2 Critical Steps to Secure Your Finances This Year
Image Credits: Finance Budda
Fuel Prices is the least of your problems; you think your money is safe with you or in banks? You’re joking.
We go out and make a lot of money, whenever the money touches your account all you can think of is spend. Most of the time you even spend it wisely but wisely doesn’t mean it is safe.
The wisest way most of you keep money is by putting it in the bank, which is utterly foolish and an act of ignorance.
You need to understand the concept of inflation, money in the bank is not safe, at all.
Financial security comes where your money is kept in asset that does not succumb to inflation. In case you’re wondering, what is inflation? To put it in simple terms.
Well, the moment the money you had in the bank on Friday, can no longer perform the function it use to. You have 10k and with 10k you can buy 20 litres of petrol but the next week the govt removes the subsidy on petrol.
And now 10k for 20L can only buy 8L or 10L, then we can say the price of commodity has inflated. That is simple what happens to many people but rich people are wise, they don’t get affected by this.
What do they do differently, they keep their money safe in assets and the best asset that has served them is Real Estate. Land never reduces in value, it only increases.
If you buy a land in an area with evidence of growth, your money can never reduce in value, this is the best financial security you can offer yourself.
Imagine buying a land for ₦4 Million last year and thanks to factors like inflation, subsidy removal and whatnot, the land is worth ₦13 Million. You won’t even have to do anything on the land for it to increase in value; you just needed to buy it.
If you buy a land for 1.75m, 3.5m or even 7m today on Saturday morning, your 1.75m turns to 2.1m, 3.5 turns to 4.2m, 7m turns to 8.4m. For instance, Epe is one area in Lagos that has this a huge ROI.
No land is too small, don’t think 150sqm is small. Ololade Mii Asake, the YBNL artiste has his house sitting on 100sqm.
Newstori.com
