Connect with us


Nairalogue with Ifeoma Adeoye: Save Till You Drop



Saving, careful budgeting and financial planning are crucial steps in your journey to financial freedom and wealth creation. However, they are only one side of the equation. The other side is about investing, increasing your income and earning more money!

I do not believe that the only way to indulge in the finer things of life that we all love and want is through savings and spending cut backs alone. Investing and growing your money gets you there faster. If you want to treat yourself to a $10,000 vacation, you should make strategic investments that yield enough returns to empower/enable you to do this.

You can save and cut back on your spending but saving without investing will not take you to your promise land of financial freedom. If you have N1,000,000 in the bank and you take even N10 out of it, automatically you are a “thousandnaire” again! There is a limit to how much you can cut back and the more you do, the more painful it gets. Fortunately, there is no limit to how much you can earn from investing and the more you invest, the more you earn and the “sweeter” it gets.

If you keep your money in a savings account alone, you run the risk of losing, in real terms. Savings accounts yield 3% – 4% interest per annum so your money would not grow enough to keep pace with inflation. Your account balance may look bigger but you might not be able to buy as much with it.

The quickest way to achieve financial freedom is by investing and making/growing your money. Make your money work for you, the same way that your bosses make you work for them!

That’s right! Don’t leave it in the bank to “chill”! No way! Sweat it! Send it out into the world to multiply itself and generate more money for you. The path to financial freedom is simple but not necessarily easy. It comes down to just three steps – Save (regularly), Invest and grow your income.

If you are an entrepreneurial person, start something today, any kind of business that gives you even N1 extra is N1 that you can spend to “enjoy your life”. If you are not entrepreneurial, that’s ok too. Take advantage of the investment opportunities out there. Invest in a stock portfolio, mutual funds, real estate or in an actual business. Invest in income generating assets to augment your current income. This will afford you some financial flexibility and freedom. Ultimately, the power to increase your income is in your own hands.

Let’s remember to start now, start small – just do it!

Photo Credit: Dreamstime | Jason Stitt

Ifeoma Adeoye is an entrepreneur and a business consultant. She is keen on social and charitable causes and spends a considerable amount of her time establishing and providing business advisory services to startup businesses in Africa. She is a motivational speaker and is passionate about motivating people to be innovative, entrepreneurial, financially savvy and independent. She loves all things related to making money legitimately and believes that we should all strive to have lots of it. You can contact her via email at [email protected].com and on Instagram & twitter @nairalogue


  1. Nice

    October 29, 2015 at 8:35 am

    Thanks for the information, personally I have experienced the situation about the more cut back you make, in order to save the more it hurts and it is better to invest in a profitable business venture than keep all your money in a bank. Just a slight correction about the more you invest the more you earn statement as it is conditional, based on how profitable the investment eventually becomes. Thanks once again for writing this article.

  2. chee

    October 29, 2015 at 8:46 am

    Thanks Ify! I have been saving recently to start off a business but have developed cold feet along the line,i’ve heard a lot about mutual benefits but I know nothing about it,could you pleas explain this and the banks offering it,thanks!

  3. Ada

    October 29, 2015 at 9:53 am

    Ifeoma biko you for just tell us how to invest small money as people who are not entrepreneurs. What do you do with the small 100k extra wey dey bank. I mean examples of where to invest them.

    • numommy

      October 29, 2015 at 10:52 am

      Hey @Ada. Ask your bank/account officer about treasury bills. You are borrowing the govt money when you buy a T-bill You can get like 10-15% yield depending on the term you choose. It’s good for those of us who don’t like taking risks. It’s sort of like a fixed deposit.

    • Vangogh

      October 29, 2015 at 11:59 am

      @numommy I have gone to 3 different banks to ask about treasury bills (GTB, Diamond & First Bank) and they all told me that the minimum you can have before you are able to buy Treasury Bills is N1 Million. And for low income earners who are looking to invest N100k that’s near impossible! For me now, I’m just doing mutual funds as that’s the only investment option for low income earners like me. But I’m still trying to look for other investment options that suits me.

  4. kanyin

    October 29, 2015 at 10:21 am

    thanks Ifeoma. I entered into this “ajo” thing and it’s almost my turn to collect. By the end of this year, I would have saved up at least 950,000. I do not have any pending expenses. So what can I do with it? I do not have any business i’m into neither am I about to start. So please can you expantiate more in the comment section on the mutual benefit thing and how to use it to get more money. I was gonna fix it for about six months in January. But if there are better ways which should be safe too(thats important) to invest it… please help a sister out. thanks. Looking forward to your reply.

    • Ready

      October 29, 2015 at 2:10 pm

      Same boat!

      I’ve been asking around, and I know my small million and thousands is not enough to buy stocks in the volumes that matter.
      I also know from experience that the 5- 7.5% on mutual funds (at least with Mutual Benefits) for 2-4 years is so little compared to if it was invested in a business.
      Problem: I don’t have a good enough business idea at the moment (make I no lie myself) and am do not feel skilled enough to start a business of my own.
      I have an account with an asset management firm where I get between 10 and 12%…I figure I can’t do better with a fixed deposit so I haven’t opened one.
      In addition, my small million and thousands cannot go into real estate because I can’t tie my money down in all those Lagos-Ogun borders and wait for years while hoping the place develops. I also won’t build in those areas because rent is so low that I can’t make my investment back for decades.
      I have considered speculatory real estate and hoarding dollars, but I’m a patriotic Nigerian so I wouldn’t want to hurt our economy.

      What’s a girl with a medium risk appetite looking for above average profit growth to do, Ifeoma?

    • wheretoinvest

      October 30, 2015 at 5:07 am

      @vangogh UBA does tbills for less than a million atleast I know of someone who did 400k. As for fixed deposits, most banks are cutting down interest rates so hard coz they’ve lost inflow due to this TSA thing.
      As someone said, i think writers are scared to hit the nail on the head coz most options they give(vaguely) are for ppl who have larger capital. Reality is many don’t. For example my take home is 80k and if I save 10% that over 12months what can I invest in? Those are the issues I’d love to be addressed.
      I’ve read richest man in Babylon and that book makes plenty sense, just trying to apply it overtime.
      Please what happened to smartmonetwith arese again? BN don’t let me start o

  5. numommy

    October 29, 2015 at 3:50 pm

    @vangogh, I bought a 6 month bill in August, and it’s for less than a million o. Got it from diamond. My understanding is that the minimum is 100k and then you can add multiples of 10k. When I was doing my research sha I realised that there were some people in the banks who didn’t have accurate information. Some people were telling me information for fixed deposit when I asked about T bills (fixed deposits in most banks require at least 1m).

  6. Mrs DJ

    October 29, 2015 at 4:38 pm

    thanks for writing Ifeoma. We read alot about invest but most of the time, i expect more. i means examples of the investment opportunities. like invest in FBN Capital, Kakawa discount etc. sometimes i wonder if all these writers are scared of hitting the nail on the head.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Star Features