STEEM NIGERIA CONTEST : INVESTMENTS and SAVINGS

in STEEM NIGERIA4 months ago (edited)

Welcome to yet another weekly series @STEEMNIGERIA community. My sincere appreciation goes to all the moderators who took out time to set a weekly contest in other to keep the community active, the group admin.@greatness96, @steemcurator01, @steemcurator02 and the entire Steemit community.

I am @samsuccess and will be moderating this contest for next seven (7) days. We have enjoyed series of contest in this community for the past few weeks and this week's contest will be very educating to the entire Steemit community.

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Introduction

Basically at some certain point in the journey of life we've heard about this two terms: Investment and Savings. We might have indulge in them as well. This contest is to help us differentiate between them and ascertain which would be better than the other.

Investments is basically when you acquire an asset with the hope of raising a tangible revenue or returns in the future.

There are Alot of areas where people can invest ranging from stocks, bonds, Cryptocurrency and even Education has been described as an investment. Investment are usually done with futuristic plans, investment may be good or bad as the case my be, this is the reason why we must implore caution when making investments. But whether good or bad an investment is still an investment.

Investors are people with a Lion's heart as they are serious risk takers, there investment can turn 100% profit or even 100% loss, losing everything. That's how risky it can be.

Savings can simply be defined as money or funds set aside for future purposes.

One thing common to both investments and savings is the fact that they are both geared towards the future. In savings, for instance your monthly income is 10 USD, a portion of it is set aside (may be about 20% as adviced) or deposited somewhere where it can be made available during emergency or probably when needed. Depending on how long you save the funds, you are given some percentage intrest for that period of time.

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Investment VS Savings

1)Savings has very low risks when compared to investment with very high risks

2)Savings has lower intrest but Investments has very high interest, sometimes up to 200% profit or more.

3)Investment may not be readily available but savings are almost readily available.

4)Savings are usually for short term whereas investments are for longer terms.

My Experience

Few years ago, while in high school, I met a friend John whose parent were not as wealthy as mine. His parent got him about 2 plots of land in the heart of the town in Akwa Ibom State whereas my parents maybe because they were not really exposed, opened an account in United Bank for Africa (UBA) where they deposited a monthly cut decided by my dad and mum. Soon after high school, proceeding to university, I thought I had enough money as a young man until John decided to sell off a portion of the land his dad bough years ago, it was then I realised that it was 100 times more than what my parents had saved on my behalf. This is the reality of investment and savings. The Land purchased by John's parent was a huge investment, though my parent did there best but we can still learn from this.

Conclusion
It is necessary to save for the rainy day but then savings or investing must be carried out with serious caution. We need to do a background scrutiny on areas to invest and those not to invest, where to save and where not to save.

Contest Task
1)In you opinion define the terms Investment and Savings

2)Differentiate between Investment and Savings

3)Giving personal scenarios, reasons and ideas, which do you prefer to indulge in considering the current situation in the world today.

Contest rules
Anybody can participate in this contest

Contest must be posted to @STEEMNIGERIA community

Post Must be at least 300 words

Plagiarism is not allowed, so please be well guided and use your own words

Contest will run for seven (7) days (will end in 18th June 2021)

Please include a link in the comment section for easy identification of contest post.

Prize allocations
1st Prize: 5 steem
2nd Prize: 3 steem
3rd Prize: 2 steem

cc.
@steemcurator01
@steemcurator02

I expect everyone to participate as you may get extra vote from @steemcurator01 and @steemcurator02

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Thanks for putting up this contest...here is my entry

https://steemit.com/hive-170181/@lhorgic/savings-vs-investment

Entry recieved. Thanks

Thanks you for participating.

This is an interesting contest. Thanks to @samsuccess for this great idea. Below is my entry Link

https://steemit.com/hive-170181/@amicablepeace/investment-and-savings-contest

@amicablepeace, thank you for participating.

Hi @samsuccess, I almost forgot I had to post my entry here.
Here's my entry
Saving vs investing

Thank God you remembered. Your entry is much appreciated.

Investment and savings has taught me so many great lessons
And I'm glad to share some in this great contest.
Thank you @samsuccess
Below is my entry link
https://steemit.com/hive-170181/@idken/contest-savings-and-investment-by-idken

Thank you for participating

@samsuccess thank you for the great contest.
Here is my Entry

Thank you for paticipation