Don’t Give Up!

As much as no one knows exactly what lies ahead and what the economic recovery will look like, particularly with the hike in fuel prices, transportation, food, and the state of insecurity in the country.

There are critical steps you need to take as a woman in the journey of wealth creation.

 

Do not panic.

Read up on history and how things were during previous economic hardship and how people survived it.

 

Take necessary action.

Wealth is not gained by passively reading or listening. Understand that there is a need to take action daily. As a country, we face an imminent recession, it is not business as usual.

As wealth is not gained by passively reading books on getting rich or listening, but by action. Knowledge is potential or stored energy, essentially worthless until used and turned into actions.

There are no secrets or shortcuts to riches. However, those at the top of the financial pyramid typically exhibit specific actions that have kept them consistently at the top.

The habits of those who achieve uncommon success are not inherited but learned and practiced. Instilling these traits is neither easy nor difficult but deliberate and continuous. While some might have natural tendencies for one or the other attributes, they are available to everyone.

 

Remain Focused

Everyday life is full of distractions on every level. Some are significant, but most are trivial. Focus is the ability to set a goal and concentrate solely on it until achieved. The acquisition of wealth is a journey of years, if not a lifetime. While good luck can affect the length of travel, the gift of sudden fortune does not exist.

Focus on your destination, and you avoid the lost time, energy, and capital of diversions, wrong directions, and chance.

Don’t give up

During economic hardship, you might be inclined to give up on your wealth creation journey, but experts say it’s the best time to keep on your journey. Best time to save more, to invest more, and look out for the light at the end of the dark tunnel. As much as it is easier said than done, most wealthy people around the world made more money during a time of economic hardship or recession.

 

Look out for dividends-paying investments.

While you may be looking out to invest the little you have at this time, investing in stocks that pay dividends regularly may just be a great way to generate passive income. Look out for companies with low debt-to-equity ratios and companies that produce essentials like food and invest.

If you still have dispensable funds, then this is the time to consider buying real estate, there will be lots of panic selling for those looking for liquidity, who will like to sell their properties at a give-away price.

Note that “easy or free money” may not be available during a recession; so work at creating other passive income.

Diversify your investments.

Try to build a portfolio of investment pairs that aren’t strongly interconnected, meaning that when one is up, the other is down, and vice versa. This also means that you should consider asset classes and stocks in businesses that are unrelated to your occupation, business or income stream.

Lower Your Costs/keep your expenses slim: Whether you’re running a business or running a household, now is the time to cut costs and reduce your expenses. Pay attention to only those expenses that depend on life and death; anything outside that, keep your money. Waste nothing and use every resource you have to its maximum advantage

You can also declutter your home by selling off items that can give you cash online. You will be amazed how much space some of these things take without them generating any source of income for you or your family. Instead of just trashing them, try selling them online to have extra cash.

Live Within Your Means

Try and keep living within your current means. Save yourself from the agonizing effect of economic hardship. You don’t need to go to places just for the fun of it. If you make it a habit to live within your means, you are less likely to go into debt when fuel or food prices go up and more likely to adjust your spending in other areas to compensate.

The bottom line is, If you’re investing for the long term, an imminent recession shouldn’t panic you. Because as a regular investor you will understand the indices. You may want to take some profits off some of your investments. But for the most part, your strategy should not be to panic or sell off your assets.

Instead, you should hold the positions that you entered as long-term investments. Investments that have been paying you dividends for many years are a good choice since they tend to be long-established companies that can withstand a downturn.

Look out for family and friends.

During economic hardship, things may become unbearable for people you love, most time people forget to check on others during such a period as this. Check on your family and loved ones. It will be costly if you don’t. Then the money you think you are keeping for tomorrow will not make sense anymore.

Seek divine direction.

God is not meant to be excluded in your journey of wealth creation, he is the creator of all things. Prayer is a habit we all must keep in good times and bad times. Challenge yourself to pray for a few minutes every day. Prayer is not just a spiritual therapy it also helps you to connect to God for regular direction.

Share with me how useful you find these advices this period. Our prayers over Nigeria will not be in vain.

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“It is gladdening that only six months after that memorable event, the Minister of Interior is back in Enugu to perform another significant and symbolic ceremony. This time, the Minister accompanied by the Acting Comptroller General of Immigration, is in the Coal City to unveil the enhanced E-Passport and Commission the Passport Production Centre for the South East situated in Enugu within this Complex.”

Speaking also, the Acting Comptroller General enthused that the people of the South East can now rejoice, pointing out that it was not that his Service oblivious of the suffering of the people but that time and resources had not permitted earlier action.

He commended Gov Ugwuanyi for his support and assistance to the State Command that had culminated in the realization of the project.

Responding, Aregbesola showered encomium on Ugwuanyi who he described as his good friend and one who has been of immense assistance to the Immigration Service in Enugu state.

The minister said not only does South East have a passport production centre within reach but also that the people now have access to an array of choices of the enhanced E-Passport that will aid their globe-trotting disposition.