damiso:
Well done akaglue I really love the concept of your blog. So refreshing and different. A welcome break from the usual 'aproko' and 'amebo' things . I like the part where you said ' call me stingy' Nigerians call anyone who sticks to a budget 'stingy or akagum' like your username.

Keep at it, the sky is your limit.

I follow a lady on Instagram, she is an American of Nigerian Origin and she started something similar. She has now actually quit her job as a teacher and travels all over the States and internationally giving talks on how people can manage their personal finances. She is called The Budgetnista. She is getting loads and loads of sponsorships from so many Financial organisations


Or Like Martin Lewis here in the UK ( the money saving expert). He is the go to person for all money saving tips and is regularly featured on most TV stations.

oh wao, I am motivated. Thank you for the encouragement. I have lots of idea for www.akaglue.com.

moca:

Exactly!
Though,left to me,i will put it into any biz that will yield good income than treasury bill.

How r u and family?
U no dey sleep?
How baby?

I agree with you that treasury bill yield more income. You see, one should set some money aside for investment. You do not put all your income into your business. Read my post, on start saving and unleash the power of compound interest.

I was talking to a friend and she said she does not believe in savings & investment. She argued that she will rather put her whole money into a business and get her returns. She went further to say that the future will take care of itself and she went all religious.

I told her all she needed to build her retirement/ kids college educational account was a few years of continuous savings. I shared a simple compound interest calculation with her and she was amazed. Compound interest is simply interest on interest. According to Wikipedia, Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition of interest to the principal is called compounding.This makes the principal to grow at a faster rate than a simple interest.

One thing about savings and investment is that it is never too early to start and it is never too late to start. Lets look at 2 scenario of 2 different investors that both started working at age 24.

Investor A starts saving and investing N200,000 yearly at the rate of 8% immediately he started working. He consistently saves N200,000 each year for the next 8 years and stops. His investment however keeps running at a compounding interest for the next 19 years.

Investor B is a spend thrift and does not see the need to start saving and investing. He realizes at the age of 32, that he has to start planning for his future. He saves N200,000 each year at the rate of 8% for the next 19 years.

They both decide to retire at the age 50 having worked for 27 years. Who do you think will have more money in their investment account at the end of the 27 years?

Years Age Investor A Investor B
1 24 200,000.00 216,000.00 0
2 25 200,000.00 449,280.00 0
3 26 200,000.00 701,222.40 0
4 27 200,000.00 973,320.19 0
5 28 200,000.00 1,267,185.81 0
6 29 200,000.00 1,584,560.67 0
7 30 200,000.00 1,927,325.53 0
8 31 200,000.00 2,297,511.57 0
9 32 0.00 2,481,312.49 200,000.00 216,000.00
10 33 0.00 2,679,817.49 200,000.00 449,280.00
11 34 0.00 2,894,202.89 200,000.00 701,222.40
12 35 0.00 3,125,739.12 200,000.00 973,320.19
13 36 0.00 3,375,798.25 200,000.00 1,267,185.81
14 37 0.00 3,645,862.11 200,000.00 1,584,560.67
15 38 0.00 3,937,531.08 200,000.00 1,927,325.53
16 39 0.00 4,252,533.57 200,000.00 2,297,511.57
17 40 0.00 4,592,736.25 200,000.00 2,697,312.49
18 41 0.00 4,960,155.16 200,000.00 3,129,097.49
19 42 0.00 5,356,967.57 200,000.00 3,595,425.29
20 43 0.00 5,785,524.97 200,000.00 4,099,059.32
21 44 0.00 6,248,366.97 200,000.00 4,642,984.06
22 45 0.00 6,748,236.33 200,000.00 5,230,422.79
23 46 0.00 7,288,095.23 200,000.00 5,864,856.61
24 47 0.00 7,871,142.85 200,000.00 6,550,045.14
25 48 0.00 8,500,834.28 200,000.00 7,290,048.75
26 49 0.00 9,180,901.02 200,000.00 8,089,252.65
27 50 0.00 9,915,373.11 200,000.00 8,952,392.86
Are you shocked at the result? Investor A’s investment account balance is higher than that of Investor’s B by N962,000.

This shows us the power of compound interest. The trick is to start saving and investing early. With just a little discipline, we can all achieve financial freedom.

i like your moniker and blog name. Keep it up.

Kimoni:



Moca!!!!

Business is the most profitable but also very risky. One has to be really sure of the business



I am typing with one hand oo and carrying him with the other hand. He sleeps around midnight though.

And you? How are you and our angel? How is vigilante going? Hope you are getting small small sleep sha

It is well with us

Thank you KImoni. BUsiness is most profitable but very risky. SO I always advice that one should set aside some funds for save investment.

bukatyne:
@akaglue,

Keep up the good work

THank you dear. I am encouraged.

Antoinne:

What can i do for investment with 8 million ngn? Currently it's in fixed deposit, but the interests at the end of the month is rather small. Is there anything else you can advise?

Sorry for the late response. Kindly diversify your funds. (30% treasury bill, 30% mutual funds, 20% fixed deposit, 20% shares). Also, what is your purpose for savings? If I know the purpose, I can advice you further.

akaglue:


I hope my response is not too late. Thank you for loving my blog.

1. You should have a maximum amount (budget) that you intend to spend on your daughter's b.day.
2. Get a nice cake and party parks.
3. You can take pictures with your phone and go print yourself. (I did that myself for my daughters b,day)
4. Buy snacks and drinks should be included in the party parks.
5. You can buy this colourful cone hats, just to make the event look colorful.

It's a good thing you want to be more frugal in your spending. You are a financially virtuous woman.
I have new blog posts, do visit and comment. www.akaglue.com

Thanks so much Akaglue. You can imagine, I now do so much maths before spending money. You have had positive influence in my life. Thanks so much. Please keep it up. I will visit your blog.

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ladygogo:
i like your moniker and blog name. Keep it up.

Thank you.

Do read more of my blog posts on www.akaglue.com

feature11:


Thanks so much Akaglue. You can imagine, I now do so much maths before spending money. You have had positive influence in my life. Thanks so much. Please keep it up. I will visit your blog.

Thank you. I am glad to be of help. Feel free to contact me if you have further questions on any area on personal finance.

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