Thread by @mistur_ib

Yay!!!!

I would be live at the village fire with @tayooye.

Get your phones charged and ready as I would be dropping tidbits, insights right here.

Kindly follow this thread through👇👇👇

Cc: @funmioyatogun @TVPAdventures

And we here already #VillageFireLagos #VillageFireLagos

#VillageFireLagos

Meet and greet with fellow participants

Learning together actually makes us all better- @tayooye

#VillageFireLagos

7 stages of Financial Independence.

Key Indicators: income, expense, debt, emergency fund, investment, investment income.

#VillageFireLagos

Stage 1: Financial dependence

Here, it's all expenses, no source of income. The greatest disservice you could do to yourself is to remain dependent on family. We need to get out of this zone.

#VillageFireLagos

Stage 2: Financial Novice

Here, you make little income, have a whole lot of expenses, you also have started borrowing to shore up expenses.

Here, reduce sophistication. Get dirty legitimately and get yourself busy to make a living.

#VillageFireLagos

Stage 3: Financially Underwater

Here, your expenses are way more than my income. Your debt profile is on the high.

You need to start thinking of living within your means, start getting frugal or YOU ARE GOING DOWN THE DRAIN.

#VillageFireLagos

Stage 4: Financially Precarious

Here, you have started building an emergency fund .

An emergency fund is 3 months of of your expenses saved up.

How can this be achieved, here's a simple formula:

25% of monthly salary times 9 months

Stage 5: Financially stable

High expenses, reduced debt profile, little investments. You are gradually getting there. You need to be careful about how you invest your money. SAVE A LOT!!!!

#500 a week compounded saved a year compounded for 10 years gives #600,000.

Stage 6:Financial Progress

Here, your investment has increased significantly. You have started making income off your investments. But you must always keep reinvesting and making more money.

#VillageFireLagos

Stage 7: Financial Independence

Still a whole lot of expenses, high emergency funds, high yielding investments, high investment income.

#VillageFireLagos

Stage 7+1: Financial Freedom

Here, your expenses are way low. Increased investments, high investment income. Here you are way too comfortable.

#VillageFireLagos

5 Pillars of Financial Independence:

1. Frugality: live below means, no luxury.

2. Increase income: complexity, brand image.

3. Savings: You first.

4. Investment: 3 buckets.

5. Retirement: Sooner than later, START NOW!!!

#VillageFireLagos

Interview with Mr Lekan Olanrewaju on how he built a 2 bedroom house on a 100k salary:

- 40% of your income goes into non-negotiables which are tithe(10%), tenancy(15%), transport(10%), and tax(5%).

Your rent shouldn't be more than 2months salary.

#VillageFireLagos

Invest in your financial education.

Learn how money works.

#VillageFireLagos

Special shout-out to @funmioyatogun for the pep talk on how to help people solve complex issues and make money off it.

#VillageFireLagos

Thanks to the team for the well arranged meeting.

Best birthday gift.

#VillageFireLagos

Selfie with doc himself

#VillageFireLagos