Undoubtedly, building wealth in Nigeria can feel like finding the right rhythm blindfolded. In Nigeria, true financial freedom isn’t just about making it rain, it’s about mastering the art of saving and making your money work harder than a Lagos bus driver in rush hour.
Building wealth is a universal aspiration, but navigating the financial terrain in Nigeria demands a nuanced approach.
(i) Budgeting Like A Boss
Before you conquer wealth, master your spending. The 50/30/20 rule is your budget blueprint: allocate 50% of your income to needs (rent, utilities, fees), 30% to wants (entertainment, dining), and 20% to savings and debt repayment.
The 50/30/20 rule wasn’t just about numbers; it was about magic. So, if your money feels like a runaway train, grab the 50/30/20 rule and hop on! With a little discipline and a lot of ‘future fund,’ you will be the master of your financial, juggling not chainsaws, but dreams that come true, one naira at a time.
(ii) Prioritise Prosperity
Think of saving as planting a financial seed. The earlier you sow, the more robust your tree of wealth will be. Watch your money grow with competitive interest rates, while enjoying easy access when needed.
For instance, Akosua used to watch her earnings flutter away like leaves in the wind, leaving her future bare and dreams distant. But no more. Today, she sees the bustling market not as a place of fleeting purchases, but as a fertile field for her financial future. Each naira she earned, each bargain she struck, became a seed, carefully planted in this field. The earlier she planted, she knew, the stronger her financial tree would grow.
(iii) Invest for Growth
Saving is your financial foundation, but investing propels you to greater heights.
Coronation Asset Management offers diverse, professionally managed mutual funds tailored to your risk appetite. Whether you’re a cautious saver or a bold adventurer, we have a fund that suits you.
Akosua knew saving was the bedrock of her financial future, a sturdy baobab tree rooted in careful choices and disciplined naira. But she also craved the thrill of growth, the chance to watch her financial forest reach for the sun. That’s where Coronation Asset Management stepped in, offering a ladder to those loftier heights. With the diverse selection of professionally managed mutual funds, it caters to every kind of climber, from the cautious inchworm to the intrepid eagle.
(iv)Secure Your Future
Life throws curveballs, however, insurance products are your financial shield. Secure your health with comprehensive insurance plans, protecting yourself and your loved ones from unexpected medical expenses.
Every naira saved, every market bargain, became a brick in their wall of security, built one checkup, one smile, one shared meal at a time.
(v) Empower Yourself With Financial Literacy
Financial mastery doesn’t happen overnight. You need a tutor to take you through the rudiments of attaining financial freedom.
The country is tough economically with inflation infesting virtually everything, but with proper planning, your little savings can change your financial life. It takes discipline to gain such freedom and you must be mentally ready to proceed on this journey if truly, you want financial freedom.
By Omoleye Omoruyi, Coronation Conversations
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