10 Proven Strategies to Boost Your Net Worth in 2024

How far? Ready to jazz up your finances in 2024? Whether you’re hustling in the bustling streets of Lagos, managing a shop in Onitsha main market, or working a 9-to-5 in Abuja, increasing your net worth is something we should all be gunning for. 

But hold up, what exactly is this ‘net worth’ thing, and why should it matter to you?

Think of net worth as the financial ‘you’ in naira terms. It’s what you’d have left if you sold everything you own (your assets) and paid off all your debts (your liabilities). 

It’s like weighing yourself on a financial scale – the higher the number, the healthier your finances. And trust me, in Nigeria’s current economic climate, a healthy financial weight is more crucial than ever!

Now, let’s break down these 10 ways to boost your net worth in 2024. We’ll keep it as straightforward as explaining why jollof rice is the king of all rice dishes!

1. Create and Stick to a Budget

First things first, you need to get cozy with your money habits. Creating a budget is like being the director of your own financial Nollywood movie – you decide where every ‘actor’ (naira) goes!

Start by tracking all your income and expenses for a month. And I mean everything – from your salary to that ₦500 you spent on suya last night. You might be shocked to see how much is going to ‘miscellaneous’ expenses like data top-ups or those quick shawarma stops.

Use apps like PiggyVest or Money Manager to make budgeting less of a headache. 

Remember, the goal is to have more money coming in than going out. It’s like trying to lose weight – you need to burn more calories than you eat. In this case, you need to earn more than you spend!

Pro tip: Try the 50-30-20 rule. 50% of your income for needs (rent, food), 30% for wants (that new ankara), and 20% for savings and investments.

2. Increase Your Income Streams

In Nigeria, we know that depending on one income is as risky as crossing Oshodi at rush hour with your eyes closed! It’s time to diversify, my friend.

Think about skills you have that could bring in extra cash. Are you the go-to person for tech advice among your friends? Start a weekend gig fixing computers or phones. Got a knack for languages? Offer translation services online.

You could also consider starting a small business on the side. Maybe selling air fresheners to offices (everyone wants their workspace smelling fresh, right?), or offering home cleaning services on weekends (tapping into the busy Lagos professional market).

Remember, in Nigeria, opportunities are as plentiful as okro in Mama’s soup – you just need to look for them!

3. Invest in the Stock Market

Now, don’t run away faster than a Lagos danfo driver spotting LASTMA! The stock market isn’t as scary as it sounds. Think of it as buying a small piece of a company you believe in, like buying shares in your aunt’s thriving provision store.

You can start with as little as ₦5,000 using apps like Bamboo or Chaka. These apps make buying stocks as easy as ordering pepper soup on a rainy day.

Remember, investing in stocks is for the long term. It’s not about getting rich overnight, but building wealth over time. Just like planting a mango tree – it takes time to bear fruit, but when it does, oh boy! You’ll have more mangoes than you know what to do with!

4. Invest in Real Estate

“Ah, but I don’t have millions to buy a house in Banana Island!” I hear you say. Don’t worry! You can start small with Real Estate Investment Trusts (REITs) or real estate crowdfunding platforms. These allow you to invest in property with as little as ₦50,000.

Think of it as joining forces with other small investors to buy a big property together. You get a share of the rent without the headache of chasing tenants for money every month!

For example, the UPDC REIT lets you invest in a diversified portfolio of properties across Nigeria. It’s like owning a small piece of multiple properties from Lagos to Abuja!

5. Start and Grow a Business

Nigeria is a land of opportunities for entrepreneurs. Look around your community – what problems can you solve? Maybe people in your area need affordable laundry services, or perhaps there’s a market for homemade snacks in offices nearby.

Start small, reinvest your profits, and watch your business grow. It’s like nurturing a plant – with the right care, it can grow into a mighty iroko tree!

For inspiration, look at success stories like Olugbenga Agboola of Flutterwave or Odunayo Eweniyi of PiggyVest. They started with solving local problems and ended up building multi-million dollar companies!

