Wealth creation seems farfetched for so many. It is a general notion that your earnings must be huge before you can create wealth and be financially free.
There are various ways of wealth creation. You can start up a business that grows to attain that; one can inherit a fortune and be financially free; there is also the part of prudent spending and savings to attain financial independence. There are various ways ro get there.
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My take today is centered on your frugality about deliberately deciding to spend on things that are only important to you.
In doing this, there has to be lots of sacrifices on your part to ensure that this is followed through. You should start by being;
Accountable to yourself. This is you taking responsibility for your financial wellbeing and status. No one can do it for you. It is a personal thing that you must hold yourself accountable for your finances.
Make Deliberate Savings. This calls for discipline on your part to save a portion of your income on a daily, weekly or monthly basis. You should set a target for that. This doesn't come easy but with an automated savings plan, this can be achieved for salary earners.
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Have a Budget. Budgeting keeps you in check on your spending. It is like a map or a navigator to take you to your destination. Money not planned will surely be spent but might be on the wrong things. Money wants to be spent, so you tame it by getting a budget and direct it to the right channel that will benefit you.
You can divide your expenses into two. Fixed expenses like rent, food, transport, utilities, school fees, medicals etc; and Variable expenses such as entertainment, gifts, new furniture or car upgrade. These are things you can do without to enable you achieve your set goals.
Remember you are accountable to yourself on this journey.
Imagine if you have been saving 100 naira at least for the past 5 years on a weekly or monthly basis. Though little but it would have accumulated.
This is one practical way to become a millionaire without making too much noise. I have practically saved some money this year and i have seen the results. Just like little drops of water. It makes an ocean in due time.
I will come with more ways to feed your frugality on subsequent post. Have a wonderful week ahead.
I am @gloeze.
Great article. I like peer to peer lending myself.
Posted using Partiko Android
Very hard work,to deposit from income.
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