Keys to Your Financial Freedom, Economic and Monetary Liberation – (Part II)

Keys to Your Financial Freedom, Economic and Monetary Liberation – (Part II)

With the struggle of labor markets to create jobs worldwide and the evidence of weak household spendings, nothing is as vital as strategies for financial survival and personal job creation in the midst of a depressed economy.

A few weeks ago I was at the wedding ceremony of my friend that started his business with N50.00 (50 Naira) Nigerian currency (equivalent of $0.30 – 30 cents US currency). Observing events at the wedding, it dawned on me how far we truly can get if we are determined to press on. Oh, by the way, it was a great wedding.

Moving on, in the last article I highlighted the importance of DISCOVERING THE NEED, as a principal element in STARTING UP A BUSINESS. In this article, I’ll be sharing on the additional elements worthy of consideration if you are planning to start a business. Before I share on those, please reflect on this real life account.

A couple of months ago, one acquaintance who is a Doctor of Veterinary Medicine (DVM) narrated how he got into the business he was doing. While an undergraduate in one of the premier universities in Africa, he traveled to visit his uncle who sometimes supports his education. He went to visit with the uncle specifically so he could get some money to carry on in school before the end of the semester.

He got a very rude shock when the uncle told him blatantly that he wasn’t giving him any money. He left the uncle’s home disappointed and disillusioned particularly because it was just a small amount of money that he needed. Considering that his father was late, and the uncle in question had no problems with money his sadness was magnified.

He therefore decided to visit his mother in another state within Nigeria perhaps he could raise some amount of money through her. On his way home, he observed a hawker at the bus park selling ties. The hawker came to his side of the window and invited him to purchase a few of the ties to which he replied that it was going to be some other time.

He got home, met his mum and after spending some days he was able to get N150.00 [(150 Naira) Nigerian currency (equivalent of $5.00 – 5 US Dollars then)] from her to take back to the higher institution.

When he got to the bus park on his way back to his university, the same hawker selling ties the last time he was traveling approached him again. On thinking about it, suddenly a light bulb went off in his mind. It occurred to him that it was a tradition that when undergraduates resumed from the holidays, they usually gather to see what each person came back with.

Since he was studying to be a Doctor of Vet Medicine and it was compulsory that every undergraduate in that faculty wear ties, it suddenly occurred to him that there was a need for very good ties in their institution and if he was able to get some across at the beginning of the semester at good rates, he was bound to make good sales since there were other undergraduates who had a lot of funds that they came back to school with.

Promptly he negotiated with the hawker, bought as much as about N140.00 worth and was left with about N10.00. The interesting thing was that the moment he got back to the institution, that very day, he sold so much and recovered the entire money he invested in the business. The remaining ties became his profit and he actually made good profit.

From that time onwards, there was no looking back concerning his business passion and pursuit. He went on to finish his university education but, rather than pursue the veterinary medicine course he read, he went on to begin to produce clothing, suits, etc. He ended up becoming a manufacturer of clothings, making money for himself while many of his colleagues were still struggling to be gainfully employed.

As you begin to think of starting up a business, apart from figuring out the need, you need to consider; What is the TARGET GROUP you are planning the business to reach?

In planning a business or business prospecting, nothing is as crucial as the TARGET group. The target group determines the possible sales/conversions. Your TARGET group could be GEOGRAPHICAL, GENDER BASED, or AGE DEPENDENT. Within that Target group, a fundamental question would be “What is the percentage of persons that are likely to need the product/service in relation to the whole?”

Infact in considering TARGET group, it is important to note that the TARGET GROUP could expand with time. The young man above began his business with a TARGET group made up of colleagues of his in the Faculty of Medicine, Department of Veterinary Medicine.

This acquaintance’s story touched me, moved me and inspired me. I concluded, we are not grounded until we accept that we are. I hope this helps as we begin to take steps towards our financial freedom.


Achieving Financial Freedom: Building a Path to a Secure and Abundant Future


Financial freedom is a goal that many individuals aspire to achieve. It represents a state of financial well-being where one has the freedom and flexibility to make choices that align with their values and goals, without being constrained by monetary constraints.

While financial freedom may have different meanings for different people, it often involves having enough wealth and resources to support one’s desired lifestyle, being free from debt, and having a sense of security about the future. In this article, we will explore the key principles and strategies that can help you build a path to financial freedom.

