10 Steps to Achieve Financial Success in Nigeria

10 Steps to Achieve Financial Success in Nigeria

How to achieve financial success

More often we have heard of several success stories over the year on various social media platforms like on Facebook, Instagram, Twitter and on several other social media platforms we can talk of. Although many use their success stories for so many reasons including show off and fame. They use their success stories to get more online audience.

But don't be deceived by many financial success stories we hear online, many are nothing but fake stories fabricated to gain online presence and to pull in large online audience to themselves. Don't be deceived by the luxury lives of people you see on the internet or on social media, many are not real.

Although financial success does not guarantee happiness, financial success is defined as the achievement of financial freedom. The ability to manage funds successfully, the ability to have financial stability can also be part of financial success definition.

Today we will be giving you some important tips for financial success. You can organize the ideas into your own system or use the 10 steps to get started this year.

  1. PAY YOURSELF FIRST. One of the tips for financial success is to start putting aside at  least 10-20 percent of your take home income before you spend anything from it without a “stake,” it else, you will be living hand to mouth, always behind.
  2. DEVELOP A BUDGET. If your expenses are always too high to allow you to save 10 percent, cut your expenses. keep track of what you spend for a month and decide if that’s where you want your money to go to. Cut off the unnecessary expenses, you don't have to be a "Father Christmas" to everyone you see, save for the raining days. If you don't do this, you might even lack financial success in business. More importantly, look for ways to increase your income. This is one of the secret of financial success.
  3. PAY OFF YOUR DEBTS. Also, one of the steps to financial success is to take responsibility for your debts, pay something on them every month. your honorable behavior will rebound to your credit and increase your financial and peace of mind. The is one of the basic rules of financial success.
  4. START LOOKING FOR WAYS TO PUT YOUR MONEY TO WORK – How important is financial success to you? When your money works for you while you sleep, you are on the highway to financial security and wealth. Can you start a part-time business, can you invest in safe opportunities? This will increase your financial stability in no time
  5. ACCEPT RISK, BUT BE CAREFUL. Mistakes are learning experiences, if you  take the lessons and move on. This is one of the keys to achieving financial success. Don’t invest in schemes that are too good to be true. Lending money to family and friends can be dangerous, instead, give them whatever you think you can afford to lose and only borrow people who have the financial ability to pay back or multiply the money.
  6. DON’T PROCRASTINATE. Another step to financial success and how to achieve it is to avoid procrastination. Be positive and action oriented. When any opportunity come your way, seize it. "Luck is preparation meeting opportunity". Get out there with your new skills and attitude and meet great opportunities.
  7. INVEST IN YOUR HOME. Another secret of financial success is to invest in your home. If you don’t own a house yet, make that a priority. If you sold any of your house or rented it out, the money is  task free, you can as well invest the money and make more money.
  8. INVEST IN YOUR RETIREMENT SAVINGS. Create your own retirement plan, start saving 10% of your income, and then increase it to like 45% as you grow towards 70 years old. If you know you can't do this on your own, you can simply open a retirement savings account in a reputable and trusted financial institution. They will assist you with a retirement savings plan that will help you save for your retirement. You are not too young to start saving for your retirement. You can start saving for retirement at 30, 40, you can even start saving for retirement at 50, it's not too late.
  9. INVEST IN YOURSELF. Get out of your nest and develop your skills and knowledge. Learn more to earn more, that's a rule of financial success. If you already knew much, you would have been earning much more, so learn more. Also your health is important, do the necessary things to keep you healthy always. Take necessary precautions and keep your health in check always. So that you won't be spending almost all your savings on your health later in the future.
  10. PREPARE YOUR “WALLS OF BABYLON.” This goes to the elderly ones, prepare a will. If you own an estate, or a property, consider a living trust to avoid probate. Employ the consent of expert advisers for your financial matters, so that your long term hard-earned fortune won't be wasted in the hands of the wrong ones.
Lastly I will generally advise all Nigerians to cultivate the habit of:
  • Giving a portion of your income to help needy people, givers never lack, so the more you give, the more you get.
  • Always make use of people, you can’t be a billionaire on your own, employ people, hire and consult people. Delegate completely the unimportant works and mind your own business (the main work)
  • Never take advice from quacks, or non-professionals, the worst advice you can take, is taking advice from someone, who says he got the advice from his uncle’s friend. Such advice are usually fruitless, they are always unproductive.
  •  Never depend on anyone; maybe your father, families, friends or the government. You only can decide and take yourself to a greater height. We are all on our own. if you depend on anybody you are on your own, everybody is fighting for themselves.
  • Have a mentor, you can’t afford to walk alone in a the journey of achieving financial success in business, have a mentor, if you want to learn blogging, web designing, digital marketing and online business. You can comment in the comments section stating which skill you want to learn.
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