One of the most impressive things about Nigerians is their ability to think, innovate, and adapt to some of the worst situations. We have some of the most uncomfortable policies in the world today that make it particularly challenging to set up a flourishing business. Apart from that, the country itself lacks several mechanisms that can aid you in protecting your finances.
However, like you, this hasn’t stopped many Nigerians across the country. We still look for ways to do great things. One of the ways we’ve been exploring over the last few months is with cryptocurrency. Recently, Nigerian youths have been investing heavily in different virtual coins. There have been losses. But, there have also been great wins.
Sadly, out of nowhere, the CBN came up with a policy that severely slows down our ability to maximize this opportunity. For this reason, it is incredibly important that you begin learning the process of protecting your finances. You really don’t want to become the victim of another unfavourable government policy. Here’s how you can go about it:
Diversify your savings and investments
This part might be a bit of a challenge to you. This is especially so if you’re mostly used to banking with Nigerian institutions, and you cannot afford to work with some others. However, if the whole CBN cryptocurrency drama is anything to go by, you need to expand all the places your money goes into. That way, even if the government says something that should negatively impact you, you can rest assured that you’ll scale through with all the other options at your disposal. An easy way to diversify your savings is by putting your money in foreign accounts that are available to you. This one in particular doesn’t just protect you from unfavourable government policies. It also helps you to stay on top of currency devaluations. You’ll hardly lose the value of your money, depending on the currency you save with.
Diversify your income
Nigerians across the country have coined a fairly appropriate phrase – “na who get money fit invest.” This translates to, “it is the person who has money that can invest.” Nothing could be truer. You might be looking for ways to diversify your savings and your investments. However, if you do not have money coming in, how will you save or invest?
With that being said, start to diversify your income sources so that you can make more money. The easiest way to do this is to acquire different skills, market them and get paid for them. Even within one field, you can diversify. For example, if you’re a writer, you can work with multiple agencies. That’ll ensure that you always have money coming in from one place or the other.
Keep your ears to the ground
In protecting your finances, nothing is more important than information. By this, we don’t mean you should merely lookout for information that’s been publicized already like the “fan-favourite” CBN law. No. What we mean is that you should keep your ears open for any useful piece of information that might help you gain an insight into how better to manage your finances. The last thing you want is to be caught off guard.
Protecting your finances is essentially a never-ending process. You cannot afford to stop trying to do this at any point in time. So, keep working to improve on your existing options within the confines of reason. Godspeed!