Bestselling Author, finance, Leadership and Coach Commonsense Guru Dr Olumide Emmanuel is here to motivate us on Finacial Discipline.
Let’s start by understanding the Meaning of Financial Discipline.
Financial discipline is the act of setting specific monetary (spending and saving) goals and measuring oneself against how well they are achieved.
Once that financial discipline is established, a person can take further steps to become financially independent.
According to Dr Olumide, Financial discipline is the ability to stick to your plan, stick to the goals and stick to the application of the principle that is required for you to be able to achieve your financial goals.
This is what differentiates the men from the boys. Everyone that is mature and wise knows the need to save. That is where the discipline comes in.
How does one save?
If your expenditure is greater than your income, your upkeep will become your downfall because most of the time, a lot of what people do are not necessary.
They are needs, wants and desires so one thing you need to find out is how to differentiate the because all you need is your basic needs. Cut down the unnecessary desires and want.
You can dream, you can desire but without discipline, it can never happen and you need to understand that saving is not an investment but saving is required for investment.
Saving is setting money aside for a purpose while investment is sending money on an assignment for a return.
- Corporate finance,
- Investments, and
- Institutions (Acquiring more knowledge)
See the video below for more!
