- Setting the right financial goals early this year is important.
- It helps you build sustainable wealth and increases your net worth over time.
- Done right, you should be richer by this time next year and well on your way to total financial freedom.
5 great financial investment options that will make you richer in a year
To build sustainable wealth in a year, you need to invest your money in the following:
- Real estate
As long as people need to live somewhere, real estate will remain a profitable investment option. To get a quick and high return, consider major Nigerian cities like Lagos and Abuja. You can buy plots of land, wait for a while and start selling it. You can also build houses, hostels or even shopping malls and rent them out.
- A high-yield savings account
As the name suggests, this type of savings accounts has a higher interest rate than the traditional savings account. Depositing in this kind of account means you get a better return on your money.
Several banks in Nigeria have a high-yield savings account. To boost your earnings, make sure you save meaningfully and regularly.
- Consult a financial expert
Having a one on one consultation with an expert is an important step towards building sustainable wealth. This meeting helps you figure out the specific steps you need to improve your financial situation. It allows you to learn more than just the basics.
- Invest in a side hustle
To make more money by this time next year, you may need to earn extra cash in addition to your day job. Side hustles to consider include working as a freelance writer or using your car for ride-sharing services like Uber. You could also invest in your friend's business if it pays well.
- Savings Bond
This investment opportunity lets Nigerians lend money to the government. The interest you get depends on how long you choose to save for. Reportedly, the FGN savings bonds interest go up to 13%. You get paid twice a year if you choose this option.
You also have mutual funds and treasury bills which can be accessed through investment apps like PiggyVest formerly known as PiggyBank.
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