Truth be told, it’s been a really expensive year so far, especially here in Nigeria.
From the rising cost of basic essential items to the insufficient supply of electricity which leads to a strong reliance on fuel (petroleum).
Let's not even discuss the exorbitant cost of housing in many states around the country, because that's a bag of worms we probably don't want to open right now.
In February, Nigeria had fuel shortages as a result of importing bad quality petroleum, resulting in weeks of acute scarcity and long lines at filling stations. Due to the shortage, transportation costs were astronomically increased, which cascaded downwards, affecting goods and commodities adversely.
Africa's greatest oil producer is nearly totally reliant on imported petroleum due to the lack of functioning refineries.
All of this has resulted in an alarming spike in Nigeria's cost of living. Making it nearly impossible to live comfortably without earning a significant amount of money. Even still, your high salary is failing to keep up with the ever-rising cost of goods.
According to statistica.com, Nigeria's inflation rate is currently at a startling 16.1 percent, giving it one of the world's highest inflation rates.
This raises the question,
What Shall We Do To These Things?
Clearly, all hope is not lost, since there is always a way out and a means to make the best of a bad situation.
A few of these are discussed below;
Inflation is unavoidable:
The first and most important thing to realize is that, like a few other life events that are certain, such as death, growth, and taxation, inflation falls into the same category.
As a result, rather than resisting it, it's better to anticipate it and plan beforehand to protect yourself.
Read on for some suggestions on how to protect yourself from inflation.
Invest in Yourself:
Investing in yourself as a person is the single most profitable investment you can make. This is because such investments have the potential to provide the highest lifetime value because they continue to generate profits as long as you live.
At such times, make sure to invest well in your mental health, your physical health, your emotional health, your personal development, and in those of your loved ones as well.
Divert your Funds into Safe and Profitable Ventures:
You cannot let your money sit idle without working for you. Saving is great, but during times like these, strategic financial planning must take precedence.
"MAKE YOUR MONEY WORK FOR YOU!" advises The Richest Man in Babylon, a book that imparts timeless financial knowledge.
Forex trading is hands-down one of the highly profitable ventures through which you can keep your money working for you actively!
Owing to the endless potential in the world of Forex trading, the chances of fighting and staying ahead of inflation is high, as it gives you the opportunity to make daily steady income off the global exchange and movement of money.
With 7Bforex, you can get started on your journey of making profit from this highly profitable stream right away!
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