Everyone wants to make money and not just earn enough to get through the next day. We want to be able to make enough that will keep replicating itself so we can focus on other things in life and never have to worry about our needs. This is what financial freedom is about.
However, no matter how much you desire, financial freedom will never fall into your laps. That is why I have put together these simple but extremely honest tips about money and investment.
1. People who flaunt wealth are not as rich as you think
This is the truth of the matter; so don’t spend the little you have trying to compete with them. You don’t believe me!? Look at Simon Cowell and Mark Zuckerberg; they are almost always dressed in simple shirts and trousers. Bill Gates does not reek of money either.
2. Buy assets
You have scored an ‘awoof’ 1 million naira and next thing, you are thinking about buying a car whose spare parts are impossible to find. That is a liability because you may not be to afford its maintenance. When a sum comes your way, buy something that will make money for you like real estate, stocks etc., not something that will take money from you.
3. Invest in what you understand
Don’t be carried away by the rave of the moment. Everyone is going on and on about Cryptocurrencies or Forex. While they are viable investment options, don’t jump in simply because you heard they yield high returns. Learn all you can before investing.
4. Increase your income
The key to financial freedom lies in having as many sources of income as possible. If you keep saving more and more without increasing your income, you will be starving yourself. Earn more then, you can invest some more.
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