The key to becoming a millionaire in Nigeria is knowing and making the right financial moves. According to a study published in FA-Mag.com, a lot of the millionaires today made it out on their own.
Of course, there is much more to getting rich than just working hard and staying determined to reach your goals. There is really no single formula to get rich but it does involve making the right financial moves.
Becoming a millionaire also means you should start acting now. There is no use to being rich if you only get to enjoy it in your latter years. If you have to work hard now, why not do it so you can become a millionaire in 10 years time? It is possible for that to happen.
You do not have to work for decades so you can retire rich at the age of 60. You can make the right moves now and be rich enough to consider yourself financially independent.
Here are a few surefire financial moves that’ll get you to wealth as a Nigerian in a couple of years.
1. Focus on making money
Start by focusing on making money while you are young. The younger you are, the more you should concentrate on just earning more. This is a great time to focus on that because you are at a point in your life when you have the least financial responsibility – at least, that is next to retirement.
You do not have a family, kids and your parents are probably still able to support themselves. All you really have to think about and financially support is yourself. Your time is your own and you can choose to use it to party or to start growing your wealth. You do not have to rely on your day job alone. You can get a second career that will allow you to earn more.
2. Save so you can invest
With all the money that you are earning, it is tempting not to spend all of them. Well if you want to become a millionaire in 10 years, this is one of the financial moves that you need to do. Take note, you do not save so you can put it in a bank account to sleep. You will save so you can invest it.
The power of compound interest will fuel your journey towards becoming rich. Make sure you learn how to invest though. It may not be as simple as you think and for a beginner, it can be confusing. If you have to hire someone to help explain it to you – do it. The rewards of investing are too great for you to pass up the chance just because you do not understand it.
3. Know the risks you should take
Although investing is the key to help you become a millionaire in 10 years, it should be done with caution. Investing comes with a risk. The higher the risk, the bigger the return. You need to know how much you can risk so you can calculate the earnings that you can expect.
If you have a little, you can choose to invest only what you can risk losing. Or you can split your money and put half into a high-risk investment and put the other in a low-risk account. That way, you do not lose everything. If the high-risk investment turns out okay, you can decide how you will use it to grow your finances.
4. Invest in yourself
This is actually one of the financial moves that people underestimate. Investing does not only involve the stock market. You should also think about investing in yourself.
This could mean paying for additional education or training. Of course, you do not want it to choose an investment that will stop you from earning. Make sure you have the freedom to continue earning and that this training will not put you in debt.
5. Set a big goal
Finally, you need to set a big goal. If you want to become a millionaire, make sure you aim high. That way, if you cannot hit your target, your efforts will still take you high. Instead of just 1 million, aim for 10 million.
A bigger goal will help motivate you to make a bigger effort and that usually produces more output. Just make sure not to stress yourself too much or expect that you will fail to meet your big goal. Find a balance that will help you achieve more than you really need without pushing yourself to the limit.
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