Do you know that investing is not for a particular gender? Of a truth, women have more tendencies to save than their male counterparts even when they earn lesser. Dear single lady, do you also know that you don’t have to totally depend on your parents for your upkeep?
Similarly, looking up to a fiancé, boyfriend or husband all the time for your financial need is unbecoming of the millennial woman. And as a married woman also, you can still take on lower expenses in the home and invest for rainy days alongside your husband.
This post is not about proposing high-capital intensive project you should undertake; it is meant for those who want a side income in addition to the salary they already earn.
It is also for ladies who have saved up quite a large sum over the years and looking for investment opportunities that do not carry so many risks. Do you know that the little salary you earn can provide a part-time income for you if well invested?
The beauty about this type of investment opportunities as would be discussed in this article is that they allow you to continue with your job or responsibilities while ensuring that your money Isn’t spent on personal upkeep alone or lay dormant in your bank account earning you little monthly interests.
To be that smart independent woman, you can invest in the following:
1. Invest in Treasury bills
Treasury bills are fool proof and no risk investments you can trust. You can either buy from the primary or secondary market depending on your financial strength. Some banks allow you buy T-bills from N100, 000 with duration from 2 months, 3 months, five months or more depending on you. Instead of allowing that large sum of money remain dormant in your bank account without sizable interest, you can easily walk into your bank and request for it.
Also, Treasury bills ensure that saving is guaranteed; the total money will be deducted from your account while the interest is left behind, this would help to curtail unnecessary spending. And when the period is complete, your capital is returned back to your account.
Note also that you can request for your money before expiration in cases of emergency but with penalty; and you can also put a standing order for the money to be re-invested. You can read more about treasury bills here
2. Invest in Hired purchase.
What is hired purchase? It simply means buying a product and reselling for a higher amount (price and interest). However, with hired purchase the money is not recovered immediately as making an instant sale. The payment and interest for the product is spread across months based on agreement of the buyer and seller.
How can this be an investment plan you ask? Goods sold on hired purchase basis have more interest, sometimes almost double the purchase prize. In Nigeria for example, you can buy a Tricycle (keke) or motorcycle and resell to a rider who pays gradually for a period of time.
This venture is however not low risk like treasury bills because of the uncertainties of human nature and environmental factors. But to cut down on risk it is advised that you:
☑ Contact the unions associated with the product and see if they have procedures for such kind of investment.
☑ Allow practical interest on the item so as not to burden the buyer and ensure fast payment. Don’t be so greedy as to peg the interest at almost double the prize.
☑ Make sure buyer has credible guarantors and make sure to request for one.
☑ Document all transactions for future purposes.
3. Start a retirement or pension savings plan
A pension is a long term savings plan without tax. The funds you contribute are invested by pension managers throughout your career years so that income is made available for you during retirement.
And so, regardless of the pension plan put in place by your employer, you can still go further by making enquiries from pension managers on the best product available to you. Even though this culture seems to not have gained popularity among the average Nigerian, you can break that jinx and get further knowledge concerning pension investments. Remember it is never too early to start planning for your future.
4. Invest in Real estate
Real estate is another long term investment you shouldn’t miss if you have the means. Don’t believe that only the men have the wherewithal to buy lands or build houses, you too can if you are determined. There are low cost lands in developing areas that you can tap into and buy a plot.
In Lagos for example, lands that go for less than 800k are available in developing areas around the outskirts of Lagos. If you have saved up enough money over the years, you can decide to contact a genuine realtor for available lands within your budget and you will be the better for it in the future.
5. Invest in mutual funds
A mutual fund is a professionally managed investment fund. An expert investor or investment company manages funds pooled from different investors (Individuals or corporate bodies) and pays interest according to the prospectus. The fund management company can invest the pooled fund into shares, treasury bills, bonds, stock etc. in Nigeria.
Mutual funds can be managed by the investment arm of a bank, investment companies, investment banks etc. just know that the people whom you have committed your money to are savvy and have a wealth of experience in investment.
So If you don’t have the time or knowledge about the different investment path you can take as lady with some money to spare, then mutual funds is your best bet. The risks are minimal and you can be sure of a return in investment. However, ensure to make adequate research on the best mutual fund company to invest with. Read more about mutual funds here