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Have you ever looked at rich people and wondered how they made their money? Do you dream of having enough cash to pay your bills, travel, or even retire early? Becoming financially successful is not just about luck or having a big job. It’s about building habits—small, everyday actions that add up over time. These habits are like seeds you plant today that grow into a big money tree tomorrow. Whether you’re a student in Lagos, a trader in Kano, or a worker in Abuja, you can learn these habits to change your financial life. Here are 10 habits that all financially successful people follow, explained so simply that even a primary school pupil can understand.
1. They Save First, Spend Later
Financially successful people don’t wait to see what’s left after spending. They save first. As soon as they get their salary or business profit, they take a part—say 10% or 20%—and put it in a savings account before buying anything. This is called “paying yourself first.” For example, if Chidi earns N50,000 a month, he saves N5,000 before buying food or clothes. Over time, this small habit builds a big pile of money. In Nigeria, you can open a savings account with banks like GTBank or use apps like PiggyVest to save automatically.
Saving first is like keeping some yam before cooking the pot of soup. It ensures you have something for tomorrow. Start small, even if it’s N1,000 a month, and watch it grow!
2. They Make a Budget and Stick to It
A budget is like a plan for your money. Successful people write down how much they earn and how much they’ll spend on things like food, rent, transport, and fun. They make sure not to spend more than they have. For example, Amaka, a teacher in Port Harcourt, earns N70,000 monthly. She plans to spend N20,000 on food, N15,000 on rent, N10,000 on transport, and saves N10,000. The rest goes to other needs. If she wants to buy a new phone, she saves for it instead of borrowing.
You can make a budget using a notebook or apps like Money Lover. Write down your income and expenses every month, and follow it like a map. It stops you from wasting money on things you don’t need.
3. They Avoid Bad Debt
Not all debt is bad, but successful people stay away from borrowing money for things that don’t grow their wealth, like fancy clothes or parties. Bad debt is when you borrow and pay high interest for things that lose value. For example, Emeka borrowed N200,000 to buy a big TV, but the loan’s interest made him pay back N300,000. That’s bad debt. Good debt, like a loan to start a business or buy a house, can make you richer.
In Nigeria, loan apps like Carbon or FairMoney can tempt you, but be careful. Only borrow if it helps you make more money, and always pay back on time to avoid trouble.
4. They Invest Their Money
Successful people don’t let their money sleep in a bank account. They invest it to make it grow. Investing is like planting a seed that turns into a tree with plenty of fruits. You can invest in shares (like buying a piece of a company), real estate (land or houses), or even a small business. For example, Ngozi used N100,000 to buy shares in a company like MTN Nigeria. Five years later, her shares were worth N200,000 because the company grew.
Nigerians can invest in local stocks through apps like Bamboo or Trove, or even foreign stocks like Apple or Tesla using eToro. Start with what you can afford, but learn first to avoid losing money. Books like “Rich Dad Poor Dad” can teach you how to invest wisely.
5. They Learn New Skills
Rich people never stop learning. They take time to learn new skills that can help them earn more money. For example, Tunde, a tailor in Enugu, learned how to make shoes online. Now he earns extra money selling shoes alongside his tailoring. Skills like digital marketing, coding, or baking can open new doors. In Nigeria, you can learn free skills on YouTube or take cheap courses on platforms like Udemy.
Even if you’re busy, spend one hour a week learning something new. It’s like sharpening your axe to cut more wood. The more skills you have, the more opportunities you get.
6. They Live Below Their Means
Financially successful people don’t spend all their money to impress others. They live simply, even if they’re rich. For example, Aliko Dangote, one of Africa’s richest men, doesn’t buy a new car every month. He spends less than he earns and saves or invests the rest. In Nigeria, many people feel pressure to “show off” with big phones or designer clothes, but successful people avoid this trap.
If you earn N50,000 a month, don’t spend N60,000 to look rich. Buy what you need, not what others expect. Cook at home instead of eating out, and use keke instead of Uber sometimes. Small choices make a big difference.
7. They Set Clear Money Goals
Successful people always have a plan for their money. They set goals, like saving N1 million in two years or buying a plot of land in five years. These goals keep them focused. For example, Chioma wanted to start a hair salon. She saved N10,000 every month for three years and opened her shop. Without a goal, she might have spent the money on other things.
Write down your money goals in a notebook. Make them clear, like “Save N200,000 for school fees by December 2026.” Check your progress every month to stay on track.
8. They Surround Themselves with Smart People
You become like the people you spend time with. Successful people choose friends who are smart about money and inspire them to do better. If your friends always borrow money or spend carelessly, you might copy them. But if you join a savings group or talk to people who invest, you’ll learn their habits. For example, Kemi joined an investment club in Abuja and learned how to buy treasury bills from her friends.
Look for people who talk about business, savings, or investments. Follow money experts on X, like @NairaBrains or @Financial_Naija, to learn new ideas. Avoid friends who push you to spend foolishly.
9. They Protect Their Money
Rich people are careful not to lose their money. They avoid scams like “double your money in one week” schemes that are common in Nigeria. They also get insurance to protect their health, car, or business. For example, Musa, a shop owner in Kaduna, bought fire insurance. When his shop burned, the insurance company paid him to start again. Without it, he would have lost everything.
Be smart with your money. Don’t give your bank details to strangers or join risky online investments. If something sounds too good to be true, it probably is. Check with banks or experts before investing.
10. They Give Back to Others
Successful people know that giving helps them grow. They donate to charity, help their community, or teach others about money. For example, Tony Elumelu, a Nigerian billionaire, gives money to young entrepreneurs to start businesses through his foundation. Giving doesn’t mean you must be rich. Even N500 to help a neighbour or teaching a friend to save can make a difference.
In Nigeria, you can give by helping your church, mosque, or local school. It makes you feel good and builds your reputation as a kind person, which can open more doors.
How to Start These Habits Today
These 10 habits may sound like a lot, but you don’t need to do them all at once. Start with one or two and add more as you grow. Here’s a simple plan to begin:
- Save First: Open a savings account today and put in even N500 from your next income.
- Make a Budget: Write down what you earn and spend this month. Use a notebook or an app.
- Learn One Skill: Watch a free YouTube video on a skill like baking or graphic design.
- Avoid Scams: Say no to anyone promising quick money. Check with a trusted person first.
- Set a Goal: Decide one thing you want to save for, like a new phone or school fees.
Financial success is like climbing a ladder. Each step takes effort, but every habit you build gets you closer to the top. Imagine having enough money to live comfortably, help your family, and enjoy life without stress. That’s what these habits can do for you.
Why These Habits Work
These habits work because they help you control your money instead of letting it control you. In Nigeria, life can be tough with rising prices and unexpected expenses, but successful people don’t let that stop them. They plan, save, and invest, even when things are hard. For example, during the 2023 fuel subsidy removal, many Nigerians struggled, but those with savings and investments, like Ade, a small business owner in Ibadan, could still pay their bills because they followed these habits.
You don’t need to be a billionaire to start. Whether you’re a student, a market woman, or an office worker, these habits can change your life. The key is to start now, stay patient, and keep going. In 10 or 20 years, you could be the one others look up to, wondering how you made it.
Your Turn to Shine
Financial success is not a secret only for a few. It’s a journey anyone can take with the right habits. Start small, dream big, and don’t give up. Which of these habits will you try first? Have you already started one, or do you know someone who follows these habits? Share your thoughts in the comments below! Let’s inspire each other to build a brighter financial future.
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Disclaimer: Investing and financial decisions carry risks, and you could lose money. Always do your research or consult a financial adviser before making investment choices.
