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Question
I recently went from a middle-income earner to a high-income earner. The shift was quite significant. Do I start saving and investing like a high-income earner so suddenly?
Answer
It is an amazing idea to start saving and investing like a high-income earner now that your income has increased. However, it’s important to do so in a responsible and strategic way. You should take a thoughtful and deliberate approach to manage your newfound wealth and avoid making impulsive or hasty financial decisions.
Start by creating a budget that takes into account your new income and expenses. Make sure to set aside a portion of your income for savings and investments.
Also, if you have any high-interest debt, consider paying it off as soon as possible. This will free up more money for you to save and invest in the future.
Additionally, it is very key to have an emergency fund with enough money to cover your expenses for at least six months. This will provide a safety net in case of job loss or unexpected expenses.
Think about your long-term financial goals such as retirement and start setting aside money to achieve those goals.
Last but certainly not least, consider investing in a diversified portfolio to help grow your wealth over time. Work with financial advisors like the experts in MoneyAfrica to determine the right mix of investments for your goals and risk tolerance.
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Question
The business I have been doing has been slow and I am still struggling to take care of my wife and three children. I am thinking of going back to paid employment, but I also need a savings and investment plan. Assuming I earn N150k a month, what kind of investment would give me the most returns yearly?
Answer
As a firm, investing is best done with a long-term view in mind. That way you can sit out the ups and downs. You will not earn huge returns in the short term
The investment that will work best for you will depend on your individual financial situation, risk tolerance, and goals.
Before making any investment decisions, consider speaking with expert advisors at MoneyAfrica who can help you assess your financial situation and recommend a plan that’s right for you.
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We often get questions regarding how to plan your finances to align with your relocation plans, especially for students seeking to further their studies. As always, we have heard you, and we have put together an e-book to help you navigate this. Follow this link, to get your FREE copy of the e-book: The Japa Encyclopedia.
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