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Bravewood Profile picture
@bravewoodng
Jul 2, 2020 โ€ข 4 tweets โ€ข 2 min read โ€ข Read on X
๐Ÿ” ๐›๐š๐ฌ๐ข๐œ ๐ฉ๐ซ๐ข๐ง๐œ๐ข๐ฉ๐ฅ๐ž๐ฌ ๐จ๐Ÿ ๐ž๐Ÿ๐Ÿ๐ž๐œ๐ญ๐ข๐ฏ๐ž ๐ฆ๐จ๐ง๐ž๐ฒ ๐ฆ๐š๐ง๐š๐ ๐ž๐ฆ๐ž๐ง๐ญ.
-The Richest Man In Babylon.

An OVERWOOD Thread.
#overwood The Richest Man In Babylon
1. Save at least 10% of all that you earn in an investment fund for the future.

2. Learn to live on 90% or less of your income.

Here is a simple budget rule to manage your finances:
blog.overwood.ng/index.php/2020โ€ฆ
3. Invest your accumulated capital into projects that will provide a safe, steady income, taking full advantage of compounding of the interest received.

4. Invest only in areas in which you have expertise or with people who are experienced. Choose:
overwood.ng
5. Have a realistic insurance program.

6. Always keep working at various ways or means of increasing your income.

โ€ข โ€ข โ€ข

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More from @bravewoodng

Bravewood Profile picture
Apr 13, 2021
The 5 Keys to Successful Investing - An OVERWOOD Thread

Investing improves your odds of reaching financial freedom. If you pay attention to these principles as you make investment decisions youโ€™ll be more likely to achieve your goals.
1. Do your research

Before investing, you should have done thorough research to have some knowledge of what youโ€™re investing in. Know where your money is going and what youโ€™ll get in return. Invest in only what you understand.
2. Donโ€™t take unnecessary risks

How much can you afford to lose? Use this question to guide and review your investment decisions. Investors with more time can recoup from losses but if youโ€™re nearing retirement, you should adjust your risk tolerance.
Read 7 tweets
Bravewood Profile picture
Feb 24, 2021
How to Pay Yourself First - An OVERWOOD Thread

โ€œDo not save what is left after spending; instead spend what is left after saving.โ€
โ€•Warren Buffett

The best way to get ahead financially is to save. Itโ€™s another salary week, follow these steps to help you reach your future goals:
1. Add up your monthly income

Before paying yourself first, you need to figure out how much to pay yourself. Sum up your monthly cash inflow net of taxes. This first step ensures every income source contributes towards your financial goals.
2. Budget your expenses

Have a plan to spend. Your budget should tell you where your money should go. Prioritize needs over wants & ensure you always include variable expenses in your budget to avoid debt. Subtract monthly income from expenses to know how much money is leftover
Read 7 tweets
Bravewood Profile picture
Feb 23, 2021
Thank you for joining our #tweetchat with @HISFABNESS.
Our first question is on inspiration.

Use #OverwoodChat in your tweets to join the conversation.
@HISFABNESS Our next question is on starting a business.

Use #OverwoodChat in your tweets to join the conversation.
@HISFABNESS Question 3 is on validating prospective ideas.

Use #OverwoodChat in your tweets to join the conversation.
Read 13 tweets
Bravewood Profile picture
Sep 23, 2020
How to build an investment portfolio for each age-group.

- An OVERWOOD thread
1/ The most important rule of investment is the need for portfolios instead of individual investments.

Portfolios enable you to be more strategic with investments while reducing the possibility that you would lose everything to a single bad investment.
2/ HOW TO CREATE A PORTFOLIO

1. Start by dividing your principal into 3 segments.
- Segment 1: Conservative fund (very safe).
- Segment 3: Balanced fund.
- Segment 2: Aggressive fund (more risk).

2. Assign percentages to each segment based on life stage.

3. Adjust with age.
Read 12 tweets
Bravewood Profile picture
Sep 15, 2020
๐‡๐จ๐ฐ ๐“๐จ ๐†๐ž๐ญ ๐Ž๐ฎ๐ญ ๐Ž๐Ÿ ๐ƒ๐ž๐›๐ญ

Debt can be incurred in a matter of minutes while it could take months or years to pay it off.

Here are some steps you can follow to pay it off faster:
overwood.ng/blog/how-to-geโ€ฆ
1. Stop incurring more debt.
Getting out of debt will be harder if you keep incurring more. Avoid debt by all means.

2. Build an emergency fund
Unexpected or unplanned expenses might be the reason you are in debt; an emergency fund will take care of such unplanned expenses.
3. Increase your monthly payment.
To get out of debt faster, try to increase your monthly payments if you can pay more than the minimum.

4. Automate your payments.
Set up a regular automatic payment towards your debt. This way, youโ€™ll never forget and you'd pay it off faster.
Read 4 tweets
Bravewood Profile picture
Sep 1, 2020
Ade and his wife, Bola have always wanted to save for their son, Kunle's future education, but they have never quite been able to make it happen. They made attempts to start a child-savings plan but each time, a more pressing issue crept up. 1/5
Bola, an elementary school teacher, lost her job during the recession. For two years, the family was getting by on Adeโ€™s civil servant income. Every time Bola raised the issue of saving for their son's education, Ade would say, "we would deal with that in the future." 2/5
As the years went by, the cost of education in Nigeria increased and Kunleโ€™s parents struggled to keep him in school.

After many years of toiling and incurring debt to pay for their sonโ€™s education, Kunle made straight Aโ€™s in his SSCE with a desire to study Law. 3/5
Read 5 tweets

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