LIFESTYLE

Nigerian Economy: 5 Habits Of People Who Will Never Go Broke

Published

9 months ago

February 24, 2024

Nigerian Economy: What People Do To Not Go Broke | Fab.ng

Tough times are hitting Nigeria hard, with many people struggling to make ends meet. The rising dollar exchange rate, the unpredictable Nigerian economy, and skyrocketing costs feel like a never-ending uphill battle. But here’s a surprising twist: There are some individuals seemingly sailing through this storm. So, what’s their secret?

It all boils down to smart financial habits. These folks aren’t just weathering the storm; they’re building a financial ark that keeps them afloat while others are treading water. The difference lies in the choices they make, the habits they nurture, and the mindset they cultivate.

So, what are these magical money moves to beat the Nigerian economy? Buckle up as we explore the habits that set these financially empowered individuals apart from the crowd.

1. They live within their means

Forget the myth of magic spells for tough times. The real secret to staying afloat financially, even in rough economic waters, is simple: budgeting and planning like a pro.

These financially savvy folks know the magic lies in living within their means. They don’t just guesstimate their income and expenses; they track everything carefully. That fancy new phone or trendy outfit might seem tempting, but they understand true happiness doesn’t come from fleeting trends. Instead, they prioritise needs, knowing a well-planned budget is their shield against financial storms.

By living frugally and avoiding paycheck-to-paycheck struggles, they build a strong financial foundation that weathers even the toughest economic tides.

2. They have multiple streams of income

In these uncertain times, when the Nigerian economy is very unstable, relying on just one paycheck is like balancing all your eggs on one plate—wobbly and risky! Financially savvy people know this, so they spread their income across different streams, like a chef balancing their eggs on multiple plates.

This could mean taking on part-time gigs, starting a small side hustle, or investing in things that make money over time. By having these extra income sources, they build a safety net and cushion themselves if one income stream takes a hit. It’s like having multiple chances to catch an egg even if one falls, making them less likely to end up with scrambled finances.

3. They save relentlessly

Even in tough times, some people manage to stay afloat financially. There’s a secret? Not really. It’s all about building good habits, like saving. No matter how small their income, these clever folks set aside a little bit every month. It’s like building a piggy bank for grown-ups. This “rainy day fund” acts like a superhero shield, protecting them if things get rough.

But there’s more! These savings don’t just sit there gathering dust. Over time, they grow bigger and stronger, like a magical money tree. This gives them opportunities to invest in their future, securing their financial well-being even more. Saving regularly is like building a fortress against financial storms!

4. They invest wisely

Just stashing cash under your mattress won’t cut it in Nigeria these days. With inflation gobbling up money’s value like a hungry monster, financially savvy folks know they need to invest. But they’re not impulsive investors, jumping into anything that glitters. They go on to research and understand the risks and rewards of different investments before taking the plunge.

Whether it’s houses, stocks, or bonds, they choose wisely to earn “passive income” (money that grows on its own), building wealth like a snowball rolling downhill over time. Also, keep in mind that smart investing helps your money work for you, not the other way around.

5. They educate themselves financially

Money matters can feel confusing, but guess what? Knowing stuff is your superpower. People who stay financially strong don’t just wing it. They’re like financial detectives, always learning and growing.

They read books, listen to experts, and even take classes to understand how money works. Why? Because the more they know, the better choices they can make. It’s like having a map to navigate the world of budgeting, saving, and investing, making them less likely to get lost (or broke).

Knowledge is power, even when it comes to your wallet!

For more updates, check here.

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ENTERTAINMENT

Denzel Washington Opens Up About 15-Year Battle With Alcohol

Published

5 hours ago

November 21, 2024

Reporter

Denzel Washington On 15-Year Battle with Alcohol | fab.ng

Hollywood icon Denzel Washington recently disclosed his past struggles with alcohol during an interview with Esquire.

The two-time Academy Award winner candidly shared a fifteen-year pattern of wine consumption. What began as a casual habit gradually escalated into a regular occurrence.

He began, “Wine is very tricky. It’s very slow. It ain’t like, boom, all of a sudden,” he elaborated, recalling how a wine cellar he constructed in 1999 within his home became a place for self-indulgence.

The actor added,

“And part of it was we built this big house in 1999 with a ten-thousand-bottle wine cellar, and I learned to drink the best. So I’m gonna drink my ’61s and my ’82s and whatever we had. Wine was my thing, and now I was popping $4,000 bottles just because that’s what was left. And then later in those years I’d call Gil Turner’s Fine Wines & Spirits on Sunset Boulevard and say, Send me two bottles, the best of this or that.”

Washington also delved into his past, acknowledging his youthful experimentation with drugs. However, he emphasized that he never developed an addiction to substances such as heroin or cocaine.

