Don't get too comfortable
One of the things old people regret is not planning their future well during their youthful age, some of these aging people you see suffering now were millionaires during their prime but they did not consider their old age or make plans for it and that is why you found them in the position they are at old age.
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When it comes to money, earnings, and investment, we need to plan right so our future can be nice, people get too comfortable with the work they are doing, let us take for example, someone earning 500k to 1m Naira in this current economy is earning big enough to cater for himself and his family, he also could save up some money if he manages his finances.
Saving money is one thing and channeling the saved cash into something else is called investment which is what many people lack the idea, some people do not realize they will not always be as strong and vibrant as they are now which is the reason why they need to divert some of the money they are making now to create a passive income for themselves that will require little or no efforts from them and they will continue to get cash from it till the rest of their life.
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One of the common and safest investments to make sure you never lack in the future is real estate which involves buying land, building houses, leasing land or houses, or renting them out, this business is one that even if you lose your strength cos of old age, you will continue to reap the fruit of your labor cos the profit and income from real estate never ends as long as you didn't sell your assets.
I am not against enjoying life or living the moment with your robust income, but my advice is to not use all your ten fingers to eat.
Life is not always rosy, we gain sometimes and lose sometimes, I have two of my friends who lost their jobs this year but luckily for them, they saved well and the job loss didn't affect them much, imagine if they had been extravagant and misuse the funds they earned, it would have been so tough on them but now they have enough money to set up themselves and also last them till they can find themselves another job.
The most important is securing passive income for our old age, we must learn how to divert some of the money we earn now into something that will always give us good return without us having to do any hard work to earn the money, our youthful age is the time to set ourselves free and become a boss because we can't serve others forever.
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Uncertainty is a part of life and we need to be prepared for it. So maintaining finances is very important for all of us otherwise we may suffer in the end. A good financial plan is required because inflation strikes us badly. I think Real estate business the be best choice if we are capable of doing it.
So true! Enjoy life, but save and invest wisely for the future. Real estate is a great way to secure passive income. Thanks for sharing this reminder!
Also, multiple streams of income is very important. At a younger age even before having kids, we are supposed to work very hard cos when we start having kids, that’s when we start to have more bills to pay
Saving is really underrated in a world that's subtly designed to make us spend as much as we have. It's easier to spend than save lol, but reminding ourselves that the future will soon become the present is a great way to think and build long term.
...And we have some so called financial educators saying land properly or owning a rentable house is not good. These people forget that apart from the fact that it's an asset, it's also security and continues to earn you income.
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