Following last week, Global Money Week, we are going to be exploring how businesses can get more funding and how they can invest their profits. Although the Global Money Week was geared at exposing youths to learn about money, savings, creating livelihoods, gaining employment and becoming entrepreneurs we will highlight ways entrepreneurs can also do the same.
As entrepreneurs and business owners, we should understand that each business endeavor should go into servicing a particular need or going into a particular investment. Not all profits are profits. Some Profits are seeds for tomorrow.
Not all profits are profits. Some Profits are seeds for tomorrow.
Take some periodic look at your books and see where your money is going. Try to always split your profits into 3 parts, where one-third of your profit goes back into investment. Thankfully, there are various ways to invest in Stocks, bonds, and even treasury bills. For low-risk takers it is always advised to purchase treasury bills, as there’s always the assurance that you will get your principal back. If you are green to purchasing T-bills as it is fondly called, call your bank and have them educate you on it. For a quick overview, however, please visit Tbills.ng.
Also as far as investments go, there are a few investment banks here in the country who are willing to speak to you and enlighten you on various investment channels to explore and how to track your investments.
Savings, there no greater emphasis that can be placed on this. A savings account should be what it is, for savings and current account for currency flow. These are the major kinds of bank accounts that can be opened at any bank within the country. If you keep a thousand naira every day for a year in your account without touching it especially for the usual culprit of airtime purchase with the normal 4% interest rate a typical bank offers, guess how much you would have at the end of the year in your savings account? N379,600.
Remarkably, there is savings app that offers you more than your bank does. Like piggybank.ng, cowrywise.com. These apps are beneficial to help you monitor and track your spending as well as help you hit a particular target you’ve set.
For the business owner and entrepreneur, money is a force that should be handled with care.