How To Become Rich in Nigeria

To become a rich person in life is something good, because you’ll be able to feed well, purchase house’s, invest in different businesses, and get respect from your fellow human beings. But how will you be rich in Nigeria, in this article, it is what you’re going to learn here. This article is long but will be helpful after reading it. 

1. Be a graduate

Non graduates don’t have the opportunity to get a well paying job. If you want to increase the chance of doing decent work and getting a good paying job that is able to cater to your needs. You should go to university, and if you successfully gain admission to the university of your choice, you need to be serious with your education in order to acquire better results.  Those who have better results have the opportunity to get a profitable job to empower their life than those with a poor result. 

Why because the people who hire a worker check results before accepting anyone to work with them, if the result is bad they won’t take you that seriously. You should have a better degree like

• Associate degree (undergraduate)
• Bachelor’s degree (undergraduate)
• Master’s degree (graduate)
• Doctoral degree. This can be achieved if you religiously focus on your education.

So many stories have been told how people changed their life after finishing school.  I know of a pastor who was poor at doing [ laundry business.] In the church he talked about how things changed for him before becoming a pastor. He tried several ways to become rich in life, but all failed him.

Through deep thinking, he decided to attend university at his adult age. Despite being mocked, he remained focused to [achieve his goal.] At the end of the day, he finished his education and got a good result. Luckily for him in a short period of time he got a better job, he now has a car, a house and sufficient food in his house to cater his needs for many month.

At the time reading this article, he is not living in Nigeria. He now lives in foreign countries to fulfill his desire of pastoring in foreign countries which he has been praying for, believing God for many years. Education is not a scam, it opens doors for many opportunities, although some are not rich people. If you have the opportunity to go to school, you should do so.

2. Learn high paying skills.

If you haven’t learned hand work, don’t go for anything your mind tells you, or what people advise you to do. There is hand work that no matter how in life, you won’t be able to achieve great things. Your net worth at the end of the year won’t be encouraging. Before going to learn work, choose [ high paying hand skills]. But unfortunately, if you have already learned hand work, and there is time on your side, you should go for high paying skills to be able to get rich in Nigeria.

3. Find profitable job

To get a job to start making money, is an important step to take if you want to be rich in Nigeria, as it’s money that’s being used to acquire things that a person desires. While looking for a job, it’s important to go for the ones that are profitable order wise, you might end up working for a moment without achieving any good thing in return or even to chase your dream.

• Let’s assume, your utilities (home expenses) is about 50 thousand on a monthly basis, and your feeding is 30 thousand on a monthly basis, okay let’s stop there (with other expenses not included). 
• That’s, ( 50k) fifty thousand naira.
• Plus thirty thousand naira.
• It’s equal to (80k) eighty thousand naira.
• And your monthly paycheck (salary) is ( 80k ) twenty thousand.
• Your salary minus (80k) eighty thousands naira.
• That means (60k) sixty thousands naira still needs to be paid which is now a debt.

In a situation like this, to achieve success or move forward will be a difficult task and challenge. To avoid a situation like this of overloading your living with way too high house expenses, feeding expenses, maintenance expenses, etc.

4. Save money

To be rich in Nigeria you need to save money because the saved money is what will be used to invest on what will make you rich. Before you are able to save money you need to set a proper strategy plan in order to have a successful savings.

Have a goal.

Before starting to save you, if you want to be triggered to [ remain focus, ] you need to know the purpose of doing it. For example, is it to save money to open a [profitable business], or any other reasons that are important to impart your life. You should record them down on what you can regularly access to know your savings goal. Then calculate how much money in total you will need to save to accomplish those goal. 

Keep aside 15 percent of your daily income or more.

Whenever on a regular basics you make money from whatever legitimate work that is fetching you money, you should keep 15℅ in saving account. If you’re having more money, consider saving more. Because the greater the money you save, the better and faster the money will accumulate on time to achieve your plan. But when saving, don’t keep the money you’ll end up needing later on to cater for your needs.

• Avoid savings in your house whether it’s kolo or under the bed, such savings at any time you can be tempted to spend them.
• Keep money in the bank without having its ATM or USSD activation code.
• Find trusted Alajo that will regularly collect money to save in your hand which will help you be disciplined. Ensure they have an office to meet them.

