‘If you have x amount of money what would you do with it?” is a common question one comes across once in a while. Answers usually cut across spending it, to traveling out of the country, to buying properties, and so on.
What if this time, the question is about what people are already doing with their money or plan to do with the money they have? What if the choices are between ‘savings’ and ‘investments’?
We asked some Nigerians what they would do with their money if the choice was between savings and investments.
“I save my money in the bank for my own peace of mind.” Bada Amoo, a 30-year-old journalist in Lagos said emphatically when asked to make a choice between the two. “I don’t have a lot of knowledge about investments so I don’t dabble into it.”
This sentiment is also shared by 34-year-old Elizabeth Nneji, a shop owner in Ogba who believes that saving money is her preferred choice of financial management. According to her, her money in the bank is secure and she can always access it anytime she wants.
Nurudeen Lawal, a 27-year-old writer however has a contrary opinion. He believes that saving money in the bank does not have value to it. “If I save money in the bank, it will not add any value. The only money I have in the bank is the one I spend for my upkeep. Others are spread across different investment platforms. When I lose in one, other ones make up for it.
32-year-old online seller Linda Johnson says she prefers to invest her money in her business, “at the moment, I invest all my money in my bag business. Any profit I make, cash gifts all go into my business. Maybe in the future, I might consider saving but for now, investment is the only thing I do with my money.”
Solomon Nduka, 45 who teaches in a secondary school believes he is one of the few people who is benefitting from knowing the right platform to save money while also getting the benefit of an investment. “I save money in ALAT by Wema which gives me a high interest rate compared to what I would get in other banks. I created target savings which increased my interest so my high return is guaranteed. It is like saving and investing at the same time.”
“I prefer to invest my money. At the moment, I am still living from hand to mouth but when I start making more money, I will surely invest,” 25-year-old Abraham Wande who is a sales marketer said.
To 37-year-old Yemisi who works as a secretary, saving her money gives her peace of mind. “I don’t think I can bring myself to invest because I tried it before and it did not work out well for me. Now I save my money and I am able to sleep well at night.”
Kareem Usman, a 40-year old HR personnel, says he has been saving his money for a long time and does not believe he can change the pattern. “I think by the time I retire, I would have saved enough money to last me till I pass away. I’m not doing any investment.”
Mutiat, who works as a nurse, believes that investment can make one richer faster. “I would have loved to do business but since I do not have the time, I have identified investments that I trust and I put my money there and I have not regretted it so far.”
Boluwatife Ajala, a 35-year old banker believes those who save their money have inadequate knowledge about investment. “If people know about investment and how to go about it, I think more people will save. As for me, I invest my money.”
Nneka Nnadi who owns a restaurant said she just started giving investment a try after having saved money for a long time and that the signs look promising. “So far, my investment has not yielded anything yet but I am still patient to see where it will lead me to.”
“If you had asked me this question a year ago, I would have told you about investment, but right now, I would tell you I prefer savings because I found the right channel that benefits me,” 25-year old Boluwatife Amusa who works as a software engineer said. “I lost some money in an investment scheme due to the COVID-19 pandemic last year. This year, someone introduced me to ALAT and it has been the best decision I have taken. I save more and I earn more without stress. I created a savings goal with my friends and we are saving towards a girls’ trip at the end of the year.”
Check and confirm: Dollar to Naira Exchange Rate Today
⚽ Start winning football betting today!
👉 Get correct FREE GG and Over 2.5 football prediction tips. Click here to join
👍Showcase your business here!
With over 1M unique users per month across all channels, we have a large audience for you to showcase your products and services. Simply get in touch via 👉 marketing@Infoguidenigeria.com.
🤑 Make Money now!
👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here
✍️ Be Our Guest Publisher!
Do you have a press release, breaking news, or any other helpful information to share with our growing readers? If yes, send your article to 👉 email@example.com.
We will be glad to publish it if the information is useful to our audience.
This post can be helpful to somebody else, please share it on Facebook, Whatsapp, Telegram and Twitter. There are buttons below for this (easy to use too)!
Copyright Warning!Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all contents with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us at [firstname.lastname@example.org] to file a complaint and we will take necessary actions immediately.