Here are 5 things on finance “The Smart Money Woman series” will teach you:
Note: This post was adapted from our original post: The smart money woman tv series on Netflix
Consequent on the release of Arese Ugwu’s book titled “The Smart Money Woman” which tells the story of an African girl- Zuri’s story to financial freedom, the critical success of the book necessitated the release of a series fashioned after the plot of the book.
Below are the tips
1 Tracking your expenses.
In the movie, Zuri (character played by Osas Ighodaro) starts a money cleanse and decides to track all her expenses. This was how she found out that she was spending so much on Aso-Ebi, outings and shopping.
This teaches us to write down everything we spent money on in the last month. Therefore, we should separate our finding into wants and needs. We should then limits our wants and prioritize our needs.
Learn to spend with intention by allocating your resources to reflect the lifestyle you want and are able to afford.
2 Spending Triggers
Tsola finally asks Zuri on a date, her friends insist she must shop for a dress. They also book a hair and make-up session, causing Zuri to go against her money cleanse rules.
Based on this, we are implored to think back on every time we have ever spent or engaged in behaviors that are against the money goals we have set.
Make a list of things that trigger you to overspend and make a list of ways to avoid these triggers.
3 Building an Emergency Fund
Tami (Character played by Ini-dima Okojie) faces a business crises that causes her to lose her money.
A Smart woman does not wait for financial surprises; she systematically saves towards her emergency fund because she knows that this is the foundation of her financial journey.
An Emergency Fund is not there to make you money, but to act as a financial cushion that protects your long term investments from short term unexpected expenses
4 Investing Money
Tsola advises Zuri to start investing money and he introduces her to a friend- Omosede, who guides Zuri on her investment journey.
This asks us the question:
“Do we really want to start investing?”.
1) We should establish our investment goals
2) We should develop an investment strategy
3) Consequently, we should determine our risk profile
The Cardinal rule for making investments is that you should not invest in things you don’t understand.
5 Relationship and Money
Adesuwa is a working mom and also the bread-winner of her home. She shares a joint account with her husband- Soji- who doesn’t have a job, has debts and really bad spending habits.
This teaches us that when couples are coming together, a discussion about the expectations of each person’s responsibility is critical!
We all come from different backgrounds and carry our own money biases and we often assume a synergy with our significant other that may not succeed when it comes to making financial decisions.
See? there is a whole lot to learn from this series and you certainly cannot miss out on it!
Watch the trailer below:
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