Welcome to Nukan Christian Business Blog. This is the business section of the NukanWeb.com blog. The financial section has been moved to http://www.niyiadeoshun.com and renamed Milestones of Financial Freedom after a soon-to-be-released ebook.
Christmas is over now and i think it is about time we started getting ready for the coming year. On this blog, I will be giving you little nuggets on things you can do to make improvements to your websites, marketing or business online or offline.
This does not stop the articles on the website being written as usual, so please still visit our articles' section at http://www.nukanweb.com/articles/ for those.
I wish you a prosperous New Year 2008.
Wednesday, 26 December 2007
Tuesday, 20 November 2007
Financial Progress Checklist
We are coming to the end of November and it is only 50 days left in the year 2007. In case you haven't noticed, the Christmas season is upon us AGAIN!!!.
For many people, the holiday season are not very productive as far as accomplishing our most important goals for the year are concerned. Some have given up on their goals for the current year completely. Others make an effort, but they're already beginning to live in the New Year.
I certainly won't advise that you do any of these; as i won't be doing them either. Why am i saying that? A lot can still happen in the next 50 days!!! You can still accomplish some - if not all - of the things you've been putting off since the beginning of the year!!. Revise your goals and go for them again one last time.
While you are at it, below is a Financial Checklist that i know will assist you in setting the goals for the coming year. The aim is for you to finish this year on a high note and start the new year with the same momentum - whatever your age.
In Your 20s and 30s
For many people, the holiday season are not very productive as far as accomplishing our most important goals for the year are concerned. Some have given up on their goals for the current year completely. Others make an effort, but they're already beginning to live in the New Year.
I certainly won't advise that you do any of these; as i won't be doing them either. Why am i saying that? A lot can still happen in the next 50 days!!! You can still accomplish some - if not all - of the things you've been putting off since the beginning of the year!!. Revise your goals and go for them again one last time.
While you are at it, below is a Financial Checklist that i know will assist you in setting the goals for the coming year. The aim is for you to finish this year on a high note and start the new year with the same momentum - whatever your age.
In Your 20s and 30s
- Write your will
- Set up a savings account (ISA in the UK)
- Buy a house
- Invest for growth in at least one Unit Trust (Mutual Fund)
- Get disability insurance, and life insurance (if you have children)
- Begin contributing to a retirement plan
In Your 40s and 50s
- Do all of the above if you haven't already
- Invest for income as well as for growth
- Put part of your portfolio in tax-exempt investments
- Fund your retirement plan to the max
- Draw up adurable power of attorney or living trust, and a living will
- Consult a Solicitor if your estate is worth more than the Inheritance Tax threshold
- Pay off your mortgage before you retire
In Your 60s and at retirement
- Invest more for income but keep some growth stocks
- Aim to reinvest income and gains to beat inflation
- Review your will and estate plan
- Revise your will if it is out of date
- Investigate retirement housing
- Talk to you family about your estate plans and funeral wishes
You may want to add to this list or just make a comment, you are welcome to do so. Just click on the comment button below.
Saturday, 17 November 2007
Yuppies Are 'Struggling'
Do you know that it usually takes about 2 to 5 years of consistent overspending for major signs of financial difficulties to show? A newspaper article yesterday told of the difference in the lives of 'Yuppies' in the 80s and now.
According to the article, nearly half of people who were dubbed Yuppies in the 1980s say they are now struggling financially. High-fliers living the champagne lifestyle were infamous for splashing out on Filofaxes, gadgets and expensive dining. But 20 years on, 45% of former Yuppies are no longer so flash with the cash, said insurance company Liverpool Victoria. A spokesman said "They are worried about meeting bills and how they will fund their old age". many feel they should have saved more in the 'greed is good ' boom.
The same may be true for all of us. What we do with our finances today may in reparation of our mistakes of yester-years OR preparation for years to come. Which one are you doing now?