Keep emergency fund

If you are the type that makes a lot of money or a little, it’s important to always keep an emergency fund for security purposes and assured rest of mind. Spending all your money is never a good option, unknown further things and expenses can come up which likely will require money to be solved, that’s why you need to always have a backup (emergency fund).

5. Monitor your expenses

Without knowing how your money is being spent, it’s hard for you to be able to reduce your spending on unnecessary things. Avoid buying expensive things, wasting money on liabilities (things that take away money), instead invest on assets (things that bring in money).

Always monitor your expenses as it will help you a lot in your saving journey and keep you on track to save effectively and achieve your dream to become rich in Nigeria. 

There’s no doubt that you will spend money on a daily basis, you just need to control yourself on how high you do it. Biscuit, sweet, fried things, shawarma, drink, and more goes on, are some of the things we spend money on, which sometimes are in irresistable. To be sincere I also love buying chop mouth stuff. But sometimes I reduce it.

6. Pay all your debts and avoid it.

“A debtor is a slave to the lender” [1], I believe you know this famous word.  If you have debt you still need to pay off if you want to be rich in Nigeria, it is impossible for you to achieve your dream if you have not paid off every one of your depth. 

Let’s say, You make twenty thousand naira from your monthly job, and your lender is always visiting you to ask for their payment back. Do you think you can now save at this moment?

“No” it’s impossible, you should clear your debt inorder to be able to do the things that are needed for you to be rich. Once you have successfully paid off your debt, try to avoid going into another debt unless it’s important. 

7. Get a high paying job.

If your job is not making you live a good life, consider finding a better job. You need to find a high skill income job that will pay you better than your normal Job. It will help you to make a good amount of money to maintain things around you. You can not compare a person that is earning the sum of N50,000 Naira with the person making the sum of N1000,000 naira per month. 

8. Start a side hustle.

Side hustle is a business where you can make money while doing your daily job. This business might fetch you better money than your regular job if done well. This [ are side hustle to make money online.]

9. Reduce your daily expenses

In each blessed day the average Nigerian makes a profit of N1,500 to N5,000 and squander it on time even that evening when closed from their business. Which fall under this popular category which are feeding (even not on a nutritious food), transportation, recharge card, fuel to empower generators. Although it is more hard to escape not spending on a daily basis. Despite this, there are some practical steps to reduce your daily expenses which are the following ;

A – Purchase food in bulk.

The most important thing that consumes human money is food that we eat on a regular basis. We all eat in the morning, afternoon and at night. Which we can not escape because we can’t live without it.

If you calculate the total amount being spent on food, it has reached to do something important in life. To become rich in Nigeria, you need to purchase food stuff in bulk to suppress the pressure of what to eat tomorrow and constant squandering of your money ( profit made in business on a regular basis. Purchase food items that last longer in the house.

• Food items like a bag of garri which are more affordable in the market. It takes more time to consume than most food items kept in the house.
• Purchase a bag of rice 
• Get a bottle or five liters of groundnut oil and palm in the house.
• Put in food stuff you will regularly need when preparing food for the family, so when needing them you won’t spend your daily income for anything much. For example, it will be just fish and meat.

Note despite purchasing food items in bulk. You need to learn to manage it so it lasts longer to help you gather money. If you consume all the food items on time, the strategies will be a waste of time because you will run out of food and have not gathered money to replace them. Maintain them so you will be able to replace food stuff back when you save so much money.

You should cultivate the habit of purchasing food stuff on a regular basis. The people who are already rich practice this every blessed day without a compromised heart. They don’t purchase things in piece’s because they know that it is not a wise practice to become rich in life. That is what make [ the rich different from poor people.]

B – Live in an affordable apartment.

If you’re living in a place that is higher than your total income. It will be hard to get out of poverty, because all the money you will make will all go to the owner of the apartment. To put things in the right manner. You need to rent an apartment that is affordable to live in. There are basically ways you can get an affordable apartment in Nigeria.

• You can get them in a place that is not yet developed, houses in such areas are not yet expensive. For example, in a new community, you can get a flat for the sum of N50,000 to N70,000, while in a room apartment you can get it for N30,000. But note that this kind of area is dull but more peaceful to live in. 
• If you’re already living in the city, let’s say in Lagos, renting an apartment is more expensive. You can look deeper in the street and you will be able to get an affordable house to rent. If you can cut down your house expenses to the lower level, you will be able to save enough money even to build your house.

C – Reduce electric bills.

