AllFinanceLifestyle

3 Strong and Proven Principles to Build Wealth

2 Mins read

In the pursuit of financial well-being, the journey to building wealth is guided by certain timeless principles that have withstood the test of economic fluctuations and evolving financial setbacks especially in Nigeria. 

These three strong and proven principles serve as the bedrock for individuals aspiring to gather  and retain wealth. They provide fundamental financial wisdom and a roadmap for strategic decision-making, long-term planning, and a disciplined approach to managing resources. Let’s get started. 

Prioritize funds to make yourself happy

As much as I am of the opinion to live within your means and stick to spending on your essential needs, there are still the non-essentials which can make you happy and improve the quality of your life. What you like to splurge on doesn’t necessarily have to make sense to the next person, the key is discipline. For instance, I tend to get a bit unreasonable with spending when I see new sneakers and boots

Perhaps you find yourself in the same group chat of spending to stay happy and your wallet is taking a lot of blows, it’s high time to literally put pen to paper and set aside some funds for your happiness spending. This must surely come after you must have ticked off all the essentials. This way, you get to stay within your limits whilst still being able to enjoy your splurging moments without guilt.  

‘Money can help you find more happiness, so long as you know just what you can and can’t expect from it.’ Time Magazine

Make Saving and Investing Non-negotiable

Make saving and investing a regular habit! Set aside a chunk of your paycheck, whether it’s 10%, 20%, or whatever works for your money game. Saving is like your financial superhero—it helps you handle unexpected stuff and reach short-term goals, like a new car, your rent, or that shiny laptop. Investing on the other caters to your long-term goals. The key here is to prioritize both saving and investing. 

Photo by Fabian Blank on Unsplash

Cultivate Awesome Money Relationships

This goes beyond just romantic relationships, do you have a money crew?  If you hangout with people who do not prioritize money discussions, there’s a high chance that you will lack motivation to pay attention to your finances. Even in your marital decisions, it’s in your best interest to know the money personality of your partner. You would want someone with similar or better money values, so you can have a balance in planning your future financially. 

To recap, the three principles of setting aside funds for happiness, prioritizing saving and investing and cultivating money relationships will serve you purposefully in your journey to building wealth and staying happy. HerVest is your go-to platform when it comes to saving and investing. With our competitive ROIs and financial tips, you are assured of a safe place to grow your money. Get started today here. 

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