10 Ways Nigerians Can Solve Their Money Issues and Become Financially Independent

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Financial independence means having the freedom, and liberty to work on your own terms, travel around the world, and let money do the hard work for you.

Most Nigerians often assume that to become financially independent, you must be very rich and popular. So, the question is how rich? To be financially stable doesn’t correlate with how much money you have, but how far you can live with the money without working.

This article is about financial independence and I will teach you how to build wealth, solve the challenges you have with money and live a prosperous life. To be able to live such a lifestyle, you must learn how to control money. The issue we face today in this country is due to the inability to manage our mindset when it comes to money-related issues.

We easily get carried away by material things, we want to impress people, to show off that we’ve arrived. All of these contribute to why the country is still plagued with extreme poverty.

If you come across topics related to financial independence, you should know that there is more to it than just having cars and expensive clothes.

Like my definition above, to reach a certain level of financial independence, you must be proficient with savings, avoid debts at all costs, have multiple streams of income, train your mind and body, and invest what you cannot touch for the next 10 to 15 years.

However, for some people, 10 years may seem too long because unforeseen issues and challenges may arise which will entice them to break their savings. But there is good news, what if I say you can do it for more than 10 years without having to worry about money? Let’s find out below.


10 Strategic Ways to Solve Money Issues and Become Financially Free

1: Invest in the stock market

The stock market is the greatest money-making tool ever invented, but most people found it too complicated because they think they will have to navigate different stocks, trading platforms, and all sorts of things they have never learned.

When you invest in a company stock, you won a tiny part of the company’s fortune forever except if you want to sell at a later date. These days, technology has made it possible for us to invest in the stock market and buy many stocks at once.

Let’s take for example the S&P 500 Index Fund, this particular investment vehicle allows you to invest in over 500 companies in the United States and become a shareholder for life. Although, you can choose to buy individual stocks, the choice is yours.

Just know that investment and becoming a shareholder is the simplest way to become rich in the future. But you will need to be patient as investing takes a long time to yield results.

Talking about a long time, this is where most Nigerians get it all wrong. These days, the majority wants to become rich in the slightest bit of time, nobody wants to wait too long for an investment to yield returns.

Finally, try to know more about the stock market if you want money to start working for you.

2: Start a side hustle

You can be in the office and still be doing a side hustle, the issue is that most Nigerians are too lazy.

I became a full-time blogger, solopreneur, and investor because of the decision I made when I was working in a Bet9Ja¬†office. In case you don’t know what Bet9ja means, it’s a place where sports betting takes place.

I worked there for over three years, but my eyes finally opened at the end of the last year of my work there. I use the remaining months to learn about blogging. Thank God I wasn’t spending money on data because I normally use company laptops and systems.

When you spare 1hr of your time working on a side hustle, it will be worth more than the entire hours you spent on the work. A side hustle is not just for people who have no work or where to go.

Office workers, part-time workers, and factory workers can take advantage of that break period they normally have and focus on a side hustle.

Creating multiple streams of income is another example of financial freedom.

Discipline will take you places that motivation wouldn’t. For me, I choose discipline because I know it is the major path to wealth creation.

3: Pay off your debts

Credits cards, small and business loans, student loans, try to pay them all off if you want to solve your money issues. Haven’t you heard? Debts incurrent can never make you live in peace, not to talk of making you rich.

Tips for paying off debts even if you don’t have the money:

  • Allocate a small part of your paycheck for debt repayment every month.
  • Pay off the smaller debts first.
  • Stop borrowing no matter what conditions you’re into.
  • Have separate savings for debt repayment. For example, emergency funds.

By following these simple strategies, you should be able to get away from debts and start building your life again.

4: Create a financial plan for a career change

Your job doesn’t guarantee your freedom as you can lose it anytime without your boss feeling remorseful. While you’re still on it, create a plan that is easily accessible, achievable, and attainable when you change a career.

As a Yoruba proverb will always say; never put your head on one basket. This is the mistake I’ve made in the past during my job hunting and working days. The inability to plan in case of major changes is wrecking Nigerians and you must do your best to navigate this path.

