Matt, Today has been a shocking day for Nigerians,
With the way the country is, “blowing” is getting harder and harder.
I was speaking with a student of mine and we were talking about salaries and he was telling me how that very few companies in Nigeria pay their staff above or even close to 200k
And it’s true.
I think the statistic is close to 1 in 200 companies.
Yet even the 200k isn’t worth much today, considering the fast rising prices of everyday goods due to the falling price of the naira.
Today alone we were shocked at the skyrocketed price of the US Dollar: $1 =₦730
So what’s the solution for you?
You’re not going to sit there, complain and rant on Twitter, Rant HQ and Nairaland I hope?
I’m sure you know you shouldn’t. It doesnt solve anything.
Instead, here is what you should do : work to build a 4-Fold financial cord.
Your cord ideally shouldn’t be less than 3, but 4 is awesome.
Cord ONE – High income skills
These are skill you can do for people that yeild high returns for low effort.
Cord two – SAVINGS
As much as possible practice saving at least 25% of your income. That’s 1/4. The more you can save, the better.
Cord three – PRODUCTS
Next cord to build is products. This could be affiliate products, ecommerce products, or your own digital products.
Having a product ensure you’re constantly selling and money is coming in.
The goal here is to have a source of regularly reoccurring or daily bank credit alerts.
This is where your savings will come in handy, without savings you won’t be able to invest in creating a product.
Cord Four – INVESTMENTS
This is the final cord you should build. This cord allows you to relax from working daily and the real key to wealth.
Before making an investments it’s best you do your own research and diversity. One expert in this area I know is Nathaniel Disu.
You can also invest in Real Estate, Forex, and the likes.
Final note: these all take time to build. It’s not a one day job.
A 4-Fold financial cord is not easily broken.
Question for you my friend;
What are you doing to build your finances?