Alvin Hall, a seasoned financial advisor, and author once said: the key to making better choices about your money begins with understanding your approach to earning, spending, saving and investing.
- Earning – your ability to bring in money
- Saving – your ability to produce a surplus
- Investing – your ability to make that surplus grow
- Spending – your ability to live frugally
Earning is very crucial to survival as it determines how well your basic needs are met; consequently, we can’t do without spending as basics needs have to be purchased. Saving is keeping your spending in check and Investing is ensuring your savings work for you. Understanding the first three will keep you ‘OK’ but adding the last will help you ‘Thrive’.
We can help you make better choices about your money.
Major decisions like the kind of house you choose to live in, the car you choose to drive, the school you decide to send your kids to and minor decisions like how many times you top up airtime on your phone in a week, the type of restaurant you choose to eat at or the kind of hair salon you visit, all have significant impact on your financial lifestyle. Remember that your salary doesn’t grow much over time, but expenses do grow rapidly over time.
Because the average person may not be able to keep up with all his/her expenses with a fixed income(salary), it is wise to start saving and do some good investments.
Below are some tips to consider:
Save before Spending
One of the wrong ways to go about saving from your monthly earning is to save what is left after your spending.
But when temptation strikes, it is important to be able to remind yourself exactly why you are saving, so that you don’t slide into a spending spree which brings short-term pleasure but long-term stress.
If you truly desire to see the account balance of your savings account go up every month, you have to save first, then spend what is left. If you insist on spending and then saving what is left, the chances of having anything left are quite slim. As Warren Buffett said ‘Do not save what is left after spending; instead spend what is left after saving.’
Among other things:
- Saving puts you in Financial Control
- Saving is money good for your Health
- Savings make you Money
- You will reach your Financial Goals Faster
Wealth.ng offers Wealth Cash as a savings product at 7% annual interest, so you can put some money aside as savings every month, that way you can reap the rewards later.
Over to You
What steps can you take in your own life to save before you spend? What are your savings goals? Share your saving tips.
Invest towards a comfortable tomorrow
For investing, you need to have some extra cash that you are willing to put to good use.
Investments are required for growing your wealth and achieving your life growth goals. Going for the right investment can be a daunting task for anyone but not to worry, you are at the center of all that we do.
Set aside 20% of your monthly income in Fixed Income Instruments like Treasury Bills and Bonds.
Although the return rate is currently below inflation, a six percent return on Treasury Bills is better than a zero percent return from leaving money in the bank. T-Bills and Government Bonds are also relatively risk-free.
Depending on your preference and needs, you can invest in short-term products like the 30-day or 365-day Treasury Bills or long-term products like premium stocks on the NSE.
Choose to invest based on your life goals, starting capital, growth targets, market trends & your investment profile.
When you start investing, you would likely come across so many unknown investment terms that will make you blow your top. But be wise to learn the concepts from these terminologies so you don’t lose your shirt* or make the wrong investment decisions.
Some investment instruments are riskier than others but may bring higher than expected returns. Depending on whether you are in for the long term or looking to day trade, you should learn accordingly.
It’s too easy to lose focus of your investment targets in your pursuit of wealth accumulation. But it becomes easier if you set a realistic target/goal and follow a good role model who is already successful in an investment.
Wait a Minute
You should only invest your money in anything you can verify. If it sounds too good to be true, then it isn’t.
Study the Market Patterns
For those looking to profit from relatively short-term positions in financial markets, you should regularly study the Market Patterns on where successful investors are currently investing or where the markets are likely to move in the future.
Consistently be in touch on the latest investment trends & how market movements are affecting these investments. E.g. If prices are going up, which stocks, currencies are getting affected by it. Learn which investment sectors are strong & growing, and which are likely to grow in the future.
Get in Here
If you want to better understand what might happen next in the market — like what traders might do next and whether you should take a trade, ensure you keep abreast of market indicators and trends.
*Losing your shirt is an idiom that, in the investment world, means to lose one’s money, savings, investments, resources — or more, if investments were made with borrowed funds.
Chatbot provider, eBanqo, builds value system for customer-facing organisations
eBanqo’s robust analytics provides insight into customers’ behaviour, helping businesses make better decisions.
eBanqo Inc., a customer engagement start-up, has built a value system for businesses, enabling them to deliver faster and efficient services in messaging apps. They address the need to deliver real-time, convenient and personalized services and support to customers. Leveraging the rise and adoption of conversational AI, they help businesses of all sizes build digital assistants for their websites, mobile apps and messaging platforms like Facebook Messenger, Twitter, WhatsApp, Telegram, and Slack, facilitating speedier responses that customers have come to expect.
eBanqo’s CEO, Charles Ifedi, started his career over 20-years ago in the technology sector as a software engineer. In a recent interview, he discussed eBanqo’s value proposition saying “eBanqo aims to simplify digital interactions between businesses and their customers. Our solution is completely self-service and automated, which means we can offer organisations 24/7 services. We reduce the organisation’s costs, improve their efficiency, and potentially increase revenue for businesses based on the fact that their customers are now able to transact across more channels than they currently have.”
