If you had 1 million naira with you, what are you actually going to do with it? Would you invest it? Will you useless the money? Will you now change your lifestyle? Let’s say you used to eat 3 times a day, now you would start eating 5 times daily?
Whether you are a youth who wants to further his/her education, a young man or woman with solid business ideas, an elderly person who does not want to go through so much stress with the 1 million naira or even a well to do personality who wants to see the use of his or her one million naira, this guide would help you with the best advice on what to do with 1 million naira in Nigeria.
You might have gotten the 1 million naira easily, maybe through a lottery, contest or even as a gift; the value of the 1 million naira you have depends on what you choose to with, so that’s why this guide is available.
Firstly, I would be addressing youths who would be asking of what to do with 1 million naira in Nigeria. This is because they are the ones who are vulnerable to spending the money uselessly.
1. Sponsor yourself in Education
As a youth, your brain is still fresh and developing and it would be a wise idea to develop yourself mentally with the 1 million naira you have. Even if you had a NCE certificate, it is not enough, you need to get a first degree, even if you have got a masters degree it is still not enough, you need to get your PhD and while sponsoring your education with the 1 million naira you have, you would come to realize that you did the best for yourself.
Even the most successful people in the world today, knew the importance of education that was why they decided that they had to go through the process of acquiring formal education before continuing their business, because it is a very important acquisition in life in the kind of world we are today.
With 1 million naira, you can invest in educating yourself and reaping the benefits in the nearest future.
The second set of people I would be advising on what to do with one million naira in Nigeria are young men and women who have solid business ideas. If you fall into this category, then you are very lucky to have up to a million naira because it would help you kick-start whatever business idea you have in mind.
2. Start a Business with it
In a country like Nigeria, where people go for what they “NEED” rather than what they “WANT” it would be a good plan to start a business that can satisfy the needs of most people in Nigeria, this is because the population of the poor and average citizen is much more than the rich citizens, so you need to sit down and prepare a business plan that is flexible and realistic.
You cannot say because you have a million naira and you think you can just start any business, that doesn’t work at all because you would just crash in no time and even regret why you used the 1 million naira to even start the business.
Even if you had more than a million naira, you need to plan, know what your investments are, know the profits you would get and how soon the profit would come, know the running cost and all that is required for the business to stand strong, this would help you not to waste your one million naira.
Now I would also be giving an advice on what to do with 1 million naira for elderly persons who may not want to stress so much in engaging in various activities for them to see the best profit or best use of their funds.
3. Invest in the Stock Market
If you are in this category then I would advise you to invest in buying stocks, once your money is available the next thing is to understand how the stock market works and I would be giving a brief detail on how buying of stocks can bring dividends.
The stock market is a kind of investment scheme which comes with healthy risks and attractive rewards, both for short and long term investors. For you to buy stocks you need to hire a stock broker or make use of the services of a brokerage firm that would help you to gain access to the stock exchange because their work is to provide you with the best company’s shares you should consider purchasing.
Even though a million naira is a huge sum of money, in the stock market it isn’t so significant, so if you have more than a million naira you can still invest in buying stocks.
While the stock broker tries to give you the best firms to invest in, you should also try out different methods, for you not to be in too much risk even though there could be high rewards. You should try to strike a balance that allows you manage and enjoy the benefits of investing in stocks as well as saving you from heart attacks, just in case something goes wrong.
There are two possible ways you could make money from stocks and the first is by receiving dividends from a company whose shares you acquired and the second way you could make money from stocks is by selling your shares off at a higher price than what you bought.
When you invest in stocks you can easily build wealth and enjoy financial stability with your 1 million naira without stress.
The last but not the least category of people I would be advising on what to do with 1 million naira are people who are well to do, even if you are so rich, you may still want to make use of your money for something reasonable and that brings us to what I call, giving back to the society, what I mean is by helping the needy that can’t afford basic things like food, cloth, shelter and education, by setting up a foundation that takes care of that.
Most of the world’s richest hardly give out money to random persons, rather they would invest in the lives of people who are less privileged.
4. Give out Scholarships
Another way you could utilize a million naira for something substantial as a wealthy person is by sponsoring brilliant students for scholarship.
You would find out that in the society we are today people hardly sponsor anything that has to do with education and research, rather they would focus on the entertainment industry, but it is not meant to be so. Once you sponsor educational activities, it would encourage young people to be more hard working and focus well on their studies knowing full well that they would also be rewarded.
I have successfully given you some advice and tips on what to do with one million naira in Nigeria, although there could be numerous uses, but I think what I have stated above would be useful enough to make sure your one million naira is not going to be wasted.
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