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ADVERTISEMENT<\/p>\nADVERTISEMENT<\/p>\n
One of the most effective ways to achieve a comfortable lifestyle is by developing multiple streams of income.<\/p>\n
Recent research by Sage reveals that 32% of 24\u201344-year-olds have a second job, alongside 28% of those aged 45\u201354. Meanwhile, 68% of 16\u201334-year-olds report having multiple income streams or side hustles in addition to their main employment.<\/p>\n
Euronews spoke to financial influencer Jenny Okpechi (@savvymoneygirl) about how she built a multiple six-figure investment portfolio \u2013 and why she believes it\u2019s crucial for young people to start investing early.<\/p>\n
Building a multiple six-figure portfolio<\/p>\n
While a multiple six-figure portfolio might sound impressive, Okpechi emphasised that her success didn\u2019t happen overnight. She highlighted the importance of starting small and remaining consistent \u2013 even in the face of economic pressures and cultural barriers.<\/p>\n
Raised in a traditional African household, she saw first-hand how financial matters were often viewed as the domain of men, with cultural norms frequently limiting women\u2019s financial empowerment.<\/p>\n
\u201cI started very young \u2013 at 16 \u2013 by getting very intentional with my money. At the time, interest rates were fairly decent, and you could get a treasury bill investment with an annual return of 20%. I began learning how to run a business and manage finances as a woman, just to prove that I could do what a male could do \u2013 and the knowledge I acquired from doing so changed my life,\u201d Okpechi said.<\/p>\n
Her approach involved meticulous budgeting, living within her means, and regularly putting money aside into savings.<\/p>\n
\u201cOver time, I moved from savings to investing in treasury bills, commercial papers, corporate bonds and stocks,\u201d she noted.\u00a0<\/p>\n
Many young people hold off on investing because they think they need to reach a certain income level before starting with a larger amount.<\/p>\n
However, Okpechi explained: \u201cI didn\u2019t wait to earn a lot. I started investing as a student with what I had and this made me seek out other ways of making extra income like paid surveys and online tutoring. I even attempted blogging but I had to stop because of my studies.\u201d<\/p>\n
She added: \u201cOver time, thanks to compound interest and consistent investing, it grew. I treated wealth-building like a long-term relationship: commitment, patience, and check-ins.\u201d<\/p>\n
The financial influencer currently has eight income streams. These include her full-time role as a Scrum Master and a part-time position as a healthcare assistant. Digital products \u2013 such as eBooks, finance guides, and vendor lists \u2013 form a third income stream, while sponsored content, including partnerships and brand collaborations, make up a fourth.<\/p>\n
Another source of income comes from her investments, which include real estate investment trusts (REITs), stocks, and index funds. At one point, Okpechi even earned five-figure dividends. Subscriptions \u2013 including paid members of her investment community \u2013 add yet another stream.<\/p>\n
She also earns through affiliate marketing and content creation, and is currently building Moneybestie, an AI-powered fintech app designed to simplify financial literacy, particularly for women and teenage girls.<\/p>\n
\u201cI pay myself first and invest consistently, I only invest in what I know and understand so I keep it pretty boring and simple.\u201d<\/p>\n
Investing early<\/p>\n
One of the key pieces of advice Okpechi offered young people starting to build their portfolios is to start small\u2014but start smart, by tracking spending and maintaining a budget.<\/p>\n
She also emphasised the importance of living below one\u2019s means and resisting peer pressure, as well as acquiring a valuable skill.<\/p>\n
\u201cThere are good debts and bad debts, avoid the bad debts. Invest early and consistently, even if it\u2019s just \u00a325 (\u20ac29.8) a month. Automate your savings and investments if you must, that way compound interest will help grow your money faster. Time in the market beats timing the market,\u201d Okpechi pointed out.\u00a0<\/p>\n
She also highlighted the importance of avoiding lifestyle inflation, which occurs when spending rises alongside income.<\/p>\n
\u201cLearn about money like your financial freedom depends on it, because it does!\u201d she said.\u00a0<\/p>\n
According to the 2024 Schwab Modern Wealth survey, Generation Z are starting to invest much earlier than previous generations, at an average age of 19. This contrasts with baby boomers, who began investing at around 35, and millennials, who typically started at 25.<\/p>\n
Okpechi also recommends websites such as Nasdaq, Seeking Alpha and Dividend.com for young investors just starting out. She suggests books like The Richest Man in Babylon by George Clason, The Intelligent Investor by Benjamin Graham, and Rich Dad Poor Dad by Robert Kiyosaki as valuable resources.<\/p>\n
Challenges along the way<\/p>\n
Okpechi highlighted that consciously unlearning traditional African views on money was a significant challenge in her journey. This is especially true as many African cultures prioritise passing on wealth and assets, such as property, to male heirs.<\/p>\n
Girls are often expected to marry, move into their husband\u2019s home, and rely on their husbands for financial security. Consequently, investing in daughters is frequently seen as a waste of resources, which means many women from African backgrounds struggle to achieve financial independence later in life.<\/p>\n
Another challenge Okpechi faced was dealing with imposter syndrome as a woman working in finance and technology, while also confronting gender stereotypes in a predominantly male industry.<\/p>\n
Investing and finance remain largely male-dominated fields, with women investors and experts often having to continually prove their expertise and credibility, especially when addressing audiences.<\/p>\n
Juggling multiple jobs and coping with burnout, along with resisting social spending and peer pressure, were further obstacles.<\/p>\n
\u201cI learned to forgive myself for financial mistakes and keep going anyway. If I had to do it again, I\u2019d talk more openly about money. It breaks the shame and helps others grow too,\u201d Okpechi said.<\/p>\n","protected":false},"excerpt":{"rendered":"ADVERTISEMENT One of the most effective ways to achieve a comfortable lifestyle is by developing multiple streams of…\n","protected":false},"author":2,"featured_media":147256,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,474,51706,1197,2499,3028,16,15],"class_list":{"0":"post-147255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-income","11":"tag-investment","12":"tag-personal-finance","13":"tag-savings","14":"tag-uk","15":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114603432633056570","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/147255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=147255"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/147255\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/147256"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=147255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=147255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=147255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}