Charles has had an interesting and successful career; starting off at SystemSpecs, PwC, and then Accenture. In 2002, he co-founded Interswitch where he helped build the business for over 15 years. At Interswitch, he led the business solutions team, the international expansion team, and he went on to lead the Consumer business. In parallel, he became the CEO of Verve, an offshoot of Interswitch, where he led the brand to carve a niche for itself; from its inception till early 2018. The culmination of his wealth of experience and insight were instrumental to the birth of eBanqo.
As one of its use cases, eBanqo helps businesses to innovate their customer service, by eliminating the need for customers to spend several hours trying to reach businesses via email or phone calls. eBanqo leverages the rapid rise of messaging apps and the progress made in conversational AI to automate responses to common customer questions as well as provide Live Chat assistance in customers’ preferred messaging platforms. This speeds up response times and also resolves issues at first contact. On its platform, organizations can manage all messaging platforms and all social media interactions from one dashboard. The platform’s robust analytics provides insight into customers’ behaviour, helping businesses make better decisions.
For more information, visit www.ebanqo.com
How to trade in financial markets without trading
PAMM is one of the services that clients of the international brokerage company NordFX receive.
Online trader is a new generation profession that appeared only in the 21st century with the development of the Internet. An experienced trader can earn thousands and tens of thousands of dollars, with a free work schedule, having only a computer, a tablet or a smartphone at their disposal. However, it can take years to become a professional. The money spent, the nerves, and most importantly, the time, for many turn out to be an unbearable price paid for the experience gained. Moreover, the result is far from obvious. After all, numerous stories have been heard about people who lost their money trying to trade in financial markets.
This is all true. And, unfortunately, not everyone can become a successful trader. Just like not everyone is born to be an astronaut. But, as the ancient saying goes, there are at least two ways out of every hopeless situation. In our case, these are financial services PAMM and Copy Trading, which allow you to take advantage of someone else’s success on mutually beneficial terms.
What is PAMM and How It Works
PAMM (from the English PAMM – Percent Allocation Management Module) is a simple passive investing service that allows you to transfer your funds to the management of one or several successful and experienced traders who will trade for you, retaining a certain part of the profit as a reward. No profit, no reward.
A huge plus of this service is that the trader trades not only with the funds of investors, but also with the trader’s own money. This is a prerequisite, which significantly increases the responsibility of the trader and the quality of their transactions. After all, if something goes wrong, the trader will, in the first place, lose their personal capital.
PAMM is one of the services that clients of the international brokerage company NordFX receive. This broker not only provides a platform for trading currencies and crypto-currencies, stocks, oil and precious metals, but also provides transparent cooperation between the investor and the trader. Thanks to this, you can be sure that all of the trader’s obligations, including financial settlements, will be fulfilled on time and with 100 percent accuracy. The trader does not have the slightest opportunity to spend your money for personal needs, use it in other inappropriate ways or steal it. All work takes place under the scrutiny of NordFX, a company in which clients from 190 countries have opened more than 1.500.000 accounts, and which has been receiving professional awards as the most reliable broker for several years.
At the same time, you choose the trader to whom you want to entrust funds to management. NordFX will provide you with their trading history and statistics, including almost 50 parameters, thanks to which you can decide if their trading strategy and risk/reward ratio are right for you. It is clear that the higher the profit, the greater the risks. Therefore, many investors start with modest amounts, from $100 and up, to understand how everything works in practice.
How to Invest in PAMM in a Few Minutes
1. First you need to register on the website of the brokerage company NordFX. This happens online and takes only two minutes. Please provide your real name and last name, your email and mobile phone number. After confirmation, go to your Trader’s cabinet. It is also possible to register via social media.
2. Then, in the Trader’s cabinet, click on the “Dollar” icon and select “Funds Deposit”. The company allows you to choose any convenient method of deposit of your choice: international bank transfer, VISA/Mastercard bank cards, many electronic payment systems. Top up your account with the amount you plan to invest.
3. After depositing, we proceed to choose a manager. To do this, the NordFX broker has a transparent rating on the managers’ “showcase” that includes all the necessary information: account age, growth charts, balance size, maximum drawdown and profitability, as well as many other statistics.
It is necessary to understand that a trader can conduct both successful trading and suffer certain losses at some point. Therefore, we recommend investing your funds in several managers at the same time, forming your own investment portfolio. This will significantly reduce risks and allow you make a profit, even if one of the traders makes several unsuccessful transactions.
How Much You Can Earn Investing in NordFX PAMM
The main advantage of the foreign exchange market is unlimited profitability, which can be many times higher than the interest on bank deposits. Traders can earn tens or hundreds of percent of profit per month for you. It depends on their trading style and strategy aggressiveness. The more aggressive the strategy, the higher the profits and the higher the risk for the investor.
For example, let’s look at the profitability chart of the first (at the time of this writing) trader in the NordFX rating (Fig. 1).
