Melissa Houston

Many want to be rich, but few are willing to follow the money rules that will make you rich. Building and maintaining wealth doesn’t happen by chance; it requires a clear strategy, discipline, and consistent action. While the journey may not always be easy, those who commit to these principles position themselves not just to achieve wealth but to sustain it over the long term.

The path to financial success often feels daunting but building wealth doesn’t require winning the lottery or stumbling upon a golden opportunity. Instead, it’s about consistent, disciplined actions over time. By following some timeless money rules, you can create a foundation for long-term wealth.

Here are some ideas to get you started today.

1. Live Below Your Means

Spending less than what you make is the key to wealth-building. While it’s tempting to splurge on the latest gadgets or designer items, the wealthy know that living frugally is key to financial freedom. You don’t need to deprive yourself of joy; you just need to make intentional choices about where your money goes.

Pro Tip: Adopt a “pay yourself first” strategy where you set aside a percentage of your income for savings before paying for anything else.

2. Create a Budget

A budget is your financial roadmap, guiding you toward your goals and helping you make informed decisions about how to allocate your money. It provides clarity on your income, expenses, and savings, ensuring you stay on track and avoid unnecessary financial stress.

By setting a budget, you gain control over your finances, allowing you to prioritize what truly matters and build a secure financial future. Whether you're saving for a big purchase, paying off debt, or investing in your future, a budget is the foundation of financial success.

Steps to Get Started:

· List all your income sources.

· List your expenses (fixed, variable, and savings).

· Adjust as needed to ensure you’re saving a portion of your earnings.

3. Track Your Spending

Creating a budget is just the beginning, as you need to follow through by tracking your spending. Small, unnoticed expenses and lifestyle creep can add up and put a significant strain on your financial goals. Regularly reviewing where your money goes ensures you stay on track.

Tools to Use: Apps like YNAB or a simple spreadsheet can help you track your expenses effortlessly.

4. Set Financial Goals

Setting short-term, medium-term, and long-term financial objectives gives you something to work toward. Whether it’s saving for a dream vacation, paying off debt, or retiring early, goals provide the motivation to stick to your plan.

SMART Goals Framework: Make your goals Specific, Measurable, Achievable, Relevant, and Time-bound. For example, “Save $30,000 for a down payment on a house in two years” is more effective than “Save money.”

5. Get Life Insurance

Life insurance might not seem like an obvious wealth-building tool, but it’s essential for protecting your financial foundation. If something happens to you, life insurance ensures your loved ones are taken care of and can maintain their financial stability.

Key Considerations:

· Choose between term life and whole life insurance based on your needs.

Ensure your coverage amount is sufficient to replace your income and cover outstanding debts.

6. Avoid Debt

Debt is a significant obstacle to building wealth. While some debt, like a mortgage, can be strategic, high-interest consumer debt, such as credit cards, drains your resources and limits your ability to save and invest.

Tips to Avoid Debt:

· Pay off debt as quickly as possible.

7. Invest Your Money

Saving alone won’t make you rich; investing is how you grow your wealth. Compound interest—the process of earning returns on both your original investment and its accumulated returns—is a powerful tool for wealth creation.

· Diversify your investments.

· Work with a professional if you’re unsure where to start.

Final Thoughts

The bottom line is that becoming rich isn’t about luck or secret formulas; it’s about making smart financial decisions consistently over time. By following these seven money rules, you’ll not only improve your financial health but also set the stage for long-term wealth and security. Remember, the small steps you take today will help your wealth grow.

Forbes

From the Pacific Islands to Africa and beyond, the world ushered in 2025 with a dazzling array of celebrations, marking the transition to the New Year in unique and spectacular ways.

Pacific Islands Lead the Charge

The festivities began in the Pacific, where Christmas Island (Kiritimati) in Kiribati became the first to welcome 2025 at 11:00 a.m. (Nigerian time) on December 31. Shortly after, New Zealand followed suit, with Auckland hosting vibrant fireworks displays viewed by thousands atop the city’s volcanic peaks. Tonga, Samoa, and Fiji joined the revelry, followed by Australia, where over a million people gathered at Sydney Harbour to witness the iconic fireworks over the Harbour Bridge. The event also included Indigenous ceremonies and performances celebrating Australia’s First Nations people.

Asia Welcomes the Year of the Snake

As the New Year wave moved westward, Japan, South Korea, and China celebrated with fireworks, prayers, and cultural events. The upcoming Year of the Snake in the Asian zodiac symbolized rebirth and renewal. Meanwhile, South Korea observed subdued festivities as the nation mourned victims of a recent aviation tragedy.

