Savings is one of the most basic financial knowledge anyone interested in financial freedom should know and PRACTICE.

You must save some of your income. It is also important that you invest some of your income. No matter how little. For example, there are credible savings apps out there to help, and I like the punitive measure to discourage arbitrary withdrawal that some have in place. If you are disciplined, you can save in your bank. Savings helps you meet unexpected financial emergencies or keep the money to accomplish an expense goal.

Investments will help grow your money as well as insulate it against inflation. If you are averse to any kind of risk, invest your money in a government bond like the Sukuk. As of today, you get 13% per annum, and Withholding tax does not apply to your earning. So, let me do the arithmetic. If you invest N2,000,000, you get N260,000 in 12 months payable as N130,000 every six months. The higher the amount, the higher the earning. The downside of Sukuk is that it is not always available. Greed is not an investment savvy trait. That is evil and folly in marriage. To be a good saver and investor, you must also exercise a good measure of patience and consistency.

I have had a lot of people call me and come to my inbox to ask for advice on which business or industry to venture into. Some want to go into business full time while some want it as a side hustle. Money is just 1 out of the numerous things required to go into entrepreneurship or venture building. And money requires skills to utilize profitably.

Fact is, I can't attend to 1/5th of the messages in my inbox, it can be so much of a task sifting through junks. I sometimes get notifications of messages but never find them in message requests or spam. I have to click the profile and attempt to send a message before I see what has been sent. There are too many “Hi” and “Hellos” with no talking.

Well, that’s not the crux of the matter. I want to use this article to address the most common question as I cannot respond nor grant personal audiences to everyone.

You don’t need to have millions to begin putting your money to work for you. Your N50k, N100k, N250k can be grown steadily. If you grow your money by 18%, 20%, and 24% per annum, you are thriving. That’s above inflation. This is decent and good returns.

Unfortunately, it is the ‘Sharp sharp’ kind of returns majority like.

Nigerians lost over N250bn last year to PONZI schemes. All their capital was lost. No businesses benefitted. No jobs were created. No surviving businesses were built. All because of greed and ignorance. They want to multiply wealth, rather than grow wealth through the steady growth of their funds. Grow your money steadily while you try to figure out what to do with it later.

In addition, not everyone is cut out to build and operate ventures. You could simply be a maverick investor with your funds and win. It is the reason we have entrepreneurs. Those who build ventures and create wealth through businesses. And we have Investors. Those who give money to entrepreneurs to build or grow businesses. E.g Angel Investors, family offices, Private Equity, VC et al.

When I had a major career and financial breakthrough several years ago I didn’t just dabble into venture building immediately. I knew it would be a disaster. I had an associate who was already thriving in a particular line of business so I offered him 50% of my earnings from my salary as working capital. I did this because financial discipline was written all over him and the returns were just slightly above the market rate, not the outrageous PONZI rates that appeal only to greed these days. Besides, he wasn't soliciting for public investments. I left my cash with him for 3 good years. The steady returns enabled me to augment my income and also provided me with resources to experiment with some ideas while my fund remained intact. I only liquidated when I wanted to relocate to another city.  Imagine if I had just gone ahead to start building a venture/business just because I had just earned some significant money. I know I would have lost all the funds. I took my time to learn some ropes regarding industries and businesses of interest. Put my money to work somewhere safe, secure, and decent, and when I was ready, I deployed it.

Yes, you can INVEST in your friends, acquaintances, and family members who have proven capacity, trust, and integrity. Nothing is as bankable as these attributes.

Nothing.






Elekwachi is the Personal Assistant on Media and Publicity to the Executive Chairman of Ikwuano Local Government.

He is also the Founder of Aaron Telecommunications, a telecoms business that focuses majorly on the sales of affordable internet data.