While doing my research for International Women’s Day, I stumbled on some numbers reminding me that the poorest gender in the world remains women. United Nations Women stated that 47 million women are below poverty line This got me thinking: How can we get more women out of this line? If we are out of that line, how can we ensure that we stay above that line? But even more, how can we ensure that generations after us do not necessarily need to start from where we did financially? How can we keep our children above the poverty line? After getting some snippets from the interview that Prince Harry and Meghan Markle had with Oprah Winfrey, it hit me……… INVESTMENTS.
What Are Investments?
Investments are assets that we acquire with the goal of generating income or appreciation. However, there are investments that could depreciate. This is why one needs to carefully assess the risk involved with an investment type. I am very risk-averse. Hence why I stick to investments that are extremely low risk and should anything ever go wrong, my capital remains untouched at the least.
Prince Harry and the Investments Made by The Women In His Life
The Telegraph reported that Princess Diana left to each of her son 6.5million pounds. By the time they clocked 30, Prince Harry’s trust had gathered interest and his 6.5million pounds became 10million pounds. In the words of Prince Harry, “I’ve got all my mum left me and without that, we would not be able to do this”. That was not all. BBC equally reported in 2002, that his great grandmother who died at the time, left for him and his brother, Prince William, 14million pounds. Out of which Prince Harry was expected to take the larger share seeing that he would not be afforded the financial benefits of being king one day.
The Secret To Starting Investments
These figures may seem rather ambiguous but the secret to building wealth is to get inspired and not to compare. Therefore, you should start with what you can afford and then build on it. There are investments that allow you to start with as little as N5000. Alternatively, you can start by opening a high yield savings account. That is accounts that typically pay you more interest than your regular savings account. I know you have a savings account with the bank but if we are being true to ourselves, some of these accounts ought to be called operational accounts based on how many of us use them. And for those of us who have special accounts for the sole purpose of saving within the bank are still not earning more than 2% in interest at the end of the year. The solution, therefore, is high yield savings accounts. Should you be able to afford more, then speak to a financial expert. Preferable an investment advisor or a fund manager who can guide you in diversifying your investment portfolio.
Setting Up Investment for Children
People have investments for different reasons. One of which is to secure the future of their children. When setting up the account, you need to clearly define its purpose and in some cases the duration. For instance, you can set up an investment account to help you pay for their education. You can also choose to have the investment transferred to them upon your demise or when they become adults. The easy thing to do is, create a general investment fund. As time goes on, you can decide its purpose.