3.INVEST
During Economic downturns, stock prices are
low and this is a good time to buy in view of long term growth. An easy way to
start investing is to invest in mutual funds. A mutual fund is a pool of money
managed by a professional fund manager. The fund manager invests this money
into different asset for fee. There are mutual funds that you can invest as
little as 5,000 naira.
Related:3 Ways Budgeting Can Make You Richer
4.INCREASE YOUR GIVING
It may not make logical sense to give when
there is an economic downturn however, one of the universal laws is that what
you sow, you reap. Basically you receive when you give. There are so many
people who are worse off than you and need your help. There are people who
can't afford to eat one meal in a day. There are people who cant leave
hospitals because they cant afford to pay their medical bills. We need to take
our eyes off our own needs and be a blessing to others. This time make a
decision to give to God and to give to humanity.
5.BELIEVE
Currently, we are going through challenges
in the economy with the reduction in oil price and also the high exchange rate.
Companies in industries such as oil and gas, telecoms, banking have laid off
some staffs. There are a lot of people who are unemployed. Cost of living will
also go up as a result of the economic challenges. Despite all these
challenges, there are still opportunities to create wealth. There are people
who make money during economic downturns. John D. Rockerfeller, one of the
richest men to have ever lived, made a lot of his money during the great
depression. Even in biblical times, due to joseph's revelation, Egypt prospered
during the famine. It is important to believe that you can still achieve your
financial goals even when there is an economic downturn.
Please note that the list is not exhaustive.
There are so many other financial goals you can set in life. It's important to
keep these goals in front of you and to also review them periodically to ensure
you are making progress.
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Great tips. It's a good idea to invest when the stocks are low. And giving back is also important. After all in life it's about give and take.
I enjoy watching the stock market and investing at the right time. Thanks for all the great information you have shared.
Thanks for the helpful tips and advice. I agree with everything you said especially about giving and believing. I look forward to more useful articles.