Financial stability

How to Become Financially Stable this Year

Are you financially okay at the moment? I promised to drop some financial tips some time ago but I got so engaged that I forgot to. I had a conversation with someone yesterday and I just felt I should do this. It is no longer a new thing to us (if you live in Nigeria) that prices of commodities keep rising daily and just recently, I noticed fuel has become scarce and it’s just a matter of time for prices of EVERYTHING to skyrocket.

Also, the value of $1 today will not be the same tomorrow or next week. What do I mean by that? If you have 100k and the rate of $1 is N500, that means you have $200. But what happens if the price increases to N510 per $1? Do you still have up to 100k in your account? So what do you do to stay afloat during this period? How do you “make” your “100k” appreciate in your account or even more instead of declining due to the exchange rate? I will tell you at least two of what to do.
PS: This is purely suggestions and I am not endorsing any company, service, or product. You’re expected to make your research.
CONVERT YOUR SAVINGS TO DOLLARS OR EURO: Just like I mentioned earlier, having 100k in your Nigerian bank account for at least 3months will either remain the same or decline to 99k plus (due to bank charges). But if you convert your savings to the dollar (let’s assume you bought when it was N500 per $1, then when the dollar becomes N520 or more, will your money appreciate or depreciate? Again as I mentioned before, I am not endorsing any company, services, or products but I can recommend some that I know have been performing well up to this point. You can use Piggyvest and Risevest. You can convert and keep your money there. If you keep it over some period of months, they use your funds to trade and give you some ROI (Returns on Investment) which is obviously in dollars too over some time (e.g 3, 6, 12 months). You should look at this and try it out. If you have trust issues, you can convert to dollars and keep it yourself. The only difference is that you won’t be able to get more. When you use Piggyvest or Risevest, they use your money to trade and give you ROI + your normal capital when exchange rates keep increasing. But if you keep yours yourself, your money only appreciates when the exchange rate increases.
  • Invest! Learn to invest no matter how small. The difference between the rich and the poor is that the rich take “calculated risks” while the poor always want to remain in their comfort zone. Yes, I know they don’t want to be scammed off the little they have however, there is this saying that “if you want to close your eyes so that the bad ones will pass, you will also not know when the good ones will also pass“. I know we live in a world where people are dishonest but that shouldn’t also be enough reason to not want to try. The reason why you should read and make more research. Many of us (if not all of us) have access to a browsing phone and the internet. Why not learn new things daily? But before you invest, always have these two things at the back of your mind.
  • Investment is not a “Get Rich Quick” and you should know this first before venturing. It’s like saving for the rainy days ahead. You need to change your mindset first before you begin. Investment is not a competition. Some will want to invest 100k today and want to be like Dangote in the next 3months or want to buy a house in Banana Island. That means Dangote and co that has been investing for years be mumu? Again, it is ok if you are not comfortable with investing in cryptocurrencies but there are other things you can invest in. Take, for example, Piggyvest has an investment platform, you can invest in some businesses and get returns. There are several others too but make your research before venturing.
  • I always look out for the ROI. If it is too good to be true, then it may not be true. An investment like 40-80% ROI per month is a NO-NO for me cos it’s not feasible for me. It sounds good and means more money but I don’t go to such places. Do you know why? I will tell you. When you invest, they use your money to trade over some time (usually 3, 6, 9, or 12months) and give you returns. Imagine someone gave you 500k and asked you to pay back 30% as ROI monthly (that’s like 150k per month), will your business survive? Even if it does, are you as a business person profiting from it? Do you see why it’s not feasible and viable? Even lending financial institutions give you what they call a “Moratorium” that is, a grace period before paying back your loan. So always watch out for these pointers.
  • Invest small. Sometimes when you keep getting your ROI, there is this joy attached to it and in your subconscious mind, you start doing calculations on what you would have gotten or should be getting if you invest more. Since it is not a bad idea, I’d advise you to invest in what will not make you collapse in the case of an eventuality. The truth remains that some businesses are not out there to dupe you outrightly but the economy and recession may force them out of business. All investments are risky but some are riskier than others. Take calculated risks.
This is where I’d be drawing the curtain and thanks for listening to my Peptalk. Hope it’s not too boring? If you’re looking for a side income that fetches you approximately $10 per week (minimum investment is $200) then you can buzz me. Make sure you have $200 and a means of national Identification.

About Dominic Golden

Accountant | Social worker | Educationist | Blogger | Foodist | Web Developer | Entrepreneur. Founder of @chowmart and @dommyfoodie

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