According to the article, nearly half of people who were dubbed Yuppies in the 1980s say they are now struggling financially. High-fliers living the champagne lifestyle were infamous for splashing out on Filofaxes, gadgets and expensive dining. But 20 years on, 45% of former Yuppies are no longer so flash with the cash, said insurance company Liverpool Victoria. A spokesman said "They are worried about meeting bills and how they will fund their old age". many feel they should have saved more in the 'greed is good ' boom.
The same may be true for all of us. What we do with our finances today may in reparation of our mistakes of yester-years OR preparation for years to come. Which one are you doing now?
Wednesday, 14 November 2007
What's A Little Loan Between Friends?
Borrowing money from friends or relatives may be a life-saver when you are in desperate need for the fact that there is no interest added (usually!!) and the friend may accept payment of a small sum of money each month or over a fixed period of time. However, the situation can become tricky if you are still in financial difficulties when it comes to pay/begin-to-pay it back.
During this time you may need to consider how your behaviour is perceived by others. If you are seen to be spending 'anyhow', this may not be appreciated by your friends. After all, you we them money and if they see you spending on what they see as unnecessary products or services it could damage your relationship with them.
Dave Ramsey said in his book the Total Money Makeover Workbook that "If you GIVE money to your friend, you get the joy of giving and your friend has the pleasure of RECEIVING. If you LOAN money to a friend however, your friend is no longer an equal in the friendship - rather your friend is 'under' you in a way that's difficult to explain psychologically but true nevertheless. You will have changed the power-balance in the relationship to suddenly being 'on top' with your borrower friend 'below'. Resentment can build up in both persons, as well as a great deal of anxiety, frustration and even anger."
"Avoid the hassle and keep your friendships as FRIENDSHIPS. Don't loan money to friends and relatives."
I can add that all these negative feelings mentioned above arise when the loan remains unpaid and/or the borrower is making no effort to acknowledge or paid back the loan.
The last thing i am sure will be beneficial for us all (Lenders and Borrowers) of what the Bible says in these 2 verses:
Psalms 37:21 "The wicked borrows and does not pay back, But the righteous is gracious and gives."
Psalm 112:5 "It is well with the man who is gracious and lends; He will maintain his cause in judgment."
During this time you may need to consider how your behaviour is perceived by others. If you are seen to be spending 'anyhow', this may not be appreciated by your friends. After all, you we them money and if they see you spending on what they see as unnecessary products or services it could damage your relationship with them.
Dave Ramsey said in his book the Total Money Makeover Workbook that "If you GIVE money to your friend, you get the joy of giving and your friend has the pleasure of RECEIVING. If you LOAN money to a friend however, your friend is no longer an equal in the friendship - rather your friend is 'under' you in a way that's difficult to explain psychologically but true nevertheless. You will have changed the power-balance in the relationship to suddenly being 'on top' with your borrower friend 'below'. Resentment can build up in both persons, as well as a great deal of anxiety, frustration and even anger."
"Avoid the hassle and keep your friendships as FRIENDSHIPS. Don't loan money to friends and relatives."
I can add that all these negative feelings mentioned above arise when the loan remains unpaid and/or the borrower is making no effort to acknowledge or paid back the loan.
The last thing i am sure will be beneficial for us all (Lenders and Borrowers) of what the Bible says in these 2 verses:
Psalms 37:21 "The wicked borrows and does not pay back, But the righteous is gracious and gives."
Psalm 112:5 "It is well with the man who is gracious and lends; He will maintain his cause in judgment."
Tuesday, 6 November 2007
Family Debts Continue To Soar
Children loosing money to their parents is not only source of family financial fiasco, the reverse is also true because members of many families are mentioning finances as the main cause of conflicts.
According to a survey commissioned by Skipton Building Society, more than half of the UK residents owe money to relatives and the national family IOUs stand at about £25.6billion. This is an increase from £14billion a decade ago. Typically, an average sum of £1928 are lent by a parent.
