
<p>Saving money is crucial to financial stability and security, which everyone should strive to achieve. In Nigeria, where the cost of living can be high and the economy is often volatile, saving money can be incredibly challenging. However, with more planning and effort, more Nigerians can save money and secure their financial future. This article explores some practical tips and strategies for saving money in Nigeria.</p>



<h2>Never let your rent be more than your three months&#8217; income.&nbsp;</h2>



<p>One of the most effective ways to save money is to ensure that your rent always falls within a few months of your income, specifically, not more than three months&#8217; worth. This means that if you make N600,000 per month, your rent should never be more than N1,800,000 per year. Keeping your rent at or below this threshold gives you flexibility and ensures you have enough leftover money each month to cover other expenses and save some for your future. Doing this can help you reach your financial goals easier, and live a fulfilling life.</p>



<p>Another benefit of keeping your rent within this guideline is that it can help you avoid falling into a cycle of debt. When rent is too high, it can be challenging to make ends meet and pay for other necessities, such as food, transportation, and healthcare, leading to financial stress and even debt, which can be difficult to break out of. You can avoid this trap and maintain a stable financial situation by keeping your rent affordable.</p>



<h2>Buy in bulk, cut some costs.</h2>



<p>Many of us grew up in Nigerian homes where our parents bought home supplies in bulk, lasting the family months and saving them the cost of buying in pieces. Maybe, at the time, we were kids who didn’t know its essence, but bulk buying is an essential tool when thinking about cutting down spending costs.</p>



<p>Buying in bulk is a cost-effective strategy that can help businesses and individuals take advantage of economies of scale and save money on their purchases. This strategy involves buying large quantities of a product at once, typically at a discounted price. By purchasing large quantities of a product at once, you can negotiate better prices with suppliers and reduce the overall costs of the items. The cost savings can come from various sources, including bulk discounts, volume discounts, or reduced shipping costs.</p>



<p>Additionally, buying in bulk can help businesses and individuals avoid purchasing products frequently, saving them time and money. However, it&#8217;s essential to remember that buying in bulk may not always be the best option. It may not be feasible for businesses or individuals with limited storage space or budget. It&#8217;s also important to consider the product’s expiration date before buying in bulk, as it may not be a good idea if the product goes bad before you can use it.</p>



<h2>Have a giving bucket. When it’s full, close the tap.</h2>



<p>As Nigerians will say, “It takes a village to raise a child.” In return, the child grows up and takes care of the village that nurtured them. This village includes parents, family members, and friends, and the nurture ranges from paying rent or the school fees of a relative, buying clothes, starting a business for them, and generally, catering to their financial needs. Some would call it black tax.</p>



<p>Having a budget for your black tax or how much you give is a great way to ensure that you give back to your community and support causes you believe in without overspending. This budget should be a set amount of money you allocate specifically for charitable donations and volunteer work.&nbsp;</p>



<p>When creating your giving budget, it is important to be realistic about how much you can afford to set aside each month. It can be tempting to give more than you can afford, but remember that you also need to take care of yourself and your financial needs.</p>



<p>Once your giving budget is set, it is important to stick to it. And when you reach the budget limit, you should close the tap and not overspend. This will help you stay on track with your overall financial goals and ensure that you are not only able to save but also able to continue giving back in the future.</p>



<p>It&#8217;s also important to remember that giving doesn&#8217;t always have to be monetary. You can give your time and skills by volunteering or mentoring, which can be equally valuable and impactful. Remember, the most important thing is to make a positive difference in the lives of others and contribute to your community while also saving.</p>



<h2>Budget for everything, especially entertainment.</h2>



<p>It&#8217;s important to budget for everything, including entertainment. Entertainment can be a big expense, especially in big cities like Lagos, and if you like to go out a lot. Whether going to the movies, going out to eat, or taking a weekend trip, these things can add up quickly and be a major drain on your budget.</p>



<p>One way to budget for entertainment is to set a monthly or weekly entertainment budget. You can base this budget on your income and other expenses, such as rent, utilities, and groceries. It&#8217;s important to stick to this budget, even if it means saying no to some fun activities or events.</p>



