Well said. Gradually growing in it. Thanks for the reminder. Safe Investment options I mean.

i cant buy u a beer while l am saving

BiafranBushBoy:
"I rather invest than save!" Please, this cliche is quite dangerous.

Even countries have reserves to sustain them when the going becomes tough, talk less of we as individuals.

You should either invest and save at the same time. Peace.

lalasiclala good evening.

Well said. Gradually growing in it. Thanks for the reminder. I will be interested if you can give me some save options on where to put my funds.

effido666:
i cant buy u a beer while l am saving

Lol... Na so.

mixter:
Well said. Gradually growing in it. Thanks for the reminder. I will be interested if you can give me some save options on where to put my funds.

Please chat me up

Thanks for the nice words. Or you drop urs.

this is a good one but I want to add that we need to also understand the issue of inflation as it regards to savings. the bank giving you 3% as interest rate is really funny. first how much is inflation rate in this country, double digit. what that mean is that if you put #100 in the bank today, they give you #3 on simple interest basis, you have #103 but what you can buy with #100 is now #114 because of inflation i.e the real value of your #100 is now #86(remember the value of money is based on what you can buy with it in the market). I stand with investment which also includes building a business. lets call bank what it is, a bank a place to keep money on the short term and not a place to make money because those guys don't care about you.if you can't build a biz, why don't you give the money to someone who can, someone you can trust(not money that can kill you before your time but one that if you loose it you won't die), have a lawyer write an agreement for you.

BiafranBushBoy:

Please chat me up
Thanks for the nice words. Or you drop urs.

Will chat you up when I am less busy. Do have a nice day.

If your have discipline issues, try Alat by Wema.

You specify what your target is and you won't be able to spend until you reach that target.

Its a revolutionary solution. Registered on my mobile phone, got an atm card 2 days later. You can then upload some more documents to upgrade the account and start saving.

You can even set up recurring transfers, eg transfers to parents automatically at month end etc.

I don't work with them, so I can't answer any questions. I'm just sharing my thoughts

Oh

How about investing in Treasury Bills? How profitable is it? I'm a middle income earner and I'm currently at a crossroad between investing in Treasury Bills and joining a cooperative society. Op which would u advice?

Hmmmm

olowobaba10:
DUDE, THE ONLY WAY YOU CAN SAVE MONEY IS THAT YOU ARE MAKING MORE MONEY THAN YOU ARE SPENIDNG, MOREOVER SAVINGS DOESN'T MAKE YOU RICH.

.

You are correct dude

Kingsoul1:
how can I be able to save with just one bank account,. ? Ah think I should have Two. one for paying my self first which I shouldn't have easy access(no debit cards, no cheque books no mobile apps) to and the other for spending.

Money you save and dont want to have easy access to should be invested immediately in schemes like mutual funds, money market, T.Bills and the like.
Saving money in the bank hoping not to touch it is like having food around you, one day you will eat it.

Everyone with his own idea on saving and investment , I will say the first thing one needs is discipline , then make use of economics formula on financial management, I = C +S + i where I is your income , C is consumption and i is investment, i is also directly proportional to I , meaning increase in small i leads to increase in capital I and automatic increase in C and S , this works a lot for me ,anyone interested should consider that for financial management , also bear in mind that you need to work on C, S and i with lot of discipline , for C, buy what you need and not what you want , For S, have target for savings , and be disciplined enough to realize your target , I had a target of saving 1m during my NYSC year with NYSC monthly income of 19k and 40k from the company I worked then, I had 1.2m saved after my service. on I (investment ), think , research on different areas that interest you to invest , there are lots , if you need ideas , google internet and meditate , you would be inspired , take your investment seriously and multiply your source of incomes . I have been doing all these since my service year ,7 years now after my service year. I can boldly say I am comfortable and I am still growing .

You can achieve anything only if you believe in yourself , with discipline and humility

kunlesufyan:
Saving isn't easy when prices of items go up but salary remains the same.

you can save if you really want to, I increase my savings by another 20% of what i use to save before Buhari came to power ( despite the fact that i have children school fees to pay, house rent and other bills), I make sure i pay my savings before paying bills

BiafranBushBoy:


Heap... Reason there is something called financial discipline. God will always help.

Lalasticlala leave bbnaija na...

lack of discipline is the major reason many people are poor* Another is lack of financial knowledge. Confusion is the first state of mind for loosing money. Many people spend to make themselves happy. While they are wasting their future

IamEmem:


Money you save and dont want to have easy access to should., be invested immediately in schemes like mutual funds, money market, T.Bills and the like.
Saving money in the bank hoping not to touch it is like having food around you, one day you will eat it.

Lol na u go chop am ? Explain more on the mutual funds and money market ah want to invest

we still blive in Bet9ja n Nairabet.....

���

saw a thread on reddit where they were discussing how one should save between three to Six months living expenses in case he loses his job and this should sustain him till he gets the next job.


this insurance guy has being disturbing me to start a policy with them but I always try to play smart by saying I would rather invest. this post just echoes his advice.

if you have kids, open a children's account and use it to save. no deductions whatsoever.

but op when you mentioned mmm, I have doubts about your reputation.

question: where can you save money for two years without fear of the institution collapsing? insurance firms, bank accounts, treasury bill, any other options?

Save and invest that is what Warren Buffet did. Save and invest and save some more that is what The richest Man in Babylon did.
I almost stop reading your post when I get to the MMM part. To me you are just smart by half since you was scammed by a Ponzi scheme Your Warren Buffet will never advice you to.

Finally your experience and your incomplete story won't win your customers on Nairaland try the Houses of Worship and blew your trumpet there.

