Clever-Girl-Finance
In "How to Become Financially Stable in 9 Steps" by Clever Girl Finance, Founder and CEO Bola Shokumbi explains how to achieve financial stability through nine essential steps. Shokumbi emphasizes the significance of understanding one's current financial situation, adopting frugal habits, and setting realistic financial goals. The video also discusses building emergency savings and avoiding unnecessary debt along with improving financial literacy through various free courses. Moreover, the video suggests ways to increase income while limiting lifestyle creep, by focusing on saving, paying off debt, and investing, while making room for fun activities in the budget.
In this section, Bola Shokumbi, the Founder and CEO of Clever Girl Finance, explains what being financially stable means and how to achieve it through nine steps. Shokumbi emphasizes that understanding one's current financial situation, prioritizing essential expenses, and setting realistic goals can help one become financially stable. Developing frugal habits is also essential since it allows an individual to save more and cut back on unnecessary expenses.
In this section, the video discusses the importance of adopting a frugal lifestyle and living below your means to achieve financial stability. It emphasizes that adopting a frugal lifestyle is not a punishment, but rather a way to focus on bigger goals and work towards them. The video suggests building non-essential activities into a budget and limiting them to once a month, while putting money saved towards investing, saving, or paying down debt. It also emphasizes the importance of avoiding unnecessary debt, building emergency savings, paying oneself first and improving financial literacy. The Clever Girl Finance platform is recommended as a great place to start increasing one's financial literacy through the various free courses available.
In this section, the video emphasizes the importance of making financially stable career or business moves while also being cautious of lifestyle creep. This involves strategically earning more money through methods such as asking for a raise, finding a better paying job, or increasing prices for products and services. To avoid lifestyle creep, individuals must be mindful of giving extra money a purpose that aligns with goals of saving, paying off debt, and investing. Finally, the video stresses the importance of making room for fun by building it into the budget, as it can be difficult to stay motivated when singularly focused on achieving financial stability.
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