20% of the people surveyed have fallen out with a borrower in the family. Of those who fell out, 7% said they were taken advantage of. The same number claimed that the borrower had made no effort to repay them again.
What can we deduce from these, maybe we have mismanaged our finances, now we are latching on to others' and family members, because of their benevolence, seem to be easiest targets. This is a sure sign of personal financial trouble. Make arrangments to pay back what you owe; your relations with your family will improve.
The Bible say "The wicked borroweth, and payeth not again" Psalms. 37:21
According to a survey commissioned by Skipton Building Society, more than half of the UK residents owe money to relatives and the national family IOUs stand at about £25.6billion. This is an increase from £14billion a decade ago. Typically, an average sum of £1928 are lent by a parent.
20% of the people surveyed have fallen out with a borrower in the family. Of those who fell out, 7% said they were taken advantage of. The same number claimed that the borrower had made no effort to repay them again.
What can we deduce from these, maybe we have mismanaged our finances, now we are latching on to others' and family members, because of their benevolence, seem to be easiest targets. This is a sure sign of personal financial trouble. Make arrangments to pay back what you owe; your relations with your family will improve.
The Bible say "The wicked borroweth, and payeth not again" Psalms. 37:21
Friday, 2 November 2007
Children Prefer Piggy Bank To Parents
Naturally children often take some actions innocently in many respects but sometimes it may just be due to what they have observed and are reacting to.
A Press Association article last week brings this to light like i have never seen it before. Referring to a poll for the Personal Finance Education Group (Pfeg) and HSBC Bank, only 18% of seven to 11-year-olds said they would trust their parents to save for them, while some worried that mum and dad would spend the money 'by mistake' while 42% of pupils said they saved in a traditional piggy bank or money box.
Overall, three-quarters of the age group said they were saving money, while one in 10 were putting money to one side for university, a house or a car in the future.
Wendy van den Hende, chief executive of Pfeg, said: "Even by the age of seven, children are aware of the impact of money in their lives. Learning how to respect and manage money in their early years will give them the confidence to make responsible financial decisions as adults."
These children, in my opinion, have seen some aspects of their parents' (or relations') financial lives that they don't want to fall victims to; so they are taking action now. We can learn something from this, can't we?
The lession here is: if Mum and Dad can make sure that their Income is more than Outgoings, then they won't be tempted to spend their children's money 'by mistake'.
A Press Association article last week brings this to light like i have never seen it before. Referring to a poll for the Personal Finance Education Group (Pfeg) and HSBC Bank, only 18% of seven to 11-year-olds said they would trust their parents to save for them, while some worried that mum and dad would spend the money 'by mistake' while 42% of pupils said they saved in a traditional piggy bank or money box.
Overall, three-quarters of the age group said they were saving money, while one in 10 were putting money to one side for university, a house or a car in the future.
Wendy van den Hende, chief executive of Pfeg, said: "Even by the age of seven, children are aware of the impact of money in their lives. Learning how to respect and manage money in their early years will give them the confidence to make responsible financial decisions as adults."
These children, in my opinion, have seen some aspects of their parents' (or relations') financial lives that they don't want to fall victims to; so they are taking action now. We can learn something from this, can't we?
The lession here is: if Mum and Dad can make sure that their Income is more than Outgoings, then they won't be tempted to spend their children's money 'by mistake'.
Monday, 13 August 2007
Grey And Still In The Red
I read a newpaper article this morning about Britain's 'grey army' owing £57billion in mortgages, credit cards and loans. It goes on to say that 20% of them still have around £38,000 left to pay on mortgages and about 33% of these over-65s have an average of £5,900 in credit cards and loans.
In the industrial age, people were taught to work for companies that will take care of them when they retire. This mentality bred a large group of financial illiterates who never did any 'financial checkup' until they retire.
In this information-saturated age', the rules have changed. You cannot hand over your financial destiny to any company or the government for that matter. It is your responsibility to make sure that RETIREMENT does not mean POVERTY.
