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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Ex – shopaholic here ?
Some days, it’s difficult to ignore the sales – genuinely so ??
But a locked plan plus the fear of going back to the past (the time when I had no personal savings but still thought I was living the good life??♀️) keep me going ??
No 7!!
I’m going to remove my card ASAP! :sob:
No. 4. very important
Always know your needs and your wants .. not all WANTS are NEEDS
We make that mistakes countless times , buying the things we don’t really need and later regret buying them but worse still keep repeating same mistakes again and again ??♂️.
Bye bye to buying by impulse ?
I am not sure if I am a shopaholic. You know that saying that you can’t know how you will behave in a particular situation if you haven’t been there.
I have mastered the art of taking time before buying anything. I also try to explain to a friend if I am at a crossroads of either buying or letting go.
Most times, we don’t know there is a difference between want and need because of love at first sight. Asking someone might help.
I love tips 5 & 7. 5 is important for everyone, we have been deceived to believe that we are saving money when we go for discounted goods (lol), my eyes do clear.
For 7, I have found myself several times letting go of buying something because my credit card isn’t near (this is my table)
All the tips are helpful.
Couldn’t help but scream for joy reading this article. . truly intentional limited cash develops your Survival skills . .by force!! – Lock your Funds today & Help your future finances!
As an ex – shopaholic., such habits comes with sinking emptiness and a certain point in Life it could be quite destructive.
Cowrywise indeed makes such transformation journey a lil’ easier.
????ope why did I have to open your mail just let me get this ear pod on discount in peace na ??