12 lessons from Juliet on wealth creation

By September 7, 2020Investment 101, Storyland
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Juliet is 28 and is currently the owner of two properties and roofing her own home.

She just bought her dream car in an era where others are scaling back on expenditure due to the Coronavirus pandemic and economic downturn.

Her new business of ‘Restaurant on wheels’ also just took off and she’s providing jobs in a time when others were letting staff go.

No, Juliet doesn’t have wealthy parents to finance her dreams nor did she have ‘connections’ in high places – she is in fact orphaned.

But how did she raise so much capital to achieve all of this?

Here’s how.

Juliet got her first job as a marketing executive when she turned 21. She was earning N120,000 monthly. Armed with enough knowledge of how the financial market works through voracious study and financial advice from experts, she started her financial journey.

She saved 10% (N12,000) of that amount in her emergency fund every month and invested 25% (N30,000) into diverse mutual fund instruments with a trusted asset and fund management firm; the remaining income, she budgeted for living expenses and other necessities.

She also started freelance marketing consulting on the side with N20,000 being the minimum she charged a company for consultation services. This additional income always went to her investments. Despite multiple streams of income, Juliet managed to live prudently and had her goals written and pasted beside her bed. She looked at them every morning and when she had the impulse to skip investing in those goals, she remembered where she planned to be in 5 years’ time and ultimately opted for automated investing via the direct debit method to ensure she stayed committed to her investment and goals.

Over time, Juliet started investing in herself. She upgraded her skills and took necessary courses which improved her earning power tremendously. She kept climbing the career ladder never looking down.

Fast-forward to seven years later, she was earning an 8-figure income working as a remote marketing country director for a Software Design company in the UK., has a robust investment portfolio while realising her ambitions one at a time.

So, you see, Juliet didn’t happen on a lottery win. She stuck to a consistent investing strategy and kept her eyes on her long-term goals.

You can be like Juliet! But only if you toe her path.

Lessons from Juliet’s story

  1. Have an emergency fund and save at least 10% of your monthly income there.

  2. Invest steadily towards your goals

  3. Explore diverse investment options to minimize risk and maximize returns

  4. Maintain a monthly budget

  5. Don’t rely on only one income source. Explore a side hustle.

  6. Have a goal (s) and keep your eyes on them.

  7. Become financially disciplined

  8. Consider automated investing to ensure stickiness to investing

  9. Invest in yourself

  10. Live prudently

  11. Gain financial literacy

  12. Trust your funds to experienced fund managers

Explore investment options to meet your short, medium or long-term goals or contact us via enquiries@arm.com.ng for further inquiries.

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