Emergency Funds Account: The Scared 'Rat Racers and Speculators' Temporary Refuge

Once beaten twice shy they say, unfortunately, I have seen people who are bound by the fear of job security beaten over and over again. One thought that runs through my mind is that did they not learn from their mistakes? For some people, it is the same process, they lose their jobs and they are back to square one.

I know of a friend of mine who within a few months of losing his job as a banker was already looking like someone who had never seen nor handle a measure of money. He bounced back to his big boy lifestyle just a few months later when he got a job with another bank. Truth is, if he did not learn from his experience and take measures to ensure that the somewhat shameful episode does not repeat itself, he will be back to square one should he lose his job again in these recent times where we have a lot sms banking innovations by commercial banks.

You can choose to look at it as saving for the rainy day but emergency fund is basically money you put aside to cover for your expenses for a period of time in between when you lose a job and when you get another at least for the scared "business-repellent" sidewalker. I like the way Joanna explains it “We never fully appreciate the phrase “save for a rainy day” until we’ve actually been caught in a downpour. At times in our lives, Murphy’s Law seems to be annoyingly present in our day-to-day existence. Sometimes “when it rains it pours” is true in the worst way possible. The thing is, hard times don’t last forever and eventually the sun shines through and dries you off. But wouldn’t it be nice to have an umbrella during such times? It wouldn’t stop the rain, but it sure would help protect you from the worst of it”.

How to determine how many months’ savings you need.

It is advisable that you have an emergency fund of at least 3 months saved away in a good interest yielding account. The dynamics differ for each of us and we need to understand that. If you are still below 30 years old and you have high level of experience spanning over five years and you are very versatile, possibilities are you won’t stay out of a day-job for too long and as such may not need more than 3 months savings in your EFA.
As you grow older, the dynamics changes and the length of time you need to cater for increases.

How much should you save in your EFA?

When deciding how much money you need to have in your emergency funds account per time to take care of the bills in your transition period, it is good to ask yourself the simple question of “how much will I need to survive on a monthly basis?” If you have a functional budget you work with already, this should not be a burdensome task at all.

Before you conclude on how much you will need to save, you might want to ask yourself the following questions:

Do I want to maintain my current lifestyle or want to live a minimalist life during this transition period?
 

What and what am I willing to cut out of my luxuries?
 

What can I afford to put aside every month now and how long will it take me to save the required amount?
 

Do you want to assume in your calculations that both of you (if you are married) lost your jobs? 

Do you want to assume that people will help you with a little here and there or that no help will come your way?
 

Based on the answers to the questions above, you can now decide how much you need to save up for expenses and for how long do you need to save.
 

So if you have decided what you need per month is 100k and you will like to make arrangements for 6 months then you must have a minimum of 600k in
your EFA. It will also be good to make arrangement for inflation, it means you are looking at adding a few extra thousands to the total figure.

Having an EFA helps you to adjust well to the shock of losing a job and helps you to compose yourself faster and make right decisions in the days and months ahead. It takes the pressure of having to pay bills away.

Read more on emergency funds account and decide today to start one. Always remember, in your journey to financial freedom, it is about deciding to embark on the journey and finding the route that works best for you. So we enjoin you to join the fasttrack if you have more guts than just falling back on EFAs

Cheers 

James Bash

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Four Steps to Freedom For Less Courageous Career People Part 2

Are You Ready to make that change?

Major changes aren’t always easy. Only you can decide if you’re willing to do what it takes to make that dream career a reality. Just remember that the rewards can make all of the hard work worthwhile. As Confucius reportedly said, “Choose a job you love, and you will never have to work a day in your life.”

But don’t take an ancient Chinese philosopher’s word for it. We can tell you from personal experience that changing your career can change your life. We worked hard and still had occasional annoying days. But we love what we did and we felt like we were making a difference. I even earn more from doing work that I love than I did in the corporate job that I walked away from. Today, I’m thankful for all of the job stress that I experienced because it motivated me to get off my slumber and make a change. 

Don’t you owe it to yourself to explore your options? You deserve to spend those 100,000+ hours of your life in a career that inspires you. You don’t have to stay stuck in a job you hate, and you don’t have to starve to find work you love. All you need is a plan and a little bit of nerve. Go for it!

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Four Steps to Freedom For Less Courageous Career People

Hello Career Peeps, Ready to make a change? 

The important thing is to take some action (any action) and start building momentum. Don’t quit your job yet. Think about your career change as a second job and start working on a new lucrative career preferrably freelance consulting or small business startups. With some well understood afterwork-hour career activity, you may even be able to make a dramatic career change without missing a single paycheck. This ofcourse is for those of us who are caught up between the fear of losing our jobs and starting small businesses for fear of failure

Here are the four steps to get you moving toward career bliss:

1. Take a clear look at your current situation.
What is it about your job that makes you go crazy? Is it the wrong job, the wrong manager, the wrong company, or all of the above? What are the work issues that really push  your buttons? Are there any aspects that you actually enjoy? Take the time to think about what’s really missing. The purpose is not to take delight in constant complaining, but to get really clear about what it is that you need to be happier at work. It may be that a slight change in job duties is all you require. Or perhaps the time has 
come for a more dramatic change.

