Lukman Shobowale, co-founder and Head of Business of one of Nigeria’s leading real estate companies, Dukiya Investments, has hinted that being financially independent requires one to have both an innovative and creative mind.
Shobowale made the assertion on Saturday while speaking at the 2023 Financial Independence Summit hosted by the Office of the Financial Secretary of Obafemi Awolowo University Student Union which was held at Akintola car park and Oduduwa Hall in Ife, Osun State.
Speaking at the programme, Shobowale said to achieve financial independence, one must think outside the box and explore unconventional, but legal methods of making money.
He went further to list some of the signs that show that one is not financially free as; having no savings, not knowing the right investments to opt for, struggling to pay one’s bills, to mention, but a few.
The real estate developer also outlined what he terms as ‘smart-money hacks for Nigerian students’ to number from taking measured risks, spending less than one earns, adopting the 50/30/20 rule, among others.
Shobowale, speaking further advised that those who want to be financially free should think of adopting the 50, 30, 20 rule to save and invest their income.
“The 50, 30, 20 budget rule is to divide your monthly cash flow into three categories: 50% of your income is dedicated to your needs, 30% to wants, and 20% to savings.”
“One of the safest ways of making your money work for you, and earning you a return on your initial capital, is property investment. It is a low-risk venture and an easy ticket to early retirement,” he added.
Quoting philosopher Jim Rohn, the seasoned realtor said, “To become financially independent you must turn part of your income into capital; turn capital into enterprise; enterprise into profit; turn profit into investment; and turn investment into financial independence.”
He further added income equals to investment which equals to savings that ultimately leads to securing the bag.
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