<p>Another way to budget for entertainment is to look for free or low-cost activities and events. You can attend free concerts, festivals, and other events that are open to the public. You can also check out local museums, parks, and libraries for free or low-cost activities.</p>



<p>When planning a trip or vacation, it&#8217;s important to budget for all expenses, including transportation, lodging, food, and entertainment. Plan and book your trip early to get the best deals. You can also look for travel deals and discounts on sites that offer them.</p>



<p>Budgeting for entertainment is about being mindful of how you spend and finding ways to have fun without breaking the bank. Setting a budget, looking for free or low-cost activities, and planning will allow you to enjoy all the fun and entertainment you want without breaking the bank or going into debt.</p>



<h2>Get insurance; unforeseen events are a thief of wealth.</h2>



<p>There’s a joke that says, “It won’t happen to me,” is Nigerians’ insurance. However, mere words are insufficient to protect anyone from car accidents, fire, theft, or any other type of loss.&nbsp;</p>



<p>Insurance provides individuals and businesses a safety net against financial loss in the case of unforeseen circumstances. Without insurance, unexpected events can cause significant financial strain and even bankruptcy. For example, a car accident can result in costly medical bills and repairs. Without a car and medical insurance, the individual would be responsible for paying for these expenses out of pocket, which could lead to financial ruin.</p>



<p>Hence, investing in a comprehensive insurance plan is essential to safeguard against potential financial loss and ensure peace of mind in the event of unexpected circumstances.</p>



<h2>Buy original for longevity.</h2>



<p>Buying original products for longevity is a smart financial decision that can save you money in the long run. When you purchase original products, you invest in products made with high-quality materials and built to last, which means that you will not have to replace the product as often, saving you money over time.</p>



<p>For example, purchasing an original handbag will likely last you for several years, whereas a knock-off handbag may only last you for a few months. In the long run, you will spend more money on knock-off handbags because you will have to replace them more frequently.</p>



<figure class="wp-block-image"><img src="https://lh5.googleusercontent.com/gKW6BMwl4uP29vw30oc2-aXAoK0cOhnqWNCWXcbmgSGdRVn37GJLUYZV0fyCnyU9_8EoHlDAnrmLImBaupCaNHDPV_pfPRDjE0Ra-3AvicKZUHa-nhl8G_Ns-iW5DK6KDv_9VsWnpXd4qq1aW3Y-IjHJtWeS1J8_6mbZv_7YVl6rb1dXzEBKpiYsEXANxw" alt="Image"/></figure>



<p>Another benefit of buying original products is that they often come with warranties and guarantees. If something goes wrong with the product, you can have it repaired or replaced at no extra cost, saving you money on repairs or replacements that you may have to pay for if you had purchased a knock-off product.</p>



<p>So, next time you shop, consider investing in original products for a more cost-effective purchase.</p>



<h2>If you work remotely, move to a cheaper City </h2>



<p>One of the biggest expenses in major cities is rent. However, living in a secondary city in Nigeria or anywhere in the world can be a great way to save money if you work remotely. Secondary cities in Nigeria, such as Abeokuta, Calabar, and Ibadan, offer a lower cost of living compared to the major cities like Lagos and Abuja, which means that you can save money on expenses like rent, transportation, and food.</p>



<p>For example, in Lagos, the average rent cost is as high as N500,000 per year. In contrast, the average cost of rent in a secondary city like Abeokuta can be as low as N200,000 annually, meaning that you can save N300,000 per year on rent alone by moving to a secondary city.</p>



<p>So if you work remotely and are looking to save cost, you should consider moving to a cheaper city.</p>



<h2>There’s rice at home.&nbsp;</h2>



<p>Eating outside, whether at a restaurant, fast food establishment, or just grabbing takeout, can be a significant expense. Preparing meals at home is often much cheaper and allows you to have more control over what goes into your meals and the nutritional value of your food. By cooking at home, you can buy food items in bulk, save money, and plan your meals, which can help you avoid impulse purchases at the grocery store. Eating at home can also save you money on transportation costs and other expenses associated with going out to eat.</p>