6. Invest in Your Education and Skills

In today’s world, your skills are your wealth. Invest in learning new things that can make you more valuable. You don’t need to go back to university – there are plenty of free online courses on platforms like Coursera or edX.

Learn digital marketing, improve your Excel skills, or study a new language. It’s like sharpening your cutlass before going to the farm – the sharper your skills, the more productive you’ll be!

Consider skills that are in high demand in Nigeria, like data analysis, digital marketing, or project management. These skills can open doors to better-paying jobs or lucrative freelance opportunities.

7. Reduce and Eliminate Debt

Debt is like a hole in your pocket – money keeps leaking out through interest payments. Make a plan to pay off your debts, starting with the ones with the highest interest rates.

Avoid taking unnecessary loans, especially for depreciating assets like the latest iPhone. Yes, I know that new iPhone is calling your name louder than your village people, but resist the temptation!

Remember, every naira you’re not paying in interest is a naira that can go towards building your wealth! It’s like plugging the holes in a leaky bucket – you’ll be able to gather more water (or in this case, money) over time.

8. Save and Invest Consistently

Consistency is key when it comes to building wealth. It’s like fetching water with a small bucket – it might seem slow, but if you keep at it, your drum will fill up!

Set up automatic transfers to your savings or investment accounts each month. Even if it’s just ₦5,000, it adds up over time. Remember the story of the tortoise and the hare? Slow and steady wins the race!

Try the “52-week money challenge” – save ₦100 in week 1, ₦200 in week 2, and so on. By the end of the year, you’ll have saved over ₦130,000!

9. Leverage Technology for Financial Growth

We’re living in a digital age, and your finances should keep up! Explore fintech apps that can help you save and invest smarter. Apps like Cowrywise and Piggyvest make saving as easy as chatting on WhatsApp.

Look into cryptocurrency and blockchain opportunities, but remember to do your research and never invest more than you can afford to lose. It’s exciting, but also risky – like trying to cross the Lekki-Epe expressway during rush hour!

Consider starting an online business or selling on e-commerce platforms like Jumia or Konga. The internet has made it possible to reach customers across Nigeria and beyond! You could be selling your homemade chin-chin to someone in Sokoto while sitting in your living room in Calabar!

10. Network and Build Valuable Relationships

Your network is your net worth, as they say. Attend industry events, join professional associations, and connect with people in your field. You never know where your next opportunity might come from!

Don’t forget to nurture relationships with mentors who can guide you on your financial journey. It’s like having a financial GPS to help you navigate the road to wealth!

In Nigeria, relationships are everything. That random person you met at a wedding could be your next business partner or lead you to your dream job. So, don’t be shy – network like your financial life depends on it, because it just might!

Final Whistle!

Now that you have these 10 strategies, it’s time to take action! Start by assessing where you are financially. Set realistic goals for 2024 – maybe you want to increase your net worth by 20% or start two new income streams.

Create an action plan and start with small, manageable steps. Remember, Rome wasn’t built in a day, and neither was Aliko Dangote’s fortune!

Avoid Common Pitfalls

As you work on increasing your net worth, be wary of get-rich-quick schemes. If someone promises to double your money in a month, run faster than Blessing Okagbare! Also, resist the temptation to show off your new wealth with expensive cars or designer clothes. That’s a sure way to deflate your net worth faster than a punctured football!

Remember, increasing your net worth is a journey, not a destination. It requires patience, discipline, and consistent effort. But with these 10 strategies, you’re well-equipped to make 2024 your best financial year yet!

So, which strategy are you going to start with? Maybe creating a budget or exploring a new income stream? Whatever you choose, take that first step today. Your future self will thank you more than if you bought them a lifetime supply of suya!

Here’s to a wealthier, more secure 2024 for you. You’ve got this, Nigeria! Let’s show the world that we can build wealth faster than we can whip up a pot of delicious jollof rice!

Remember, in Nigeria, we don’t just survive, we thrive. So let’s thrive financially too. Now, go forth and conquer, future millionaire!