It is not enough to earn; it is important that your money works for you. Follow the steps below to make your earnings work for you.
- Open a high-yielding account to invest your funds – You can open a mutual fund account with as little as N10,000 and get compounding interest (8-12%) on your fund. If you prefer investment in treasury bills and bonds, please engage your bank for the current rate. Kindly note that rates on treasury bills and bonds are calculated at simple interest rates and minimum investment might be up to N100,000.
- Save in Foreign Currency – Save part of your funds in dollars or other stable currencies like pounds, euros, Australian Dollars, and Canadian dollars to hedge devaluation and inflation. You can achieve this by opening a domiciliary account with your bank and saving consistently in it. With cost averaging, no matter how the naira fluctuates against other foreign currencies, you will be fine once you are consistent.
- Fixed Returns Investment – You can open an account with platforms like Bamboo and participate in their fixed returns investment. This will give you up to 8% interest per annum on your dollar investment depending on the tenor. Here, you only have to pay the naira equivalent of the dollars you want to invest on the platform and select the desired tenor. This will enable you to earn on your dollar savings.
- Invest in Global Stocks – Buying stocks of large corporations like Coca-Cola, Google and Amazon has been a time-tested medium of building generational wealth by renowned investors like Warren Buffet and several others. You can sign on to buy global stocks on platforms like Bamboo, Trove and Chaka in Nigeria. If you are outside Nigeria, we also have apps recommended to our members
To get global stock recommendations and build your stock portfolio against high market fluctuations, join our Investment Club today. You will also get several other benefits like access to our cooperative, local and global real estate investments and eurobonds.