Nigerians, especially youths, have been advised to prioritise spendings, diversify their incomes and automate investments to build generational and sustainable wealth next year, according to Reni Odetoyinbo, CEO of financial literacy platform Xoreni.
“In 2025, start tracking your spending and expenses. Pay yourself first and put a little aside for the future either in savings or investments. These habits could make a huge difference in your financial life next year,” the finance youtuber said.
Finance experts and investors at the maiden physical “Don’t Go Broke Trying” event also said individuals seeking financial sustenance must be able to differentiate between assets and liabilities.
The event, conveyed and hosted by Odetoyinbo has many young people who are looking for answers to their myriad financial challenges and ways to make the best of their spendings in the coming year
“If it’s not putting money in your pocket, it’s not an asset,” said Bode Odetoyinbo, a renowned lawyer and investor who emphasised the need to seek knowledge and be disciplined enough to invest while saving.
Odetoyinbo identified seeking financial knowledge through reading and research, investing in education and jettisoning what he referred to as “fear of missing out (FOMO)” as the first path towards financial success and key investment decisions.
He stressed that savings may not multiply money, urging Nigerians to invest in securities like stocks, bonds or even real estate that would give higher returns.
“Investment is not money. It’s a situation that gives you options to do a lot more on your own terms. You need to be able to make money whilst you sleep, and to do that you need to put your money in things that replicate itself,” he said.
“Mutual funds, individual stock, stocks, real estate, you could get dividends income from investing in stocks and rentals from real estate,” the lawyer said.
On her part, Oluwatosin Olaseinde, CEO and founder of Africa-focused financial literacy firm Money Africa said investing in the mind by feeding it with transformative books is the first source of investment, highlighting the primacy of building a shared community for greater results.
“You need a community to share knowledge of what you intend to achieve with,” said Olaseinde.
Olaseinde advised Nigerians to start investing in the stock market using such platforms as Trove, Bamboo or Chequered or other big banks, urging not to wait but to start investing in securities with higher returns.
When to buy and sell stocks?
Odetoyinbo explained that selling stocks or one’s securities are “individual-specific”, stating that money is expected to be kept in a place where it will grow. He however added that if there are pressing issues to sort out with the money, the gains or returns could be used instead of outright exit.
“If you’ve invested your money and it has done well for you and you need the money or you have a better investment to put it into, by all means feel free to exit. But if there are no better investments, why exit?”
The lawyer turned investor said buying stocks requires looking at the fundamentals of the company, especially the management and the board including the CEOs. He stated that “when the head is rotten, you see bad things. “You must look at their history. Which sector are they in?”.
“In this AI era, we have companies that are doing unbelievable things. I know a company that has done over 300% this year alone. But it occupies an area that the new administration will even make them go even bigger.
“So if you look at the spreadsheet, it makes no sense but when you think of where they are going and the opportunities they are going to get you go even bigger. So I tell you, you’ll stand firm, hold and hold and hold even further.
When asked about where to diversify, Odetoyinbo said trends show that the biggest companies in the world are in the technological space, hence, he diversifies only within technology.
Speaking about the essence of the event, the CEO of Xoreni, Reni Odetoyinbo said the event was premised on her passion on helping people with their finances and teaching them ways not to go broke trying to fix their financial lives.
“Building wealth requires developing your skills because that’s what would pay you the money you can then use to build wealth and remember your market is not only Nigeria. So you can use your skills to work abroad while based in Nigeria,” she said.
Odetoyinbo advised Nigerian youths to manage their incomes even if it’s not much and take a portion for savings. She urged youths to diversify their incomes as it’s risky to put all eggs in one basket.
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