How to survive these turbulent economic times as a young person living in Nigeria.
Every morning when I wake up, I’m reminded that this economy was practically bankrupt and destroyed by the last government, but here are things I tell myself to do every morning that are simple.
1) Focus on your own economy.
By focusing on my personal economy, I’m ignoring the noise that comes with daily lamentations that things are bad.
Yes! Things are very bad
That is true but I can’t kill myseif for Nigeria
Since I’m not the Jesus that can save Nigeria, my job is to grow my personal economy so I can save myself and my family.
I have shut my ears to the external noise.
The goal is simple.
How do I increase what I’m earning now to meet inflation?
What skills do I need to learn in the short term, medium term, or long term to earn more, and most importantly, earn in foreign currency?
What skill do I need to learn today so that tomorrow can be soft ?
How do I multiply my income or create multiple sources of income so I can go for my summer vacation?
Even if dollar is $1 to 1k I can afford it and buy my ticket.
Ask yourself these questions, and I hope you will find the answers within.
2) Avoid lifestyle inflation.
Congratulations
You are earning 1 million a month now.
But please don’t push your living expenses to swallow your new increased income.
It is a dangerous thing to do, as I have learned that you are punishing your future by doing so.
Rather, look for ways to live below your means.
If your house rent, for instance, is 500k per annum and you are tempted to move to Lekki, where the house rent is 3 million, just to show you that you have arrived
My brother, you don’t need the distraction.
You don’t need to impress anyone.
Stay back in your old crib.
Stack your coins.
Save
And when you have saved enough,
Then you do this third thing.
3) Invest
If you are in your 20s and 30s, I will advise you to invest in high-risk securities.
Investing in low-risk securities like mutual funds and Treasury bills is good, but it is recommended when you have built up enough cash because you don’t want to lose money at that stage; rather, you want to preserve your capital.
At this stage of our growth, you need to grow wealth and you need to grow it as fast as possible,
High-risk investments can change your life in the twinkle of an eye.
Learn how to trade low-cap cryptocurrencies.
Someone I know invested $200 last week to buy a coin called Fine.
As I type this, his investment is worth $30,000;
400k invested in January this year to buy Tony Elemelu’s Transcorp hotel stock is currently worth 4.4 million.
But I must advise that the downside of investing in these high-risk securities is that you might lose your money.
So if you don’t have the appetite to take a risk or gamble,
Just put your money in the bank, fix it, or use it to buy Treasury bills.
With this
You won’t develop anxiety and heart palpitations because you lost 1 million.
But the big elephant in the room is that you must invest as a young person if you wish to banish generational poverty from your family.
I’m not too old, and experience has taught me that economic downturns don’t last forever.
This too will go; this too shall pass, but before that time comes,
Make sure you are alive and flourishing.
I don’t want you to adjust or downgrade your lifestyle because you can’t keep up with inflation again.
I don’t want to see you go back to the village.
That is why I share this knowledge for free.
I’m hoping that just as it is helping me stay above the water, it will help you too.
Don’t always forget.
The economy is bad, but
Young people are buying properties, buying new cars, travelling for summer vacation, and living fine even with the bad economy.
Those people no get two heads.
in the legendary words of Aki and Paw Paw.
If Ichaike can survive,
You too must survive.