<p></p>



<p>As inflation keeps soaring and things get more challenging, it is essential to adopt these cost-saving tips and live up to them. This way, you can save and reach your financial goals faster and easier.</p>



<p>Remember, the more you save, the more you can invest into your future and the more money that gives you down the road. So channel some of those savings into your investment plans on Rise.</p>


The Best Money Saving Tips for Nigerians


<p>This year, we continue to modify our portfolio to reflect the current market realities. One of those moves include parting ways with one of our favorite companies, Block Inc.&nbsp;</p>



<p>Our thesis on Block (NYSE: SQ) was built around their consumer finance efforts and their emphasis on expanding consumer opportunities in crypto/blockchain technology. However, this was hurt by the meltdown in the crypto market, but we decided to stick with Block for other reasons. The first is that they are still growing strongly, with revenues of $4.5B in November last year, and growing 17% yearly. When you exclude their crypto trade business, their regular operating businesses (Cashapp, Seller ecosystems) grew an even more impressive 36%. The years before 2022, revenue was growing at even faster rates.</p>



<h2>So why sell now?&nbsp;</h2>



<p>Much of Block’s revenue growth has not translated into profits and free cash-flow for the company. While we understand some growth in marketing and customer acquisition costs, the consistent growth in general, administrative, and personnel expenses bothered us. Block’s operating costs have grown at an average of 60.4% in recent quarters, much faster than revenues and multiples higher than profitability. Runaway costs have generally been a feature of Jack Dorsey-led companies, and after watching this number for a while, we lost confidence in the ability or willingness of the company to rein in these costs.&nbsp;</p>



<p>This is a big negative signal to us, given the era of higher interest rates, lower liquidity, tough economic conditions, and a potential recession. With the drop in stock prices, we believe there are more compelling and better-positioned companies to invest in for a better risk-adjusted return.</p>



<p>We believe Block is an incredible company with a compelling product and opportunity ahead of it, and will remain on our watch list till its thesis makes sense for our portfolio.&nbsp;</p>


We sold off our Block Inc Position.

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<p>We always make plans – to travel, to get that degree, start that professional course and advance our careers, or even for our kids and loved ones. Sometimes, we find ourselves ticking them off and striking them out. Other times, life happens, and we&#8217;re unable to.</p>



<p>Setting goals and achieving them is essential to personal and professional development. Without goals, we lack direction and purpose, and it becomes easy to get sidetracked and lose motivation. Benjamin Franklin would say, &#8220;If you fail to plan, you have planned to fail&#8221; However, setting goals is only the first step; the real challenge is working towards achieving them. This is where the Risevest Goal-based plans come in.</p>



<p><strong>What is Risevest?</strong></p>



<p>Risevest is an investment company that connects you to global wealth-creating opportunities, including US stocks, real estate, and fixed income. It also offers a wide range of products, like its goal-based plans to help individuals set and achieve their financial goals.&nbsp;</p>



<p><strong>What are Risevest&#8217;s Goal-based plans?</strong></p>



<p>They are a structured approach to saving and investing that helps you to stay focused and motivated to achieve your goals. These plans are designed to help you reach specific financial goals, such as saving for retirement, buying a house, or paying for your child&#8217;s education. They typically involve investing in a portfolio of stocks, bonds, or real estate tailored to your individual needs and risk tolerance.</p>



<p><strong>Benefits of using the Risevest goal-based plans</strong></p>



<ul><li>One of the key benefits of the Risevest Goal-based plans is that they allow you to set specific and measurable goals. By setting clear goals, you can create a roadmap for your financial journey, making it easier to stay motivated and on track.</li><li>They also offer a range of investment options to suit different risk tolerances and investment goals. Whether you&#8217;re a conservative investor looking for low-risk options, or a more aggressive investor looking for higher returns, there&#8217;s an investment option to suit your needs.</li><li>The ability to track your progress and adjust your goals: Each plan has a personal dashboard that allows you to monitor your progress and see how close you are to achieving your goals. If you are not, or there are changes in your goals, the Risevest Goal-based plans allow you to adjust your plan to reflect these changes easily. Such changes include your income, family size, or financial goals.</li><li>Auto-invest: Rise remembers, so you don&#8217;t have to remember. The auto-invest feature available on the goal-based plans makes it easy to stay consistent, even when you forget. You just need to set a funding amount, frequency and payment method and Rise will automatically fund your plans, on schedule.</li></ul>



