During an interactive session at the just concluded United Nations General Assembly (UNGA74)…
Buhari left everyone in total shock with his reply over questions on his plan for the FUTURE of Nigeria’s young population.
Well, we’ll not go over that again, as there was no clear wealth creation in Nigeria initiative highlighted.
There was nothing to further discuss except one, which became even more glaring: Your hope for a bright future in Nigeria rests in your hands.
That statement isn’t to discredit anyone, but to call your mind to an important issue.
Nigeria currently has a population of over 202,247,7229, and 53.2% of these number is aged between 15-65.
….with an unemployment rate of 21.3% and on the rise.
Truth be told.
I know you have dreams of being “financially independent,” but the thought of that often gets relegated for more pressing issues like bills screaming to be taken care of.
Also, I know you crave to be right by your family and at the same time, fund your dream purpose and vision.
If you have such a vision, you shouldn’t skim through this article.
Because the two dangers you face as a Nigerian, if not addressed, may keep you in abject poverty for life.
Let me tell you a story.
While growing up, my Mum’s definition of wealth creation was to save money in a little box she got for us.
Don’t blame my old lady; she did what she was taught in school, which was enforced by the ‘average society.’
I remember the first day I spent money given to me by Uncle Sam, my first 1k in life without her knowledge.
…I used it for knockout and ice cream.
That night, I still remember it was the worst night of my adolescent life.
…she woke me up in the middle of the night and chased the devil in me with the heels of a kiokoi shoes. (you can testify to this if you are from an average Nigerian home)
Creating wealth is not the function of what you already know.
Let me explain.
The most natural thing that comes to your mind would be to ‘open a savings account’ and dump your money if you were asked this question:
How do you save money?
It is not your fault – we grew up without an adequate “financial education.”
Which brings us to the first danger you face in Nigeria.
DANGER 1: Not Having the Right Information
Check this out.
On average, if you earn 50k a month, you’d probably be spending over 30k on bills and “black tax” – family and friends.
If you save 10k monthly, it’ll take you eight years and four months to make just N1 million.
Depending on the inflation rate in 8 years and other economic factors you can’t determine now, trust me, N1 million would not get you a decent apartment.
I didn’t include bank charges if you are saving up in any Nigerian bank.
However, with the right information, that same 10k could be invested into something that could be making you money over time.
The word on the street now is diversification – multiple sources of income.
You can’t be in this clime and risk just earning from one source.
What if you lose that source?
In the past, getting access to low-cost and secured investment opportunities were hard.
But with the technology of today, it has been simplified.
The second danger?
Danger 2: Corruption
You and I both know that we are our ‘own’ government in this country.
Tell me, if you provide your own water, generate your own electricity and security.
What else remains to become a full state?
Corruption in Nigeria is endemic – fighting it would require lots of collective efforts.
With time, you know that the wealthy elites would keep amassing wealth for their generation unborn and keep you and I frustrated with nothing.
The only way to break away from this chain is to play their game but in a good way.
That good way is this:
Don’t save money.
Don’t get me wrong, by ‘don’t save money, I don’t mean you should blow all your money away.
I mean you should not save money because it is the right thing to do.
It would be best if you allowed your money to multiply.
And this is how:
- Invest in stocks and bonds.
- Invest in real estate
- Invest in startups.
- Invest in cryptocurrency.
- Invest in agriculture.
- Invest in foreign currency.
These ideas might not seem clear to you, but I’ll break it down for you in the FREE report below.
In the report, you’ll discover opportunities that you can leverage on with as low as 10-15k with a 7% annual gains.