Being at home doing nothing seems like every nine to five workers dream I guess
that's why the weekend is so loved but what we are faced with in these times
has surpassed a two-day weekend break it's a lockdown many have been home for
weeks some as much as two months others who are mandated to go to work such as
the health and essential service workers are few a number and ratio to those who
are mandated to stay home this may seem saddening especially for those who have
other customer service positions people in this category have some what Heather
means of livelihood paused and in many cases is locked down has caused their
financial situations to become quite dire luckily this time at home doesn't
have to come down to doing nothing because being isolated at home is a
perfect opportunity for you to learn many new things you wouldn't have had a
chance to learn amidst your normal routine so what are those things you may
ask money skills of course and in this video I will share with you seven money
skills you must learn during lockdown and if you're new to the channel then
hit the subscribe button below for more life-changing content before we get into
it I'd like us to first look at why having good money skills is important
first it helps you become financially free being financially free is just
about everybody's dream however it does take effort and planning to ensure this
dream becomes a reality for those who don't know what it means to be
financially free let me explain more specifically a financially free person
is one whose assets exceed his/her liabilities and whose income is
significantly higher than his or her expenses for instance if a person makes
$1,000 a month and that's expenses of $600 a month then that person is
financially free and the surest way to attain financial freedom is learning and
mastering good money skills next money skills allow you to become and remain
debt-free being in debt is something most income earners have experienced at
one point or multiple points in their lives really there's nothing wrong with
being indebted to a bank or a private lender what is wrong is the inability to
pay back many people do not know that borrowing is a skill on its own and
learning basic money skills will teach you how to borrow and get it of your
debt in due time however until you come debt free it is important to learn
how to manage your lungs as I just said there is nothing wrong with being
indebted to a bank or private lender the only thing wrong is the inability to pay
back unfortunately many people have taken loans which they simply cannot
repay and this can greatly impact their credit score for those who aren't aware
a credit score is a number by which your credit worthiness is measured people
whose credit history shows that they pay back their loans on time have high
credit scores whereas those who have a history of not paying back on time have
low credit scores keep in mind that people with high credit scores are
eligible for higher loan amounts at lower interest rates with those with
high credit scores will find it hard to secure a loan and even if they do the
interest on it would be significantly high a person with good money skills
will know exactly how to manage their loans in such a way that they would
always pay back on time and increase their chances of securing better loans
only good money skills can open up your eyes to this once you're out of debt you
can then start to invest having good money skills will set you on a path to
becoming financially free but you can't get there if you don't invest or
reinvest your time money and skills to set goals the word investment is usually
the difference between a successful person and an unsuccessful person what
you put in will determine what you will be able to take out if you're properly
invested then you'll be properly rewarded keep in mind that it's not all
investments that pay off many have lost money on bad investments however a
person with good money skills would be able to tell a good investment from a
bad one the person with such skills will also be able to cultivate those
investing senses that increase their chances of success
one thing synonymous with good money skills is the ability to save earning
money is one thing but having money left over after your routine spending is
another one of the most important reasons why you should learn good money
skills is that it teaches and improves your ability to save do I need to point
out the importance of saving maybe not but I will anyways one day in my jacket
which hadn't worn in months I found a decent amount of money in one of the
pockets any time I wear that jacket I always keep money in that pocket it took
me a while to remember where I wore that jacket but I didn't care I felt like I
had hit a mini jackpot since forgotten that I had money in there in
the first place that experience taught me the importance of saving even though
I did that unconsciously learning money skills will teach you to save
consciously it is a skill that you will never regret learning next there is
forecasting forecasting simply means predicting possible future outcomes in
situations in this case I am talking about financial forecasting having good
money skills will sharpen your senses as far as forecasting is concerned it will
help you keep your eyes open for potential changes in prices and rates of
various goods and services and this will guide your purchasing or investment
decisions then there is discipline which is perhaps one of the greatest money
