To manage money well, you must teach yourself to be stingy. 1. Do not spend all the money you earned in a month. 2. Make a rule for your money. 3. For example 50-30-20. Or 50-20-20-10. 4. Those numbers are sets of percentage of how much you have to spend on certain items. 5. Say you earned N100,000Read more
To manage money well, you must teach yourself to be stingy.
1. Do not spend all the money you earned in a month.
2. Make a rule for your money.
3. For example 50-30-20. Or 50-20-20-10.
4. Those numbers are sets of percentage of how much you have to spend on certain items.
5. Say you earned N100,000 at the end of the month.
6 50% of this is N50,000. This you spend on food.
7. The other 30% you spend on rent and educating your child or two. Please, as your income is limited, limit likewise the number of children.
8. What remained now is the 20%. You should invest this in a good mutual fund earning interest of between 18-20 per annum.
Let it have a compounding effect, that is, do not withdraw interest earned.
As for the 50% budget, do not buy what you want. Buy what you need as essentials.
As for ‘wants’ wait when your mutual funds has compound well enough, then you use your interest earned to buy your wants.
In the statement, 'money market mutual fund', It is better to make clear what a mutual fund is. Let us get started. A mutual fund is a pool of money sourced from various individuals, and sometimes from firms. This were joined together to create big sum of money for greater investment. The money realRead more
In the statement, ‘money market mutual fund’, It is better to make clear what a mutual fund is.
Let us get started. A mutual fund is a pool of money sourced from various individuals, and sometimes from firms. This were joined together to create big sum of money for greater investment.
The money realized is invested in interest earnings say 18% per year.
It is safe. And it is stress free. Say you deposited N500K and you intend not to withdraw money unless at the end of the term say 5 years.
Now, the first interest earned is added to the original deposit of N500K, and this now made it N500k plus 1. At the end of the second year interest earned on N500K plus 1 is added to N500K plus 2, which is the second year, and so on.
This add value to your original sum. It is called compounding.
Actually, it is compound interest that is building your money. This is how wealthy build their wealth.
Let us take the buying of the FGN savings bond as example.
I have just only N1500, and it is not enough to buy the minimum of N5000.
So if I can get two of my friends to contribute N1500 and N2000, the net now will be N5000.
This sum of N5000 can now buy the FGN savings bond.
Small and big companies can even do the same to buy the maximum purchase of FGN savings bond worthing N500Million.
The interests earned from the Bond can be re-invest in a mutual fund that again earn interest and compounding effect if left untouched for say 3 years.
Hi there, Have you contacted the registrar of InvestNaija and Afrivest? If you have not, do so. They will sent you form for e-dividend to fill. Enter your details as required: 1. Your Name. 2. Your Address. 3. Your Email. 4. Your bank name and bank account numbe. 5. Any other information required, eRead more
Hi there,
Have you contacted the registrar of InvestNaija and Afrivest?
If you have not, do so.
They will sent you form for e-dividend to fill.
Enter your details as required:
1. Your Name.
2. Your Address.
3. Your Email.
4. Your bank name and bank account numbe.
5. Any other information required, eg BVN,etc
All the above personal details must agreed with that you on your InvestNaija and Afrivest App.
What are the step by step measures to manage money?
To manage money well, you must teach yourself to be stingy. 1. Do not spend all the money you earned in a month. 2. Make a rule for your money. 3. For example 50-30-20. Or 50-20-20-10. 4. Those numbers are sets of percentage of how much you have to spend on certain items. 5. Say you earned N100,000Read more
To manage money well, you must teach yourself to be stingy.
1. Do not spend all the money you earned in a month.
2. Make a rule for your money.
3. For example 50-30-20. Or 50-20-20-10.
4. Those numbers are sets of percentage of how much you have to spend on certain items.
5. Say you earned N100,000 at the end of the month.
6 50% of this is N50,000. This you spend on food.
7. The other 30% you spend on rent and educating your child or two. Please, as your income is limited, limit likewise the number of children.
8. What remained now is the 20%. You should invest this in a good mutual fund earning interest of between 18-20 per annum.
Let it have a compounding effect, that is, do not withdraw interest earned.
As for the 50% budget, do not buy what you want. Buy what you need as essentials.
As for ‘wants’ wait when your mutual funds has compound well enough, then you use your interest earned to buy your wants.
Thank you.
See lessHow Are Returns Generated and Reinvested in a Money Market Fund?
In the statement, 'money market mutual fund', It is better to make clear what a mutual fund is. Let us get started. A mutual fund is a pool of money sourced from various individuals, and sometimes from firms. This were joined together to create big sum of money for greater investment. The money realRead more
In the statement, ‘money market mutual fund’, It is better to make clear what a mutual fund is.
Let us get started. A mutual fund is a pool of money sourced from various individuals, and sometimes from firms. This were joined together to create big sum of money for greater investment.
The money realized is invested in interest earnings say 18% per year.
It is safe. And it is stress free. Say you deposited N500K and you intend not to withdraw money unless at the end of the term say 5 years.
Now, the first interest earned is added to the original deposit of N500K, and this now made it N500k plus 1. At the end of the second year interest earned on N500K plus 1 is added to N500K plus 2, which is the second year, and so on.
This add value to your original sum. It is called compounding.
Actually, it is compound interest that is building your money. This is how wealthy build their wealth.
Let us take the buying of the FGN savings bond as example.
I have just only N1500, and it is not enough to buy the minimum of N5000.
So if I can get two of my friends to contribute N1500 and N2000, the net now will be N5000.
This sum of N5000 can now buy the FGN savings bond.
Small and big companies can even do the same to buy the maximum purchase of FGN savings bond worthing N500Million.
The interests earned from the Bond can be re-invest in a mutual fund that again earn interest and compounding effect if left untouched for say 3 years.
Thank you.
See lessHow Do I Fill and Activate e-Mandate Form on InvestNaija App in Nigeria?
Hi there, Have you contacted the registrar of InvestNaija and Afrivest? If you have not, do so. They will sent you form for e-dividend to fill. Enter your details as required: 1. Your Name. 2. Your Address. 3. Your Email. 4. Your bank name and bank account numbe. 5. Any other information required, eRead more
Hi there,
Have you contacted the registrar of InvestNaija and Afrivest?
If you have not, do so.
They will sent you form for e-dividend to fill.
Enter your details as required:
1. Your Name.
2. Your Address.
3. Your Email.
4. Your bank name and bank account numbe.
5. Any other information required, eg BVN,etc
All the above personal details must agreed with that you on your InvestNaija and Afrivest App.
This will help you.
And thank you.
See less