₦airaland Forum

ibechris:
The only thing I want to learn next year is Crypto and nothing more.

SyrusdeHansome:
We know you're already a millionaire so my own is, pls give us lecture on things we can do to generate money next year. We have to start producing more millionaires in Nigeria.

ibechris:
[sup][/sup]o

I don't know if I am a millionaire but sincerely speaking I thank God for every thing that j have accomplished.

My advice is;
Take risk and listen to ur inner mind.
Spend less than u earn and use leverage to earn more.

While hustling,don't let anything get in the way of ur success not even the so called conventional 9/5 job. It is simply over rated and soon to be taken over by event.

For what u can do to make money...

Buy and land sell for profit....that is what i do for a living.

Buy mutual funds or treasurybill or bonds and compound immediately.

Lend money to make profit and when doing this,give it to a trusted business men and women...I do it alot.

If u are from the east,Buy land in the east,it also appreciates.

And finally, invest massively in crypto...I ventured into crypto in 2015 but I never showed any interest in learning till date..I just left the bitcoin in my wallet for 9years and now with 5k I bought then I now have close to 1.2million naira when converted into today's naira.
I honestly regret my actions.



That is my only financial regret ever.

ChalRurk:
I would like to know more about crypto assets and how to choose them correctly.

ibechris:
The only thing I want to learn next year is Crypto and nothing more.

AngelSlay:
Join the channel lecture start in earnest.https://whatsapp.com/channel/0029Vaw68pY6rsQkOhGJ3x27

Financial Literacy

Heard of Portfolio Diversification?

In investments, not putting your eggs in one basket is called "Portfolio Diversification."

Portfolio diversification is the process of investing your money in different asset classes.

It's basically having a blend of investments.
Diversification is key to keeping your portfolio balance healthy – especially in periods of economic downturn.

Why Is It Important to diversify?

It’s simple! To minimise the overall risk.

In the event of you carrying all your eggs in one basket, there's a greater risk of you losing all of them if something bad happens.

However, if you place your eggs in different baskets, you still have some eggs left if anything happens to one of the baskets. This can also be likened to your investments.

When you effectively diversify your portfolio, you minimise risks. So, even if unforeseen market events come up, all your investments will not be uniformly affected.

How Can You Diversify Your Portfolio?

1. Choose A Range of Assets
This means dividing your investment portfolio among different asset categories such as stocks, Crypto mutual funds, bonds, etc.

2. Spread Your Investments
After choosing your range of assets, spread your money across them. If you're much younger, you can afford to take more risks and be aggressive with growth.

However, if you are older, you can’t be as aggressive. You should spread your investments more conservatively.

3. Invest In Global Markets
The internet has made it easy and possible to invest in both local market & the global window.

With the help of your mobile phone, you can easily invest in the Nigeria Stock Exchange, US or London Stock Market, Crypto etc to mention a few.

When you invest in global markets, you get exposed to investment opportunities that are not present locally and hedge currency risk.

4. Rebalance Your Portfolio Regularly
Portfolio diversification is not a one-off event.
Ensure you keep building your portfolio.

There is a concept called "cost averaging."

Cost averaging helps you to put a fixed amount of money into an investment at regular intervals, thereby cutting down investment risks.

5. Don’t Over-diversify
If you hold too many assets, it can do more harm than good to your portfolio. This means if you over-diversify, you may be holding back your capacity for growth.

This is because if you have little proportions of your money in different or too many investments, your portfolio risk is definitely low, and so is your expected rate of returns.

While portfolio diversification is important, we should not go overboard and spread it too thinly or even invest in assets that we don't require. You’ll also be dedicating time as well as capital, as diversification requires the regular monitoring of the health of your portfolio. Some investors choose to open fully managed portfolios, to pass over this responsibility to a professional.

We should also know that diversification doesn't mean the possiblity of losses getting incurred is eliminated completely.

When you diversify and balance effectively, you lower the risk of losses to the barest minimum. ⁣

Have a great week!

ibechris:
Can u teach me one on one?

SyrusdeHansome:
2025 is just by the corner and we thank God for life. We're not better than those that lost their lives in the course of this year but it pleases God to keep giving us life. It's by his mercy and grace that we're not consumed.

Now back to the topic; we all know that this year, 2024 has been filled with ups and downs as a result of some government policies that didn't go well with the general public. Some of us watched the monies we used to establish businesses go down the drain due to the removal of fuel subsidy and some other bad policies of government. For someone like me that use to sell Ok shoes and bags I know how the policy negatively affected my business to the point that I had to close down the business and go back to my family house. I started searching for things I could do online that can generate income, so I finally decided on going into crypto and to say the truth God has used it to give me capital to start any business of my choice next year. I took a decision and it worked out for me. By God's grace I wanna do many things next year. I wanna learn software development, graphics design to perfection and also give establishing a physical business another chance. So as the question goes, for those of us that are ending this year with negative account balance, what are those decisions u wanna take next year that'll give u a positive account balance before 2025 runs out? Please I need advice from successful business pple in this forum. It'll go a long way to help us plan for next year. Please mods help us move to fp so that we can use the opportunity to improve our lives.

