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Nairaland Forum / Nairaland / General / Business / Why 99% in their 20's Will never be Financially Free ❗ (487 Views)
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Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 11:40am On Nov 02, 2022 |
Frankly, becoming Rich is easier said than Done But for most people even doing doesn't guarantee you becoming Rich In Nigeria the Average Household has an annual income of $525(420,000)- going by the minimum wage This means that a person in his 20's can afford maybe a little apartment and basic necessities for himself without any responsibilities but has no guarantee to attain a substantial standard of living. The reason for this is Simple: He is following the wrong path to creating financial independence Therefore the reality is since most people don’t have the ability to build a comfortable life to retire to, they go into debt just to survive and surrender to a life of constant struggle And because most people who are in their 20s have a very limited understanding of money this is why they are unable to build wealth. Now is been Rich in your 20's worth it? Of several reason you should make effort to be rich in your 20's. One reason is that, there are many opportunities and investments that you can make today to build wealth over the course of your life. The first ideally is owning your Business. With a annual income for a minimum wage salary earner at $525(420,000). If you own a business that brings in 150-200k Monthly. By 30 you would be $30,000(24,000,000) ahead of the crowd The second is a home. The average annual rent for a home is $312(250,000). so if you could afford to build a home early, By 30 you would have $3,125(2,500,000) of rent money saved ahead of the crowd. And with the extra money available, you can build your retirement plan, plan your family and enjoy vacations as you desire. Now If you don’t have the money yet, here are some practical ways to build wealth in your 20's Building Passive Income Sources Build Passive income streams is the way to build wealth. This is income that comes to you without much fuzz. p.s: it is important you understand this requires some effort to achieve this ... however once established the returns are unending For example, if you own a website that sell digital products, you will earn passive income consistently by selling that product to people that need it. e.g : ebooks, nfts, crypto etc Some other examples that will generate you passive income is by doing things like blogging, graphic design, and consulting. Build Wealth With Real Estate This brings us back to owning a house(s) Real estate is one of the easiest ways yet untapped means to build wealth. If you own a home or land, then you have the ability to build wealth by renting it out. You also have the ability to sell it at a profit. Build Wealth With the Stock Market The stock market is another great way to build wealth. Many people believe that stock market investing is risky, which is true especially when doing it on your own. However the stock market still remains one of the best way to build wealth The stock market has the ability to create wealth by creating new companies, which then have the ability to create new jobs.. Now imagine owning a stock investment business, you not only build wealth trading stock you would also create employment which mean business growth with more people coming to do business with you. This is good for the economy as well as for your personal finances. Build Wealth With Skills If you are still yet to learn a skill in this Century, You are taking one of the Biggest risk to becoming Rich Having a High Income skill is one of the quickest ways to make money. If you noticed carefully in all the path to build wealth above there are certain skills requires This means that you must invest in yourself by acquiring relevant skills that would help you grow to achieve Success. Finally, If you are in your 20s, then you should be building wealth. This means that you should be investing in real estate, the stock market, learning relevant skills and many others The reason why building wealth is important is that, it’s the most common way to guarantee you have financial security for the longest time Hence starting early gives you a good chance at achieving this early and focus on living the best life you can. Bravo |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 8:33am On Nov 03, 2022 |
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Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 8:30am On Nov 08, 2022 |
Today's Reality Not so Smart People: Making 500k -900k a Month Smart People: Broke AF |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 11:54am On Nov 09, 2022 |
I feel bad for children who will grow up in Poverty 10 years from Now... ... because someone was Waiting for the Right Time ... because someone decided to Make Excuses ... because someone felt Things will become better with taking action. |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 3:24pm On Nov 10, 2022 |
Knowledge is principal and when right knowledge is acquired...it removes guess work and provides a predicatable system for you to Achieve Success. |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 6:45pm On Nov 11, 2022 |
Your Next Level is Tied to the Action you take Today |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 10:49am On Nov 14, 2022 |
Here is it: I know you are smart maybe even more than most people you know... ...but your major struggle has been learning how to make money legit and succeeding. Sounds like you ...I left a link in the first post for you |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 3:18pm On Nov 22, 2022 |
The reality where you have everything you desire exist (Well...in your mind) I am sure you dream about it everyday However the obstacle to Achieving is your Inaction. ❌ Not the economy ❌ Not your Village People ❌ Not even that Friend that didn't lend you money Cos nobody is interested in your Excuses, so take action and silence them with your Success |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 7:37am On Nov 23, 2022 |
This is one of the most real statement that was ever spoken: My people suffer for the lack of Knowledge Which implies my people are ❌Poor because they lack knowledge ❌Working hard but don't see results because they lack knowledge ❌Running all around because they lack knowledge |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 10:56am On Nov 24, 2022 |
Smart People : It's Too Expensive, I can't Afford it Action Takers : How much time will this save for me in the future |
Re: Why 99% in their 20's Will never be Financially Free ❗ by ManuelB: 11:52am On Nov 25, 2022 |
There's someone 2x dumber than you making 5x more than you. Because they took action on improving themselves more ...You are just over complicating it. |
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