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Jrd · 2023-10-26T03:18:14Z

Now that the pangs of subsidy removal effects are here, and we are adjusting to what seems to be our new normal, taking the time to manage your money better will definitely pay off. With drastically reduced Naira purchasing power, skyrocketing prices, soaring inflation, currency devaluation and more, it is high time we became money-smarter.More often we tend to believe that earning more money automatically translates to wealth. However, experiences have shown that this is not really true. There is another factor that is equally as important as making more money. And this factor, when defective, can make one look as though he's not making enough money at all. And unless addressed, such person will never attain financial mastery and independence, and hence fulfillment. That factor is Financial Habits. No matter how much you make, if you fail to master your habits, you can remain very poor forever, never having enough. never breaking free from the financial slavery of spend-it-before-you-earn-it debt doom cycle. However, if you can cultivate the following seven habits I am about to unveil, the earlier the better for you. Even if you don't make more money, you will at least manage and apply the little you have to live a life of rest of mind void of many financial heartbreaks, uncertainty and potholes. These seven factors and habits will tell whether you are barely making a living or you are actually building wealth.Below are the 7 ways you can boost your finance and possibly build wealth despite subsidy removal.1. Living below your meansLiving on less than you make is a critical approach necessary to building and maintaining wealth and financial stability. It also helps avoid debts big time. Spending as much as you make or even more than you make will definitely enslave you into an eternal gallows of a life cycle of make-it-spend-it cycle. One in which you are just one paycheck away from being broke, homeless, car-less, hopeless or even dead. That is not the best of lifestyles. You deserve to live a life of rest of mind and financial stability. Living on less will help you able to have money for other purposes life emergency savings, retirement savings, investments and many more that can help you look into the future with at least some rest of mind.To achieve this, it is important to check your lifestyle and spending habit.Do you impulse-buy? Do you even have a budget for your income/salary?"Poor people spend their money first and save what's left. Rich people save their money and spend what's left" Those are words from the mouths of financial experts. To achieve this, you may need to simplify your lifestyle and also stop comparing yourself to others. Learn to be frugal and avoid all unnecessary luxuries that drain your pocket. This may involve going for an economy car or class, eat more at home rather than at expensive restaurants and other extravagant spending. You need to really control your spending. With this, you can be sure you save at least 10%, or even 30% of your income/salary every month.2. Multiple streams of incomeIn finance and investment, it is a well known fact that you do not put all your eggs in just one basket. It can be hard to become financially independent on just one stream of income. For employees, if you lose your job, that may be the end of all income and you may be left broke or desperately looking for another job immediately, or you will be forced to dip into your savings. All these will definitely leave you broke or even in large debts in no time to pay your bills.Having alternative sources of income tends to provide a financial cushion or shock absorbent in times of such distress. And also, multiple sources of income build wealth faster!Great ways to build passive income or multiple/alternative income sources could be through side investments of side hustles. Some invest in rental properties that generate income. Some could try high yielding stocks. A side hustle has now become a great topic these days. Side gigs work best if they fit well into your time without stretching you too much, and its something you have skills knowledge and passion for, and that does not conflict with your current day job.The best kinds of side hustles are what you love doing. Can you freelance? Affiliate marketing? Design logos or websites? Teach? There are numerous money-making opportunities out there that can fit right into your schedule and also fetch you good income. It is becoming more rampant these days that people end up resigning from their day jobs to face their long time side hustles 100% after realizing it makes them more income than a 9 to 5 does.3. Let your money work for youPeople who end up being wealthy in life do not work for money all the way. At some point, they put the money they have to work! And when you let money work without distracting her, she performs miracles. She multiplies herself!Am I speaking in tongues? No. Only solid investment plans and actions create sustainable wealth...

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Despite Subsidy Removal, Behold 7 Ways to Boost your Finance and Build Wealth

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Jrd

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Dec 03, 2023 2:26 pm

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Long but educative
I learnt alot
Thanks

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Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Ernest

Dec 05, 2023 12:39 am

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The idea 💡 of savings

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Phoebe

Dec 07, 2023 3:32 am

(@phoebe)

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Joined: 2 years ago

Very impactful. I reckon everyone should no this to avoid unnecessary debts

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Ernest

Dec 07, 2023 5:48 am

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Nice one

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PriIvy

Dec 07, 2023 1:34 pm

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Joined: 2 years ago

Very informative

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Despite Subsidy Removal, Behold 7 Ways to Boost your Finance and Build Wealth

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