Creating Wealth through Fintech
Managing a business requires a lot more than the skill or talent needed for that profession. It is easier to learn a skill and create a product than to manage the business process of selling that product. Most talented entrepreneurs dive into businesses without thinking of ways to create wealth through them. Thus, they end up becoming financially bankrupt due to neglect and mismanagement of the daily activities involved. Based on recent research, the steps to wealth creation involve a lot more than acquiring skills. Having the skills to make money could the described as the first stage of wealth creation, however, It does not always guarantee wealth. The most important thing to remember when monetizing your skills is finding how to create a consistent income. With this, various business trends have been developed to increase the chances of wealth creation and economic growth.
Fintech is the combination of the terms, ‘finance’ and ‘technology’ to create easy and sustainable ways businesses can carry out their daily activities. With the introduction of technology, most brands have been able to forecast the growth of their businesses as well as come up with new creative ways of engaging their audience. Take for instance social media, the extent to which social media has bridged the gap between most businesses and their audience is astounding. Most Brands communicate and engage with their target market without having to create a physical presence. It has become vital to have a successful online presence in order to grow your business. By developing an App, most businesses tend to make marketing easier as well as sales, thus creating wealth by moving a lot of traffic through their App.
Individually, most people use their social media presence to create a freelance job situation for themselves. This way, they can work with several brands to help them grow, gain experience from each one and build content for themselves. Due to the constant economic recession in Nigeria, it has become difficult for young adults to find employment stable enough to sustain them monthly, however, through technology most of them can become content creators on various social media platforms thereby creating wealth for themselves while expressing themselves freely. This development could be described as one of the easy ways to create wealth as employed people also engage in this as a second source of income.
Investing in Fintech is another form of wealth creation. this way, your money works for you. Through the birth of Fintech, there have been new innovative ways to invest your money and gain profit in return. For instance using Forex trading, one can easily trade one currency for another. Unlike other commodities, forex trading does not take place on exchanges but directly between two parties, in an over-the-counter (OTC) market. The forex market is run by a global network of banks and corporate finance entities spread across four major forex trading centers in different time zones: London, New York, Sydney and Tokyo. Because there is no central location, you can trade forex 24 hours a day. Another unique example is Cryptocurrency trade which is a digital currency exchange, that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. With this development, it has become easy to trade funds and gain profit.
Technology in Finance has made trading easier and also created an atmosphere for brands to engage their audience through this ease and convenience with worthy designs that are compelling and engaging for their end-users.