I AM YOUR WRITE-DOWN WEDNESDAY!
Hello Smart Stewards,
Today as usual, we will look briefly at how we can reduce our debts and we’ll be considering exploring multiple sources of income as one of the numerous ways of debt reduction.
If you observe, debts is usually a sore area of discussion for people. It’s something they hear and their hearts palpitate. The thoughts of one’s indebtedness saddens and many a times we consciously do not want to think about how bad it is. As much as we strive to avoid debts, we still find ourselves in it. Should that be the end of the world? The righteous falls 7 times but God delivers him from them all…..You can rise, I can rise from the pitfalls of indebtedness and rise shall we!
Life is about giving and receiving and this cuts across every area. Someone gives and another person is at the receiving end. Someone has got something to offer and there's someone who receives what is being offered. We all fall into either category on a daily basis and it's a circle that will continue till the end of the world.
Now when it comes to your finances, there's a problem if you give more than you receive. Many things call for your attention ; necessities and nice- to-have just as SS Funmilade once shared with us and yes, in as much as we have to keep spending( smartly and wisely though), our inflows must ALWAYS exceed our outflows in order to remain financially healthy. Most times, the gap between our inflows and outflows are financed by debt. Personal loans especially.
Some borrow to finance their wedding, some to travel, some to buy household appliances and sadly ,some borrow to purchase no-value items( clothings etc). Adeola Moluga Haruna already told us the step-by-step process of reducing our debts last week. In our inner circle SS Whatsapp group, SS Busola Orija yesterday justified having debts for investments sake. She calls it good debts. Maybe she can explain more of it here.
Time will not permit me to say so much but there are basic things I tell people who strive for financial liberation.You can't or shouldn't spend much more than you earn. It leaves you in red, leaves you oppressed, depressed and repressed.
1. God is your source
Recently someone said God is our source, man is our resource. As Christians, we should know that all good and perfect gifts come from above. Your job, business and whatever are only resources; God is your true source.
2. Save! Pay yourself.
Doesn't matter how small your income is, something must be kept aside. The bible says....."a fool spends it all". You may say you've got too many expenses/ bills and most times commitment to families and friends but let me ask you, if you drop dead today( God forbid), life will continue for everyone and they'd just shift their focus on to the next possible source.
3. Avoid debt like a plague or a contagious disease.
Debt makes you a servant to the lender. Debt ruins trusts, Mars relationships and destroys respect. People start out borrowing on a good note and with an intention of paying back, but sometimes and many times, it doesn't work out as planned.
4. Be diligent
A diligent man will stand before kings always! It may take time, efforts and a lot of trials but diligence lands you in the palace.
5. Diversify: Everyone has got at least a gift and potential to multitask. The first man God created could tend the flock, take care of the plants, nurture the garden, give names and all. That's a prototype of what man (woman) could be.
Many a times, in writing down our debts, we have to consider increasing our Income. How can we increase our income if we are stuck on one job and especially when salary increase/promotion happens just once in a year and in many offices, increase doesn't even happen in years?
In considering multiple streams, there are things to consider: Your strengths (Some are born talkers, some motivate, some write well), what you enjoy doing (some love to travel a lot; you'd be shocked at what business you can make out of that). Now how can these translate into money for you? Go for it, start somewhere! A lot of people start from what they love doing. What you love is a stepping stone to what people will love you do for them.
Above all, be enthusiastic about life, your gifts, talents and equally important; the people you are offering services to. It will help you give the best and they’ll keep coming for more.
Having said all of these,see https://www.christywright.com/…/101-business-ideas-to-star…/ for 101 different business ideas you can start already.I'm sure you'd find something that will agree with your heart!
You are Worded and Wealthy! Woohoo
Sola Shiphrah Adesakin
On a daily basis, we feature words of financial wisdom from different Smart Stewards members and sometimes from Guest Contributors. You'd be glad reading them. Enjoy!
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