2. Explore your options.
What is your dream career, and what would it take for you to make it happen? If you don’t know, it’s time to get serious about figuring it out. You can’t just sit around and wait for your true mission in life to reveal itself to you. Get out and do your research. Talk to people who are currently working in the fields that interest you. Browse job boards for listings that inspire you. Work with a career counselor to identify 
careers that tap into your strengths and fit with your values.

3. Make a plan.
Once you have a sense of what you want, it’s time to decide what you’re prepared to do about it and when. You need to put a plan in writing and commit to it.

Even if you’re not ready to change careers, but imply want to make some minor adjustments to your current situation, you still need a plan. Don’t just make promises without clarity to “volunteer more,” “spend more time with the kids,” or “take a real vacation.” Put a detailed plan together— commit to a volunteering schedule, book more family time into your weekly calendar, or make reservations for your next getaway weekend.

If you’re committed to moving forward with your career change, it’s time to decide exactly how you’re going to get from Point A to Point B. Is it simply a matter of updating your CV/Resume and getting out there to interview, or will you need additional training or experience before you hit the target you want?

If your goal is to leave your corporate job for a career that’s likely to be less lucrative (at least at first), it is essential to have a solid financial plan in place. That plan could involve continuing to work at your current job—even if only part-time—while you make the transition. Or it could mean socking away some money in an Emergency Fund to help cover your bills during the switch.

4. Get out
If you plan well and work your plan, you’ll soon be ready to say goodbye to that crappy corporate job and learn what it’s like to love what you do for a living.
Ready for change? See you on the final part of this thread series in few days time. Have fun out there...

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Fortune 360: The 21st Century Millionaire Fasttrack Blueprint

Hello and welcome onboard!

You re welcome to Fortune 360 live blog... This blog is an upshoot of the call for aspiring business owners who are ready to live their dreams made inspite of their fears in the current downturn of the economy...

Now a little about myself...

I made my first million when I was 31. I was living with my mother and my wife three years earlier. I am set to retire when I get to 38. Every month I earn millions of naira in interest on business and investments working around the country and the globe. No matter what I do on any day, one thing is sure: I get paid and I do not have to work. I have financial freedom because I cracked the code to wealth and escaped financial mediocrity. I’m a normal person living an abnormal life. It’s a fantasyland but my reality, my normal, my deviation from ordinary where I can pursue my most implausible dreams in a life free of financial challenges.

How about your dreams? Do they need resuscitation? Is your life on a road that meets with your dream? If your dreams have lost probability it’s possible “Get Rich Slow” has killed them. “Get Rich Slow” criminally asks you to trade your freedom for time. It’s an dream destroyer.

The Fasttrack doesn’t care about your age, your job experience, your race, or your gender. It doesn’t care about your “F” in university education or your reputation as a hard working career person in Shell or the Civil Service. The Fasttrack doesn’t care about your Ivy League college degree or your Oxford or Harvard MBA. It doesn’t ask you to be a famous athlete, actor, loud artiste or a finalist on MTN Project Fame.

Let me clarify: Fortune 360 has no self-proclaimed experts or gurus in the team nor does anyone here want to be one. We dislike experts because “expertise” implies know-it-all status. Call us the “anti-guru” of “Get Rich Slow.” The Fasttrack is a lifetime school with no graduates; 12-plus years into this and we humbly admit, we have more to learn.

We don’t have intimate details about your past, your age, your beliefs, your loved ones, or your education. Therefore, we need to make some general assumptions to ensure that our conversation seems personal to you.

Our assumptions are as follows:
• You look around your life and think, “there’s got to be more.”

• You have big dreams, yet you’re concerned that the road you’re traveling will never converge with those dreams.

• You’re university-bound, university-enrolled, or university-educated.

• You have a job you don’t enjoy or isn’t going to make you rich.

• You have little savings and carry a load of debt.

• You contribute regularly to a corrupt national pension scheme as an corporate employee.

• You see rich people and wonder, “how did they do it?”

• You have bought a few “get rich quick” books and/or programs.

• You live in a free, democratic society where education and free choice are standards.

• Your parents subscribe to the old school: “Go to university and get a good job.”

• You don’t have any physical talent; your chances of becoming a professional athlete, artiste, entertainer, or actor are zero.

• You are young and full of enthusiasm about the future, but unsure where to direct it.

• You are older and have been in the workforce for some time. After all these years, you don’t have a lot to show for it and are tired of “starting over.”

• You’ve put your heart and soul into a job only to be laid off due to a bad economy or cutbacks.

• You’ve lost money in the stock market or traditional investments and cooperative money schemes championed by mainstream financial experts.

The road to wealth has no escort and is always under construction. No one drops millions on your lap; the road is yours to travel and yours alone. We can open the door but We can’t make you walk through it. I don’t claim the Fasttrack is easy; it’s smart work. If you expect a four-hour workweek here, you will be disappointed.

My name is Michael Hedge Ndubuisi and I welcome you officially to the Millionaire Fasttrack Blueprint...