<p><strong>How do I create a goal-based plan on Risevest?</strong></p>



<p>Once you have identified your goals for the year, you can then get started on Rise by following these steps:</p>



<ol><li>For Android users, you can get the Rise app on Play Store. For IOS users, go to the App Store to download the app.</li><li>When you have downloaded the app, sign up using all the necessary details.</li><li>Go to the homepage, click &#8220;Add Money, &#8221; and choose your preferred funding option.</li><li>After you have funded your wallet, click on &#8220;Create an Investment Plan,&#8221; choose any goal-based plan of your choice, and give it a name.</li><li>On your new plan, click on &#8220;Add Money&#8221; and fund an amount of your choice.&nbsp;</li></ol>



<p>There you have it; your new Rise goal-based plan is ready.</p>



<p><strong>Random tips to help you achieve your goals with Risevest</strong></p>



<p>Now that you have created your goal-based plan on Rise, here are a few tips to help you tick them off your list by the end of the year:</p>



<ol><li>Start early: The earlier you invest, the more time your money has to grow. By starting early, you can take advantage of the power of compound interest and potentially reach your goals more quickly.</li><li>Set realistic goals: It&#8217;s important to set challenging but achievable goals. Setting unrealistic goals can lead to disappointment and may discourage you from continuing to invest.</li><li>Stay focused: It&#8217;s easy to get sidetracked or lose motivation when working towards a long-term goal. To stay on track, it&#8217;s essential to regularly review your progress and make adjustments as needed.</li><li>Be flexible: Life can be unpredictable, and it&#8217;s important to be flexible and willing to adapt your plan as your needs and circumstances change. For example, if you experience a major life event, such as a job loss or a significant change in income, you may need to adjust your investment strategy.</li><li>Seek professional advice: If you&#8217;re unsure about your goals or how to achieve them, consider seeking the advice of a financial advisor. Risevest holds monthly investment club meetings, in-house financial sessions, and virtual meetings to help you better understand your finances and where you&#8217;re headed.</li></ol>


How You Can Achieve Your Goals This Year with Risevest


<p>For many, the beginning of a new year is a time of reflection and  renewal and New Year&#8217;s resolutions are a time-honoured tradition, a chance for people to reflect on the past year and set goals for the year ahead. As the New Year approaches, many people start to think about what they want to achieve in the coming year. Some people make New Year&#8217;s resolutions, while others prefer not to set specific goals. However, research has shown that setting and working towards specific goals can be beneficial in many ways. Here are a few reasons why you might want to consider making a New Year&#8217;s resolution for 2023:</p>



<ol><li><strong>A New Year&#8217;s resolution can help you focus on what&#8217;s important.</strong></li></ol>



<p>When you set a specific goal, you are more likely to focus on what is truly important. This can help you prioritise your time and energy, ensuring that you are working towards something that matters to you,&nbsp;</p>



<ol start="2"><li><strong>A New Year&#8217;s resolution can help you develop new habits.</strong></li></ol>



<p>The new year represents a clean slate and a chance to start anew. It&#8217;s a good time to reflect on the past year and identify areas of your life that you want to improve or change. Many New Year&#8217;s resolutions revolve around developing new habits, whether it&#8217;s exercising more, eating healthier, or spending more time with family and friends. By focusing on building new habits, you can make lasting changes to your daily routine and improve your overall health and well-being.</p>



<ol start="3"><li><strong>A New Year&#8217;s resolution can increase your motivation and self-esteem.</strong></li></ol>



<p>Working towards a specific goal can be very motivating. You may feel a sense of accomplishment and pride as you progress toward your resolution. This can lead to increased self-esteem and confidence, positively impacting other areas of your life.</p>



<ol start="4"><li><strong>It can help you grow and learn.</strong></li></ol>



<p>Setting a New Year&#8217;s resolution can also be an opportunity for personal growth and learning. Whether learning a new skill or working towards a major life change, setting a specific goal can help you push yourself out of your comfort zone and try new things.</p>



