As you know, many people are really struggling through this recession. Some have lost their jobs or their business. For most, their salaries haven’t necessarily been cut but the reality is that what they can buy with their money is getting less and less almost by the day.
One the other hand, some people just seem to be completely unaffected by the recession. It’s as though for them, nothing has changed in Nigeria.
I’m not just talking about the super-rich with their big cars and their big houses, I’m talking about regular people that you may even know. People you interact with regularly. It might be someone you work with or someone you worship with or even a member of your own family.
While you’re struggling with a weakened Naira and price increases of over 100%, these guys just seem to have it all together. When you go to their homes, the generator is always on, when they buy petrol for their cars, they say to the attendant, “Fill up.”
Well, I’m going to share with you how those guys manage to be recession proof and how you can as well. Now, aside from individuals who are doing something illegal and others who are racking up mountains of debt just to make themselves look more successful, people who are resistant to the recession have one thing in common and that is, they have multiple streams of income. This means that their income comes from more than one source. These guys have invested in a business or an asset that brings them extra money on a regular basis. Their other streams of income could come from rent they collect for a property or could even be an extra forty thousand Naira a month they earn from teaching piano lessons. The bottom line is, they are not relying on their salary alone to survive. By and large, that’s all there is to it. That’s what separates you from them.
So how do you go about creating multiple streams of income for yourself? Well it starts with developing a habit of saving money regularly. I can hear what some of you are saying. You’re saying but Tunde, I barely have enough money now to cover my expenses. How am I going to save from the little I have?
The bottom line is, they are not relying on their salary alone to survive. By and large, that’s all there is to it. That’s what separates you from them.
Well, let me share something else with you. Whenever you spend your money, whenever you dip your hand into your pocket to pay for something, what you are you doing is literally fetching from your own stream and pouring into someone else’s. Whether you’re paying your transport fare, buying airtime or paying your rent, you are emptying your stream and filling up someone else’s. Who is filling your stream? Who is paying you? Nobody? If you carry on spending and not replenishing, pretty soon, your stream will run dry and it’s already running dry by the way, that’s why you are watching this video. You really need to make a decision to make a change in your life and your circumstances and that starts with enduring the pain of saving for YOUR future. It’s hard, I know, but you won’t be the first to do it and things will only get tougher till you do.
So, you need to start paying yourself and paying yourself first. That’s the first step. Don’t say, “I will try to spend less and then maybe save whatever is left at the end of the month”, believe me, that doesn’t work. What you should do is, at the start of every month or whenever you get your salary, take a portion of it and put it aside before adding to anyone else’s stream. Do this consistently over a period of time and resist dipping into your savings for any reason. No excuse is good enough.
What will happen is that these monthly savings will become the foundation for a new stream of income for you. So start thinking about what that stream might look like in the future.
There are so many things you can invest in starting with something you are already passionate about. You could also invest in a friend’s existing business that is doing well! Don’t fall for sweet talkers and their grand schemes. If it sounds too good to be true, it probably is.
Enough Talk, Time To Act
The first thing you need to do is to open a separate savings account and destroy the debit card. You will be tempted to use it otherwise. Every month, transfer the amount you have agreed with yourself you will save. Try to make it a minimum of 10% and also try to grow it as best you can. Remember, it’s still your money.
When the money piles up, invest it in a business or an asset that will earn an income. If you haven’t come up with an investment idea, not to worry. Transfer the bulk money into an account that pays a higher interest rate and keep saving.
If you are really serious about creating multiple streams of income, then take the 2017 Savings Challenge. I’ve started a one million Naira savings challenge where I guide you through a 12 month savings plan at the end of which you would have saved your very own one million Naira cash.
The savings challenge has gotten thousands of people excited and you should sign up too. This could be the springboard for the rest of your life.