Treasury Bills is sure Banker. Then Bank accounts which is all safe and then the insurance companies I don't trust those ones abeggi.
I am involved so my advice is base on personal experience.

egopersonified:
saw a thread on reddit where they were discussing how one should save between three to Six months living expenses in case he loses his job and this should sustain him till he gets the next job.


this insurance guy has being disturbing me to start a policy with them but I always try to play smart by saying I would rather invest. this post just echoes his advice.

if you have kids, open a children's account and use it to save. no deductions whatsoever.

but op when you mentioned mmm, I have doubts about your reputation.

question: where can you save money for two years without fear of the institution collapsing? insurance firms, bank accounts, treasury bill, any other options?

egopersonified:
saw a thread on reddit where they were discussing how one should save between three to Six months living expenses in case he loses his job and this should sustain him till he gets the next job.


this insurance guy has being disturbing me to start a policy with them but I always try to play smart by saying I would rather invest. this post just echoes his advice.

if you have kids, open a children's account and use it to save. no deductions whatsoever.

but op when you mentioned mmm, I have doubts about your reputation.

question: where can you save money for two years without fear of the institution collapsing? insurance firms, bank accounts, treasury bill, any other options?

Are you ready now Ma'am? I can be your accounts manager.

As for the bolded, I am an investor and also a good saver! I am not the Insurance company, I only work for them and I represent my top clients so well.

I manage over 60 accounts of top CEO's in Lagos. SO please don't doubt my credibility. You can also research about me.

HoreFegure:
Treasury Bills is sure Banker. Then Bank accounts which is all safe and then the insurance companies I don't trust those ones abeggi.
I am involved so my advice is base on personal experience.

Treasury bills aren't even the best if you wana talk investments... you see yourself?

No matter how good you think treasury bills might be, it won't and would never have an insurance cover attached to it.

When the breadwinner dies, will treasury bills handle the family finances?

All rich men have insurance... come to Lagos and see.

HoreFegure:
Save and invest that is what Warren Buffet did. Save and invest and save some more that is what The richest Man in Babylon did.
I almost stop reading your post when I get to the MMM part. To me you are just smart by half since you was scammed by a Ponzi scheme Your Warren Buffet will never advice you to.

Finally your experience and your incomplete story won't win your customers on Nairaland try the Houses of Worship and blew your trumpet there.

I don't need your compliment to feel complete. I am a technical staff and not a marketer... you can research on my skill abilities and pass judgement. ICT is my stuff!!!

I am into bitcoins and crypto with my personal money. Have you issues with that?

It is my money and my investments, so I deal with it how I like. Even if the whole world comes crumbling, I have excess back-up to fall on!!!

Biafranbushboy I don't agree with you on this. The worst advice you can give someone is to save only. I'llrather build a successful business (best form of investment) and borrow my way to riches. The rich become rich by borrowing their way to riches. Dangote borrow 14 billion dollars to build dangote refinery why didn't he use his savings. Don't be deceived the rich don't save they build asset that allow them borrow as much money that they need. The rich are greatest debtors

dboss444:
Biafranbushboy I don't agree with you on this. The worst advice you can give someone is to save only. I'llrather build a successful business (best form of investment) and borrow my way to riches. The rich become rich by borrowing their way to riches. Dangote borrow 14 billion dollars to build dangote refinery why didn't he use his savings. Don't be deceived the rich don't save they build asset that allow them borrow as much money that they need. The rich are greatest debtors

Did you even read the post?

Do you know how much Insurance policy that dangote has?

Must everybody be an investor?

Did you read the story I started off with?

If you invest and invest, and make much money, do you know that automatically your expenses triples?

Do you wana work forever?

Do you know that the simplest way to build wealth without risk is through diligent savings?

Do you know that rich men lose all their investment and fall back to their savings?

Savings isn't a get rich scheme, it is acting as your reserve and family protection when the cards come crumbling!!!

I am not teaching you how to build wealth, I am teaching you how to preserve it!!

You think I lie? Ask Warren buffet

Kingsoul1:
Lol na u go chop am ? Explain more on the mutual funds and money market ah want to invest

You can walk into any stanbic IBTC bank and ask for more insight and explanation
or go to their office @wealth house sanusi fafunwa street victoria island lagos.

SmartyPants:
You want to be rich?

Either get a very high paying job or start a business. Very few people can successfully save up while living in poor conditions and i don't advise it either. Life is about balance.

So with the little money you have i would say look for either a skill or an idea that is unique, and use that to start a business of your own.

You really nailed it

Everything is "I am I am" that tells alot about you.

Good luck with the hustle.

BiafranBushBoy:


I don't need your compliment to feel complete. I am a technical staff and not a marketer... you can research on my skill abilities and pass judgement. ICT is my stuff!!!

I am into bitcoins and crypto with my personal money. Have you issues with that?

It is my money and my investments, so I deal with it how I like. Even if the whole world comes crumbling, I have excess back-up to fall on!!!

A sure banker don't need a bullshit half informed Insurance Markerter preaching.

Plus I am in Lagos may you want me to come to Uhi Uhiala?

BiafranBushBoy:


Treasury bills aren't even the best if you wana talk investments... you see yourself?

No matter how good you think treasury bills might be, it won't and would never have an insurance cover attached to it.

When the breadwinner dies, will treasury bills handle the family finances?

All rich men have insurance... come to Lagos and see.

HoreFegure:
A sure banker don't need a bullshit half informed Insurance Markerter preaching.

Plus I am in Lagos may you want me to come to Uhi Uhiala?

Lol... Insurance Marketer?

Lmao...