<ol start="5"><li><strong>It can also bring a sense of purpose and meaning.</strong></li></ol>



<p>Setting a New Year&#8217;s resolution can provide many people a sense of purpose and meaning. Focusing on something important to you can find greater fulfilment and satisfaction in your life.</p>



<h2>How do you go about setting a New Year&#8217;s resolution? Here are a few tips to help you get started:</h2>



<ol><li><strong>Be specific.</strong></li></ol>



<p>When setting a New Year&#8217;s resolution, it&#8217;s important to be as specific as possible. Instead of resolving to &#8220;lose weight,&#8221; try setting a specific goal like &#8220;lose 10 pounds by March 1st.&#8221; This will give you a clear target to work towards and make it easier to track your progress.</p>



<ol start="2"><li><strong>Make your resolution realistic.</strong></li></ol>



<p>It&#8217;s important to set a goal that is realistic and achievable. While it&#8217;s okay to aim high, setting an unrealistic goal can set you up for disappointment and make it harder to stay motivated.</p>



<ol start="3"><li><strong>Plan ahead.</strong></li></ol>



<p>To increase your chances of success, it&#8217;s important to plan. This might involve setting intermediate goals, finding a support system, or finding resources to help you achieve your resolution.</p>



<ol start="4"><li><strong>Be flexible.</strong></li></ol>



<p>It&#8217;s important to remember that your New Year&#8217;s resolution is a work in progress. If you encounter roadblocks or setbacks, feel free to adjust your plan or your goal. The most important thing is staying committed and working towards your resolution.</p>



<p>Now that we&#8217;ve explored the benefits of setting a resolution, <strong>how can Rise help you achieve it?</strong> Rise is a dollar investment platform that aims to help individuals achieve their financial goals through various investment options. Whether you are looking to save for retirement, build wealth, or simply grow your finances, Rise can provide the tools and resources you need to succeed.&nbsp;</p>



<p>One of the main advantages of using <a href="https://risevest.com/">Rise</a> is the ability to diversify your investment portfolio. Investing in a range of assets can minimise risk and potentially maximise your returns. This is especially important in today&#8217;s market, where uncertainty and volatility are common. By diversifying your portfolio, you can reduce the risk impact on your overall returns, which can help to smooth out the ups and downs of the market and provide a more stable path to achieving your financial goals.</p>



<p>In addition to diversification, Rise also offers the opportunity to invest in a range of asset classes, including <a href="https://risevest.com/stocks">stocks</a>, <a href="https://risevest.com/fixed-income">fixed income</a>, and <a href="https://risevest.com/real-estate">real estate</a>. This allows you to customise your portfolio to align with your specific financial goals and risk tolerance. For example, if you are saving for retirement, you may want to allocate a larger portion of your portfolio to more stable, income-generating assets such as fixed income. On the other hand, if you are looking to build wealth over the long term, you may want to allocate a larger portion of your portfolio to growth-oriented assets such as stocks.</p>



<p>In addition to offering a range of investment options, Rise also provides tools and resources to help you make informed investment decisions. This includes access to financial advisors, educational materials, and market research, which can help you better understand the investment landscape and make informed decisions about where to allocate your funds.</p>



<p>Another benefit of using Rise is the flexibility it offers. You can choose to invest a one-time lump sum, or set up automatic investments regularly. This allows you to invest at a pace that is comfortable for you and fits your financial situation. Additionally, you can easily monitor and manage your investments through the Rise platform, which provides real-time updates and insights into your portfolio performance.</p>



<p>Finally, Rise provides a secure and user-friendly platform that is easy to navigate and use. The platform is designed with the user experience in mind, with a clean, intuitive interface that makes it simple to manage your investments and track your progress. This can be especially important for those new to investing or who may need to be more comfortable with more complex financial tools.</p>



<p>So make Rise part of your new year&#8217;s resolution, as it can help you achieve your financial goals this year. With a wide range of investment options, educational resources, and a user-friendly platform, Rise provides the tools and support you need to grow your wealth and reach your financial objectives, whether as a beginner or an experienced investor.</p>



<p>Overall, setting a new year resolution can bring numerous benefits and help you achieve your goals. Whether it&#8217;s improving your health, strengthening relationships, or achieving financial success, a resolution can provide the motivation and discipline needed to make positive changes in your life. With the help of a platform like Rise, you can invest your money and work towards your resolution, all while learning about financial planning and making informed decisions about your money. So make a resolution this year and start taking steps towards a better, more fulfilling life.</p>


How Rise Can Help You Achieve Your New Year Resolutions.


