... a whooping 1k dollars
Irrespective of how much comes into your account, if it is not properly manage, it will flee. Financial skills and management is very important, especially in a country like ours with an unstable economy. Money is so so volatile in the sense that, whenever money comes in there are bills waiting to take it out, therefore in that case one must be so deciplined when it comes to managing money. Now the question is if a huge amount hits your account, how do you manage it so that you don't regret later. Let's imagine 1000 dollars hit your account.
A whooping 1000 US dollars. That's about 1.3 million naira. That's a huge amount depending on how you use it or invest it.
Because a lot of people will have such money and in less than a month they will go back to square one. Because I have seen a guy who inherited his father's wealth and since that was his first time of coming in contact with such wealth. He mismanaged it and in less than 3 years, he had started selling off most of the properties. So no matter the amount that you have , if it is not well utilized you might end up wasting it.
If I have 1000 dollars now, I will invest part of the money in something that will be giving me some interest monthly, I will save of the money and ensure I save it were I will also get interest. Part of the money will be kept as emergency funds. Because if emergency funds is not set aside, I might still end up using the part of the savings.
I know having a business is a nice idea too, but starting and managing a business in this country currently needs a lot of money, therefore I will ensure that the 1K dollars brings a lot of money first, before I add it up to start a new business while the capital I invested will keep generating interest .
But in all, will ensure that every part of the money is well utilized.
