There are many influencers, TikTokkers, entrepreneurs, and businessmen in Nigeria today who are not investing to grow their wealth.
The many challenges facing the economy have beclouded the judgment of so many, from realising that this is the best time for investing.
Money-making can be easy and at the same time, it can be frustrating. So, the wise thing to do is to invest while you are making your money.
The economy of the world at the moment rather than improving is shrinking.
As a result, considering investment at the moment may be a challenge.
However, investing your money is a sure way of growing your wealth and adequately planning for your retirement days.
According to Google, wealth is the value of all the assets of worth owned by a person, community, company, or country.
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In this article, we shall endeavor to look at a few ways to invest and grow your wealth in a period of hardship.
Steps To Investing And Growing Wealth
Do you want to know how the wealthy people in our society manage to stay wealthy?
It is very simple. They adopt an investment strategy that helps them hedge against inflation.
Based on our findings, here are areas you should be looking at if you want to throw in some money into investments.
- Homes: Your home or place of residence should take the highest priority when investing, so you are expected to invest nothing less than 32% of what you make here.
- Equities: This means buying shares in other people’s companies. Investing 18% of your wealth or income in equities is a wise step towards growing your wealth. It gives you the right to partake in the company’s profit-sharing and losses too.
- Commercial Property: Another major step towards growing wealth is by owning a commercial property. With 14% of your investment in commercial properties, one’s wealth begins to grow gradually when tenants pay rent.
- Bonds: These are fixed-income investments that represent a loan made by an investor to a borrower, usually corporate or governmental. An individual can invest 12% of his income in bonds.
- Commercial Property REITs: It may also be wise to invest 3% of your income into real estate. Real estate is one sector of the economy that is always growing and can help to grow one’s wealth.
- Investment of Passion (e.g. art, cars, wine): Doing a 3% investment in your passion, is very much allowed.
- Gold: As an individual who is interested in growing your wealth, an investment in gold is an investment in the right direction
- Crypto Assets: Also getting involved in crypto to grow your assets is not a bad idea. But it is advised that whatever one must stake in crypto should not be very high. Here, you can make an Invesment of just 1% of your income to spread your portfolio.
- Other: A 5% investment in other businesses is also not a bad idea, as it will always contribute to the growth of one’s wealth.