Statistics state that 23% of the Nigerian population is middle class with spending power and aspirations to match while over 40.1% of total population are classified as poor.
Below are tips to rapidly grow from lower class to middle class:
1. Start somewhere and secure a revenue stream
Revenue stream is the source from which a business/person earns money from the sale of goods or the provision of services. No matter how small, constantly learn and look for ways to expand into other streams. While at it, build your skills and excel.
2. Save, Save, Save
Sometimes the hardest thing about saving is just getting started. If you wait for the “right time” to roll around, it’s never going to show up. The best time to start saving is right now. Few tips to help you save are
- Budget for savings.
- Record your expenses.
- Set saving goals.
- Make savings automatic.
- Be accountable.
3. INVEST AND REINVEST!
Investing even small can reap big rewards and it is the most reliable way to create wealth over time. It’s worth keeping in mind that investing isn’t just about a sudden influx of cash, your time and experience are also extremely valuable.
As you invest keep reinvesting that is redirecting a portion of profits back into a business which can make you to grow from lower class to middle class.