Business Post Contributor
By Aduragbemi Omiyale
Getting wealthy and achieving financial stability is the wish of many people, but unfortunately, not everyone will fulfil this dream because of some factors.
It is not news that Nigeria is undergoing one of its toughest periods at the moment, spurred by the decision of President Bola Tinubu to discontinue the payment of subsidies for premium motor spirit (PMS), otherwise known as petrol, and unify the multiple exchange rate regimes in the country.
These economic policies, which many analysts have described as necessary, have triggered inflation to rise to 28.20 per cent as of November 2023 and shorten the buying power of the citizens.
Many companies are folding up and based on projections, the year 2024 would be tougher than last year.
Amid these issues, some people have enough to spend and live because of their investment decisions of the past.
To navigate the year well, an investment company, Meristem Securities Limited, has highlighted some financial planning strategies investors can adopt to boost their wealth in 2024.
In a blog post seen by Business Post, the firm advised investors to set smart goals, like identifying “your financial goals for 2024,” which it said could “include paying off debt, saving for a big purchase, or increasing your retirement savings.”
It said these targets “should be specific, measurable, attainable, relevant, and time-bound (SMART) [and] be realistically achievable,” noting that after this is done, “you can create a plan to achieve them.”
In creating this plan, which is another strategy it listed, Meristem emphasised that it must be “detailed and actionable” with steps to achieving them listed in the plan.
“For example, your plan for saving N10,000 monthly could include steps like creating a monthly budget, cutting out unnecessary expenses, finding ways to increase income, and setting up automatic savings transfers,” a part of the note stated.
Investors were then advised to Stay Motivated and Accountable by tracking “your progress” through setting mini-goals and checking in on your progress regularly.
“Another way to stay motivated is to find an accountability partner. This could be a friend, family member, or even a financial advisor. Having someone to check in with and hold you accountable can be a great motivator,” it said.
Concluding, the company charged investors to Act on the actions listed to be carried out in the plan.
“Start with the first step in your plan and take small, consistent steps towards your goals. As you make progress, you will start to see your goals become a reality,” it said.