In the industrial age, people were taught to work for companies that will take care of them when they retire. This mentality bred a large group of financial illiterates who never did any 'financial checkup' until they retire.
In this information-saturated age', the rules have changed. You cannot hand over your financial destiny to any company or the government for that matter. It is your responsibility to make sure that RETIREMENT does not mean POVERTY.
Monday, 23 July 2007
Giving Should Be Part of Your Debt-Free Strategy
Earlier this month i had the rare opportunity of listening to Robert Kiyosaki - the author of the best-seller 'Rich Dad, Poor Dad' in person at his first-ever presentation in London, UK.
One thing that fascinated me most in all that he said was that when you're still working and trying to get into investment and don't have the money yet, you should apportion your salary as follows: 10% for Tithe (or charity), 10% for savings, 10% for Investment and to live on the rest 70%.
The point is if you're trying to get out of debt or be financially free, you should also make yourself a channel of blessing for others. As you become open to give, you will also be open to receive blessings, ideas, instructions etc that will lead you to where you want to go. For Christians the Tithe opens you to heavenly protection and blessings. This, i know, is against what most people say which is "Get all you can, can all you get and sit on the can".
Try giving, you might enjoy it.
One thing that fascinated me most in all that he said was that when you're still working and trying to get into investment and don't have the money yet, you should apportion your salary as follows: 10% for Tithe (or charity), 10% for savings, 10% for Investment and to live on the rest 70%.
The point is if you're trying to get out of debt or be financially free, you should also make yourself a channel of blessing for others. As you become open to give, you will also be open to receive blessings, ideas, instructions etc that will lead you to where you want to go. For Christians the Tithe opens you to heavenly protection and blessings. This, i know, is against what most people say which is "Get all you can, can all you get and sit on the can".
Try giving, you might enjoy it.
Tuesday, 3 July 2007
Tithe - on Gross or on Net Income
As a leader in my local church New Life Bible Church, Bethnal Green, London, i have the opportunity to teach in the adult Sunday School several weeks every year. In the last three weeks i have been introducing the 10-10-80 Plan for financial stability to the congregation. The topic last Sunday was on Tithing and as if on-cue the 'age-old' question came up - Should we tithe on gross income or on the net? There was no shortage of contributions from both the 'gross' and 'net' groups.
In the end, the giving of the tithe is left to the individual as s/he is convinced; that is as long as s/he knows and acknowldges God as the owner of everything and that we are just stewards of His resources.
In the UK, many of our deductions as paid back through other means on which we can pay tithe, thus most pay on the 'net'. In the US, most pay on gross as it is deductable.
I can say, by the way, that there is a difference between income and increase (Proverbs 3:9). All that comes to you hands; be it net income, interest, bonus, benefits etc ;are all increase to you so pay the tithe on them - as they come.
What do you think?
In the end, the giving of the tithe is left to the individual as s/he is convinced; that is as long as s/he knows and acknowldges God as the owner of everything and that we are just stewards of His resources.
In the UK, many of our deductions as paid back through other means on which we can pay tithe, thus most pay on the 'net'. In the US, most pay on gross as it is deductable.
I can say, by the way, that there is a difference between income and increase (Proverbs 3:9). All that comes to you hands; be it net income, interest, bonus, benefits etc ;are all increase to you so pay the tithe on them - as they come.
What do you think?
Thursday, 10 May 2007
Debt Freedom Vs Financial Freedom
I have often been asked if Debt Freedom and Financial Freedom are the same thing. To which i will now reply "No, though closed related, they are not the same".
You can be Debt-Free without actually being Financially-Free. This is what i mean. You may not owe anybody anything, but if you cannot take care of an emergency situation when it comes or cannot "afford" to retire now - you are not Financially-Free yet.
You will be Debt-Free on your way to being Financially-Free.
