When people ask you, what do you do, what do you tell them?
I tell them I’m a freelance writer who helps brands build relevant content for their target audience. However, I’m currently making a transition to tech.
What does financial wealth mean to you?
Financial wealth means having more assets than liabilities. I like to think of it as having diverse ways to make my money work for me. It could be investing in real estate, the stock market, or cryptocurrencies. To stay in the course long enough, I think one has to be driven by something deeper than just being wealthy. For me, it’s the freedom that comes with financial wealth and being able to help people when they need you that drives me.
When did you start investing?
I took investment seriously last year during the pandemic, I began with agro-investments on a digital platform. Then, the returns on average were around 20% in 9 months. The returns weren’t poor. However, investing with naira wasn’t particularly favourable, especially when you’re putting in something like ₦100k or even less. The return, although good, doesn’t make much difference at the end of the day. By the time your investment plan matures, the naira has probably been devalued. The difference between what you’d be able to purchase with your capital before you invested and after, even when you add your gains, isn’t much.
I decided saving in Naira is okay. But investment? I’d choose foreign-denominated investments. The reason I chose Rise was that I’m an inexperienced investor. I wanted a platform where I don’t have to do all the calculations involved in asset management, and Rise was my best bet.
How did you hear about Rise?
I heard about Rise first on Twitter. I think there was this poll where people were asked to comment if they did real estate, like for stocks, and retweet for fixed deposits. Most people were talking about their high returns on real estate, which caught my interest.
What is your experience with Risevest so far?
My experience with Risevest has been smooth. From creating an account to choosing asset classes, it’s been very seamless. I love the update with the app. The fact that users can invest towards a particular goal, whether a business or tuition, is thoughtful.
The telegram community is also informative and helpful. My journey with RiseVest has been enlightening financially, thanks to this community.
How do you approach investment today?
I approach investment with a long-term mindset. What I usually do when I get paid is take out the money I want to invest, then spend the rest on my current needs and wants. That way, I can spend without much guilt trips. I also try to divide my funds between real estate and stocks, but more of real estate. My risk appetite is not that high.
What is the investing hill you’re willing to die on
Diversify. Diversify. Diversify. Diversifying your investment protects you to a large extent from losing on all sides. When one is underperforming, another may outperform it.
Since you started investing, what has been your biggest gain?
My biggest gain was investing when naira was ₦400 and something. Can’t remember the exact rate. I withdrew when the plan matured this year at ₦520.
The crazy thing is even if I left the money in my Risevest wallet without investing in an asset class, I would have made money due to the fluctuations in the exchange rate. Naira is a scam.
Have you made any losses since you started investing?
I’m a medium-risk investor. Also, I’ve never invested in any sector or with any platform that didn’t provide some form of security for people’s capital. So no, I’ve not made any losses.
How do you feel about your investment position today?
Well, the truth is I don’t feel very proud when I look at my portfolio. I know I can do better. I’m working towards having multiple sources of income, so I can comfortably invest 60% of my earnings without opening a Gofundme account.
What is your dream investment?
My dream investment is having equity stakes in private companies and start-ups.
What are you doing to make that dream a reality?
For starters, I need more sources of income, and I’m working on that. Also, I’m making career changes to help increase my earnings.
What will you tell a beginner about investment?
Know yourself first before making any investment. Are you comfortable taking a risk? Answering this question will help you make an informed decision when it comes to what to put your money into. Also, it’s best to invest in sectors where you have some knowledge. Don’t jump into something just because everyone else is doing it.
Lastly, building wealth takes time, and it’s okay to go slow. The idea is that you invest some money religiously to build a cushion for yourself when things go south. It doesn’t matter if you decide to start with $10.
On a scale of 1 to 5, how likely are you going to recommend Risevest to new users?
Easily a 5. I’ve recommended Risevest to almost everyone in my circle. My referral code is GJLLC1D. I think anyone who earns in naira should use US-denominated investment platforms like Rise. That way, you have some form of security over inflation.
Thank you very much for speaking with us and keep spreading the word…