Especially when the economy is low as it has been in recent years, more and more people begin searching for fast ways to make a lot of money. Day in and day out you pay bill after bill, emergencies come up and repairs have to be made. Thirty or forty years later, you find yourself in the same place you have always been wondering what happened.
We all know that in order to become financially free we have to pay off our debt. All we have to do is focus on reducing and eventually eliminating any debt from our lives as quickly as possible.
All too often, people tell themselves that when the bills are paid, a few months or years from now, then they will save money and focus more on creating wealth. Unfortunately, as the years go by nothing seems to happen. They become frustrated and fail to get ahead.
If you really want to create wealth, you have to save a piece of every Naira that crosses your palm. Begin by opening a bank account that is not tied to any other accounts, payments, etc. Look for a savings account with the highest possible interest rate that you can find.
Save a minimum of ten percent of any income you receive no matter what. For example, if your cheque this week is say, N500, put N50 in the savings account. If your grandmother sends you a cheque for N100 on your birthday, put N10 in your account. Times will come when you will only have a Naira or two to deposit, but you must commit to putting away that ten percent regardless. It is the easiest way to build wealth.
No matter what happens, do not take money out of your savings account until you reach your goal. If you owe N10,000 in debt and you are putting money back to pay it off, do not spend a dime of that money on anything else until that debt is paid. It will take a great deal of discipline, but it can be done.
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