MYI 101 (MANAGING YOUR INCOME 101)…

The attraction i got towards this prompt immediately I spotted it was one like no other. This is definitely not something new, but then there’s something different about it today, I guess this is because I haven’t been here for quite sometime. Anyways, I’m back now, which means you will be seeing me around more often. So without any further ado, let’s dive right into what i’ve got for you all today on how to manage your income…

MANAGING YOUR INCOME 101(MYI 101)…

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Honestly, I find this topic quite interesting and funny, and that’s because at this point in time, I doubt if many of us still have that which we call a SOURCE OF INCOME, not to talk more of having any income at all. Well, I know for a fact that the above statement is not applicable to everyone in general, which is why i’d like to restrict it to myself alone…

At this point, I don’t even know if i have any source of income anymore, not to talk more of having anything called income. If only this question came up 3-4 years ago, I think back then I would have been able to share one or ten income managing tips with you all. Right now, I doubt if i have the right set of words for you all, and that’s because as a student, the only source of income I’m expected to have are my siblings, parents and loved ones, nothing more. But then that’s a lie, for me, there’s HIVE…

I became a full time hiver 3 years ago, which means hive has been my source of income for over three years now, especially when the price of hive was quite high, those days were the best, unlike now where we have to keep enduring and praying, with the hope that one day everything will be better and bigger again. No doubt about that fact, we believe that with time hive will rise up again…

Although I have other offline jobs i do that fetches me some urgent 2k - 5k, but then hive is the only remote job that does me quite well, and that’s why I’d boldly say it’s my source of income. Talking about income management, the best way to manage one’s income in this 21st century is through budgeting, prioritization and Scale of preference (saving)…

Oh yeah, these are the tips to my income management strategy. I call them the three pillars of survival. We all know the importance of budgeting, budgeting in terms of management and that too according to the web means;

“the strategic process of creating a financial plan (a budget) that forecasts future income and expenses, allocating resources (money, time, people) to achieve organizational goals, and then monitoring performance against that plan to ensure efficient operations, control costs, and make informed decisions for growth.” - WEB

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Honestly, I don’t think I need to say anything more on budgeting, because the definition you have up there from the web is explanatory enough to make you understand how important it is to inculcate the habit of budgeting to manage one’s income…

Prioritization is another important factor in managing one’s income. Prioritization in one word means spending money on only what you need and not on what you want. As humans we can’t survive without our needs, but we can definitely survive without our wants. Needs are essential for survival, while wants are our material cravings, and according to what i learnt many years ago in economics, human needs are limited while our wants are unlimited. So in order to survive, you must learn how to prioritize…

Scale of preference is another important factor in MYI 101 course. As humans, we should be able to arrange our needs in their respective order of relative importance. Ranking your needs from the most important to the least important is another way to manage one’s income. Go for the most important thing first before going for the least important, and not otherwise. This knowledge will come in handy for you anytime…

In conclusion, these are three MYI tips I have for you all, these tips have helped me immensely both now and in the past, so I believe it will do the same for you all too…

NB; this is my entry to the IU prompt, you all should check it out…

THANKS FOR READING