A report by Money Africa has said that Nigerians need to get out of bad debts to survive the financial challenges in 2023.
Advising Nigerians to focus on the things within its control, it stated, “You can not change the inflation rate. You cannot stop the Naira depreciation. They are out of your control, so you will do well to rather focus on what you can impact.”
According to the report, in a bid to fight the low tolerance for inflation, the central banks of countries raised interest rates. This had the greatest impact on personal finances since 2008/2009. Many economies slowed down, prompting fears about a recession which also led to job losses. Higher interest rates also led to a reduction in personal wealth as assets people invested in—bonds, real estate, stocks and cryptocurrencies—lost a lot of value.
“You can mitigate health emergencies by getting a health insurance plan, so you do not spend out of pocket. We understand how painful losing jobs can be; so, we recommend skilling up aggressively and being visible on platforms such as LinkedIn and others. For automobile accidents, we recommend getting a comprehensive insurance plan , so it covers everything.”
The report explained that money and the mind were critical conversations individuals should constantly have. It stated, “Your mindset about money has been formed since age seven. So, you need to unlearn things that do not serve you and embrace the things that give you joy. Do you have a fund for enjoyment? Are you writing out your big dreams that can give birth to more opportunities? What steps are you taking to bring it to fruition?”All rights reserved.
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