{"id":1070,"date":"2017-12-31T13:13:49","date_gmt":"2017-12-31T12:13:49","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=1070"},"modified":"2022-08-11T16:32:21","modified_gmt":"2022-08-11T15:32:21","slug":"honey-budget-yinka-ogunnubi","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/honey-budget-yinka-ogunnubi\/","title":{"rendered":"Honey, Is It In The Budget? A Chat With Yinka Ogunnubi"},"content":{"rendered":"\n

This post is a transcript of a TweetChat we had with Yinka Ogunnubi on personal finance<\/a>. It was part of #5DaysOfPersonalFinance series. The Twitter thread is here<\/a>. In the process, we gave out 50 copies of the book to better help our community of users in understanding money management. It is an investment we believe is worth making.<\/p>\n\n\n\n

The interaction starts here:<\/h3>\n\n\n\n

Do you have personal finance questions you need practical answers to? Join CowryWise Personal Finance TweetChat with Yinka Ogunnubi and stand a chance to be gifted with an autographed copy of his book \u201cHoney, Is It In The Budget?\u201d<\/p>\n\n\n\n

Here are our top 13 personal finance nuggets from \u201cHoney, Is It In The Budget?\u201d by Yinka Ogunnubi.<\/p>\n\n\n\n

Nugget 1:<\/strong> \u201cPoor money management skills continue to be the key driver of people\u2019s (employee) financial stress\u201d.<\/p>\n\n\n\n

Nugget 2: <\/strong>\u201cDon\u2019t blame anyone for your financial situation, take responsibility and move on. You\u2019re the sole owner of your future, don\u2019t allow anyone \u2014 not even peer or social pressure \u2014 to make you bankrupt. Your future begins now\u201d.<\/p>\n\n\n\n

Nugget 3: <\/strong>\u201cMany people fail because they only focus on making more money and not managing current income\u201d.<\/p>\n\n\n\n

Nugget 4: <\/strong>\u201cYou need to cultivate the habit of saving for the future, then you learn to make more use of bigger income in the future\u201d<\/p>\n\n\n\n

Nugget 5:<\/strong> \u201cYou will only qualify to access a higher level of income when you have skillfully managed and multiplied what is currently at your disposal\u201d.<\/p>\n\n\n\n

Nugget 6:<\/strong> \u201cBeing financially savvy doesn\u2019t mean you have the best recipe for your personal finance. Always be ready to ask for help!\u201d.<\/p>\n\n\n\n

Nugget 7:<\/strong> \u201cYou cannot compare corporate finances to personal finances. Find appropriate tools to manage it\u201d.<\/p>\n\n\n\n

Nugget 8:<\/strong> \u201cThe task of managing personal finances may be rigorous but is necessary\u201d.<\/p>\n\n\n\n

Nugget 9: <\/strong>\u201cYour finances are very important to you, take charge!\u201d<\/p>\n\n\n\n

Nugget 10:<\/strong> \u201cSavings is the backbone of achieving financial goals or attaining financial freedom\u201d.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Nugget 11:<\/strong> \u201cYour decision to start putting something aside is directly linked to your ability to turn your situation around\u201d.<\/p>\n\n\n\n

Nugget 12:<\/strong> \u201cYou are never too young or old to save, if you are alive\u2026, then you are old enough to save\u201d.<\/p>\n\n\n\n

Nugget 13:<\/strong> \u201cThe key to savings is making up your mind to start now and by doing that you open the door for possibilities you never knew existed\u201d.<\/p>\n\n\n\n

Nugget 14:<\/strong> There are several advantages to saving<\/a>, \u201cit helps you become a more focused person because you know you are getting something done\u201d.<\/p>\n\n\n\n

\"yinka-ogunnubi-honey-budget-cowrywise\"<\/h3>\n\n\n\n

Questions and Answers Session<\/h3>\n\n\n\n

Question 1<\/strong> – When is the best time to start saving and how much of my income is appropriate to save?<\/strong><\/h2>\n\n\n\n

