Investing in Nigeria is an intimidating endeavour for a lot of people. This is particularly so for young people who are just joining the labour force with modest income levels. For a lot of underemployed folks as well, saving is hard enough let alone investing.
However, it doesn’t have to be so. In this piece, we will try to break down simple ways to get started in your investment journey.
1. Have A Goal
Having a goal is the first step in getting started in your Nigerian investment journey. Your goal will define a clear picture of what you desire to get out of investing. Goals make the investment journey purposeful. Would you like N50million by age 40? Would you like to have a piece of land at Ibeju Lekki by 35? Or you simply would like to have a strategic capital or cash of N10 million in your account by age 30?
2. Do Your Research
Once you have a goal in mind, the next step is to do some research. The research includes learning about the investment options available in the Nigerian market. Some popular investment vehicles include Treasury Bills, Mutual Funds, Fixed Deposits, and Equities (stocks) among others. These investments have varying risk-return profiles. You could send us an email (hello@cowrywise.com) if you need help before deciding which one is good for you, based on your income level and expected performance over the years.
3. Start Saving
As soon as you figure out which of these investment products align well with your goal, start saving aggressively. Saving aggressively doesn’t necessarily mean you should save all your salary. It means to be consistent with whatever amount you feel capable of saving, usually like 10% –20% of your monthly income. Once you have saved up a certain amount, you can then move this amount into any investment vehicle you have identified in Step 2 above.
A Smarter Approach
I know you are thinking that might take a long time; saving for a while and then start investing later. This is one of the reasons we built Cowrywise. Cowrywise allows you to save and invest at the same time. Whoop! Whoop!
Cowrywise is an automated saving and investment platform in Nigeria, that allows you to automate your savings daily, weekly or monthly. Your savings are then automatically moved into risk-free investment instruments that provide you access to earn predictable returns. This predictability helps you to properly gauge your progress towards achieving your goal.
The Cowrywise App combines the 3 steps outlined above. You get to not only save money conveniently but also save time as your savings are immediately invested. The App opens up investment opportunities to millions of savers. This is our idea of #BeyondSavings.
Download the Cowrywise App from Google Play Store or the Apple App Store and start ‘savesting’, or visit the Cowrywise website.
How has your experience with Cowrywise been so far? Share your story with us here. We want to celebrate you!
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Thank you for your efforts, this was really enlightening.
I don’t have any in mind , if you could put together an information that could share more light on the promising ones.
It will be really appreciate.
It’s often said that side hustle can start from I like doing best, for me I can’t say I have any so having a side hustle is what I like to do ,l just don’t know how?
samuelisaac123445@gmail.com
Making investment in multiple income
The age bracket is really helpful, also living well below your means.
This is a great ldea
This is a gem honestly. I’m sharing! He gave so many insightful tips so plainly they could be easily overlooked.
For the side business, I’m thinking of freelancing with my writing on a bigger spacee.
Thank you, Ope and Mr Tayo
Please can the management team in charge of ones investment in cowrywise help he/ her to sell it, that’s for those investment that can be sell. Since I believe they understand the market more than most investors.