Become a millionaire in 2020
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It’s 2020, 1 Million Naira is pretty feasible, right? It’s roughly $3000 only.
Not necessarily a lot of money however the guardian reports that there are just 29,500 millionaires in Nigeria. For a population of 200million, that figure is less than 1%!
If you’re one of these lucky people, applause and congratulations are in order, you’re in the Nigerian 1% club.
That said, if you’re not there yet, keep reading so you can join the club by December 2020. Here are all the tips we have gathered on how you could become a millionaire in 2020
The reality of 1,000,000 in savings by December 2020, it is 84,000 naira a month, which is equal to 21,000 saved every week and 3,000 saved every day, making it a more realistic goal. So how can you save 3,000 every day for a year?
The first answer is obviously increasing your income, second is locking your savings and the third is how can you increase your income. We are addressing these here:
Start a business
Starting a business is one of the most lucrative routes to millions of Naira, most of the world’s richest are entrepreneurs.
The only drawback is entrepreneurship is not for the faint of heart. It is capital intensive and most businesses do not see a profit until after 3 years but if you think you can do it, join young entrepreneurs and become the next Mark Zuckerburg.
The first step is to develop a business plan/pitch deck, get a lawyer to register your business for you, set up a website, social media or business space and you’re on your way!
Check out this free workshop available in January 2020!
Having a good savings strategy is a very important aspect of becoming a millionaire because you can’t accumulate wealth without saving. Saving in dollars is a good way to retain the value of your savings (because of the yo-yoing Naira value), but platforms like piggyvest also over great savings plans and you can lock your money for a period. Start with this link to get 1000 Naira for free!
Investing is very difficult because its hard to know how to make good investments without a proper adviser, but platforms like PorkMoney, piggyvest, bitcoin and even investments with family and friends. Find our article on agriculture platforms that provide investment options here.
Selling is tough! But if you can pick up the skill, it’s a good avenue to make extra income. You can sell online, rent stalls or fair booths and sell refurbished clothes, gadgets, order online and resell in Lagos and get those millions up! Find this great workshop in January for sellers.
Get a raise
Another way to increase income is by getting a raise at work. You can have a conversation with your boss or manager about earning more money and be able to save 84,000 monthly.
Take advantage of freebies and referrals
A lot of platforms offer free money to sign up to them or refer people. Platforms like piggyvest, Opay, even referrals that do not translate to money in your account can be used to cut down on daily spending which will go a long way into your coffers. Yumieow500 is a take out menu offering free food trials, check out here!
Get a better job by gaining new skills
Gaining new skills will help you able to negotiate for more money at your workplace or able to get a new job as well. Take an online certification course or better still short course or conferences at a local or international learning institute that will give you more skills in your industry or other that you can use to apply for better jobs or get another part-time job
Sports betting is a fun way to win money! Nothing better than won money yes? It’s also a good way to lose money so it’s tricky but you can gain skills and get better able to predict matches or games you can set up an account and start some low-risk/high reward betting. This is a website to some of the best betting platforms in Nigeria here.
Stocks & Trading
In addition to Forex, NSE trading, cryptocurrency also provides platforms to buy and sell stocks, this is easier than ever. Bitcoin hit its highest figure ever in 2017, bitcoin going for $19,783.06. While the market has seen a drop, trading in stocks is a good way to increase income. Find a company that will help you put your money in the right place or get into crypto trading by yourself.
Whatever new ways you decide to take, you can become a millionaire by 2020! For more financial education, be part of Resafric 2020 Finance Fair.