The Four Pillars of Personal Finance

Trove Finance
Nov 22, 2019 · 3 min read
Photo by Michael Longmire on Unsplash

At a question and answer session some time ago, the moderator asked me what my greatest financial mistake has been.

You see, I have made many mistakes in the past and without them, I wouldn’t be where I am today. ​My financial mistakes led me into researching about money management, putting to work what I learnt and teaching others. Back to the question…

The greatest mistake I made, was not getting financial literacy earlier than I did.

But hey, better late than never. We are here and we keep going stronger!

In a recent post on Instagram, I shared about my four pillars of personal finance. You might not see these in any textbook, but these are the four things I literally keep my eyes on and I have seen my finances do well phenomenally by practicing them.

1. Earnings
2. Expenses
3. Savings
4. Investments

I ensured to develop multiple sources of income, because truth be told, my earnings determine how much I have to spend on other three. Have you read The Cashflow Quadrant by Robert Kiyosaki? I recommend that book as it explains how you can boost your Cashflow from different sources.

My expenses more often than not, are planned. I find myself spending impulsively sometimes but I spend wisely most of the time. Whether you earn or not, you have to spend money; it is better to earn and then spend smartly.

Savings are what I put aside from my income as a compensation for my hard and smart work. I save for different goals yearly and once I achieve them, I start all over again. A major part of my savings goes into Investments.

Investing is putting your money to work, rather than just putting it aside (saving). For me, it is as important as my earnings, as it truly reflects how much I have been able to retain for the future from what I have earned. It is necessary to invest in short, mid and long term assets.


I hope we’ve learned a thing or two about handling our personal finance in a much smarter way. Remember to keep your focus on the four pillars of personal finance so you can enjoy the benefits of financial planning. When you have a financial plan, you are significantly more likely to be financially successful.

This article was originally published on Smart Stewards and written by Sola Adesakin, Lead Coach and CEO of Smart Stewards. She is an experienced and versatile Chartered Accountant with about 17 years hands-on experience on Personal and SMEs finance. She is a Personal Finance Coach, Trainer and Conference/Seminar Speaker. Sola has authored 5 books; her latest being the “40 Frugal Rules For Your Journey To Financial Freedom”; A Practical and Pragmatic Guide For Wealth Management. Her social media handles are Instagram: Sola_ Adesakin, Twitter & Linked in: Sola Adesakin.

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