial literacy, financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses as well as increasing your financial intelligence to improve one’s businesses.
“Rich Dad Poor Dad is a starting point for anyone looking to gain control of their financial future.” (USA TODAY) Also Recommended by NY Times bestseller for over 6 years.
5. The Millionaire Next Door | by Thomas Stanley and William Danko
The Millionaire Next Door was written in 1996, listed 5 out of 20times. This book is a compilation of research done in 1973, by the author in the profile of millionaires with a net worth exceeding one million dollars. (USD)
The authors compare the lifestyle of the under accumulators of wealth and the prodigious accumulators of wealth. They found out that millionaires were disproportionately clustered in the middle class and blue-collar neighborhoods, not in the more affluent or white-collar communities.
This book further explains why noting that high-income white-collar professionals are more likely to devote their income to status items or luxury goods thus neglecting savings and investments.
“The kind of information that could lift the economic prospects of individuals more than any government policy…The Millionaire Next Door has a theme that I think rings very true…”Hey, I can do it. You can do it too!” As recommended by Rush Limbaugh.
6. Think and Grow Rich | by Napoleon Hill
Think and Grow Rich reveals the secrets that can bring you a fortune. By suppressing negative thoughts and keeping your focus on the long term, you can find true and lasting success.
“The most powerful instrument we have in our hands is the power of our mind.” – Napoleon Hill
Napoleon Hill compiled this philosophy of American achievement for the benefit of all people in 13 principles. 7 out of 20 times listed one of the most popular personal development and self-improvement books of all time with over 100 million copies sold since its first publication.
I strongly commend this philosophy to you for achievement and service in your chosen field.” as Recommended by Senator Jennings Randolph West Virginia.
7. One Up On Wall Street |by Peter Lynch
Listed 7 out of 20 times talks about how to use what you already know to make money in the market. Peter Lynch is America’s number-one money manager. His mantra: Average investors can become experts in their field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.
“Mr. Lynch’s investment record puts him in a league by himself.” (Anise C. Wallace The New York Times). Also Recommended by The elite of the investment community.
8. The Automatic Millionaire | by David Bach
The Automatic Millionaire written by David Bach originally published in 2005 explains that you do not need to get rich through a budget but with a well laid out plan. The book offers timeless principles including phone numbers, websites, and every element that will get you started on your road to wealth within an hour.
Also Recommended by New York Times and Business week.
9. The Science Of Getting Rich | Wallace D. Wattles
Wallace D. Wattles spent a lifetime considering the laws of success as he found them in the work of the world’s great philosophers. He then turned his life effort into this simple, slender book – a volume that he vowed could replace libraries of philosophy, spirituality, and self-help to attain one definite goal: a life of prosperity
He further explains how creation and not competition is the hidden key to wealth attraction, and how your power to get rich uplifts everyone around you. The Science of Getting Rich concludes with Wattle’s rare essay “How to Get Want You Want” – a brilliant refresher of his laws of wealth creation.
10. The Total Money Makeover | by Dave Ramsey
The Total Money Makeover is a proven plan for financial fitness. Listed 7 out of 20 times, Dave’s all-time bestselling book has helped millions of families get rid of debt and change their lives forever with its simple, practical seven-step plan. How does it work? By getting to the heart of your money problems: You.
Dave condenses his 20 years of financial teaching and counseling into 7 organized, easy-to-follow steps that will lead you out of debt and into a Total Money Makeover. Plus, you’ll read over 50 real-life stories from people who have followed these principles and are now winning with their money. It is a plan designed for everyone, regardless of income and age.
11. How Rich People Think | by Steve Siebold
In this book the author Steve Siebold spent 30 years interviewing 1, 000 millionaires and billionaires to figure out what distinguished them from the average person.
This book will teach you how rich people think. It compares thoughts, habits, and philosophies of the middle class to the world-class when it comes to wealth. The differences are as extreme as they are numerous.
To get hold of your finances, plan, and organize your account system, we recommend you read and understand the books listed above.
Furthermore, it gets you out of debt and helps you live in financial freedom.
On Tuesday, 10 March 2020, the Senate passed the Companies and Allied Matters Act (Repeal and Re-enactment) Bill. The 2020 CAMA Bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises, enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.
THE CAMA BILL 2020: A SUMMARY
Here is a summary of the new Companies and Allied Matters Act (CAMA) signed into law by President Muhammadu Buhari on August 7, 2020.
The passage of this legislation has been three decades in the making. However, its coming herald better times for small and medium businesses in Nigeria. It has been considered as Nigeria’s most significant business legislation in three decades.
Below are some aspects that are of interest and much importance:
- It is now possible to establish a private company with only one (1) member or shareholder.
- Statement of Compliance need not be signed by a lawyer. It can now be signed by an applicant or his agent, confirming therein that the requirements of the law as to registration have been complied with.
- The concept of “authorized share capital” has now been replaced in the Act with the concept of “minimum share capital”. This means that promoter(s) of a business does not need to pay for shares that are not needed at a specific time.
- The procurement of a Common Seal is no longer a mandatory requirement.
- The new CAMA makes provision for electronic filing, electronic share transfer, and e-meetings for private companies. So certified true copies of electronically filed documents are admissible in evidence, with equal validity with the original documents.
- Reduction of Filing Fees for Registration of Charges; the total fees payable to the CAC for filing has been reduced to 0.35% of the value of the charge.
- A merger of Incorporated Trustees. The new Act provides for a merger between two or more associations with similar aims and objects. CAC will approve the terms and conditions of such a merger.
- Disclosure of persons with significant control in companies. This bolster transparency in company operations. Companies are under obligation to disclose capacity in which shares are held, either as a beneficial owner or as a nominee of an interested person.
- Restriction on Multiple Directorship in Public Companies. The Act prohibits a person from being a director in more than five (5) public companies at a time.
- Business Rescue provisions for Insolvent Companies. This provides a framework for rescuing a company in distress and keeping it alive as against allowing such an entity to become insolvent.
- Enhancement of Minority Shareholder Protection and Engagement by restricting firms from appointing a director to hold the office of the Chairman and Chief Executive Officer of a private company.
- Exemption from appointing Auditors – Small companies or any company having a single shareholder are no longer mandated to appoint auditors at the annual general meeting to audit the financial records of the company.
- The appointment of a Company Secretary is now optional for private companies.
- Creation of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs) – The new CAMA introduces the concept of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). This combines the organizational flexibility and tax status of a partnership with the limited liability of members of a company
Please note that items in italics are points from the new bill which I think might be of interest to us in the distant or not so distant future.