How to Grow Wealth as a Salary Earners
With the state of the Economy in Nigeria, salary earners are most affected with the increase in price of commodity and cost of living.
In a bid to ease the financial situation and burden a netizens gives advise using his life experience.
According to him, He advices salary earners; “I am a graduate of Accounting and I have been working for the past 12 years but presently I don’t have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won’t live in regrets as I am presently:
1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.
2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don’t need to leave your work unless it grows to a certain level that can pay 3 times your salary.
3. Don’t touch your savings unless for business, it is good to save it where you can’t easily access it , co-operative society, bank with instructions on duration etc
4. Don’t entrust your business with family members, they don’t take it serious, I have bad experience with this and I am regretting it.
5. Don’t lend out your savings, people might not return it, I have bad experience with this and I am regretting it.
6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don’t have the opportunity..
7. Lastly know that you can’t be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on”.