  1. Define Your Financial Goals: The first step towards achieving financial freedom is to clearly define your financial goals. What do you want to accomplish? Do you aspire to retire early, start your own business, travel the world, or provide for your family’s future? By setting specific and realistic goals, you can create a roadmap to guide your financial decisions and actions.
  2. Create a Budget and Track Your Expenses: Developing a budget is an essential part of managing your finances effectively. Start by tracking your expenses to understand where your money is going. Categorize your expenses into fixed (rent/mortgage, utilities) and variable (entertainment, dining out) costs. Identify areas where you can cut back and allocate those savings towards your financial goals. Regularly review and adjust your budget as needed to stay on track.
  3. Build an Emergency Fund: Establishing an emergency fund is crucial to financial freedom. Life is unpredictable, and unexpected expenses can derail your financial progress. Aim to save three to six months’ worth of living expenses in a readily accessible account. This fund acts as a safety net, ensuring that you can cover unforeseen costs without going into debt or compromising your long-term goals.
  4. Manage and Reduce Debt: High levels of debt can be a significant obstacle on your path to financial freedom. Prioritize paying off high-interest debts, such as credit card balances, personal loans, or payday loans. Consider debt consolidation strategies or seek professional advice if needed. Avoid taking on unnecessary debt and focus on living within your means to maintain a healthy financial situation.
  5. Save and Invest Wisely: Saving and investing are critical components of achieving financial freedom. Set aside a portion of your income for savings and make it a non-negotiable habit. Maximize contributions to retirement accounts such as 401(k)s or IRAs to take advantage of tax benefits and employer matching programs. Educate yourself about different investment options and consider diversifying your portfolio to mitigate risk and maximize returns over the long term.
  6. Increase Your Income: While managing expenses and saving are important, increasing your income can accelerate your journey towards financial freedom. Explore opportunities for career advancement, acquire new skills, or consider starting a side business or freelancing to generate additional income streams. Remember to allocate the extra income towards your financial goals rather than increasing your spending.
  7. Continuously Educate Yourself: Financial literacy plays a crucial role in achieving and maintaining financial freedom. Take the time to educate yourself about personal finance, investment strategies, and money management. Read books, attend workshops, follow reputable financial experts, and stay up-to-date with financial news and trends. The more you learn, the better equipped you will be to make informed financial decisions.
  8. Seek Professional Advice: Financial planning can be complex, and seeking professional advice from a financial planner or advisor can provide valuable insights and guidance tailored to your specific circumstances. They can help you create a comprehensive financial plan, optimize your investments, and navigate any challenging financial situations.


Achieving financial freedom is a journey that requires discipline, commitment, and patience. By setting clear goals, managing expenses, saving diligently, reducing debt, investing wisely, increasing income, continuously educating yourself, and seeking professional advice, you can build a solid foundation for financial independence.

Remember that financial freedom is not an endpoint but a continuous process of aligning your financial decisions with your values and goals. Start taking steps today to secure a more abundant and fulfilling future.


Understanding the Economy: Key Concepts and Factors Influencing Economic Growth


The economy plays a fundamental role in shaping the well-being and prosperity of individuals, communities, and nations. Understanding the complexities of the economy is essential for making informed decisions, whether as a consumer, business owner, or policymaker. In this article, we will explore the key concepts and factors that influence economic growth, providing a comprehensive overview of the economic landscape.

  1. What is the Economy? The economy refers to the production, distribution, and consumption of goods and services within a specific region or country. It encompasses various sectors, including agriculture, manufacturing, finance, and services. The overall health and performance of the economy are measured by indicators such as gross domestic product (GDP), employment rates, inflation, and trade balances.
  2. Macroeconomics and Microeconomics: Macroeconomics and microeconomics are two branches of economics that provide different perspectives on the economy. Macroeconomics examines the behavior and performance of the economy as a whole, focusing on factors such as GDP, inflation, unemployment, and government policies. Microeconomics, on the other hand, analyzes the behavior of individual economic agents, such as consumers, firms, and markets, and explores topics like supply and demand, pricing, and market competition.
  3. Supply and Demand: Supply and demand are fundamental concepts in economics. Supply refers to the quantity of goods and services that producers are willing to provide at a given price, while demand represents the quantity that consumers are willing to purchase at a particular price. The interaction of supply and demand determines market equilibrium and influences prices. When supply exceeds demand, prices tend to fall, while when demand surpasses supply, prices typically rise.
  4. Factors Influencing Economic Growth: Several factors contribute to economic growth and development:

a) Investment: Investment in physical capital (infrastructure, machinery) and human capital (education, training) plays a crucial role in driving economic growth. It enhances productivity, innovation, and efficiency in the economy.

b) Technological Progress: Technological advancements and innovations have a transformative impact on economic growth. They lead to improved productivity, new industries, and increased competitiveness.

c) Government Policies: Government policies, such as fiscal and monetary measures, taxation, regulations, and trade policies, have a significant influence on the economy. Well-designed policies can stimulate economic growth, attract investments, and foster innovation.

d) Global Factors: Global economic conditions, international trade, and foreign investments can significantly impact a country’s economy. Changes in exchange rates, trade agreements, and geopolitical events can affect economic growth and stability.

e) Labor Force and Human Capital: The size, skills, and productivity of the labor force are crucial determinants of economic growth. Investments in education, healthcare, and workforce development contribute to enhancing human capital and overall economic performance.

f) Natural Resources: Availability and efficient utilization of natural resources can contribute to economic growth. However, reliance on finite resources must be managed sustainably to ensure long-term economic viability.