Electric Bill’s consume money on a regular basis. And in Nigeria hardly do people use the light in a sufficient way. To reduce expenses, cut down house electric bills to a normal minimum by using prepaid meters. And also if you have sufficient funds, you should consider to purchase solar energy to empower your house inorder to reduce the cost of consuming meter subscription and excess purchasing of fuel ( liability ). Also find a way to reduce Gas in the house by using an electric cooker and microwave to support it.

10. Seek help from people

Depending on your situation, if you’re passing a serious challenge, reaching out to your people can be of great help to you. You need to meet your friend’s and families for help, or your local church where God’s words are being preached and served. If you make or know how to make a good relationship with them, you will be able to get help from them to solve your problem.

11. Invest your money in the best manner.

Investing money is what really made people rich in life, not saving money in the bank. The truth is that if you save money in the bank your money won’t increase but remain in a single spot which in front you can withdraw to do unreasonable things. The rich people in Nigeria and in the foreign countries all have different investments that are bringing them money. Take for example, Mark Zuckerberg of Meta formerly known as Facebook has WhatsApp, Facebook, Instagram that is bringing him money. To increase the chance to become a rich person, invest money instead of saving it. However, there are different ways to invest your money which are the following ;

A – Invest in profitable business

According to studies most businesses in Nigeria are not profitable, they can collect a big amount of money to start them but the outcome profit is not encouraging enough to cater for the things needed in life. To increase the chance of having enough money, you should do businesses that are highly profitable.

B – Invest your money in the stock market.

You should invest money on what will bring in profit  that will help you when you get old in age. But when investing in the stock market, put in money on industries that have a reliable foundation that is here to stay for long years to avoid your investment being in vain.

C – Put your money in assets.

If you have enough finance with you, consider investing in assets like real estate to build your wealth. So many people have used this means to achieve financial freedom in their life and still date more people who are going into it. 

This kind of investment increases overtime for many years. You can purchase land in undeveloped areas which are cheaper in value and secure it for many years to increase the value when you sell it out. Or build different apartments in many areas, create renting apartments such as hotels to get sustainable stream income.

D – Spread out your investment.

To increase the opportunity to become rich on time is to put your money in more than a investment. The more you invest in different place’s the better you will be able to accumulate money and achieve your dream you desire so much. If you just invest your money on a single place’s to the cost of losing everything is very high which can make you become a poor person overnight.

12. Learn about money from experts.

It takes someone who has knowledge about money to keep on dominating. To increase your knowledge about money, you need to keep reading a lot of money material. Read material like :

• Financial magazine
• Finance blog that deals with anything consigning money.
• Reading books about the rich man. You can get books in any Nigeria books library, some stay along the roadside. However, here are handpicked [ best rich people book to learn deep things about being rich. ]

Doing this you will be able to gain firm knowledge about money to remain motivated and relevant always. 

13. Save money for retirement.

There will be a day you will get old in age, despite planning to become rich you need to prepare for this time. You should not fully depend on your children to survive in life, although doing this is not a terrible thing, nor is it a crime that will get you arrested by the Nigeria police force.

But the issue on ground is that so many people that depend on their child, unfortunately got disappointed at the later end resulting in them going through starvation, bad health conditions, lack of attention, and work throughout their old age. They are no more in the world. 

Keeping an emergency fund can save you from stress and release your children from the unnecessary burden of life, while they are able to cater their need to have sufficient money to give you in return. You’ll be able to enjoy your old age better because you have enough money with you. The earlier you start keeping money aside you will be able to gather enough money.

14. Take care of your health.

Health is important in life, it helps to make you fit to do anything that will make you rich in Nigeria. 

There was a man in our community back then, he was his hawking puff puff, he would shout on top of his voice, do funny drama to get customer attention. Everyone in the community knows him and at the same time love buying puff puff from him. He does his business with passion, selling in the morning and in the evening. He doesn’t like to rest but prefers selling more to gain customers and make enough money for himself. Until one day we couldn’t find him for a month. We asked those related to him what happened to our best puff puff seller, they said he fell terribly sick that almost led him to an earlier grave. Since then the man changed his business to something else and started maintaining his health. 

Instead of spending your money in the hospital, you should take your health as the first important thing before doing other things.

15. Give yourself time to become rich in Nigeria.

To be rich in Nigeria won’t come overnight. If it’s overnight that means there is something strange about your wealth. Give yourself more years to be rich. Then this way help to make you do something more effective, it will removed haste for success