Hello everyone,

I'm a young freelancer trying to navigate the complexities of saving money in Nigeria's economy. As the saying goes, "It can't always be raining," so I'm looking to prepare for my future—ideally one that involves traveling, raising a family, and living comfortably.

That being said, the available options for saving have left me skeptical:

1. Dollar Accounts: I've considered investing in dollar accounts, but the fluctuating exchange rates give me pause. Even worse, third parties converting the currency often offer less-than-favorable rates.
2. Online Savings Platforms: Platforms like Piggy Bank haven't resonated with me. Maybe it's the way they function, or perhaps I'm not fully grasping their benefits.
3. I don't plan to invest I business as I wont have time to look after it and I don't want to hear story that touch.

I typically earn around 300k a week or more from my freelance gigs, but I haven't found a solid savings plan that resonates with me. Maybe it's because I tend to be generous and don't keep tabs on my income as much as I should.

So, I'm asking for your wisdom: How do you manage to save money smartly in this economy, ensuring it retains its value for future use? I'd really appreciate any insights or advice you can offer. How do I Navigating Financial Savings in Nigeria's Economy

Looking forward to hearing from you all. Also, the 300k of January is different from 300k of September, by far. Pls, what method do you use and how can you tell me.

(Moderators: dominique, mukina2, seun Kindly help for a wider view

(Moderators: dominique, mukina2, seun Kindly help for a wider view
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Okay.

My Little contribution. Never underestimate the power of compound interest. we dont all have to invest in risky business to become very rich. I know people that did the 3 step programe and were very successful on the long run.

just incase some persons get to see this many years later. it will benefit there lives.

The three step method is this

EARN
SAVE
RE INVEST.

So basically, Like you mentioned. You earn about 300k weekly. if you save every 150k weekly. after 26 weeks at a frugal lifestyle. That should give you 3.9mill. after 1 year that will give you 7,9mill. Now if this money is saved in another fixed deposit with standard chatterd or FBN Microfinace (former first bank, but still has solid capital base)

after the second year plus the counpond interset. you should have at list 20mill. Go to bariga, shomolu, sangotedo or some upcomming area and buy a bongalow or uncompleted building. in 5 years time and gradual increase in your income, which leads to increase in investement. You shoulld have at list 3-4 properties with a worth in asset of not less than 150mil.

how do i know. That is what i have patiently and gradually done. forget what the masses love to say. if you are frugal, porposely and focused. i dont know how old you are. You can be worth over 500mill if you keep to these. in 15 years. Then you can acquire any lifestyle you desire. Even those midoirecare..please dont mind my spelling.. Im horrible at writting or typing. Yes its good to own a business. truth not all business people are rich and not all persons that worked in companies are poor...

im not a consultant or a teacher. im just a curious guy who made a lot of mistakes in life and also learnt a lot and built myself up a decent level.

wish you all the best. see you at the top.....

cheers

And Please kind read the book... " THE MILLONIARE NEXT DOOR" By Dr. Thomas J. Stanley..

its Not how much you earn in life that matters. Its how much you are able to keep and multiply. Our Office Driver at a salary of 65k in 2010. was able to earn and build a modest 3 bedroom at ikorodu and with borrowing salary advance from the office. sent his kids to university.

most of us dont like to manage. we call it suffer. we would rather enjoy now and suffer later.... Gratification should always be pushed forward

Best of luck to whomever comes across this.

ilovedata:
Hello everyone,

I'm a young freelancer trying to navigate the complexities of saving money in Nigeria's economy. As the saying goes, "It can't always be raining," so I'm looking to prepare for my future—ideally one that involves traveling, raising a family, and living comfortably.

That being said, the available options for saving have left me skeptical:

1. Dollar Accounts: I've considered investing in dollar accounts, but the fluctuating exchange rates give me pause. Even worse, third parties converting the currency often offer less-than-favorable rates.
2. Online Savings Platforms: Platforms like Piggy Bank haven't resonated with me. Maybe it's the way they function, or perhaps I'm not fully grasping their benefits.
3. I don't plan to invest I business as I wont have time to look after it and I don't want to hear story that touch.

I typically earn around 300k a week or more from my freelance gigs, but I haven't found a solid savings plan that resonates with me. Maybe it's because I tend to be generous and don't keep tabs on my income as much as I should.

So, I'm asking for your wisdom: How do you manage to save money smartly in this economy, ensuring it retains its value for future use? I'd really appreciate any insights or advice you can offer. How do I Navigating Financial Savings in Nigeria's Economy

Looking forward to hearing from you all. Also, the 300k of January is different from 300k of September, by far. Pls, what method do you use and how can you tell me.

(Moderators: dominique, mukina2, seun Kindly help for a wider view

Can you link me to your freelance gigs I'm interested in it?