How Not Knowing These Tips On Generating Wealth Makes You A Rookie
This is the year 2023; Nations are still recovering from COVID-19, The initial removal of fuel subsidies in Nigeria has affected businesses, if you didn't know all these…. you are a rookie, a novice. The Naira is crashing massively and the unemployment rate of the country is at an all-time high. Everybody is looking for money, from the youth to the elderly people, the funny thing is even Dangote is not excluded. From the North to the South, everybody is looking for money, for the ego, for the kudi , call it whatever you want to call it. In this article, we will show you the tips to generating wealth only if you continue reading through… .if you don't, you are a rookie.
1.Save your Money in Dollars
As of the 20th of June, the CBN notified Nigerians that their Naira had fallen to the Dollar. What this meant was that the Naira was losing value as against the Dollar, The value of 1000 Naira had reduced massively and was no longer the same after the announcement. This alone is enough to change your mind about saving in Naira, except you are a rookie. Ancient financial wisdom suggests we go for gold and stand with the stronger currency. This will ensure your money's value is still intact and your sweat and labor are not in vain. You can start saving in dollars by opening a dollar account in your bank or you may consider using a Fintech app to create one. In the long run, the value of your money will skyrocket, you will be swimming in foreign currency literally.
2. Have a portfolio of Investments:
All the world's richest men have something in common; Investments. If you didn't know that, you are a rookie. You might be wondering what this investments are. There are not limited to Stocks Exchange-traded funds (ETFs) Government bonds Mutual funds etc. When you have a portfolio of solid and well investments, you can kiss Sapa goodbye. When you put your money in the above, your money begins to grow over time. Some investments offer the option of payment of dividends, you can use this to pay yourself or better still reinvest it and make more money for yourself. Most of these investments can be arranged through a broker and managed by a portfolio manager. Overall, having a portfolio of investments is a sure way of ensuring Generational wealth for your unborn children. If you didn't know this, you are a rookie.
3.Creating A Budget and Sticking with It
If you operate a budget, you are most likely to be wealthy, here's why. Now, a budget is a strategy that allows you to live within your means. It is necessary to check random expenses and overspending. When you have a budget in place you have a detailed direction of where and what your money is going into. In today's world, the need for a budget is understated and underrated. A budget ensures any spillover of cash can go into either savings or Investments. In the long run, budgeting will make you rich as you will only spend on the necessary things and allocate the spare cash to either your savings or better still credit my account.
4. Package and Sell Your Knowlege No single person knows everything, not Solomon in the Bible nor Soyika our beloved laureate. Every single person has a sizable amount of experience in a particular field that his/her neighbor lacks. Here is where you can come in and create wealth. Now, the process of selling your knowledge in exchange for money is simply called “Information Marketing”.Nowadays not only school teachers can transfer knowledge and get paid for it, plumbers can also organize a webinar on fixing loose pipes at home and still get paid, you can teach people how to dress and still earn big bucks from it. Now you get my drift, I will list some ways you can package and sell whatever you know and sell and create wealth : You can create an ebook of less than 1k words and sell You can hold paid webinars on any topic You can create courses on these things you know and market them. The great thing about Information marketing is that it is cost-efficient; you can start with little to no money and plenty of money in return. Not taking up this goldmine opportunity will show that you are a rookie. Conclusion
We will all agree that money is vital in today’s world, every single person is frantically searching for money. The tips I shared in this article will certainly jump-start you on your wealth. These tips have been tried and tested by past and present billionaires and it has worked.
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