In Southeast Asia, Indonesia marked the occasion with an 800-drone fireworks display in Jakarta, while Bangkok’s shopping malls drew crowds with live music and light shows.

Europe Lights Up the Night

Paris closed a monumental year with fireworks at the Champs-Élysées, celebrating its hosting of the Summer Olympics in 2024. The Arc de Triomphe became a giant canvas for a light show celebrating the passage of time. In Rome, the festivities coincided with the beginning of Pope Francis’ Holy Year, drawing pilgrims to St. Peter’s Basilica for prayers and vespers.

Africa and the Middle East

In Nigeria, Ghanaians and Nigerians welcomed 2025 with fireworks, street celebrations, and gatherings at places of worship. Dubai hosted a spectacular display at the Burj Khalifa, while fireworks illuminated the skies over Nairobi and other African capitals.

Americas Celebrate Traditions Old and New

New York’s Times Square maintained its status as the epicenter of U.S. celebrations, with the iconic ball drop and performances by artists like TLC and the Jonas Brothers. Rio de Janeiro’s Copacabana Beach hosted 2 million revelers decked out in white for its famous fireworks and concerts by Brazilian music legends. In Las Vegas, a pyrotechnic show lit up the Strip, while Pasadena prepared for the Rose Parade.

Final Farewell in the Pacific

As the clock struck midnight in American Samoa, the last place on Earth to welcome the New Year, the global celebration came full circle.

Across time zones, the world embraced the start of 2025 with hope, joy, and the enduring tradition of coming together to celebrate new beginnings.

With reports from Associated Press and Vanguard

Starting Wednesday, Nigeria will require applicants for oil licences and permits to demonstrate plans for low carbon emissions and renewable energy integration before approvals are granted, according to Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The new policy aligns with Nigeria’s commitment to achieving net-zero carbon emissions by 2060. To support this initiative, the NUPRC has introduced the Upstream Petroleum Decarbonisation Template (UPDT), which provides guidelines for applicants.

Komolafe stated that enforcement of the new requirements will begin on January 1, 2025, encompassing all upstream sector approvals, including divestments.

“This initiative deepens our efforts to align the upstream petroleum industry with national priorities and international climate goals, while ensuring sustainable value creation from oil and gas resources to bolster Nigeria’s energy security and economic development,” he said.

The regulations will compel operators to:

• Implement methane management programs, including leak detection and repairs.

• Optimize operations with energy-efficient technologies.

• Incorporate renewable energy sources into project plans.

Ivory Coast has announced that French troops will withdraw from the West African nation, further reducing the military influence of the former colonial power in the region.

In an end-of-year address, Ivory Coast's President, Alassane Ouattara, said the move was a reflection of the modernisation of the country's armed forces.

Separately, Senegal, which last month announced France would have to close its military bases on its territory, confirmed the withdrawal would be completed by the end of 2025.

Ivory Coast is home to the biggest remaining contingent of French troops in West Africa.

There are some 600 French military personnel in the country with 350 in Senegal.

"We have decided in a concerted manner to withdraw French forces from the Ivory Coast," President Ouattara said.

He added that the military infantry battalion of Port Bouét that is run by the French army would be handed over to Ivorian troops.

France, whose colonial rule in West Africa ended in the 1960s, has already pulled its soldiers out of Mali, Burkina Faso and Niger following military coups in those countries and growing anti-French sentiment.

The government of Chad - a key Western ally in the fight against Islamic militants in the region - abruptly ended its defence co-operation pact with France in November.

Senegalese President Bassirou Dioumaye Faye said: "I have instructed the minister for the armed forces to propose a new doctrine for co-operation in defence and security, involving, among other consequences, the end of all foreign military presences in Senegal from 2025."

Faye was elected in March on a promise to deliver sovereignty and end dependence on foreign countries.

France will retain a small presence in Gabon.

Military leaders of Niger, Mali and Burkina Faso have moved closer to Russia since kicking out French troops from their countries.

Russia then deployed mercenaries across the Sahel to help them fight off jihadist insurgents.

There are indications that France has now got fewer than 2,000 troops in Djibouti and Gabon.

Political watchers believe that France has been making efforts to revive its waning political and military influence in Africa.

The former political power now appears to be devising a new military strategy of downscaling military ties - a measure that would sharply reduce its permanent troop presence on the continent.

For more than three decades after its independence from France, Ivory Coast (also known by its French name, Côte d'Ivoire) was known for its religious and ethnic harmony, as well as its well-developed economy.