<p>At Risevest, we pride ourselves on providing our clients with diverse investment options designed to help them achieve their financial goals. As we wrap up the year, we want to reflect on our performance by highlighting some key developments that shaped 2022. </p>



<h2><strong>Market Update</strong></h2>



<p>The 800-pound gorilla in the room for 2022 was inflation. All the monetary easing that central banks worldwide did in response to COVID led to the worst inflation numbers in over 40 years. US inflation peaked at 9.1%, and the aggressive increase in interest rates by the US Federal Reserve and other major central banks led to the global increase in the cost of capital. The good news is that it seems to be working, as inflation in the US has started to drop just as rates crossed 5%. The bad news is that the increased rates and higher cost of capital led to a massive drop in the valuations of stocks and other assets, leading to some of the worst stock market drops in recent history.&nbsp;</p>



<p>The energy and wheat crisis caused by Russia’s invasion of Ukraine and the meltdown of the crypto space also contributed to what has been a rough year for most risky investments.&nbsp;</p>



<p>However, there were a few bright spots. Real estate markets were strong for most of the year until the final quarter, delivering double-digit returns for the Rise portfolio. Energy commodities were up this year, and energy stocks like ExxonMobil defied the downturn and gained 70%. But all of that was overshadowed by what has been the 7th worst performance of the stock markets ever in history.&nbsp;</p>



<h2><strong>Portfolio Update</strong></h2>



<p>Our real estate portfolio delivered a total 12-month return of 15.6%, and fixed income delivered a 10% return for the year, providing much-needed returns to our users and balancing out the losses from stocks that fell 22% this year.&nbsp; From the get-go, we had a multiple asset class approach to investing because diversification allows some asset classes to gain when the other falls, giving investors a much better and more consistent overall performance over time than investing in only one asset class.&nbsp;&nbsp;</p>



<p>Our strategy for each asset class is to focus on the highest risk-adjusted returns we can find. For real estate, we introduced Airbnb rentals to our portfolio. While they are much more hands-on than our traditional rentals, their returns, even after expenses, are much higher, making it well worth the experience. However, we will continue to invest in Airbnb rentals as a smaller component of our real estate strategy due to their seasonality and the risk of changes in consumer behaviour.&nbsp;</p>



<p>For stocks, we exited companies without either significant growth or cash-flow generation capabilities and are now prioritising defensive companies with strong demand profiles and solid balance sheets. We held onto some tech companies like Facebook (Meta) and Google, who still present a lot of value despite deep sentiment against them, and we added new positions in both short and long-term bets that will pay off when stocks rebound.&nbsp;</p>



<p>In our fixed-income portfolio, the overall fixed-income market saw relatively stable returns, with the Bloomberg Barclays U.S. Aggregate Bond Index returning 4.26%, and our portfolio delivering 10% for the year. Our portfolio has a good representation of (third-party provided) consumer credit and mortgage-backed fixed-income assets and an increasingly smaller position in emerging market sovereign debt. Despite a tough market position, credit and debt profiles remain relatively stable. Also, with higher interest rates, it&#8217;s becoming increasingly possible to move up the risk ladder into even safer fixed-income assets without sacrificing returns, which is great news.</p>



<h2><strong>What to Expect In 2023</strong></h2>



<p>We generally do not make forecasts as we believe markets cannot be consistently predicted. However, based on economic fundamentals, we always have some sense of where the best opportunities for our investors currently are. What we are seeing is an increasing splintering of a global economy, with India and the United States representing the best growth potentials geographically speaking, driven by a flight to safety and higher interest rates in the case of the US and a reshuffling of the global supply chain in the case of both US and India. Africa, in our opinion, is in an increasingly precarious position as global capital flows reverse and economic growth stalls. However, certain sectors and companies will still grow as African economies adjust to new realities.</p>