So my recommendation will be to aim for Financial Freedom which really is financial independence and does not mean living in the lap of luxury. It has more to do with liberty from monetary worries (such as no credit card bills, car payment, or mortgage; expenses being below your income; establishing a steady habit of saving and investing; a healthy reserve for emergencies when they come; being generous with your finances and not necessarily having to work to pay the bills) than "living large".
You can be Debt-Free without actually being Financially-Free. This is what i mean. You may not owe anybody anything, but if you cannot take care of an emergency situation when it comes or cannot "afford" to retire now - you are not Financially-Free yet.
You will be Debt-Free on your way to being Financially-Free.
So my recommendation will be to aim for Financial Freedom which really is financial independence and does not mean living in the lap of luxury. It has more to do with liberty from monetary worries (such as no credit card bills, car payment, or mortgage; expenses being below your income; establishing a steady habit of saving and investing; a healthy reserve for emergencies when they come; being generous with your finances and not necessarily having to work to pay the bills) than "living large".
Friday, 23 March 2007
Should You Take The Journey To Financial Freedom?
To answer that question, you need to ask yourself a big question and several smaller ones.
The question is "At what point should you start worrying about your debts"? If you are just "managing" on a monthly-basis, then perhaps you already have a 'debt situation'. Also, if the answer to ANY of the following is 'Yes' or 'Maybe', it is a warning sign that you're sliding - slowly but surely - into the financial bondage called debt:
Do you think you cannot 'afford' to pay tithe or give offering in church?
Are you spending more than 20% of your monthly income on meeting your debts?
Are you beginning to delay opening letters from financial institutions?
Can you only ever afford to make the minimum payments on your credit cards?
Are you using your credit card for day-to-day purchases without paying it off in full each month?
Are you beginning to rob Peter to pay Paul?
Are you taking out new loans to pay off old ones?
Are your total non-mortgage debt amounts to more than your annual income?
Do you have nothing left over to save after meeting all your monthly expenses?
If you've answered 'Yes' to any of the above, then you need to begin doing something about it now!!
For the next 30 days, write down everything you spend money on and how much you spend - be it in cash, with cheque, with debit/credit card(s), by direct debit or standing order. You need to have an initial picture of how much you spend in a typical month. The result will surprise you; but your journey to financial freedom has begun.
The question is "At what point should you start worrying about your debts"? If you are just "managing" on a monthly-basis, then perhaps you already have a 'debt situation'. Also, if the answer to ANY of the following is 'Yes' or 'Maybe', it is a warning sign that you're sliding - slowly but surely - into the financial bondage called debt:
Do you think you cannot 'afford' to pay tithe or give offering in church?
Are you spending more than 20% of your monthly income on meeting your debts?
Are you beginning to delay opening letters from financial institutions?
Can you only ever afford to make the minimum payments on your credit cards?
Are you using your credit card for day-to-day purchases without paying it off in full each month?
Are you beginning to rob Peter to pay Paul?
Are you taking out new loans to pay off old ones?
Are your total non-mortgage debt amounts to more than your annual income?
Do you have nothing left over to save after meeting all your monthly expenses?
If you've answered 'Yes' to any of the above, then you need to begin doing something about it now!!
For the next 30 days, write down everything you spend money on and how much you spend - be it in cash, with cheque, with debit/credit card(s), by direct debit or standing order. You need to have an initial picture of how much you spend in a typical month. The result will surprise you; but your journey to financial freedom has begun.
Friday, 16 March 2007
Change Requires Preparation
It has been said that you cannot be doing something the same way as before and expect a different result. If you want a change in your finances you need to prepare for it - especially in your thoughts.
The General Superintendent of Elim Pentecostal - John Glass (http://elimgs.blogspot.com/) visited my church - New Life Bible Church, Bethnal Green, London. In his message for the day, he gave an illustration using the new Airbus A380 which will be able to carry over 550 passengers at once. Though this will mean big business for airports, many of the current runways are not big enough for the A380. The solution is to widen the runways in anticipation of the new plane - if they want it to land at their airport. many are already PREPARING.
