Nigerians, especially youths, are being encouraged to focus on their spending priorities, diversify their income sources, and automate their investments in order to build generational and sustainable wealth in the coming year. Reni Odetoyinbo, CEO of financial literacy platform Xoreni, emphasized the importance of tracking expenses, paying oneself first, and setting aside money for savings or investments to make a significant difference in financial life next year.
At the “Don’t Go Broke Trying” event, finance experts and investors highlighted the need to understand the difference between assets and liabilities for financial sustenance. Bode Odetoyinbo, a renowned lawyer and investor, stressed the importance of seeking financial knowledge, investing wisely, and avoiding the “fear of missing out” mentality for financial success.
Odetoyinbo recommended investing in securities like stocks, bonds, or real estate for higher returns, rather than just saving money. He also emphasized the importance of building a community to share knowledge and achieve financial goals.
Oluwatosin Olaseinde, CEO of Money Africa, advised Nigerians to start investing in the stock market through platforms like Trove, Bamboo, or major banks to maximize returns. When it comes to buying and selling stocks, Odetoyinbo explained that it should be based on individual circumstances and the potential for growth.
Overall, the event focused on helping people with their finances and teaching them smart financial strategies to avoid financial struggles. Building wealth requires developing skills and diversifying income sources to reduce risks and maximize opportunities for financial growth.
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