This is a sponsored post by CowryWise. CowryWise is a FinTech company democratizing access to premium financial services by making these services available to the mass market cheaply. You can learn more here
Investing is an intimidating endeavour for a lot of people.
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 your 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? Or you simply would like to have a strategic capital or cash of N10million in your account by age 30?
2. Spend Time on Research
Research includes learning about the investment options available in the Nigerian market. Some popular investment vehicles include Treasury Bills, Mutual Funds, Fixed Deposits, Equities (stocks) among others. These investments have varying risk-return profiles. You could send us an email (email@example.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. This means being consistent with your pre-determined savings, usually like 10% –20% of your monthly income. Doing this makes it easier to try any of the investment vehicles you have identified in step 2 above.
An APP You Should Try
CowryWise is an automated saving and investment platform 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 opportunity to millions of savers. You can get the app here