Do You Want to Win a FREE Ticket to Davido’s Concert?

Good morning and how are you doing?

Friday letters are usually dedicated to taking questions from our community. Do you have a question for us? Please feel free to?

• send an e-mail to [email protected]; or
• send a DM to any of our social media channels, or
• simply fill out this form. Don’t worry, your responses are kept anonymous.

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Davido’s Concert Ticket Giveaway

We are giving 5 lucky people tickets to Davido's ‘Timeless’ concert happening this Sunday, 23rd of April!?

To win, all you have to do is;

1. Download the Ladda App from the Google or Apple app stores.?
2. Deposit ANY amount?
3. Share a picture or video of the app on your device and tag us @getladda.?

(Feel free to be as creative as you want to be).?

Hurry now!?

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Question?

I feel so scared to start a business. When I have ideas, I give several excuses why it wouldn't work and how the products wouldn't sell. But I feel sad when I see others doing great businesses. How can I handle this? Thank you

Answer

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Many successful business founders have experienced similar anxieties and misgivings before beginning their businesses.

One way to overcome this concern is to break down your idea into manageable steps. Focus on what you can accomplish right now to advance your idea rather than the grand picture and all the potential challenges. After conducting market and competitor research, create a plan for differentiating your product or service. Once you have a clear goal, work on it, even in small increments.

Be in the company of positive people who can inspire and drive you. Find a mentor or join a group of businesspeople who share your interests so they can offer advice and assistance.

The road of the entrepreneur includes failure by nature. Try to see it as an opportunity to learn and grow rather than a setback.?

Maintaining a growth mentality and enduring difficulties is crucial because many successful business owners failed numerous times before becoming successful.

To assist you in facing your fear:

1. Do a thorough study of your business idea:?

Give your business idea careful consideration. Analyse the market, the rivals, and the possible clients. You'll be better able to recognise any potential dangers and opportunities and gauge the viability of your proposal as a result.

2. Make a practical business plan:?

Using the information you have gathered, make a practical business plan that includes a description of your objectives, suggested approaches, and projected financial results. Your concept's possible costs and advantages will become more apparent to you as a result.

3. Start small:?

To reduce risk, launch your company on a more modest scale. You can test your idea by starting with a side business or a trial project and then expanding it gradually as you develop more expertise and self-assurance.

4. Seek assistance:?

Surround yourself with positive individuals who can inspire and motivate you. Find a mentor or get involved with a group of businesspeople who share your interests so they can offer advice and assistance. You can feel less alone and more confident in your talents by talking to people who have gone through similar circumstances.

5. Accept failure:?

Keep in mind that failure is a standard component of the entrepreneurial path. Try to look at it as a chance to develop and learn rather than as a setback. Maintaining a growth mentality and enduring difficulties is crucial because many successful business owners failed numerous times before becoming successful.

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Question?

I'm a military officer earning over N250,000 monthly but after getting my salary and paying all bills, I have almost nothing left to keep me till the end of month. I need help on how to manage my finances, save, update my wardrobe and also have something left before the end of the month.

Answer

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To manage your finances better, you could follow these steps:

• Budget.?

Making a budget is the first step in managing your finances. To do this, you must keep track of your earnings and outgoing costs each month. To keep track of your income and expenses, you can use a spreadsheet, budgeting tool, app, or even pen and paper. Include all of your monthly costs, including rent or mortgage, utilities, groceries, transportation, and any other obligations or debts you may have.

• Find strategies to cut your spending once you have a budget in place.?

Reducing entertainment expenditures, eating less out, or shopping for less expensive options are a few examples of how to do this. Then, cancel any subscriptions or memberships you don't use or need, and think about haggling with service providers or suppliers for lower prices.

• Set definite financial objectives for yourself:?

This can entail paying off debt, setting up an emergency fund, or saving for a down payment on a home. Make a plan to reach your goals and make them attainable. This will assist you in maintaining your drive and commitment to your financial priorities. Make sure that your only expenses are for necessities like rent or a mortgage, utilities, food, and transportation. If your current housing prices are too high, consider downsizing your home or moving somewhere more affordable.

• Aim to save at least 20% of your monthly income as well.?

This can entail setting up a savings account, contributing to a retirement account, or purchasing stocks or other assets. Set up automatic transfers from your checking account to your savings or investment accounts to automate your savings. Create monthly automated transfers to a savings or investment account. You can create an emergency fund or savings for future expenses by doing this, enabling you to save money without thinking about it. You can do all these on the Ladda app and more! Download Ladda now to get started.

• Join the MoneyAfrica community or speak to our specialists so we can assist you in developing a tailored financial strategy based on your unique needs and objectives.

When it comes to updating your wardrobe:

• Create a budget for the amount you intend to spend on new clothes and stick to it.
• Take note of what you have and do not have, so you only stick to buying what you need.
• Target sales seasons like Black Friday, clearance sales, etc as this would reduce the amount you would spend.?
• But from thrift stores. Some thrift shops sell very quality and affordable clothing.
• Make small, thoughtful purchases over time, as you could slowly and affordably build a wardrobe that reflects your style.

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The MoneyAfrica community has so much to offer you in your personal finance journey. Watch this video to find out.?