The Western African country was hailed as a model of stability. But an armed rebellion in 2002 split the nation in two. Peace deals alternated with renewed violence as the country slowly edged its way towards a political resolution of the conflict.

Despite the instability, Ivory Coast is the world's largest exporter of cocoa beans, and its citizens enjoy a relatively high level of income compared with other countries in the region.

BBC

Yemen will continue to defend itself, say Houthis after US strikes

Yemen's Houthi spokesperson Mohammed Abdulsalam said that the country would continue to defend itself after several U.S. strikes targeted facilities in the capital Sanaa on Tuesday.

The U.S. military said that it carried out strikes against Houthi targets in Sanaa and coastal locations in Yemen on Monday and Tuesday.

"On Dec. 30 and 31, U.S. Navy ships and aircraft targeted a Houthi command and control facility and advanced conventional weapon (ACW) production and storage facilities that included missiles and uncrewed aerial vehicles (UAV)," the U.S. military's Central Command said in a post on X.

The Iran-backed militant group in Yemen has been attacking commercial shipping in the Red Sea for more than a year to try to enforce a naval blockade on Israel, saying they are acting in solidarity with Palestinians in Israel's year-long war in Gaza.

Reuters

WESTERN PERSPECTIVE

Ukraine hits Russian oil depot in Smolensk region

The Ukrainian military said on Tuesday its forces had hit a Russian oil depot in the western Smolensk region, setting fire to tanks storing oil products.

Ukraine's general staff said on the Telegram app that the depot was used for military purposes. It did not specify the weapon used for the strike but said it was carried out in cooperation with drone forces.

Smolensk region governor Vasily Anokhin said that the attack caused a fuel spill and fire.

According to his statement on Telegram, 10 Ukrainian drones were shot down by Russian air defences but the wreckage of one of them fell on the oil facility.

Ukraine has staged numerous attacks on Russian oil storage facilities and refineries.

According to the general staff, there were powerful explosions and thick smoke after the attack on the Smolensk depot.

Anokhin did not provide additional details but said the situation was "under control".

RUSSIAN PERSPECTIVE

Ukraine ‘has ceased to exist’ – ex-commander

The Ukrainian state has essentially ceased to exist, is plagued by endemic institutional failure and corruption, with Kiev's troops continuing to hold on by sheer will alone, a former commander has argued. He also warned that Ukraine’s defenses could collapse, allowing Russia to march all the way to the Dnieper River.

In an interview with Novyni Live on Monday, Vladimir Shylov, former commander of the 3rd Company in the 134th Separate Territorial Defense Battalion, lashed out at Ukraine’s political leadership, stating that the country has “ceased to exist” as a functional state due to widespread graft and mismanagement.

Shylov expressed concern that these woes could allow Russian forces to increase their gains, warning that they may be able to overrun frontline positions in Donbass and reach as far as the Dnieper River. The advances could be facilitated by internal chaos, he added, stating “In our country, everything is a mess...the front is holding only thanks to the Ukrainian people.”

Ukrainian leaders have transformed the nation into a “concentration camp,” Shylov claimed, highlighting systemic failures across all branches of government, including the legislative, executive, and judicial sectors. 

Shylov also specifically criticized the country’s leader, Vladimir Zelensky, for what he described as a blatant neglect of his defense responsibilities, alleging that his government had ignored Western warnings of a Russian offensive prior to the special military operation, resulting in the inadequate preparation of Kiev’s forces.

The ex-commander went on to comment on Ukraine’s ongoing incursion into Russia’s Kursk Region, portraying it as a political ploy without any real strategic military value. He argued that the Ukrainian offensive had turned out to be a symbolic gesture which does not compensate for the substantial territorial losses Ukraine has suffered, particularly in Donbass.

Over the past several months, Russia has made significant gains in Donbass and elsewhere, with President Vladimir Putin noting that regular advances now amount to kilometers rather than hundreds of meters.

Russian Defense Minister Andrey Belousov said earlier this month that Ukraine had lost one million service members since February 2022, with more than half of that number in 2024 alone, adding that Moscow’s forces are in full control of the strategic initiative.

Meanwhile, Ukrainian battlefield commanders continue to complain of a critical shortage of manpower, despite Kiev implementing stricter mobilization rules and lowering the draft age from 27 to 25 this spring.

