To achieve financial independence, Parkinson’s Law needs to be violated. The law states that “work expands so as to fill the time available for its completion.” This saying, written in 1955 by Northcote Parkinson, is so common and natural an occurrence that all of us, at some point, have experienced the law in our lives.
Remember that Saturday you woke up bright and early to spend 3 hours cleaning the house / fixing the car / tending the garden / doing the plumbing? What was supposed to take you no more than 3 hours ended up taking you the whole day! Parkinson’s Law.
Or that assignment you were given 3 months ago at the start of term, which you tossed somewhere until 4 days before it was due? Only you know the colour of the midnight candle(s) you had to burn in order to hand in your paper by the deadline. Parkinson’s Law.
But it doesn’t stop there. Parkinson’s Law also manifests in our finances, such that no matter how much money we earn, it appears that there just isn’t enough to cover our expenses, let alone pursue our goals.
Think about it this way.
If you are working your first job, you may already be living a lifestyle noticeably different from the one you had as a student, when your finances were down. Gone are the garri, guguru and ekpa days. Levels don change!
If you have been working for some time, there is a high chance that the ratio of your expenses to your earnings has gone up over time, whether your salary has remained constant or has increased.
Parkinson’s Law says our expenses (work) will expand to fill (consume) the money (time) available for its completion (execution). Our expenses will continue to defy gravity, unless and until we pressure Parkinson’s Law.
This pressure (of the Law) is inversely related to our financial freedom. If we are determined to move our financial lives forward, we need a wedge between our earnings and our expenses. This wedge is our savings. We secure it when we lock our expenses down to a definite % of salary, and savest the rest. Over time, our earnings may grow, due to salary increases, or income from investments. As long as our expenses are under control, any additional earnings help us widen the wedge, and bring us closer to financial freedom.
A wedge enables us to achieve financial freedom. Break the law, yes Parkinson’s Law.
About the author:
Obiocha Eze-Emaeyak studied corporate finance and strategy at Manchester and IE Business Schools. She practises personal finance at Me & Myself.
Follow her @K1YUS3V3N
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Good evening, my question to you please if open an account today in naira his the money will converted to us dollar to running the account
If you are investing in a dollar fund, yes.
Can the funds be traded rather than investing to increase gains?
What if your money is in cash(Dollar)
Please I already have an account, will I have to re-open another account before investing in dollar?
Can I invest in the next eurobond using dollar (cash)? If yes, will my returns be in dollar as well or it will be converted to naira??
Hi Helen, you can invest in Eurobonds at any time. However, we only accept naira deposits at the moment. Also, your returns accrue in dollars.
So which is best to earn the second way or first?
Focusing on returns will be better
Hi, what is the minimum amount you can invest with.
Hi there. You can invest the naira equivalent of $100
Hi Ope, does that mean I’d need two accnts to operate the fund, I.e a naira account to put in the naira funds which is d only 1 u currently accept, then a domicilary account where my returns would accrue in?
I want to invest in your Eurobond.
I have re-installed your new app an still can get the eurobond plan?
How much is the minimum equivalent dollar for a start?
Can i get an overview of all the benefits and rules of this plan?
***and still can’t get the eurobond plan?
Do you allow people from south Africa
Hello, my question is if I invest in the dollar mutual fund how do I get the returns?
Will it be in naira or in dollars and will I have to open another account for the returns to go into
Can’t you go down to 50USD
Hello Nsikak, currently the minimum is $100 but we we are looking at a possible review in the future.
The new minimum is $10
Hello will I have to re-open another account before investing in dollar?
luckysolomon444@gmail.com
I have invested in dollars mutual fund… It means I Will get my return in one year
Hi Jonathan,
How is the return/interest on your investment from November 27,2020 so far??
No you don’t have to, just click on invest in mutual funds, you will see the options there. You can navigate and alot with your account.
If I invest in the euro bond, it is expected that my return accrues in dollar, right? And how do I withdraw the dollar? Do I need to convert it to naira, if yes, how can I convert my dollar to naira on the app. Lastly, how long do I need to leave my investment on cowrywise? Or can I withdraw anytime?
Am interested. Let’s say I put in a $1,000. What the ROI…within 1 year.
Your interest is 6.6% then calculate it for one year, I think so
Hello,
As a Nigerian, can I save my money in dollars even though I don’t want to invest in a dollar mutual fund?
Pretty soon, yes!
If l invest in naira am l going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Am going to save in naira am going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Hello ope pls how much is $10 in naira
How long does the investment last.i.e when can I get my returns
I will give BIG CONGRATULATIONS to the entire Management of COWRYWISE for this wonderful opportunity to be a good investor with simple and sound education on various investment opportunities an investment can be done with little and grow within a short period period of time
God bless
Thank you so much ?
Now if I put 100$ in one year what is my return
If my return will be in the current dollar rate at the time, when i am investing and when am getting my returns, what exchange rate do u use? Black market rates or the bank rates – please verify in each case. Thanks.
Hello please if you can create the one we can start with the minimum $1 we’ll be happy ??
I just started investing in eurobond funds on cowrywise. So far so good, it has been a good platform to invest money and earn back. Kudos to the team behind this platform