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5 keys to unlocking financial freedom: Save, grow, and prosper with Coronation   

January 19, 2024
Insurance , Investment
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Forget “Nigerian hustle.” We’re talking Nigerian prosperity dance. Undoubtedly, building wealth in Nigeria can feel like finding the right rhythm blindfolded. But we’re here as your money maestro, to guide you with five golden steps that’ll turn your naira into a fortune faster than Fela Kuti on a high note.  

Remember, in Nigeria, true financial freedom isn’t just about making it rain, it’s about mastering the art of saving and making your money work harder than a Lagos bus driver in rush hour. So, ditch the blindfold, grab your wallet, and let’s waltz to the bank! 

Building wealth is a universal aspiration, but navigating the financial terrain in Nigeria demands a nuanced approach. 

Key 1: Tame the spending beast – budgeting like a boss 

Before you conquer wealth, master your spending. The 50/30/20 rule is your budget blueprint: allocate 50% of your income to needs (rent, utilities, fees), 30% to wants (entertainment, dining), and 20% to savings and debt repayment. 

Be like Akosua.  

Akosua is my very good friend, who was not always a budgeting pro and used to handle money like a clown juggling flaming chainsaw. Rent and bills were hungry monsters gobbling up her paycheck, leaving nothing for fun or savings. Then, she discovered a secret weapon: the 50/30/20 rule! It was like a magic spell, turning her financial chaos into a calm oasis. 

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Here’s how it worked: Akosua gave half her money to the ‘gotta haves’ – rent, food, utilities and those pinching bills. Then, 30% went to the “fun stuff” – movies, dinners, a little treat. The last 20%? That was the hero, the “future fund” growing fatter every payday. 
 
At first, cutting back was tough. Late-night cravings whispered for pizza, and shiny shops sang sweet songs of unnecessary shoes. But Akosua, armed with her budget and a fierce dose of “adulting,” held strong. Every naira saved felt like a victory, her bank account slowly transforming from a skinny kitten to a plump panther. 

Dreams that once seemed blurry, like a new phone or a beach vacation, came into focus. The 50/30/20 rule wasn’t just about numbers; it was about magic. Akosua, the budgeting warrior, had tamed the spending beast and tasted the sweet freedom of financial control. And guess what? It felt way better than any impulse buy ever could.  

So, if your money feels like a runaway train, grab the 50/30/20 rule and hop on! With a little discipline and a lot of “future fund,” you’ll be the master of your financial, juggling not chainsaws, but dreams that come true, one naira at a time. 

Key 2: Save first, spend later – prioritise prosperity 

Think of saving as planting a financial seed. The earlier you sow, the more robust your tree of wealth will be. Watch your money grow with competitive interest rates, while enjoying easy access when needed.  

For this, we have a story, still about Akosua.  

Akosua used to watch her earnings flutter away like leaves in the wind, leaving her future bare and dreams distant. But no more. Today, she sees the bustling market not as a place of fleeting purchases, but as a fertile field for her financial future. Each naira she earned, each bargain she struck, became a seed, carefully planted in this field. The earlier she planted, she knew, the stronger her financial tree would grow.  

Time and smart choices were her sun and rain, nourishing every naira towards its potential. Akosua envisioned her future – a sturdy baobab tree, its roots deep, its branches reaching for security, its leaves whispering promises of freedom and a life where worries withered, and opportunities bloomed. This harvest, she knew, wouldn’t be measured in market baskets, but in the comfort of knowing she had built a future for herself, one naira and a wise choice at a time.  

Akosua, the gardener of her own prosperity, smiled. Every naira held not just value, but the seed of hope, growing towards a brighter tomorrow. 

Key 3: Invest for growth – plant seeds of abundance 

Saving is your financial foundation, but investing propels you to greater heights. Coronation Asset Management offers diverse, professionally managed mutual funds tailored to your risk appetite. Whether you’re a cautious saver or a bold adventurer, we have a fund that suits you.  

Again, we come back to Akosua’s story. 

Akosua knew saving was the bedrock of her financial future, a sturdy baobab tree rooted in careful choices and disciplined naira. But she also craved the thrill of growth, the chance to watch her financial forest reach for the sun. That’s where Coronation Asset Management stepped in, offering a ladder to those loftier heights. With the diverse selection of professionally managed mutual funds, it caters to every kind of climber, from the cautious inchworm to the intrepid eagle.

Akosua envisioned owning a sliver of bustling cityscapes, a stake in vibrant companies on the rise, or even a whisper of ownership in global titans – possibilities that once shimmered like distant constellations now felt tantalisingly close.  

With Coronation, her financial baobab wouldn’t just stand tall, its branches would dance in the wind, laden with the fruits of wise investments and bold decisions. In her mind, the bustling market transformed into a launchpad, each naira a fuel cell propelling her towards a future not just secure but bursting with vibrancy and the sweet taste of dreams realised. This was her financial Everest, and with Coronation as her guide, she was ready to ascend, one strategic step at a time. 

Key 4: Secure your future – build a fortress of protection 

Life throws curveballs. Coronation Insurance products are your financial shield. Secure your health with our comprehensive insurance plans, protecting yourself and your loved ones from unexpected medical expenses.  

This time, we remember Fatima.  

Fatima bustled through the market, haggling for mangoes and dreaming of adventures beyond the dusty streets. Yet, a twist of fate, a sudden illness, could shatter her plans.  

Coronation Insurance became her safety net, stitching peace of mind into her everyday hustle. She pictured her daughter’s giggle echoing through their tiny home, her husband’s calloused hands reaching for hers.  

Coronation’s Critical Illness plans were like a sturdy roof over their life, sheltering them from unexpected medical costs. Routine checkups, hospital visits – everything covered, a promise whispered in the wind: no sickness, no worry, could dampen their laughter.  

With Coronation as her silent shield, Fatima chased her dreams, her heart lighter, knowing even if life threw punches, her family, her future, was snugly protected under the insurance umbrella. Every naira saved every market bargain, and became a brick in their wall of security, built one checkup, one smile, one shared meal at a time. 

Key 5: knowledge is power – empower yourself with financial literacy 

Financial mastery doesn’t happen overnight. Coronation is your learning partner. Check out our Investment Academy where you can access informative online resource and consult with our dedicated financial advisors. The more you understand, the more confident you’ll be to make informed financial decisions, steering your wealth towards its full potential. 

With Coronation as your companion, these five keys unlock a treasure trove of possibilities. Start your journey today! 

At Coronation – We don’t just manage your money; we partner with you to build a prosperous future. Together, let’s turn your financial dreams into a vibrant reality. 

If you are interested in speaking to an advisor on getting insurance cover for yourself or your loved ones, or you would like to speak to an expert on getting the most suitable mutual funds and/or shares as an investment. Please reach out here and one of our experts will be in touch. 

We remain committed to being your Prosperity Partner. 

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