Reuters/RT

It is something of a tradition every December to take stock of the year that is ending and consider what might lie ahead. This is true on a personal level: in my family, we tend to do this around the dinner table. But it is also true more broadly, with the time of year inviting an examination of the intersection of economics, national politics, and global geopolitics.

You would be forgiven if, as a starting point, you expected these three areas to be in alignment. After all, they are deeply interconnected, which suggests self-reinforcing dynamics. But 2024 brought some unusual dispersion in this relationship that actually widened, rather than narrowed, over the course of the year.

Begin with geopolitics. In 2024, Russia secured a greater advantage in the Ukraine war than the consensus forecasts of a year ago anticipated. Similarly, the human suffering and physical destruction resulting from the Israel-Hamas war in Gaza exceeded most observers’ already-grim expectations, and spread to other countries, such as Lebanon. The apparent impunity of the strong, together with the absence of effective means of preventing dire humanitarian crises, has deepened the sense for many that the global order is fundamentally imbalanced, and lacks any enforceable guardrails.

As for domestic politics, upheaval has been the order of the day in many countries. Governments have collapsed in both France and Germany – Europe’s largest economies – leaving the European Union without political leadership. And following Donald Trump’s victory in last month’s presidential election, the United States is preparing for a political transition that is likely to bring a significant increase in the political influence of a new “counter-elite.”

Meanwhile, an “axis of convenience” – comprising China, Iran, North Korea, and Russia – is seeking to challenge the Western-dominated international order. Other recent developments – from the now-impeached South Korean president’s abrupt declaration of martial law (which was quickly reversed) to the collapse of Bashar al-Assad’s regime in Syria – have reinforced the impression that we are living at a time of exceptional geopolitical and political volatility.

The last year also brought some worrisome macroeconomic developments. Europe’s malaise has deepened, as countries grapple with low growth and large budget deficits. And China has failed to respond credibly to the clear and present danger of “Japanification,” with unfavorable demographics, a debt overhang, and a prolonged property-market downturn undermining growth, economic efficiency, and consumer confidence.

And yet, stock markets have remained relatively stable and delivered high returns, including almost 60 record-high closes for the S&P index. The US economy’s exceptional performance is a major reason why. Far from weakening, as most economists expected, the US pulled even further ahead. Given the amount of foreign capital the US is attracting, and the scale of its investment in the future drivers of productivity, competitiveness, and growth, it is likely to continue outperforming other major economies in 2025.

One consequence of this success is that the US Federal Reserve did not deliver the soothing 1.75-2-percentage-point interest-rate cuts that markets were pricing in a year ago. This trend, too, is set to continue: at December’s policy meeting, the Fed signaled fewer cuts in 2025, and a higher terminal (long-run) rate.

But political and geopolitical upheaval – and the limited prospects for significant improvements – does pose a risk to the endurance of US economic exceptionalism. Even if the US continues outperforming its peers, as expected, the range of possible outcomes, in terms of both growth and inflation, has widened. In fact, global economic and policy outcomes as a whole are now subject to a larger possibility set, both because the downside risks have grown and because upside innovations – such as in artificial intelligence, life sciences, food security, health care, and defense – could transform sectors and accelerate productivity gains.

Absent a major policy reset, my baseline scenario for the US includes a somewhat lower immediate growth rate, even as the economy outperforms its peers, and sticky inflation. This will present the Fed with a choice: accept above-target inflation or attempt to bring it down and risk tipping the economy into recession.

Globally, economic fragmentation will continue, pushing some countries to diversify their reserves further away from the US dollar and explore alternatives to Western payment systems. Yields on US ten-year government bonds – a global benchmark – will edge higher, trading mostly in the 4.75-5% range. As for financial markets, they might find it more challenging to maintain their status as the “good house” in a challenging geo-economic neighborhood.

This is how things appear now. But, beyond recognizing the wider dispersion of possible economic outcomes in 2025, it will be crucial regularly to test whichever baseline one embraces against actual developments.

Project Syndicate

Gill Malinsky

After nearly 18 years at Google, Jenny Wood now dedicates her time to helping people grow their careers. She does this through her weekly newsletter, Big Small Things, and she hopes to do this with her forthcoming book, “Wild Courage,” due out in March 2025.     

“I made so many mistakes as I rose from entry-level to exec,” she says, adding that “these mistakes included the actions I didn’t take (which led to the most regret) and the actions I did take (some of which were cringe-worthy).”

When it comes to setting yourself up for success in 2025, Wood has a couple of tips.

