5 Ways To Avoid Being Broke In 2019

Money Matters by Claudia Nwankwo: 5 Ways to Avoid Being Broke in 2019.

Forbes Internet Image

2018 was a robust year for some but for many, it was a period of financial draught considering the statistics on the Nigerian economy. Indeed the economic situation of the country may deal a huge blow on individual pockets but you can plan mitigate your exposure by working hard, living right and doing the needful.

Wealth accumulation is easier during your active years. That is the time you can accumulate the wealth that will sustain you when you eventually become passive. Nobody will retain same level of productivity forever. Usually we have between 25 years to 40 years of our lives to work and even so, our ability to work depreciates with age. Therefore, you need to "make hay while the sun still shines".

What sets people apart in life (even in finance) is mindset.

Here are 5 ways to detoxify your finances and keep it healthy in the new year.

1. Dont spend more money than you make:

Alot of people spend money than what they have or are expecting by the end of the month. They take loans and keep building never ending debt. You have nothing to prove to anybody so, focus on building your future.

2. Save: 

"Little drops of water can make mighty ocean". Many focus on frivolities. As soon as they get money, they rush to buy buy buy. In tge end they are left with nothing to save for the rainy day. They eat up everything including what should have been set aside for the future. So, the struggle continues.

You can start saving from your bedroom with a piggy bank. Start with lose change, then be diligent. With time you would be self-motivated to do more. The result will add to your ginger.

3. Invest: 

Many young people are not interested in investment. Maybe much is not being said about it o the internet (seeing as it isthe biggest influencer). They work and rather than spend their money on things that appreciate in value like stocks & bonds, they spend it on the opposite such as Cars and fashion. 

Spending a large chunk of your earnings on liabilities will only render you bankrupt. You need to start investing whether for short term, mid-term or long term. Also,spread your risk by diversifying, seek financial advisory from experts, get mentorship from successful peopleand the sky will be your limit.

4. Read the rest here