He continued,

“I’m sure at first it was easy because I was younger. Two months off and let’s go. But drinking was a fifteen-year pattern. And truth be told, it didn’t start in ’99. It started earlier.”

A decade ago, as Washington neared his 60th birthday, a turning point arrived. He made the resolute decision to abstain from alcohol completely.

“I’ve done a lot of damage to the body. We’ll see. I’ve been clean. Be ten years this December. I stopped at sixty and I haven’t had a thimble’s worth since. Things are opening up for me now—like being seventy. It’s real. And it’s okay. This is the last chapter—if I get another thirty, what do I want to do? My mother made it to ninety-seven,” said Washington.

Check out more updates here.

FASHION

Skepta Graced Africa International Film Festival (AFRIFF) In Elegant Trad

Published

8 hours ago

November 21, 2024

Reporter

Skepta Graced Africa International Film Festival (AFRIFF) | fab.ng

Skepta made a grand entrance at Africa’s biggest film celebration, the Africa International Film Festival (AFRIFF). Through his attire, he showcased his deep connection to Nigerian culture.

The globally acclaimed artist donned an exquisite navy blue Agbada, tailored to perfection and adorned with striking royal blue and white embroidery highlighting the richness of his Yoruba heritage.

His choice of an Eastern native red cap added a distinctive flair, symbolizing his embrace of the Igbo culture. At the same time, adding a white necklace further enhanced the authenticity of his traditional look.

Skepta’s outfit was a testament to his impeccable sense of style and a deliberate nod to his dual cultural roots, blending elements of Western and Eastern Nigerian traditions.

The embroidery on the Agbada sparkled under the lights, drawing admiration from onlookers who marvelled at how seamlessly he combined cultural symbolism with modern elegance.

The bright red cap perched confidently on his head served as a bold statement of pride in his heritage, while the white necklace provided a subtle yet impactful finishing touch.

Nigerian paparazzi videographer Tosin Adeaga, popularly known as Coccolait, captured these unforgettable moments with his lens.

The up-close visuals reveal the intricate details of Skepta’s ensemble. Indeed, it emphasizes the craftsmanship and thoughtfulness that went into every element.

Coccolait’s expert videography showcases the textures, colours, and movements of Skepta’s attire as he mingled with attendees, further immortalizing this iconic cultural expression.

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With his appearance, Skepta not only celebrated the artistry of Nigerian fashion but also sent a powerful message about the importance of honouring one’s roots in creative and meaningful ways.

The moment was a true highlight of AFRIFF, blending tradition with the contemporary flair of a global icon.

Watch the photos below.

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For more updates, click here.

ENTERTAINMENT

It Hurts – Don Jazzy On Not Having A Partner

Published

2 days ago

November 19, 2024

Reporter

Don Jazzy opens up on not having a partner | fab.ng

Renowned music executive and record label boss, Michael Collins Ajereh, better known as Don Jazzy, recently expressed disappointment over his current relationship status.

On Monday, he took to Instagram to share his desire to participate in the popular “suspect challenge.” This social media trend involves couples playfully teasing each other. However, the 41-year-old entrepreneur lamented that he couldn’t join in the fun due to his single status.

“Suspect wants to do suspect challenge but no suspect partner,” he wrote. In the accompanying caption, the music executive lamented that “it hurts.”

This isn’t the first time Don Jazzy has publicly discussed his relationship status. In 2021, he revealed that he married Michelle Jackson, a UK-based writer and model, at the age of 20. Unfortunately, their marriage ended in divorce after two years.

“I fucked it up cos I was giving all my time to my music. Music became a priority instead of my family. We got divorced when I was 22 and it hurt,” he said.

Earlier this year, Don Jazzy explained that he has not remarried as he is currently focused on personal growth and self-development.

“I dey work on myself so that when my head correct, my babe go enjoy me,” he wrote in pidgin English.

A few months ago, Don Jazzy made headlines when a foreign investor acquired his record label, Mavin Records.

In 2004, Don Jazzy and his former partner, D’banj, co-founded Mo’ Hits Records. Following its closure, Don Jazzy established Mavin Records in 2012.

Mavin Records has produced and nurtured a roster of talented artists. They include Tiwa Savage, Reekado Banks, Korede Bello, Dr SID, D’Prince, DNA Twins, Ayra Starr, Johnny Drille, Crayon, Boy Spice, Bayanni, Rema, Lifesize Teddy, and Ladipoe.

To commemorate his 37th birthday in 2019, Don Jazzy unveiled the Mavin Creative Studios. The studio is a multimillion-naira mansion serving as the label’s corporate headquarters.

Mavin Records has received numerous accolades, including two consecutive MTV Africa Music Awards for Best Record Label in 2013 and 2014.

The label’s artists have also collaborated with international music stars such as Beyoncé, Selena Gomez, Kelly Rowland, and Chris Brown.