Figure out your ‘Baltics’ and your ‘Boardwalks’

First, figure out what tasks and projects will actually make an impact. Wood compares this to low-value and high-value properties in Monopoly — you have to determine “what are your Baltics in 2025 and what are your Boardwalks,” she says.

“Agreeing to take notes for every team meeting or showing up early to help decorate for an office party” are Baltics, says Wood. They’re not contributing to your professional progress. On the other hand, “raising your hand to increase a given metric by 20% or volunteering to help drive a reorg and present it to leadership,” are Boardwalks. They will help move you and your company forward.

Ask your boss about their top priorities or read an exec’s newsletter outlining those for the company, then write two to three personal Boardwalk goals for the first quarter of 2025. Every quarter write another two to three.

Ask your boss for what you want

Second, Wood recommends asking for what you want to do next year.

Say your company’s working on two initiatives, a vanilla ice cream and a chocolate ice cream. You get put on the chocolate ice cream team even though you hoped to be put on vanilla. Especially if you’re early in your career, it can seem counterintuitive to say you want to be on that other team. But don’t be afraid to push back, she says.

Say something to your boss like, “I’d really enjoy the opportunity to work on vanilla ice cream,” she says.
“I like the stakeholders on that project. It’s a different product than I’ve been used to. I’ve been working on chocolate ice cream for the last three years. I’d like some variety to learn new skills.”

That push back says you’re a risk taker, she says, “and that’s the kind of stuff that gets you promoted.”

Before the end of this year, figure out what you want to focus on in 2025 then invite your boss to a meeting where you can discuss these objectives.

CNBC

Nigeria's Broad Money Supply (M2) increased significantly by 51 percent year-on-year to N108.96 trillion in November 2024, while currency in circulation reached an all-time high of N4.8 trillion, according to the latest Central Bank of Nigeria (CBN) Money and Credit Statistics.

The substantial increase in M2, which represents cash, demand deposits, savings deposits, and other monetary instruments, reflects the government's high domestic borrowing. The data showed that credit to the government surged by 54 percent year-on-year to N39.6 trillion in November 2024 from N25.7 trillion in November 2023, while credit to the private sector rose by 27 percent to N75.96 trillion.

Currency outside banks, representing about 96 percent of currency in circulation, grew significantly to N4.65 trillion in November 2024, marking a 50.9 percent increase from N3.08 trillion in the previous year. This trend indicates an increasing preference for cash holdings outside the banking system, despite widespread reports of cash shortages that have led banks to limit daily ATM withdrawals to N20,000 per account.

The currency in circulation has shown steady growth throughout 2024, adding over one trillion naira since January when it was N3.65 trillion. The monthly progression saw consistent increases, from N3.69 trillion in February to N4.04 trillion in June, before reaching the current record level of N4.8 trillion in November.

Other monetary indicators also showed significant growth, with demand deposits increasing by 34.4 percent year-on-year to N31.6 trillion, and narrow money (M1) growing by 38 percent to N36.3 trillion. Quasi-money, including savings and time deposits, rose marginally by 1.96 percent to N72.7 trillion from N71.3 trillion in November 2023.

The overall expansion in net domestic credit reached 91 percent year-on-year, totaling N115.6 trillion in November 2024, up from N60.5 trillion in 2023, highlighting the significant increase in both government and private sector borrowing throughout the year.​​​​​​​​​​​​​​​​

The Nigerian National Petroleum Company Limited (NNPCL) has announced the partial resumption of operations at the Warri Refining and Petrochemical Company (WRPC), marking a milestone in Nigeria’s efforts to revive its local refining capacity. The refinery, which had been dormant since 2015 due to prolonged repairs, began refining crude oil last Saturday at its Area 1 plant.

This development follows the recent commencement of operations at the Port Harcourt Refinery’s 60,000-barrel-per-day facility, signaling progress in the country’s push to reduce dependence on imported petroleum products.

NNPCL Group Chief Executive Officer, Mele Kyari, disclosed the resumption during a tour of the Warri Refinery on Monday. Accompanied by the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, Kyari addressed the tour group, emphasizing that the resumption of operations is evidence of ongoing progress.

“We are taking you through our plant. This plant is running,” Kyari said in a video shared by Channels TV. “Although it is not 100 percent complete, operations have commenced. Many people think these things are not real or possible in this country. We want you to see that this is real.”

The Warri Refinery’s restart underscores the federal government’s commitment to reviving the country’s refining sector after years of operational setbacks and costly fuel imports. While repairs are still ongoing, the resumption of partial operations represents a significant step toward achieving functional and self-sufficient refining infrastructure in Nigeria.