Money Chronicles: How I Started Investing in Mutual Funds at 19!

Money Chronicles showcases the honest money experiences of everyday people who use Cowrywise. We share a story on the 17th of every month. This month, we speak with Chiagoziem, a student at the Federal University of Technology, Owerri who bought her first Mutual Funds investment at the age of 19. She shares the impact her parents had in helping her imbibe the right money habits and how being a student ambassador has helped her with financial education. You can tell she’s such a bright one when reading through our conversation with her below. 👏🏽 Dive in! ⬇️

Hey hey! I’m so excited about this interview but before we dive in, what’s your name, and what do you do?

My name is Anyanwu Chibuikem Chiagoziem. I am a student, innovator, and writer. I also run a not-yet profitable startup and I am a techie.

“Not-yet profitable Startup” 🤔 That’s a new phrase on this segment on the blog. Let’s look at it this way – you’re still a student but already innovating and pursuing tech, that’s a profitable experience even before you graduate, trust me.

Haha, thanks! That’s another angle and I get you. 🤗

Awesome! How did you find out about Cowrywise?

I found out about Cowrywise during the lockdown. I was searching on Google for investing apps. This was after putting some effort to up my game in personal finance and knowing that I could save some money for some things in school. I had been hearing about investments and was really inspired by Warren Buffett. And then I found Cowrywise, the best for mutual funds investments. 🤩

Awwnn…thank you for the kind words. What prompted you to begin using the app? Did you at any point think you were too young to start taking your finances seriously?

I first checked the FAQs before diving in. When I realized I could afford the minimum amount for purchasing the mutual funds investments, that was the green light for me. I even wished I had started earlier. I knew about investments from when I was young. My parents would tell me about the stocks I bought and I’d always check the newspapers to see if they performed well. I felt like an old soul in a young body. My parents always helped me imbibe the right money habits – maybe because I was the first child, I don’t know. 🌚

Stellar parents. 👏🏽

What has changed with your finances since you’ve been using Cowrywise?

I can actually invest in Mutual Funds with a part of my money, which makes me accountable.

I tend to use the 50:30:20 finance rule which has helped me to balance out useless spending. Also, the fact that I have something to fall back on, just in case wahala burst. There’s this peace of mind knowing that you’re building up funds somewhere safe.

So, let’s talk about your tweet! You shared that you bought your first mutual funds at the age of 19. That’s amazing! Tell us how that felt.

To be honest, I felt like the female Warren Buffett.

I didn’t let anyone rest that day, especially when Cowrywise gave me a badge for being an investor. They all made it seem so grand, everyone was surprised. I was actually surprised by how surprised they were. 😊

Was the process of investing on the app easy? Were there any hurdles you faced while purchasing the fund?

It was straightforward. The app also explained the types of mutual funds you could invest in according to your risk level, which made it a whole lot easier. Also, there are dollar mutual funds investments; there are plenty of options and it gave some information on each of these individual funds. I found that very helpful.

Mutual funds have been around for a long time, but they are recently just making waves in Nigeria. When did you first hear about mutual funds, and why were you so convinced that you needed to invest in them?

I heard about mutual funds during the lockdown. It was necessary for me as a newbie to diversify my risks and my portfolio. Mutual Funds on Cowrywise enabled me to have access to low-risk, moderate and high-risk investments all at once; an excellent opportunity for newbies and also a way to save for the future.

You’re really an old soul in a young body, so wise! 🤩

Apart from mutual funds, do you have any other form of investment?

Yea, I do have other investments, like cryptocurrency, some ETFs and some single stocks. Also, I want to dive into NFTs and physical investments like agriculture.

Get it, girl! 💯 What is your best Cowrywise feature and why?

It’s the investment feature for me. I was looking for ways I could invest in mutual funds without the hassles of paperwork and stress of reading big big English and Cowrywise gives me that.

What would you say to a student like you who’s still stalling to take their money management and wealth creation seriously?

Be open, learn more, and read more, wealth creation starts now. Don’t limit yourself till when you start earning millions.

Lol! And billions too. So, what are your plans after graduation?

Well, to take my startup to the next level. Then I’ll probably go for my MBA. After that, I’ll bring my app ideas to life with my tech skills; basically, just explore the genius in me. I also want to explore writing more and make more crucial and valuable connections. Then put more effort into volunteering and advocating for change. 🚀

How are you preparing right now to become that person?

Well, I’m currently out of my comfort zone running a startup so my daily experience is preparing me. I have made wonderful connections and equipped myself with business knowledge. I’m also trying to improve my skills and taking personal development seriously, learning every day, and trying to be a changemaker in school.

What’s your favourite moment/day in school so far?

If I say ‘breaks,’ would that make me unserious? 🌚

I like breaks. I tend to focus on more things, like actually getting educated in other areas asides from my schoolwork; so holidays are my favourite part of school time.

You’re one of our campus ambassadors in Federal University of Technology, Owerri, and we really appreciate you. Why did you apply to be an ambassador and how has it been so far?

To be honest, I felt I was tired of making noise on my status about investing. It was becoming boring to my friends. So I guessed that they would see the point if I became a Cowrywise ambassador. It also makes it easier to reach out to other people and learn from others.

What is the money terrain like on your campus and how have you been able to talk to people about savings and investments?

It’s not been easy because most students are focused on cashing out now, living in the present, and not caring about the future. But Cowrywise and the financial knowledge I’ve gotten really helps in talking to them in a way that they can understand big financial gibberish.

We don’t have many ambassadors in your school. Any advice on how we can change that?

Maybe more offline programs or partnering with entrepreneurship programs in the school for more visibility.

Hmm…Thank you for sharing that. Any suggestions for the Cowrywise team?

I don’t know… What of cryptocurrency as a payment gateway or ETFs?

Nice. We’ll share with the team. Thank you so much for speaking with us, Chiagoziem.

It was a pleasure! Thank you too. 

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