The same is true for financial freedom. We need to prepared to get out of debt and into freedom. Over-indulgence MAY have got us into it; a lot of sacrifice will be needed to get us out - with the help of God of course.
Watch your daily activities closely; you are either repairing the mistakes of the past or you are preparing for the future.
The General Superintendent of Elim Pentecostal - John Glass (http://elimgs.blogspot.com/) visited my church - New Life Bible Church, Bethnal Green, London. In his message for the day, he gave an illustration using the new Airbus A380 which will be able to carry over 550 passengers at once. Though this will mean big business for airports, many of the current runways are not big enough for the A380. The solution is to widen the runways in anticipation of the new plane - if they want it to land at their airport. many are already PREPARING.
The same is true for financial freedom. We need to prepared to get out of debt and into freedom. Over-indulgence MAY have got us into it; a lot of sacrifice will be needed to get us out - with the help of God of course.
Watch your daily activities closely; you are either repairing the mistakes of the past or you are preparing for the future.
Friday, 9 March 2007
Freedom Takes Wisdom.
When a person realises that he/she is lost anywhere, the first thing to do is find out WHERE he/she is. Then the person asks for direction from there to where he/she wants to go. That is wisdom. Wisdom is the ability to apply knowledge or experience or understanding or common sense and insight. After gaining knowledge, wisdom is used to meet new situations.
Financial Freedom will take wisdom to attain. The first wise step to take is to have a knowledge of where you stand financially. By taking the time to do a little calculations, you need to know:
1. How much do you own?
2. How much do you owe?
These will help determine your net worth which we will deal with later.
3. How much do you have coming in (income)?
4. How much do you have going out (expenditure)?
Is your spending more than your income?
The Bible says "Be thou diligent to know the state of thy flocks, and look well to thy herds" - Proverbs 27:23. We don't have to reach the point of desperation before seeking to be free.
Financial Freedom will take wisdom to attain. The first wise step to take is to have a knowledge of where you stand financially. By taking the time to do a little calculations, you need to know:
1. How much do you own?
2. How much do you owe?
These will help determine your net worth which we will deal with later.
3. How much do you have coming in (income)?
4. How much do you have going out (expenditure)?
Is your spending more than your income?
The Bible says "Be thou diligent to know the state of thy flocks, and look well to thy herds" - Proverbs 27:23. We don't have to reach the point of desperation before seeking to be free.
Friday, 2 March 2007
What Is Freedom?
Freedom, depending on your point of view, may have many meanings. Freedom, in one sentence, can be defined as "the absence of restraints upon our ability to think and act".
Today, many people are not debt-free not to even mention being financially-free. How we act with our money are often restrained by the amount of payments we have to meet every month.
Being in debt is one thing, but doing nothing about it is another matter. The world's financial system has been set up in such a way that one can actually be in debt all his/her working-life until death!! The way the pensions in many countries are going, the governments cannot afford to take care of you when you retire; so you have to do something about it now.
Should you even be bothered about financial freedom? If your job stops today and you cannot live as you as you're living now for the next 3 months (at least), you should be concerned.
Be thou diligent to know the state of thy flocks, and look well to thy herds - Proverbs 27:23
Today, many people are not debt-free not to even mention being financially-free. How we act with our money are often restrained by the amount of payments we have to meet every month.
Being in debt is one thing, but doing nothing about it is another matter. The world's financial system has been set up in such a way that one can actually be in debt all his/her working-life until death!! The way the pensions in many countries are going, the governments cannot afford to take care of you when you retire; so you have to do something about it now.
Should you even be bothered about financial freedom? If your job stops today and you cannot live as you as you're living now for the next 3 months (at least), you should be concerned.
Be thou diligent to know the state of thy flocks, and look well to thy herds - Proverbs 27:23
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