Please what is your own advice?

Emir8:
Dear Nairalanders, I work with a foreign University online and I have been able to save 3,000.00 dollars. I'm planning to invest the money on consumable goods by opening a store (mini mall) and employ one or two people to manage it. But my sister advised me to leave the money in dollar currency and not engage in any business for now. Her reason is that dollar price will increase and I will gain more from that than any business.

Please what is your own advice?

Emir8:
Dear Nairalanders, I work with a foreign University online and I have been able to save 3,000.00 dollars. I'm planning to invest the money on consumable goods by opening a store (mini mall) and employ one or two people to manage it. But my sister advised me to leave the money in dollar currency and not engage in any business for now. Her reason is that dollar price will increase and I will gain more from that than any business.

Please what is your own advice?

greatnaija01:



if you have no CONCRETE FAILPROOF idea to put the money in, just leave it.

90% OF PEOPLE ONLINE, may not use their best intentions to give you advice, cos they wish they had that money....

So, plan your future as you best envision it.

Coming here to ask for business ideas or advice, may not be wise, because every business is not for everyone.... personality traits affect business.

If you are prone to HBP, hypertension .... don't go near crypto at all.

i wish you well

CryptoGuide:
Your sister sure gave a beautiful advise. But the advise could be based on her own personal financial goal and risk appetite.

Storing your money in USD is an investment; and it is a wise thing to do if one intends to save money here in Nigeria while hedging against inflation in the country.

As to every investment; decisions should be made based on your personal financial goal and risk appetite.

If we assume that by the end of the year, the Nigerian Naira weakens to the USD by an additional N50 from its current exchange rate, this means your $3,000 will generate an additional profit of: 3,000 X N50 = N150,000 by the end of the year.

If you think N150,000 meets your financial goal for this year, and your risk appetite is low; then I think you should keep your money in USD as she advised.

Personally, If I were in your shoes and I'm to make a decision; I wouldn't keep my money in USD. This is due to the fact that my long term personal financial goal in life is to live off passive income from Real Estate properties; meaning I need a huge sum of money to actualize my plan; investing in Fiats will never give me such money; except if I'm trading the Forex market with a Broker where I have the opportunity to leverage. Also I'm young and it is expected that my risk appetite be quite high; I still have time to bounce back up should in case I venture into a failed investment. Therefore, I'd go for a high risk investment which will in turn offer a very high reward.

Just to buttress my point, I'd share my personal experience last year.

Last year, during my NYSC service year I was able to save up some money from my alawee and Forex Broker referral bonus, I was able to save up to N500,000.
If I to follow your sister's advise, I'd buy USD then at about N480 per dollar. N500,000 ÷ 480 = $1041; and now will be selling at around N550 per dollar. $1041 × 550 = N572,550

N72,550 profit isn't what I was looking for; so, I invested into cryptocurrencies instead. Cryptocurrencies are very volatile; the volatility of the crypto market is what makes it very risky and at the same time, very rewarding.
I was young, without wife and children; it was just me. I still have time on my side to bounce back to my feet if there's a loss of fund. So what if I loose my whole alawee in order to achieve a good course.
I went all in on Crypto, all N500,000 invested.
Of course, I already knew years ahead that 2020/2021 would be a bull run in the crypto market cycle; all coins/tokens pumped heaviily, starting from the large cap coins, then to the mid cap coins, then to the low cap coin. That is how money move in the crypto market in a bull run.
Throughout the bull run, I was able to get about N9 million in total. Sharply went to Ogun state, bought a cheap land, built a 2-bed apartment, and used the rest to buy some cheap lands, make those little landed investments dey appreciate dey go first...

The essence of the whole story is...

"Your financial goal (short and long term) and risk appetite will determine your choice of investment vehicle".

Note: I'm not in anyway advising that you go invest into cryptocurrencies. You will most likely be rekt. The crypto market is a highly volatile one; and about 90% of retail traders and investors loose funds to the market.

Only invest in what you know perfectly well. I chose to invest into cryptocurrencies coz it is the only thing I know in life; I've been studying the crypto market behaviour for over 4 years now, and spend about 12 hours daily doing crypto research.

Only invest in what you understand. If you're old towards retirement, or have mouths to feed, your risk appetite should be low.

rottennaija:
You can invest a part of it in cryptos.

CryptoGuide:
He will be sorry if he does. Now is definitely not the best time to enter the market. There is too much greed in the market.

rottennaija:


You invest in cryptos for the future. 3 to 10 years in the future.

CryptoGuide:
Sure! Long term investment is the best way to go if one really wanna make a killing with Crypto. But still, the crypto market just like any other financial market out there revolves in a cycle. There are phases in a complete crypto market cycle. As an investor, the accumulation phase is the period you wanna buy these assets. Judging from market data, we are obviously not in the accumulation phase.

rottennaija:


When is the accumulation phase coming?

rottennaija:


When is the accumulation phase coming?

Emir8:
Dear Nairalanders, I work with a foreign University online and I have been able to save 3,000.00 dollars. I'm planning to invest the money on consumable goods by opening a store (mini mall) and employ one or two people to manage it. But my sister advised me to leave the money in dollar currency and not engage in any business for now. Her reason is that dollar price will increase and I will gain more from that than any business.

Please what is your own advice?

Emir8:
Dear Nairalanders, I work with a foreign University online and I have been able to save 3,000.00 dollars. I'm planning to invest the money on consumable goods by opening a store (mini mall) and employ one or two people to manage it. But my sister advised me to leave the money in dollar currency and not engage in any business for now. Her reason is that dollar price will increase and I will gain more from that than any business.

Please what is your own advice?

Emir8:
Dear Nairalanders, I work with a foreign University online and I have been able to save 3,000.00 dollars. I'm planning to invest the money on consumable goods by opening a store (mini mall) and employ one or two people to manage it. But my sister advised me to leave the money in dollar currency and not engage in any business for now. Her reason is that dollar price will increase and I will gain more from that than any business.

Please what is your own advice?