07/03/2022
The video clip presents a comic but painful reality for many people (and families) not only in Nigeria but across the globe, especially given the upsurge in global inflation.
If you're in such situation where you not only live from paycheck to paycheck but do so on credit, then your primary concern shouldn't be investing since you can't have the patience to watch your investments grow over many years.
Your entire focus should be on getting your finances in order. Below are a few steps you can take, please feel free to get creative as this isn't an exhaustive list.
1. Write down all the things you spend money on and identify the holes in your finances
2. Always prepare your monthly budget before receiving your salary
3. Keep a particular keen eyes on black tax.
4. You should try to get a side hustle or job to immediately offset your budget
5. If you can't get a hustle or job that pays immediately, then learn a skill that you can monetise as quickly as possible. You can consider affiliate marketing, digital marketing, graphics design, video editing, etc.
6. Avoid relying on charity or asking people for money this has a way of making you perpetually reliant on people.
7. Begin cut down on your debts
8. Prioritise your health, but don't be lazy keep working as hard as you can without endangering your health.
9. Bring your family on board and get them to understand and support the efforts you're making in putting your finances in order.
10. Give it time, it'll probably take sometime for things to smoothen out so be patient and give yourself time to grow.
11. When things begin to easen then aggressively pursue boosting your emergency savings and investment portfolio.
12. In all these, don't forget to make lots of dua as rizq is with Allah.