COVID-19 has a significant impact on household wealth, especially in the long term. Credit Suisse reveals the lowering of interest rates by central banks has probably had the greatest impact on emerging economies, as they confound expectations. This is a major reason why share prices and house prices have surged, and these are directly related to household wealth valuations.
However, according to the Swiss elite bank, Nigeria’s wealth per adult declined 7.0% in 2020, reflecting another 24.1% decline in exchange rates. Financial assets dropped slightly from 70.6% to 70.3% as a percentage of gross assets, as they did in South Africa. Debt dropped from 5.1% to 4.5% of gross assets as well.
Your goal should be to do one thing better than anyone else: Train, learn, practice, evaluate, and refine it.
Be of service
Instead of thinking about making a lot of money, think about serving people. You will gain more insight if you consider what people need, or how you can improve society. Furthermore, you could be the first to create a future trending product.
The more people you serve, the more word of mouth will occur – not to mention you will receive more feedback to improve your service.
Even though it may be challenging, consider it as an opportunity to serve those who actually need your invention. Businesses cannot succeed without public support. Don’t try to squeeze every last cent out of your customers. Instead, show them that you want to make their lives better.
Get stock in a small company
Owning stock in a start-up could prove to be an excellent investment if the company thrives and either floats or is sold to a larger company.
There are very few start-ups that succeed in realizing large capital gains, so there is little chance of success. To determine which business ideas and management teams are likely to succeed, you can use your judgment.
Early employees in companies such as PayStack, Flutterwave, and Jumia became multimillionaires using this method.
Put together a portfolio of stocks and crypto
Investing steadily over a long period, choosing wisely, and reinvesting dividends will allow you to build a substantial store of wealth. Small investors can be discouraged when their portfolios plummet, as stocks can go either way. Crypto assets are known for their exponential growth, but it’s prudent to have limited exposure because of their inherent risk
Long-term, however, equities are as good an investment as property, and they’re more liquid. Crashing stock markets can be a great opportunity for those with cash and strong nerves.
Investing isn’t just about luck. A single investment mistake can decimate your assets. Think twice before making an investment decision, whether it’s on stock or real estate. Seek the advice of experts and professionals.
Start your own business and sell it in the future
In the last few years, more and more startups have achieved great success. You have a better chance of success if you can find a new approach to a specific niche of the market and create a company that solves that problem.
Anything can be listed as a business: a cleaning service, a food delivery service, or even a blog. To build up the enterprise will likely take years. Every entrepreneur must deal with considerable risk and stress. However, there are huge rewards to be had if you are successful. Many people who are seriously wealthy have done this.
The everyday things you can do will take you a long way toward a stable life with enough money to support yourself.