For thirty-one days of his trading, this trader managed to make a profit of 74% of the initial deposit. That is, if you had invested $1000 in it, your account would have grown by $740 in a month. In case the trader’s reward is equal to 30% of the profit, your earnings will be 70% or $518. Not bad at all: in just a month, an increase of more than 50%, and this despite the fact that you yourself did not have to make any transactions, the trader did all the work for you. But the risk with such a trade is not small: the drawdown (negative difference between funds and balance) had reached 58% at some point.
The second example is a trader who has been trading steadily for half a year. During this time, they showed a return of 56%, but the drawdown did not exceed 15%, thanks to the use of a more conservative strategy.
What is NordFX Copy Trading
The second lifesaver for those who are unwilling or unable to trade on their own is Copy Trading. The basic principle is the same as that of PAMM: an experienced trader trades and earns, and you get the same profit as theirs. The commission is charged on the profit, so if they earned for you, you pay, if not, the trader is left without a reward.
But besides the similarity, there is also a major difference. In the case of Copy Trading, you do not transfer capital to a trader. It’s just that all their transactions are automatically copied to your account. Thanks to this, you get the opportunity to personally control everything that happens to your money, and you have full information: when and in what direction the trader opened a transaction, what volume, for what trading asset. And in the event of force majeure, you can close the trades you do not like yourself and disconnect your account from the signals of a particular trader.
The investment scheme here is in many ways similar to the PAMM and consists of the following stages:
1. Opening a personal account at NordFX;
2. Depositing the necessary sum (you can start from $100);
3. Selecting signal providers in a transparent rating (in other words, traders whose trades you will copy);
4. Forming your own investment portfolio;
Many newbies may be worried about the inconsistency in the amount of capital between a trader and an investor. However, do not worry about this, since the system will automatically select the required volume and adjust the ratio. At the time of subscription, a window will pop up where you will need to specify the amount of your capital that will be used for copying. You can also customize the conditions of copying for yourself and your deposit.
NordFX Copy Trading is immensely popular among investors and traders due to its potential profitability and cost minimization. For example, a trader who takes an honorable second place in this rating has demonstrated a return of 480% in 40 days of their work (Fig. 2). At the same time their reward is just 10% of the profit.
Of course, this example shows an almost perfect picture of an aggressive investment. Moreover, in reality you can earn even more. But, we have to repeat: in the pursuit of superprofits, you can just as well lose all your capital. And no honest trader will guarantee that in the future they will show the same results that they had in the past. Therefore, before investing in financial markets, you must assess your capabilities realistically, and in no case risk all your funds.
If you still have questions left, you can always contact the NordFX Support Service. You will also find answers to many of them in the corresponding sections on the website of this brokerage company.
FrieslandCampina WAMCO completes purchase of Nutricima’s dairy business, positions its business in Nigeria for growth
Nutricima’s dairy business will be integrated into FrieslandCampina WAMCO Nigeria PLC.
FrieslandCampina WAMCO has completed the purchase of Nutricima’s dairy business in Nigeria. In March FrieslandCampina and PZ Cussons signed an agreement regarding the acquisition. Nutricima’s dairy business will be integrated into FrieslandCampina WAMCO Nigeria PLC.
Nutricima Limited (the “Company”) was founded in Nigeria in 2005 and has earned itself consumer awareness within the dairy industry since then. FrieslandCampina WAMCO has acquired the Company’s production facility in Ikorodu, Lagos State and the brands Olympic, Coast and Nunu, a range of powdered, evaporated and ready to drink milk products. These brands have a good presence across the Nigerian dairy market.
This acquisition underlines FrieslandCampina WAMCO’s continued commitment to contribute to the development of the Nigerian dairy sector. The acquisition satisfies the need for additional production capacity for FrieslandCampina WAMCO to meet the growing demand for locally produced evaporated and powdered milk by Nigerian consumers.
According to Roel van Neerbos, President of FrieslandCampina Consumer Dairy, “FrieslandCampina WAMCO has been a key player in Nigeria since 1954. With this acquisition, we demonstrate our strong commitment to Nigeria and its dairy market.”
Ben Langat, Managing Director of FrieslandCampina WAMCO Nigeria said “It is our mission to bring affordable and attainable quality dairy products to all Nigerians and meet the growing demand. That’s why we are pleased with this acquisition.”
Over the last few years, FrieslandCampina WAMCO has invested significantly in capital expenditure, including a new warehouse and a world-class Learning Academy to build capabilities across functions and to drive talent development. Recently, the company commissioned a state of the art plant for local production of Peak Yoghurt, which is directly linked to its highly successful dairy development programme; a major investment that has been at the center of Nigeria’s backward integration in local milk sourcing over the last decade with over 9000 local farmers spread across 5 States in Nigeria.
FrieslandCampina WAMCO will continue to expand its portfolio, particularly through low unit price packs and by strengthening its distribution reach in the market.
Having fulfilled all requirements including requisite shareholders and regulatory approvals, FrieslandCampina WAMCO has commenced operations at the newly acquired plant.