Investment and savings @beautybb 15/6/21

This Contest is very interesting, because it reminds me of some things I did years past.

Investment from my own opinion is a process whereby I use money to buy something to sell later to make some profit.

Savings is the process of keeping an amount of money in the bank or saving box for future plans or emergency.

Below is my saving box where I save little by little from my daily expenses.

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Investment and savings has different benefits and disadvantages.

• Investment brings regular income.
• It helps to provide long term money.
• It helps to provide for the family in the future.
  e.g If a man invested his money on purchasing some landed property like filling station,hotel,schools,in the future when those things might not be bringing income he can sell the property and invest the money.

One way I invested was buy buying, livestock's during the months of October,then by December they will be due for sales,and I will make much money from it.

Another way I invest as a medical personnel I purchase some medications,and retail them and make some money too.

In the future I have a plan of investing on crypto currency too.

Making savings has truly been beneficial to me, especially during emergencies, financial emergency and health emergency.

The importance of savings can never be overemphasized.

I remember the year 2014,the was an emergency,my dad was diagnosed of Strangulated Hernia,there was an emergency need for surgery,I rushed to my savings and made deposit of some money for the surgery, before friends and family came around.

Second time my brother was involved in a road traffic accident,there was and emergency for CT scan because he was bleeding eternally, immediately I rushed to my savings and paid in deposit for his treatment.

Savings is very good, it helps to avoid debt.

• It reduces financial stress.
• It helps one to enjoy freedom.

Savings adds no gain but has low risk of loss.

Invest adds gain but has high risk of loss.

I could remember a period I invested my money on livestock's,(turkey and chicken) they all died,I lost everything,that's a disadvantage to investment.

In the current situation of Nigeria,both investment and savings are beneficial.

I will get more involved in investment because the cost of everything keeps on going higher.
Thank you for this opportunity to participate.

Cc.
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