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How Nigerians and other countries can personally tackle the present recession

If you live in Nigeria, you may not know the real effect of Nigeria's economic situation, until you step out. The Naira is very worthless now, Unfortunately.

Its no news, its not new anymore. In 2008-2010, businesses collapsed everywhere, people lost their jobs. Its the same today, yet more graduates are being churned out from the higher schools.

It's on record that over 500,000 Nigerians lost their jobs in the last 8 months. Small businesses are closing down. Food and transportation is getting high. People are divided across party line or sympathy on individual leaders and/or geographical divide instead of facing the real challenges collectively. 

The following are some ways for individuals to live in order to tackle the present recession.

1. Go and read an old book titled The Millionaire Next door. You will thank me later for this.

2. Stop buying those small stuffs: In a recession driven economy or even in a buoyant economy, those small stuffs you buy will finish your finance and already leaned pocket. The jean, wrist watch, spontaneous spending on clothing, etc must be adjusted.

2. Have a family budget: Most of us don't have a budget for the month. You must put this in pen and paper, know how much you spend on food. Decide how much and peg.

3. Avoid Food Wastage: Never cook more than you are supposed to, don't waste food to the dustbin.

4. Start a side or weekend income business: You salary or income is already fixed from your employer if you work. They might be considering firing or reducing your salary. Consider side income from your hobby, passion or skill.

6. Save vigorously: Yes when you can cut down the small stuff, food wastage and budgeting, you can save those money.

7. Invest : Recession is also a good time to invest your money into other areas that can bring extra income.

8. Look for a product with Mass market; A mass market product is one that the mass are hungry to buy at cheap price and quick. Food businesses fall into this. For example, I personally went into bread rolls that sells for N20 and and had more buyers who could not afford N300 loafs and I sell faster.   You can also learn how I started a Micro Bread bakery with Micro Ovens and How you can also join my next class for bread baking.

Dangote sells salt, Sugar and Cement to every home in Nigeria and Ghana

9. Stop complaining: Complaining will push you further into negative vibration. You get sick, depressed and unhealthy. Instead of ranting how the economy and government has destroyed your psychology, self worth, take practical steps to do something. Leave your comfit zone. Leave where you are being fed with free food, face your fears, dream big.

10: Start a business from where you are now: There is something you know how to do. Nothing is too small and no money is too small. If all you have is N3000, start. Think big but start small. If you need a practical business to start, let me know.

11: Upgrade your relationship: If you mix up with 6 broke, unintelligent, negative minded people for 3 months, you become the 7th one soonest. Upgrade your contact and self worth.

12. Change your thinking

13: Learn a new skill, read books, have mentors and coaches.

14: Open A Child Education Account: Plan for the kids even before they are born. If they are already here on earth, open bank accounts for them and start saving little by little for their fees and educational related spending.

15. Open a Christmas Account: Most of us will just wake up and spend supposed children's school fees for Christmas and be in trouble when school start January. No, have a budget for Christmas from January 1st. As a low family, if you save N200 daily towards Christmas, you will have at least. N72,000 at the end of the year to spend for Christmas.

Learn how to start your own Micro Bread bakery with Micro Ovens

1 comment:

  1. Thank Sir, this is inspiring. I hope Nigerians who rant all the way read this and know they hold their destiny in their hand. Bless you
    I am interested in this bread biz how do i connect?


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