Kenyon Ndezi
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Kenyon Ndezi
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Home Posts You’re On Your Last Dollar – Now What?
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You’re On Your Last Dollar – Now What?

  • October 8, 2020
  • Kenyon Ndezi
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So you spent your last cheque, and now you’re broke. You don’t have savings or an emergency fund, and this is a trend you can’t stop. Regardless of your situation, these simple tips will help you grow financially.

Save! Save! Save!

Saving is a crucial skill that everyone has to practice. All it takes is a bit of planning and patience. It’s important to be realistic with what you set aside. Budget expenses carefully, and always set aside a percentage of your earnings to pay yourself.
No matter how hard it is to resist going out every Friday for a $100 meal, take time and budget that money to your savings. The best way to tell that you are on the right track is to save 3-4 months of your total accommodation (rent, food, transport, leisure, bills) as an emergency fund. This will enable you to live stress-free knowing that if something happens, you can recover.

Invest your money

I can’t stretch how important it is to invest. There are many tools available at your disposal. The best way to get started with investing is to take your time and learn. The internet has a lot of information on how to start. There are countless apps and brokerage companies that allow you to invest, such as Wealthsimple, Questrade, and other major financial institutions.
When you start investing, have the goal to invest in the long-term. As compelling as day trading is, the stocks are highly volatile and risky. The best way to invest, especially for beginners, is to play it safe by buying reputable stocks from well-respected companies such as Apple, Bell, Facebook, and many mutual funds. Seek advice from a certified financial advisor to build a diversified portfolio. (Note: You don’t need a financial advisor to start investing, the internet has all the tools you need.)
It’s never been easier to invest, especially with Fintech companies like Wealthsimple and Robinhood. All you have to do is sign up and deposit money. There is no minimum balance required so there is no excuse.

Just budget

At the end of the day, you just have to budget. The Yolo life is fun but it isn’t feasible. A lot of successful people will tell you that being rich is a choice. And it’s a choice you’re going to have to make.

Sacrifice

Cut down on costs. Things that you don’t need or are unnecessary, such as multiple subscriptions of the same type of service. For example, paying for Spotify and Apple music at the same time. You’ll be surprised by how much you save.

keep it 100

Be true to yourself and live by your means. Don’t feel pressured to do things that you can’t afford just to look rich. Whether it’s for Instagram or for show, your future self will thank you if you keep it 100 in the present.

Aim high and work hard. And remember. Every dollar counts!

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Kenyon Ndezi

Kenyon Ndezi is a recent graduate, writer, creator of vividbay.com, and the owner of Neonbuild.com, which is a company focused on building apps for small businesses and individuals. Follow along and get inspired!

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