<p>In terms of asset classes, equities, oddly enough, present some of the best investment opportunities as long as the selections are extremely focused. We don&#8217;t think this is the best time to invest passively in indexes (this is not investment advice), as overall market performance isn&#8217;t likely to improve until there is a lot of clarity around inflation expectations. Aside from equities, private businesses are very compelling, as are fixed income, commodities and alternatives like art.&nbsp;</p>



<p>From the macroeconomic lens, investors expect a recession in the first half of 2023. We cannot say whether or not a recession will materialise, but we lean toward it being avoided. Our reasons include evidence that inflation is moderating, with rent, home, and global freight prices dropping significantly. Secondly, demand is still robust, and debt levels remain relatively stable. Third, housing supply is still constrained, which should keep a floor on home prices which translates to household wealth in the US holding steady (home value makes up a significant portion of household wealth). Lastly, despite some softness in the labour market now, there seems to be a healthy labour market and still low unemployment rate. With that said, we expect a relatively tougher first half of 2023 and advise more people to keep their budgets lean, emergency funds funded, and their investment plans disciplined.</p>



<h2><strong>Product And Company Updates</strong></h2>



<p>On our product, users can expect new and very interesting asset classes to roll out, reflecting the opportunities we see on the horizon. In addition, multi-year asset class plans are on the way, as well as varied account types. Multi-country support and a slew of new features, including dark mode, potential localised offerings, and more personalization should also be expected to support our users&#8217; financial journeys and unlock more wealth-creating opportunities for all Risers.</p>



<p>Thank you for an incredible year, your support in tough times, your patience during ups and downs, and your commitment to rise together.&nbsp;</p>



<p>Have a successful 2023.&nbsp;</p>


Investment Wrapped: A Look At our Investment Journey in 2022


<p>Having money is an essential part of running a business, and for many, this is a hard nut to crack. However, Susan cracked it, and perhaps, effortlessly. Her love for investing and perfumes led to what we now know as the <a href="https://twitter.com/FragranceMerch?s=20&amp;t=vC4CTRLbPVMkREhCs9u9Sg">Fragrance Merch</a>. In this episode of #Moneyrise, she tells us about her childhood, starting her business, and how Rise helps in her journey to financial freedom. </p>



<h2><strong>Hi Susan, can you introduce yourself to us?</strong></h2>



<p>My name is Oreoluwa Osinuga. I’m a sales manager, currently working in a wine and spirit company. I also run a personal perfume business and I live in Surulere, Lagos.</p>



<h2><strong>What was childhood like for you?</strong></h2>



<p>I’d say great. I’m from a family of four; my parents, myself, and my brother. I think we lived a very sheltered life while growing up, and one of the things I learnt from my mother was how to do business. She had a lot of businesses that she did, from rentals to ice blocks to popcorn. She also owned a provision store and watching her do these things was quite interesting. She also helped my brother and me to cultivate the habit of saving. So that always made me want something I could fall back on, like savings, in case anything went wrong. When I was in university and still collecting my allowance, I always made sure I left about ₦10,000 without touching it. I also did other things growing up. I sold novels when I was in secondary school. I also sold provisions like eggs and noodles at the university. Growing up was interesting.&nbsp;</p>



<h2><strong>Did that in any way shape all the things you do today?</strong></h2>



<p>Yes. Yes, actually. While I began to build my capital through the different things I mentioned I did, I needed something solid to do. At the time, I wasn’t much of a spender; I needed a lot of convincing to buy something. I’d ask myself if it was something I really wanted or worth spending my money on. For me, perfumes were the one thing that I liked and could buy without being persuaded. And because I liked them personally, I knew selling them wouldn’t be difficult. I would do that from a place of likeness, as they brought me joy. When I started, I remember starting with perfume oils and a capital of about ₦10,000. Now, I invest even more in the business and have grown a lot since that time.</p>



<h2><strong>Interesting. Can you tell us more about the perfume business? What has the journey been like?&nbsp;</strong></h2>



