Financial investment requires you to set aside a specific amount of money to generate a return, otherwise known as Return on Investment (ROI).
With the present economic situation in Nigeria, saving and investing will require dedication and commitment, especially for the middle class. It has become tougher.
The middle class in Nigeria is struggling financially because of inflation, the reduction in the purchasing power of the Naira, and other economic downturns.
In this post, we are sharing at least 10 top investment tips for Nigerians.
- Usually, financial experts would suggest setting at least 10 percent of your money aside for investment. It might not be an easy task to increase that to 20 or 25 percent in the next 5 years, but it’s advisable.
- Always find ways to make extra money. You may run into trouble. You may find yourself in a situation whereby your savings plans become thwarted. Do not allow that to happen. Look for an alternative means to cover up and stick to your goals.
- Having a financial goal is another investment tip for Nigeriàns. You might want to save let’s say N20,000 monthly from your income (at least 100,000 monthly income) for a specific duration. That is a financial goal. You can as a different goal. It might be saving to pay for training, education, or to buy property.
- Priorities are also important investment tips for Nigerians. Try to spend money on quality over quantity. Spend money on things that are valuable, not on things that you don’t need.
- Look for certified investment companies and identify with them. There are those with good rates.
- Try to cut off unnecessary expenses that will hurt you financially. Before making a purchase evaluate properly, and weigh the options available to you.
- A follow-up point to the last point is to calculate your expenses. Expenses cannot be avoided. You will surely spend on things that you need, but you need to track them too. Ensure that you review where you’ve spent your money. Does it fit into your goal?
- You must develop an abundant and grateful mindset. If you haven’t done that, every return on your investments will always look small. Always ask yourself, what, if this money was stolen by armed robbers, what would you have done. The more you are grateful, the more you feel abundant.
- You must avoid Ponzi investments. Those investment schemes promise to double your money in 24 hours. Try to keep your investing simple. There is no legitimate investment that will double your money in 24 hours. Learn, Learn, Learn. Only you can prevent having your money embezzled.
- Don’t play the market. (Less than 8% of fund managers beat the market over time, and you won’t have access to them.)
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