Lollydagold:
I really face a lot this year, I and my family have this mindset of traveling out of the country, but the thing is we started the journey, I convinced my husband in selling the only property he had so we can travel out, we are pursuing Canada PR as it is now we are still stuck with ielts exam, I haven’t make the exam up till now, even I don’t have any business am doing again, he’s so rich that it’s my business money that we are using to feed till the business went bankrupt, last month he tried uk visit visa he got refused this month because of CAC and some minor issues in his statement of account, as it is now am so depressed I keep hating myself for telling him to do that, but I just keep thanking God for been in good health 🙏 but have made a new resolution that I won’t let all the challenges I face this year stop me from pushing harder, even if it’s for me to start job hunting by next year Jan, he said he’ll also go and learn tech. Have told God to direct our path, if it’s in God’s will that we will travel out we will am 💯 sure of that. I just wish to pour out my mind here as I do not have friends to share this my burden with.

AngelSlay:
It sounds like you've had a challenging year, filled with setbacks and disappointments. I'm here to listen and offer support.

Emotional Burden
1. Acknowledge your feelings: It's normal to feel depressed, guilty, and overwhelmed. Recognize these emotions, and give yourself permission to process them.
2. Self-compassion: Be kind to yourself. Remember that you made decisions with the best intentions, and it's okay to make mistakes.

Current Situation
1. Financial struggles: It's tough to rely on your husband's business, especially when it's facing challenges. Explore alternative income sources or job opportunities.
2. Canada PR and IELTS: Don't give up on your dreams. Focus on preparing for the IELTS exam, and re-evaluate your Canada PR application.

Moving Forward
1. New resolutions: Your determination to start job hunting and your husband's willingness to learn tech are great steps forward.
2. Support system: While you may not have close friends to share your burden with, consider joining online communities or forums for people going through similar experiences.
3. Faith and positivity: Hold onto your faith and maintain a positive attitude. Believe that God will guide you through this challenging period.

Actionable Steps
1. Create a budget: Manage your finances effectively by tracking expenses and creating a budget.
2. Explore job opportunities: Start job hunting, and consider freelance or part-time work to supplement your income.
3. Prepare for the IELTS exam: Focus on preparing for the exam, and seek resources or tutoring if needed.
4. Encourage your husband: Support your husband in his tech learning journey, and explore potential business opportunities together.

Remember, you're not alone in this struggle. Keep pushing forward, and have faith that better days are ahead.

Lollydagold:
Thanks so much for your words of encouragement, I really do appreciate this means a lot to me.
Have take note of everything, and I’ll try as much as possible to work towards it.
Firstly, I won’t give up on the Canada PR cause we’ve invested a lot in it, also have already evaluated my results, so it’s just the exam that’s giving me pressure, but have been practicing celpip too, just that I stopped practicing it for a while when I noticed am not mentally stable enough to keep practicing it, but I’ll make sure I continue this next year and give it a try.
Secondly, I do not have any idea of how to start the freelance work, if you can put me through I’ll be so grateful, I download a lot of app but still not getting it right.
Also, I already told God to direct my path, cause the burden is too much for me to handle, but I believe with God all things are possible, I won’t give up
I know the path to success is not as easy as it may seem, there will be so many obstacles, and I know we are already experiencing our own challenges rn, but I believe there is light at the end of the tunnel
In conclusion, have been telling some people that I know that can help me get a job, I pray I get a positive outcome 🙏
Once again thanks so much 🙏 God will never leave nor forsake you 🙏
I was surfing the internet few days ago when I came across this nairaland have not been chatting nor doing anything on it before, but am kinda relieved a bit by expressing myself this morning .

Lollydagold:
I really face a lot this year, I and my family have this mindset of traveling out of the country, but the thing is we started the journey, I convinced my husband in selling the only property he had so we can travel out, we are pursuing Canada PR as it is now we are still stuck with ielts exam, I haven’t make the exam up till now, even I don’t have any business am doing again, he’s so rich that it’s my business money that we are using to feed till the business went bankrupt, last month he tried uk visit visa he got refused this month because of CAC and some minor issues in his statement of account, as it is now am so depressed I keep hating myself for telling him to do that, but I just keep thanking God for been in good health 🙏 but have made a new resolution that I won’t let all the challenges I face this year stop me from pushing harder, even if it’s for me to start job hunting by next year Jan, he said he’ll also go and learn tech. Have told God to direct our path, if it’s in God’s will that we will travel out we will am 💯 sure of that. I just wish to pour out my mind here as I do not have friends to share this my burden with.

Nnamdipapa:
Get out of paid employment permanently without looking back.

2025 is gon be interesting and I can't wait.

TheGreatIyaebe:
I am here to read stories of our lazy men on Nairaland. All will never change.