• Friday, June 21, 2024
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Ten fun ways to improve your financial health- PART 2

Ten fun ways to improve your financial health- PART 2

By Olayinka Opaleye

Patience is a virtue that gardening teaches us. Just as plants take time to adjust, establish, and flourish, our financial health also requires patience, discipline, and consistency. The scripture confirms this with a quote paraphrased as follows: “There is hope for a tree, even if it is cut down, that it will sprout again. Its branches may be no more, and its root may grow old with its stock completely dead in the ground, yet at the scent of water, it will bud and bring forth as a young seedling.” This analogy underscores the importance of patience and consistency in both gardening and financial wellness.

Likening a gardener’s experience to an interest in improving one’s financial health can disabuse a get-rich-quick mentality. Moreover, with patience, discipline, and consistency, you will record an improvement regardless of your current economic status if you don’t relent. Just like Warren Buffet said, “There is no shortcut to wealth. Some things take time, no matter how great your talent or effort. You can’t produce a baby in one month by getting nine women pregnant.”

Last week, the recommended fun ways to improve financial health were basically savings through cutting unnecessary spending and forming good habits. This week, the tips are on increasing earnings through investments, diverse income, and connections while ensuring fun while at them. So, here are the remaining five fun ways to improve your financial wealth:

Read also: Ten fun ways to improve your financial health Part 1

Financial wellness programme: If you’re gainfully employed, it’s worth taking a moment to understand and explore your organisation’s financial well-ness programmes. These programmes, which can range from insurance to pensions and even stock options, are not just about financial security. They also offer a sense of stability, peace of mind, and a path to a more balanced life. By becoming more knowledgeable about them, you can make informed decisions that will bring you peace of mind in the future.

Investment clubbing: Consider joining or creating an investment club, a group of like-minded individuals who are also striving for financial discipline. These clubs offer more than just a platform for joint investments. They provide a vibrant sense of camaraderie, accountability partners, and knowledge sharing. Together, you can uncover opportunities like property acquisition, angel investing, stock acquisition, etc. This collaborative approach to investing can be a powerful tool in your financial journey, offering not just financial gains but also a supportive community and a wealth of knowledge.

Multiple streams of income: Don’t limit yourself to a single source of income. Embrace the concept of ‘multiple streams of income’ and consider diverse ways to earn, such as through a side hustle or by investing in different ventures. You can even pave the way for another income stream by spearheading an investment club, like starting a mini-Berkshire Hathaway. This powerful sense of empowerment to create and control your financial future is a strong motivator. However, it’s important to note that jumping into a trade entirely off your line of interest just because it seems lucrative may be counterintuitive. It’s crucial to find a balance between financial gain and personal fulfilment.

Monetize your hobbies: One thing to avoid when creating multiple income streams is following the bandwagon. The secret to interesting, enjoyable, and lasting income streams is alignment. Identifying and aligning hobbies or interests with your current career will make for tremendous success. For example, an individual who teaches in a school can run online courses in their subject areas, offer private lessons, teach a hobby of interest, and sell commodities that enhance learning, such as books, etc.

Create financial milestones: Although financial milestones can start on a vision board, you can take them further by making them a reality with goal-setting and targets. Be sure to pat yourself on the back for quick wins, celebrate hitting your milestones, and set new convenient targets. Financial milestones are not just about tracking your progress but are also a testament to your financial success and a powerful motivator. Therefore, it’s no use making life harder for yourself all in the bid to acquire wealth. The accomplishment and satisfaction of hitting these milestones should be enjoyable.

Financial wellness indicates an enjoyable relationship with money where you worry less, become more productive, and make even more money. It is a state of meeting one’s needs and feeling secure, come rain or shine. Whether you work for yourself or someone else, you must exchange something valuable with your time, space, and expertise to earn what gives you this comfort. It is, therefore, essential to note that the ultimate test of all this is the ability to recreate wealth even if all is lost.

Read also: Data transparency will boost financial inclusion for underserved Nigerians — Experts

Therefore, making money is not enough to enjoy financial wellness; you must acquire skills and hone them to set yourself apart from others. If you are easily replaceable or possess nothing unique, there is no value proposition; hence, whatever you have, possess, or offer right now may not last or stand the test of time. However, if you are fortunate enough to discover yourself at any age rather than go with the flow, If you decide to empower yourself, know that talent is not enough, and you need relevant skills to make those gifts desirable. Further enhancing those acquired skills through practice, collaboration, and partnerships will only increase your chances of generating income through value addition for wealth creation.

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Financial wellbeing is one of the eight pillars of wellness that ensure balance in our overall well-being. Which of the fun ways did you find most interesting, and why? Kindly send your feedback, inquiries, or comments to [email protected].

 

Olayinka Opaleye is a Wellbeing Specialist and Corporate Wellness Strategist from Lagos with over ten years of experience in the field. She has helped numerous individuals and organisations improve their financial health and overall wellbeing. She can be reached on 09091131150 or via www.linkedin.com/in/olayinkaopaleye.