skills of them all having money in your possession is a great feeling you know
how happy you get when it's payday right there is a certain temptation that
lingers when you've got cash at your disposal you may be tempted to buy as
many nice things as you can find you would also want to eat at the nicest
restaurants and buy a fresh pair of sneakers even though you don't need
another pair what I'm trying to say here is people find it hard to control
themselves when they have purchasing power a lack of financial discipline is
one of the major reasons why many people are broke or in debt why would someone
who earns a decent amount of money still find themselves being broke financial
and discipline is the answer to that and learning good money skills will help you
understand why you need to be financially disciplined now that we've
established why it is important to learn money skills let us now take a look at 7
good money skills you must learn during lockdown money skill number 1 budgeting
a budget is an amount of money or resources dedicated to a particular
purpose during a set period of time one of the most important money skills a
person should learn during the lockdown is how to draw up a budget for daily or
monthly expenses the lockdown period has really been an eye-opener it has shown
how much people neglect a budget for their daily expenses the isolation
period has also forced some to learn it especially those who aren't privileged
to have extra cash to burn keep in mind it is not enough to drop a budget
you must also stick to it money skill number to unlearn retail therapy retail
therapy is a term used to describe the need to purchase a product not because
you need it but because it makes you feel good or for the sake of how others
see you retail therapy has been the cause of so many people going broke or
being trapped in debt the lockdown is a great chance to unlearn retail therapy
habits especially since resources might become
scarce along the line cultivate the habit of buying only things you need not
the things you want money skill number three learn how to save budgeting is a
great money skill to learn and so is saving money safe today can bail you out
of uncomfortable situations in the future especially when you may not be
able to access a loan at the time of need the trick to saving is simple don't
spend all of your earnings a percentage of your income should be budgeted for
daily expenses for a time period another percentage could be dedicated to
investments and a certain percentage has to be saved he doesn't have to be much
as little as 10 percent of your income saved over a period of time would result
in a more substantial amount so during this lockdown ensure you practise saving
money skill number four learn how to strategically invest for you to grow
from where you are today to where you want to be in the future you need to
invest not just money but most importantly time in learning new skills
and strategies being able to predict possible market outcomes and investing
in those areas is a skill you should learn well walk down like I said before
money isn't the only thing you can invest you can also invest your time to
learning skills that will in turn earn you 11 money skill number five debt
management a lot of people are awful when it comes to planning their loan or
payment late loan repayments or defaults can cause unnecessary inconveniences in
the future such a conveniences include paying higher interest rates or even
forfeiting your property all this can be avoided if you learn how to service your
loans diligently as you learn you should dedicate a percentage of your money to
debt servicing calculate the amount owed and work out how much you will need to
save every week or month to make up your repayment amount this would be easier if
you're repaying your loan in installments money skill number six
learn people skills you may be wondering why I listed people
skills as a money skill that you need to learn well it's simple the only living
beings in this world you can ever make money from or people what would Facebook
be without people what would Amazon be without people you get it people have
money dogs and cats don't and for this reason
learning people skills is important in your quest to make money learn how to be
approachable learn how to address people learn the importance of remembering
people's names ask yourself the kind of value you can add to people's lives look
them in the eye when they speak to you and understand what they want how can
you practice people skills will lock down you ask you can get tips online you
can study human trends and of course you can practice with yourself in the mirror
money skill number seven take account of your spending you know how at the end of
each month your bank gives you your transaction statements showing inflow
and outflow good you should do that for yourself on a daily basis take account
of the amount of money you spend each day and what you spent them on this will
help you know if you're spending money on the right or wrong things and would
help you plan for a better spending ultimately this lockdown can be used in
two ways to set you back or to propel you forward
don't let this lockdown go to waste use this time to learn some or all the money
skills I just mentioned and soon when the pandemic is over you'll have a new
set of skills you can use to help grow your wealth thanks for watching if you
want to go from the life you hob to the life you deserve and hit the subscribe
button now
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