Friday, September 29, 2017

Money Management


I have been reading articles and any info that comes my way on money management. And the tips I'm about to share - I have found them so useful. Most them I already knew about but again, there's no harm in being reminded.
Cheers to the author of these tips.
Source: unknown
Money Mistake 1
Never borrow money that accrues interest to start a business (except if you are paying for it through your salary); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit, yet most loans repayments have to be made within a month of taking the loan or even earlier. Therefore, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.
Money Mistake 2
Never spend money you haven't received. Don't even promise someone money based on a promise you have from someone else. If someone tells you: "Ezra, come to my office tomorrow at 9am and pick K3,000"don't go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.
Money Mistakes 3
If you want to save, whenever you receive money, don’t start spending hoping that you’ll save what remains. Normally what remains is zero because as long as money to spend is available, the numerous things you can spend it on are also available. And things to spend on even incite their 'relatives' so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That's why I've learnt to save in an INVESTMENT ACCOUNT. Once I send money there I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.
Money Mistake 4
When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective.
Money Mistake 5
Keeping your seed instead of planting it. Many people stop at saving. It's very, very difficult to save and have all you need to maintain your lifestyle especially after retirement. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That's why I recommend that you read about the different types of investment vehicles you can use to grow your savings. I am not necessarily talking about putting the money in a business, because you can easily lose money in  business. I am talking about putting it in an investment.
Money Mistake 6
Never lend someone money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person's friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them money. If their failure to pay would make you hate this person’s entire clan, please advise the person to go to the bank.
Money Mistake 7
Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No, it's self-explanatory.
Money Mistake 8
Avoid keeping money you don't intend to use in the short-term within easy reach. For instance, don’t walk with TZS 100,000 in your pocket when all you plan to do in a day costs TZS 20,000. Like I mentioned in Money Mistake 3, there are always expenses available to gobble any money that is within reach, so if you don't want to lose it, put it away in a safe place.
Money Mistake 9
Avoid keeping money in inappropriate places e.g. in socks, under the pillow, in a pit, in the sitting room, in the bra, in a travel bag that you will place somewhere in a bus ... impulse buying is a devil that will keep you busy!
Money Mistake 10
Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket or wallet, before paying for something I ask myself: What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.
Money Mistake 11
Paying an amount for something that's not the minimum you can get that same value for. In other words, if you are at Mlimani City and you pay TZS 50,000 for a shoe that you can get at TZS 30,000 at Bora Shoe shop, that's a money mistake except for those who have achieved financial freedom.
Money Mistake 12
Wanting to be the savior of the world by helping everyone in financial need. My sister, my brother,  you are not Jesus. If you find it so hard to say no to a financial demand, you may think you are practising generosity when in actual sense you are committing (financial) suicide. We are not learning to be miserable here; we are learning to live within the boundaries of reality.
Money Mistake 13
Consistently spending all you earn or more than you earn. It's like having a drum where you have an inlet that's smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow. Hence, we have to always ensure we are widening the inlet while narrowing the outlet – all the time. Your side hustle comes in handy!
Money Mistake 14
Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Lydia was told that there's money in land. She saved money over a long period of time and bought 30 acres of land. Now she has the land but she is always broke. She is always complaining. She's disgruntled and she doesn't seem to see herself earning from the land in the near future. Now, let's ask ourselves: Having 30 acres of land and no money to feed your family or take a child to hospital, is that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Are they thinking about the long-term needs?
Let’s take stock of our finances. How many mistakes are you guilty of?
Do you now feel better-equipped to do better with these tips? Enjoy the journey , savers!

Monday, September 25, 2017

Interview with Miss Mobeads designer

MTS: Who is Maureen? Describe yourself in 10 words.
Maureen is a humble down to earth lady who enjoys her independence. I am spiritually grounded and take pride in the fact that God is in control of my life and he guides my steps. 
 
MTS: What is fashion for you?
Fashion for me, is an artistic expression of one’s personality. It is that statement that one makes through his or her clothing, accessories, makeup, hairstyle and many others.

MTS: Do you consider yourself a fashionable person?
I don’t really consider myself as a fashionable person but i would like to think i have an eye for fashion and design. I love it when people dress well and give you that AHA moment. Although am not a fashionable lady, I’m more or less like a tom-boy.

MTS: What are your favourite accessories that you can’t go out without?
I enjoy different types of accessories depending on my mood and the outfit but a watch, earrings and my rings are my must have. My mother could not stand me without earrings and so i am used to it. I feel naked without them.

MTS: Do you consider yourself as a designer?
Most definitely, although I am still a student of nature and hopefully someday i will be excellent in my designs, it has been a process but am loving it.

MTS: When did you start making handmade bead accessories?
I started making beads towards the end of 2012.





MTS: What are all the products that you design?
I used to do lots of bracelets but now am more into necklaces, anklets and waist bands. I also do napkin ring holders and book marks etc.

MTS: What made you start this creativity?
-      It surprised me as well. I did not choose art but art chose me. It was a perfect coincidence. I have a feeling it is a gift from my mum heavens above. She knew I needed it.

MTS: Do you consider this as your business or a just a hobby?
It started as a hobby, I was doing it for fun but it ended up being a business that sorted my life kidogo in a big way. Mama must be proud of her baby up there in heaven. smile

MTS: Do you have a business name for your designs?
"Miss Mobeads’’ that is my designer name. My brother Alessandro chose miss beads but then since my friend Addy had nicknamed me Momo, and so many people are used to that name, I thought I will mix the two names which gave birth to Miss Mobeads; it was a perfect infusion of the two names. It is a name that makes one wants more. Laughs.

MTS: Where do you sell your products?
 I sell most of my stuffs to friends, family and I do export to other countries occasionally. My biggest market by far was Italy. But i also sell in the USA as well as UK; I have my parents to thank for their support. They are like my marketing/sales managers.

MTS: How many customers have you had so far?
I have been lucky, I can’t complain. My MBA is a living proof of how amazing God really is, since it was a product of my beads, but what gives me satisfaction is when I see people wearing my stuff, it feels good. Wow.

MTS: Where do you see this business in 3 years?
In three years’ time, I hope I would have perfected my craft and probably having a stable market

MTS: Are you ready to face the challenges and the competition of other designers in Tanzania and outside Tanzania?
Competition is not really something that I think about because I enjoy making these beads and as long as I keep improving my products and people love them then I am good. My goal is to make products that I believe in and I love and that people will want to wear.

MTS: Where are your products available at (Dar, Mombasa)?
I am mobile, I am able to supply to whoever wants to purchase the products.

   “You are never too old to find your talent and so never give up” ……. “life can surprise you” by Maureen - Miss Mobeads.









Thursday, September 14, 2017

Marry your best friend

This could be true. I mean, imagine a life-time with someone you can so easily talk to. Someone you just can't live without. Someone who makes you feel like he/she understands you, who will be there for you even when you've just pissed each other off. Friendship is key!