Everyday Money Matters (EMM) is live on @lagostalks913 every Wednesday between 7.30am-8.00am. On the show, we give answers to questions from our listeners and those sent to us.
Here are the questions we treated in today’s edition.
Gab would like to know if there is a cryptocurrency fund and how he can get into it.
Ugodre says there is none yet since cryptocurrencies are not approved except private ones. He can try reach out to people on social media or do research on his own.
A caller intends setting up a rice mill and has no capital except a piece of land on lease. He wants to know what will be his profit margin.
Tunji said his profit depends on the yield of the land. The land is capital. Many Nigerian farmers are not in tune with best practices. He needs to understand the business before going into it.
Ugodre says skills or ideas can be capital. He needs to place a value on his land though as a percentage of the entire capital. He gets a percentage of the profit based on the value of his capital
Dapo would like to know if there’s any advice for how to spend his Xmas bonus.
Tunji says there is no shame in I can’t afford it. Try to save during this period as difficult as it is. Invest the savings next year
Ugodre says there are two periods to splurge; summer and Xmas. If you did splurge in summer, then save in December. Do remember there are bills to pay.
A caller says he is 24, just started work and wants to know how to retire at 50 with enough money to last him till he dies.
Tunji says he needs to start investing aggressively and have an investment strategy. He should speak to an investment adviser as well.
Ugodre says compound interest is a great force.
Ikenna wants to know how he can withdraw from his pension before retirement age.
Tunji says there are terms and conditions such as if you lose your job as well as a limit to how much he can withdraw.
Here is a link to today’s thread
Opinions expressed on Everyday Money Matters (EMM) are not to be interpreted as financial advice. Please consult your investment adviser.