So Many Ways to Make Honest Money in Nigeria (2)

If you think that your Savings Account is just for withdrawals only, think again! 

Did you know that your Savings Account can earn you at least 2% for a certain period? The next time you visit your bank, ask the customer officers how long does their bank require money in an account to sit for it to earn 2%. You think two percent is small? 

Let me give you a break down. Suppose you have twenty thousand naira that you do not want to spend or have no need for, how would you make it earn money for you?

Let’s say you place this money into your savings account, how much do you think that will earn you in a month  if you don’t withdraw from this particular account? That is a whopping N4,000! That’s the return on investment for money just sitting in your savings account. That means in a week, your N20,000 makes you N1,000. How many of you have friends who would just dash you N1,000? Do you remember those times when you needed only N1,000 and there was nobody to give you! 

I’m writing this piece so you can start thinking seriously of the many cool, unhurried and honest way you can make money without breaking a sweat! 

And you will agree too, that easy-money is not easy. Not to mention the heartbreak, feelings of been used or worthlessness that envelops you when you take that route. Why go for that when you can settle for much better, eh?

MORE INVESTMENT OPTIONS:

Shares from the Capital Market 

In capital market, the higher the risk, the higher the returns. The limit of making money is not fixed as market lasts for five days; easy ways to cash out emergency cool cash from the stocks when you sell. 

If you’re young and in the working class, then shares and stocks are good options to invest in. Investing on a medium and long term gives you the best returns. 

Shares and stocks always out-perform inflation so you can always get your profits. 

With shares, always buy a mixture of portfolios on a long term basis e.g. a mixture of shares: Nigeria Breweries (very steady), Access Bank etc.

Always ask you financial adviser on the offers obtainable. It is however, sad that many Nigeria bankers don’t take time to help their ‘ordinary’ customers see these options except when they are perhaps high flying individuals. 

Well, now you know. So take your time and ASK! Don’t be afraid to ask because it is your money. Bank with a bank that cares about your money. Forget going for classy banks to feel you belong. If they don’t help you save and make money, then of what use are they to you?

Learn to be more financially literate. READ FINANCE PAPERS, BOOKS and watch financial news to give you an idea of how it works too. Your money is too valuable. Don’t waste it on things that don’t make your money work for you.

Real Estate

Build apartments and rent out. Better still get asset managers to do a good job of managing your property for you – that way you also learn the ropes. A note of warning: be careful whom you give this job to manage. Make research, ASK, ASK and ASK. Get your facts right and be as involved. It’s your money, your asset: so it matters.

Fixed Income

Treasury Bills, government bonds, and mutual funds guarantees principal invested along with profits made at the rate of 10.5%-11%. 

Look for a merchant house or bank that trades in high volume portfolios as they trade no less than 74% of funds in capital market. 

You will be surprise to find out investing only N50,000 in a mutual fund also know as Coral Income and Coral Growth Fund can be one of the best decisions you could make as it provides you the opportunity to learn about, be involved in and have a better and sharper knowledge of how you can invest wisely in fixed incomes while getting a better understanding of the movement in capital market.

Now you have no excuse to remain ‘poor’, be without money or go begging friends to always lend you small change.

All it takes is discipline, commitment, patience and a passion never to beg!