Yinka Ogunnubi:<\/strong> The best time to start saving was yesterday. The next best time? Today. Like everything else in life, it starts with a decision and you can work your way back from there. I started saving when I was 8 and I have taught my kids to save from 8 years as well. How much of your income should you save?<\/a> That depends on you. Savings should never be for the sake of savings. It should always be targeted at a project. Be it a house, car, vacation etc. The amount and the duration help determine the amount you save.<\/p>\n\n\n\n

Question 2<\/strong> – I don\u2019t earn a monthly salary, how should I approach saving?<\/strong><\/h2>\n\n\n\n

@yinkanubi:<\/strong> If you don\u2019t earn a monthly income, then you are either a business owner or in seasonal employment. If you are a business owner, first pay yourself a salary and save from that salary. Also, ensure your business retains income. This strengthens your B.S.<\/p>\n\n\n\n

Question 3<\/strong> – When is it ok to finance a purchase through debt?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> When you are making an asset or investment-linked expenses. It is stupid to borrow to consume. If you must borrow, borrow to purchase something that can appreciate in value.<\/p>\n\n\n

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<\/span>Guides<\/span><\/a><\/div>\n

Saving and Investing with a Partner: The Pros & Cons<\/a><\/h3>\n
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<\/div>\n <\/a>\n <\/div>\n <\/div>\n \n
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<\/span>Guides<\/span><\/a><\/div>\n

5 Crucial Ways to Protect Your Financial Accounts from Fraudsters<\/a><\/h3>\n
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<\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n\n

Question 4<\/strong> – How should I treat my 13th-month salary? ?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> Your 13th-month income is a bonus. It is an Outlier. You have to think of it as extra income that can be put away for other important things like investment in an income-yielding asset.<\/p>\n\n\n\n

Question 5<\/strong> – Should my partner (BF or GF) know about my take-home pay? ?<\/h2>\n\n\n\n

@yinkanubi<\/strong>: Is this a trick question? ? The answer is YES! And you MUST know BEFORE you say I DO! It is not about judging them, it is about transparency and FULL DISCLOSURE which is a must in marriage.<\/p>\n\n\n\n

Question 6<\/strong>– How do I approach paying down debts if my income is low?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> First, before you take debt, you MUST have a payment plan based on expected cash flow. If there is an inflow problem, then you shd discuss with your creditor to pay something regularly however small. Realise that for most creditors, they would rather receive something regularly however small than receive nothing or have you default. Trust me, the last place your creditors want you to be is in the default column.<\/p>\n\n\n\n

Question 7<\/strong> – When considering schooling cost for my children, what are the most important finance options to look out for?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> Kids are beautiful to have but they\u2019re expensive. So the first place to start is to determine the number of children you can adequately cater for.<\/p>\n\n\n\n

Current realities tell us that if you\u2019ve one child, you\u2019ll need to pay school fees for at least 16 years. To give them a good education at today\u2019s cost, you\u2019ll need to save at least N150,000 for the next 16 years. Multiply that by the number of kids you want.<\/p>\n\n\n\n

Once you have an idea of the cost, you can identify various finance options.
1. You can start a savings plan<\/a>
2. Buy a landed asset to be disposed of in several years after it must have appreciated
3. Explore some insurance options
4. You can try @Cowrywise ?<\/p>\n\n\n\n

Question 8<\/strong> – I\u2019ve only worked for 2 years and I\u2019m still less than 30, when is the best time to think of buying cars, investing in property, stock market and other assets?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> You are at the perfect age to start investing.<\/a> I\u2019m in my 40\u2019s & I wish I knew this in my mid 20\u2019s. Most young people when they earn some money think first of buying a car. That\u2019s okay if only that expense is a means of earning more money. For stocks spend time learning more about it. Try learning using Meritrade.<\/p>\n\n\n\n

Question 9<\/strong> – In case I suddenly lose my job or my partner\/sponsor is suddenly no longer able to provide, how can I improve my situation and still live without running into debt?<\/h2>\n\n\n\n

@yinkanubi:<\/strong> There is no miracle solution. You need to create value & find a way of exchanging it for cash.<\/p>\n\n\n\n

Question 10 – What are the important things to consider when writing and balancing my budgets?<\/h2>\n\n\n\n

@yinkanubi: <\/strong><\/p>\n\n\n\n

Writing your Budget:<\/strong><\/h2>\n\n\n\n