3 Things to Know Before Investing in Cryptocurrency

According to Wikipedia, cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange. You exchange real currency, like dollars, naira to purchase “coins” or “tokens” of a given cryptocurrency. There are many kinds of cryptocurrencies. Bitcoin is the most famous, but Ether, Bitcoin Cash, Litecoin, and Ripple just to mention a few. Cryptocurrency has gained popularity in Nigeria in the past few years But cryptocurrencies have actually been around for about 10 years. The earliest cryptocurrency was Bitcoin, created in 2009 by an unknown person who goes by the name Satoshi Nakamoto. HOW DOES CRYPTOCURRENCY WORK? Cryptocurrencies are exchanged from person to person (peer to peer) on the web without a middleman. You don’t need a bank account to make the exchange all you need is your crypto wallet. The weirdest fact about Cryptocurrencies is that they are decentralized: that is government or bank has no controls on how they’re produced, what their value is, or how they’re exchanged meaning cryptocurrencies are worth whatever people are willing to pay or exchange for them. 3 THINGS TO KNOW ABOUT CRYPTOCURRIENCY Cryptos are risky. Every investment has an atom of risk cryptocurrency is not an exclusion.  The volatile nature of cryptocurrency makes it more risky than many other investment options. The…

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Introducing: Saving in dollars

Our mission at investa.ng is to give you the power to manage your finance and also gain financial freedom with ease. One of the most important steps to financial freedom is to preserve the value of your funds while you save. Imagine you had N200,000 saved in your bank account in 2005, that means it was worth $1,092.9 at the exchange rate of N183/1$ The same N200,000 is now worth $525.8 at an exchange rate of N380/$. This is about 51.97% loss in value. But imagine you had saved that N200,000 in dollars back then in 2005, you would have over N26 Million(N381/$) right now. The American dollar is the strongest and most traded currency in the foreign exchange market. Saving your funds in dollars in Nigeria isn't cheap nor easily accessible. With this, investa.ng introduces dollar savings option, this will help you save your funds against inflation. How does it work? 1. Log in to your dashboard. 2. Click on flash savings. 3. Select your preferred savings options(Just save/Goal Save). 4. Select frequency of savings. 5. Select the time of the day when you want the funds to be deducted from your account into your savings wallet. 6. Select the dollar savings options. 7, Input amount deducted periodically.…

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How To Achieve Your 2021 Financial Goals

Understand your essential expenses When creating your financial plan for the year, the first thing you need how much you spend on essential expenses each month. These are recurring expenses like rent, car payments, utilities, food, electricity, insurance, etc. Once you understand how much you spend each month on essentials, you’ll know how much is left over for other things like discretionary purchases, savings, and investments. Track Your Spending Next, you need to keep track of your spending to understand exactly where your money is going. This is very important because if you don’t track where you are spending your money then you might spend considerably more than you are earning. Set a Savings Goal Decide how much you would like to save by the end of 2021. Then figure out how much you would need to put into savings each month to reach your goal. Don’t worry if you can’t reach your savings goal with the amount of income that you currently have coming in. That’s not the point. The objective here is to understand what your savings goal should be so that you can make a plan to achieve it. Create an Investment Goal While tracking your expenses and building your savings is a great start, the…

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