COVID-19 has a significant impact on household wealth, especially in the long term. Credit Suisse reveals the lowering of interest rates by central banks has probably had the greatest impact on emerging economies, as they confound expectations. This is a major reason why share prices and house prices have surged, and these are directly related to household wealth valuations.
However, according to the Swiss elite bank, Nigeria’s wealth per adult declined 7.0% in 2020, reflecting another 24.1% decline in exchange rates. Financial assets dropped slightly from 70.6% to 70.3% as a percentage of gross assets, as they did in South Africa. Debt dropped from 5.1% to 4.5% of gross assets as well.
Your goal should be to do one thing better than anyone else: Train, learn, practice, evaluate, and refine it.
Be of service
Instead of thinking about making a lot of money, think about serving people. You will gain more insight if you consider what people need, or how you can improve society. Furthermore, you could be the first to create a future trending product.
The more people you serve, the more word of mouth will occur – not to mention you will receive more feedback to improve your service.
Even though it may be challenging, consider it as an opportunity to serve those who actually need your invention. Businesses cannot succeed without public support. Don’t try to squeeze every last cent out of your customers. Instead, show them that you want to make their lives better.
Get stock in a small company
Owning stock in a start-up could prove to be an excellent investment if the company thrives and either floats or is sold to a larger company.
There are very few start-ups that succeed in realizing large capital gains, so there is little chance of success. To determine which business ideas and management teams are likely to succeed, you can use your judgment.
Early employees in companies such as PayStack, Flutterwave, and Jumia became multimillionaires using this method.
Put together a portfolio of stocks and crypto
Investing steadily over a long period, choosing wisely, and reinvesting dividends will allow you to build a substantial store of wealth. Small investors can be discouraged when their portfolios plummet, as stocks can go either way. Crypto assets are known for their exponential growth, but it’s prudent to have limited exposure because of their inherent risk
Long-term, however, equities are as good an investment as property, and they’re more liquid. Crashing stock markets can be a great opportunity for those with cash and strong nerves.
Investing isn’t just about luck. A single investment mistake can decimate your assets. Think twice before making an investment decision, whether it’s on stock or real estate. Seek the advice of experts and professionals.
Start your own business and sell it in the future
In the last few years, more and more startups have achieved great success. You have a better chance of success if you can find a new approach to a specific niche of the market and create a company that solves that problem.
Anything can be listed as a business: a cleaning service, a food delivery service, or even a blog. To build up the enterprise will likely take years. Every entrepreneur must deal with considerable risk and stress. However, there are huge rewards to be had if you are successful. Many people who are seriously wealthy have done this.
The everyday things you can do will take you a long way toward a stable life with enough money to support yourself.
Decide on a career path
Pick a job that interests you – do what you love and what you love. You cannot succeed at something you hate.
Starting from the bottom and working your way up might be necessary. If you love what you do, you’re more likely to succeed. Achieving success can be fun, think of Elon Musk.
Get experience through different levels of work, and when you feel you have gained all the knowledge you can from it, consider moving on to other companies that would allow you to broaden your horizons on other cultures.
You would be a more valuable asset to companies if you held more positions and would be better qualified for positions at higher ranks.
Consider how the rich get access to companies with many growth opportunities. Seek out opportunities where you can improve your skills and increase your monthly income
Spend as little as possible
Many people’s path to becoming rich is hindered by the fact they always spend more than they make. Living below your means is the easiest way to become wealthy.
Track how much you spend on a regular basis. You should always keep an eye on your money by using apps or Excel spreadsheets to make sure you know what you’re spending on. It allows you to review and refine what makes sense and what does not when it comes to your budget.
Don’t spend money you don’t have. Be diligent about reducing your bills: turn off the lights, plan meals to save money at the grocery store, and eat at home whenever possible. Keeping your life to the necessities will enable you to save much more than you used to.