We’re not on the same page with the Nigerian economy today. Things cost more (have you noticed how small suya is getting?), people are getting laid-off and it is becoming harder to keep a steady flow of cash and make sure that nothing threatens it.
As a young Nigerian today, it is very important to make sure that your cup never runneth. Life is full of uncertainties and in a country like Nigeria, it is important to watch your back so that nothing creeps up on you and takes you unaware. This applies a lot to your income flow.
So you might be wondering, how do I protect my income as a young Nigerian living in today’s Nigerian world? The answer is not to bury your money in the ground or plant a money tree (you can try that and get back to us anyways). We have outlined three steps on the ways you can protect your income today and we hope they’ll dissuade you from planting a money tree — Try anyway. We’d love to know the outcome.
Save
Save! Save!! Save!!!
Learn the habit of saving a percentage or chunk of your income for the rainy day because there will be rainy days and you would need some money as an umbrella. Take out a percentage of your income monthly and put it in a savings account or a savings platform. There are tons of them that’ll help you save towards different money goals. Make sure that whilst you’re enjoying yourself, you’re not over-spending because only you will cry the tears and blow your nose.
Income Protection Insurance
Income protection insurance protects your income if you lose your job, by paying you a percentage of that income over a period of time. This insurance policy is so important for anyone employed because life is so uncertain and it is important to be prepared for the uncertainties. Even with your job security.
Invest
First of all, not Ponzi schemes.
There are tons of ways to invest as a young person in Nigeria today. You can invest in cryptocurrency, mutual funds or even invest some money into starting your own business or investing in a friend’s. If you can, find places you can invest some money in with good returns and do it. Remember that investments are both long term and short term and invest according to your risk.
You can also invest in learning or improving a personal skill. Putting some money into learning something new or improving on what you know is such an underrated way of getting more back.
Casava offers you up to 75% of your income for 6 months if you lose your job. Learn more about how Casava can help you protect your income.
