Become an Ambassador for Enterprise

Alright My name is Elvis  Orejobi

I shall be speaking about things that bring about business failure and we know that as an entrepreneur you are a risk taker therefore most people don’t seem to understand that saving money and investing money are entirely 2 different things.

In the programme today we will be looking at the difference between  savingsand investments, Finding the right balance between savings and investing , What can you invest your money in?

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ITS AMBASSADORS FOR ENTERPRISE on  Social spaces , If you are just joining us  we are discussing ways on how to “ investment  andsaving.

What is savings and investments?

Saving money is simply putting cash away in the bank and can be accessed when its needed. While investing money is the process of using your money , or capital to buy an asset that you perceive will generate a safe and higher  rate of return over time, making you wealthier even if it means suffering and depriving yourself of some luxury or the good life.

Finding the right balance between savings and investing is what sets you apart from being average to wealth.

When you save establish an emergency fund.

Its so easy, all you need do is save three monthly income.

Have a goal of accumulating the equivalent of  three income in your saving account tagged emergency fund. Life is very delicate we do not know what the next seconds hold so planning for the unknown which could be sickness, natural disaster, lost of home, or car, or worst case death of a bread winner.

Pay yourself as an entrepreneur first even if its 10%, Endeavour to pay yourselfsomething and save this towards an investment.

when making investment strive to become an owner and not a loaner. Nigerians loan their money to a bank, savings and loan or other institutions , which in turn invests the money and make a profit, the simple solution here is to become an owner , rather than a ,loaner. Otherwise you may be earning a loss.

• Start a family tradition of investment.

If you don’t start now, you may never reach financial independence. The idea of building a generation –to generation investment is one of the most exciting planning concepts.

What you say and do in life is what your children will learn. Get your entire family involved in financial decision and your kids will be better for it in future as they can manage their investments and finances.

Encourage your family to save.

Old habit die hard, saving money is a pride and accomplishment and your kids will take pride in it as well. Get them a piggy bank for them to save a fraction of their allowance.

What can you invest your money in?

You can invest your money in Gold, property, business, education, art works, bonds and treasury bills, forex, and digital currencies and assets.

Rather than buy that latest car, wear the latest and designer clothes , shoes and perfumes, wear the most expensive hair and bleaching cream. Ah! I urge you to

• Invest in a property. I always recommend a commercial property like lock up shops which requires little investment compared to a plaza, people generally come up with excuses for not paying their house rent as at when due, but they can not try that in their place of business.

This investment will generate capital to finance other projects and your choice lifestyle in future.

Old age is inevitable do not waste your youth trying to impress anyone , you owe yourself a retirement in paradise where you wont be a burden on your kids and their family. Stop hesitating start now. If Abuja is expensive try your home state or neighboring states.

• Invest in agriculture and target exporting your produce and earn in hard currencies.

• Invest in people, employ the very best so your business can be outstanding. The wealthiest people aren’t really smart , they employ first class degree holders to do the work.

• Invest in time: give time to your business and soon you will enjoy the profits.

• Invest in family: spend quality time with your spouse and children you will have memories that lingers on and you will be happy for it.

• Invest in your God as he says he give the power to make wealth and in all your ways you should acknowledge him for he shall direct your path.

When we come back after this break we will have some in-house contributors in the person of ( NAME and NAME)  don’t touch that dial…

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