5: Reduce monthly expense

Stop trying to impress people who don’t care about you. Yes, trying your best to live more than your paycheck will drag you down the path of pain and misery.

I discover that to be financially independent, you must takeout, cut, or reduce your monthly expense. All those little things you usually buy thinking that it is small money do add up over time to become something huge when you calculate, and that’s if you have the time to even calculate what you’ve spent.

We must find a way to reduce those expenses. For example, if you’re spending N30,000 monthly reduce it to N20,000 monthly and use that additional N10,000 to invest or buy assets.

The rule is never buy something that can depreciate over time as it is the shortest way to go broke.

For me, it is better to go broke with appreciating assets than with depreciating assets. One outweighs the other hands down.

6: Have a savings plan

Most of my recent posts are about the Piggyvest savings app. I even told a story about how I discovered Piggyvest and abandon it for years, then later revisit the platform not knowing what I was really looking for.

Since traditional savings or contributions are no longer working as everyone in the circle seems to be more concerned about family issues, the better way to save money and watch the money scale is through savings apps. Allocate a part of your monthly savings, a budget that will go straight to saving on Piggyvest.

With Piggyvest, you can save in any preferred plan of your choice and receive returns. You have options that will help improve your savings culture.

Here are a few of them:

  1. Piggybank: For daily, weekly, and monthly savings with auto-save and quick save options
  2. SafeLock: Lock a portion of your savings for a given time and never be tempted to break your savings.
  3. Target: Set an achievable goal and save monthly or weekly to reach that goal. You can start with any amount you. I want you to build those savings habits.
  4. Piggy Flex: When you are done exploring the best another is right there for you to take advantage of and increase your earnings potential.

Piggyvest offers you the best and most competitive ways to save money in Nigeria, but the choice is yours.

Saving, reducing expenses, investments, funds, etc., are all parts of solving money issues and for you to build wealth, you must start with these peripherals.

7: Create a monthly budget

There are ways to create a monthly budget and you don’t need expensive tools to get started. Instead, stick with what is favoring you but ensure that your monthly budget didn’t overshadow your paycheck.

A monthly budget allows you to spend according to what you have planned. It can help you achieve many things like reducing expenses, savings for a house or car, and other pertinent things that dominate our everyday lives.

8: Save for a down payment on a house

I explained why saving is important in solving money issues and building wealth. But, what is most important is how far we can go in saving without breaking or relapsing. It can be a relatively simple thing to start, but difficult to continue.

If you master the habit of saving money for six months straight, you’re on course to doing something great like buying a car or house. Now, this is what next, the interests you’ve accrued and the principal savings should be geared towards a down payment for a house or car. If possible, try both.

Investing in real estate is another example of wealth building and living financially free.

9: Have an emergency fund

Having an emergency fund is beneficial because it will improve your savings culture and rescue you in times of need. It’s one of the most effective ways to solve money issues that only a few people know about.

What is an emergency fund? It is money that is specifically reserved for unplanned events or expenses so that you don’t need to break your savings or sell your stocks.

An emergency fund is most important for common reasons you least expected to happen. For example, loss of job, medical bills, home or car repairs, etc. Not having an emergency fund is why most people struggle with money.

10: Exercise daily

Health is wealth and we wouldn’t complete this article without putting our health first. Taking 1hr of your busy schedule to exercise daily will help you solve most of your problems, money is not left out.

Health is important because what most people face is not money issues but emotional stress, drama, and lack of healthy habits. So, how far are you doing to improve your health?


That’s A Wrap!

If you found value in this post, please don’t hesitate to share it with your colleagues and friends. Remember sharing is loving.

Your overall mindset in building wealth starts from the body you have and you must keep it healthy, fit, and stable to improve the value composition of other aspects of life. By following these strategic ways, I guarantee you that your life will be much better than 99% of other people’s.

Thanks for reading and don’t forget to subscribe to my blog for everything about personal finance, savings, and investment.

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