  1. Business Cycles: Economies typically experience business cycles, characterized by alternating periods of expansion and contraction. During an expansionary phase, economic output grows, employment increases, and consumer spending rises. In contrast, during a contraction or recession, economic activity slows down, unemployment rises, and consumer spending decreases. Understanding business cycles is essential for businesses and policymakers to navigate economic fluctuations effectively.
  2. Economic Indicators: To assess the health and performance of an economy, various indicators are monitored. These include:

a) Gross Domestic Product (GDP): GDP measures the total value of goods and services produced within a country during a specific period. It serves as a broad indicator of economic activity.

b) Unemployment Rate: The unemployment rate indicates the percentage of the labor force that is jobless and actively seeking employment. It reflects the overall health of the labor market and economic conditions.

c) Inflation Rate: Inflation measures the rate at which the general level of prices for goods and services is rising. Moderate inflation is generally considered healthy for economic growth, while high inflation can erode purchasing power and destabilize the economy.

d) Consumer Price Index (CPI): The CPI measures changes in the average prices of a basket of goods and services commonly consumed by households. It is used to monitor inflation and assess changes in the cost of living.



Understanding the economy is vital for making informed decisions in various aspects of life. By grasping key economic concepts such as supply and demand, macroeconomics, microeconomics, and factors influencing economic growth, individuals and policymakers can navigate economic challenges, promote sustainable development, and foster prosperity for all.


Monetary Liberation: Exploring the Potential and Implications of Decentralized Currencies


Monetary liberation is an emerging concept that challenges traditional centralized monetary systems by exploring decentralized alternatives, such as cryptocurrencies and blockchain technology. It aims to redefine the way we perceive and interact with money, providing individuals with greater financial autonomy, security, and control over their assets.

In this article, we will delve into the concept of monetary liberation, exploring its potential benefits, challenges, and implications for the future of finance.

  1. Understanding Centralized Monetary Systems: Centralized monetary systems are characterized by a central authority, typically a government or central bank, that controls the creation, circulation, and regulation of money. This authority has the power to influence interest rates, money supply, and financial policies. While centralized systems provide stability and enable monetary policy interventions, they also come with limitations and vulnerabilities, such as inflation, currency manipulation, and limited accessibility for marginalized populations.
  2. Decentralized Currencies and Blockchain Technology: Decentralized currencies, particularly cryptocurrencies like Bitcoin and Ethereum, operate on a decentralized network known as blockchain. Blockchain technology enables peer-to-peer transactions without the need for intermediaries or central authorities. Transactions are verified and recorded on a distributed ledger, ensuring transparency, security, and immutability. Cryptocurrencies provide individuals with direct ownership and control over their digital assets, offering potential advantages in terms of privacy, security, and financial inclusion.
  3. Potential Benefits of Monetary Liberation: a) Financial Inclusion: Decentralized currencies have the potential to extend financial services to the unbanked and underbanked populations worldwide. With a smartphone and internet access, individuals can participate in the global economy, access financial tools, and send/receive funds without relying on traditional banking infrastructure.

b) Security and Privacy: Cryptocurrencies leverage cryptographic algorithms to secure transactions and protect user privacy. The use of public-key cryptography ensures that transactions can be verified without revealing personal information. This offers individuals greater control over their financial data and protection against fraud and identity theft.

c) Borderless Transactions: Decentralized currencies enable seamless cross-border transactions without the need for traditional intermediaries, such as banks or remittance services. This can reduce transaction fees, speed up settlement times, and facilitate global trade and remittances.

d) Monetary Policy Transparency: Blockchain technology provides transparency and auditability of transactions, making it difficult to manipulate or counterfeit digital assets. This transparency could foster trust in the monetary system and ensure accountability for monetary policy decisions.

  1. Challenges and Considerations: a) Volatility: Cryptocurrencies are known for their price volatility, which can pose risks to users and hinder their adoption as stable mediums of exchange. However, the development of stablecoins, which are cryptocurrencies pegged to stable assets like fiat currencies, aims to address this issue.

b) Regulatory Concerns: The decentralized and borderless nature of cryptocurrencies has raised regulatory challenges for governments worldwide. Balancing the need for consumer protection, anti-money laundering measures, and financial stability with the desire to foster innovation and economic growth remains a complex task.

c) Technical Barriers: While blockchain technology has made significant advancements, scalability, energy consumption, and user experience remain areas that require further development to achieve widespread adoption.

  1. Implications for the Future: Monetary liberation has the potential to reshape the financial landscape by offering alternative forms of money and challenging the dominance of centralized monetary systems. As decentralized currencies continue to evolve and mature, collaborations between governments, financial institutions, and technology innovators will be crucial in harnessing their benefits while addressing challenges. The integration of decentralized finance (DeFi) applications, smart contracts, and central bank digital currencies (CBDCs) are some of the developments that could shape the future of monetary liberation.



Monetary liberation through decentralized currencies and blockchain technology represents a paradigm shift in the way we perceive and interact with money. While still in its early stages, the potential benefits of financial inclusion, security, privacy, and borderless transactions are compelling.

However, it is important to address challenges such as volatility, regulation, and technical barriers to ensure a sustainable and inclusive monetary ecosystem. As the world continues to explore and experiment with monetary liberation, its long-term impact on finance and society remains an exciting and evolving frontier.

Author: Mohammed A Bazzoun

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