How you fit save and invest your money to avoid being broke for old age

Most pipo dey always think say wen you wan invest you suppose get plenti money for account but dis no be so according to financial experts.

You fit save and invest from di small wey you get and take di rest hold bodi.

According to di National Bureau of Statistics (NBS), Nigeria inflation for di month of May 2023 dey 22.41 percent as things don dey cost for dis kontri.

Even as thing dey cost e still dey important make you dey budget your money as you dey earn.

Experts wey follow BBC Pidgin tok, breakdown di different investment wey traders, creatives, entertainers, entrepreneurs, among odas fit do to secure dia future.

Financial expert, Paul Alaye, one tok say na pesin wey get discipline fit invest but im advice pipo say make dem invest for dia future.

“Nobodi know wetin go happun in di next ten years wen you get access to money e dey important for players make dem understand say e dey beta to enjoy life but you have a future.” E tok.

Di financial expert explain say na pipo earnings go determine how dem go fit invest and di level of investment risk wey dem go fit take while e list di type of investment wey pipo fit do for dis digital age.

“If you fit wait for a longer time, put your money for real estate because real estate return takes time. If you wan short term returns on investment put your money for treasury bills. If na medium term put your money for federal government bond. You sef fit do cryptocurrency but dat one na high risk. Wetin dey important na di money wey you get to invest and di knowledge wey you get about investment.

“I don see pipo wey carry all dia money put inside investment, dem no think about wetin dem go dey chop. You need running cost as a reserve for your daily survival, make u no dey broke because you put money for investment,” Oga Alaye tok.

Also, Professor Mary Fasoanti explain, how women especially housewives fit invest for dia future.

“As a housewife you fit join any peer saving organisation, you fit also invest in treasury bill, bonds and shares. Real estate na anoda investment wey dem fit fall on for di future, if dem do dis tins e no go dey difficult for dem to survive dia old age,” she tok.

Di professor advise pipo to learn new life skill and join retirement program wey do allow dem save for dia future,

Monitor and enforce di 50-30-20 rules of spending

You go need to apply di 50-30-20 rules, wey Elizabeth Warren coin in 2006 for im book “All Your Worth: The Ultimate Lifetime Money Plan.”

So, 50 percent of your money, dey for your needs like food, clothing, health, transportation, electricity, and housing.

All dis necessity no suppose pass 50 percent of your money so you go get money for your ''urgent 2K''.

Now, you go commot 30 percent from dat money for your wants; As shine-shine bobo and sabi gal wey you be na here you go carry money go spend for your entertainment, luxury items, cars, travels, data subscriptions, among others.

20 percent of your money na dis wan you go dey save and invest to avoid story wey touch, for your future.

Now wey you don understand how you fit dey budget your money.

You gatz keep emergency money from di 20 percent wey you dey save, dis go help you handle unexpected finances.

As Africans “black tax” go blow reach your side, relatives and friends go tok say make you borrow dem money even siblings and parents too go bill you.

All of dis fit make pesin dey borrow money so you gatz put dem for your budget so you go get enough savings for investment.

Periodic contribution or Peer-peer savings

Dis wan no be something new among Africans.

Market pipo dey gada demselves dey save money from di day to day gain wey dem bin see from selling.

Housewife dey save money from di upkeep wey dia spouse dey give.

Even salary earners dey do dis joint contribution among demselves.

Di contribution go dey for a period of time and participants go dey collect am one by one.

E fit be weekly collection, monthly, quarterly or even yearly.

Mutual Funds

Mutual funds according to di Nigerian Exchange Limited na investment vehicle wey dey made up of a pool of funds wey dem collect from numerous investors for di purpose of investing for securities such as stocks, bonds, money market instruments and similar assets.

You fit download any authorised mobile applications for your phone wey you fit dey invest money ontop di app, dis money making apps dey give pesin between 5% to16% return on interest (ROI) base on di plan wey choose for di app.

ETF (Exchange-Traded Funds)

E dey run like stock but e dey different. ETFs na di investment funds wey dem dey trade on stock exchanges, but dem track di performance of a specific index, sector, commodity, or asset class.

On ETF you fit buy or sell shares any time of di day unlike stock wey bin say na afta di market close you go fit trade.

Odas investments wey you fit do; federal government treasury bill, fixed deposit, corporates bond, cryptocurrency, business ventures, stock market, real estate, shares, among odas.