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- Save or Invest, Still. There have been many anecdotes and soundbites saying this is the ideal time to invest. That advice can come off as tone-deaf at times especially when you consider your meagre income but then ask yourself if you want to stay in the same rat race in a few years because that will be the likely result of being short-sighted in spending. So cut down on spending excesses and save. Don’t stop there. Invest. Consider land or agricultural schemes.
- Avoid your own excesses and cravings that drill holes in your pocket. It might be a good time to take stock of your habits. Drop or cut down significantly on those you know are costly and are of little value to your progress.
- Invest in your future. You can do this by learning a new skill that would open you up to bigger prospects or even a new and better-paying career or going on to further your studies as that would be the same effect. Investing in a pension plan is also part of that operation. Consider one for yourself if your employers don’t already have one in place.
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- Avoid debt. Try and avoid debt. Not for anything but your own sanity and security in the near future and long term. If you must borrow, it must be for something that would be extremely profitable going forward. If you must borrow, look to close friends and family for assistance. Because debts are a vortex that sucks you in. If you get into that habit of borrowing, you may never stop.
- Pay your bills on time every time. This habit has a psychological effect that is liberating even as a salary earner. Tech has made this easier as you can make payments online hence you can do it as soon as you have the money.
- If you are like me, taking a side hustle or extra job to keep you well and above your bottom line would not hurt. Don’t be scared of the hassle. If you don’t hustle now, then when?
- Ensure your circle of friends are not ones that encourage your bad spending habits. If they are, change them and do it fast because we are a factor of who spend our time with.
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