<p>The journey has been good, even though it’s a saturated market. While growing up, I realised I was more of a business person than a skills person. Skills here means crafts like makeup, sewing, and artistry. I started a makeup business, spending so much money on it, but it eventually failed. It was a total waste that my brother kept reminding me of it and making fun of me. Ultimately, it felt like I had just bought the makeup items for myself. I didn’t get it right, which made me feel downcasted. I felt like people were doing and getting it right, so why wasn’t I? Why was I so horrible at it?&nbsp;</p>



<h2><strong>Oh, this is really sad.</strong></h2>



<p>Yes, it was. But then I figured my calling could probably be buying and selling, not doing handwork or being creative. That inspired my journey, in addition to the fact that I love to smell nice. It was something that I liked and thought would be easy to sell to people. When I started, it wasn’t a lot. I started very small, with my family and friends supporting me.</p>



<p>I also remember starting on Twitter, where I had people glued to the business; they supported me and made referrals. It’s been amazing. I mean, I have gotten a lot of clients, sales, and contacts from the business. I’m probably not the whole creative type of person. You know how you create a perfume Instagram page, making it all attractive and coming up with creative ideas for it? That’s not where my business is yet. But in terms of sales and profits, I know how much I make, even though it might not be so loud to everyone. I’ve also been able to retain customers. Many returning customers tried me out at first, were impressed by my services, and decided to come back again. These people have been with me for years, including those that have left the country.</p>



<h2><strong>Speaking of, you mentioned working in sales. How do you navigate that as a woman?</strong></h2>



<p>My personal experience as a woman in sales is that you get more help when you are a lady. I worked in the open market and I had distributors that helped me achieve my target because they saw me as their daughter. My petite stature also made them listen to my persuasion more, which I leveraged by going to meet them with a childish look that screamed “help me”</p>



<p>In terms of any form of harassment, if you are in sales, you always have to find a way to tactically manoeuvre it.</p>



<h2><strong>Must be really hard</strong></h2>



<p>Absolutely. Navigating sales is so much work, especially as a woman. You have to be friendly, even if it means pretending. Fake smiling is also quite common in sales.&nbsp;</p>



<h2><strong>So sorry about that. Let’s talk about money now. What are your thoughts on investing?</strong></h2>



<p>Investing is important. I love investing. However, I haven’t invested much recently because I lost my money on some investments. I used to be an investment addict but have returned to taking medium risks. Losing money brings you back to your senses, which is why Risevest has been it for me; they offer decent returns and safety, not ridiculous interest rates. I have invested in various companies, including agro ones, and lost money. I also know some people like my mother and brother who lost their money in such investments. So that taught me a lesson and has reduced the risks I take. However, investing is quite good. Even though the current exchange rate is terrible for the economy, it has helped me as I leveraged that to invest in dollar assets. At the beginning of the year, I had a financial goal in mind that I didn’t even know if I would reach, but I just wanted to try. I kept saving on Rise, and thanks to the exchange rate, I met and surpassed that goal. It gave me the confidence that I could do more.</p>



<h2><strong>That’s cool. What are your thoughts on budgeting?</strong></h2>



<p>I write down my expenses for every month. I have bills that I pay, so I budget how much I spend on each of them. I do this after I have combined the income from my perfume business and the salary from my 9-5. Then whatever profit I have left, based on the financial goal I have, I decide if there’s anything else I want to spend on or if I want to save. But I make sure that I have a budget for everything.</p>



<h2><strong>Let’s talk about Rise. How long have you been on Rise, and how has the journey been?</strong></h2>



<p>It’s been more than a year, and the journey has been incredible. I even regret not actively using the product when I first joined. Initially, I wasn’t sure about it, so I was just randomly putting my money in similar fintech savings and investment platforms. I was also doing everything, including crypto. I don’t even want to think about my loss on these investments. It’s also not good to be greedy. There was a time I made so much profit and could have removed it. Everyone told me to, but I thought it would still grow more. Even when it dropped, I refused to remove it and kept hoping it’d bounce back and make more gains until it became sawdust.</p>



<p>Risevest is all I use now because stocks and crypto have dealt with me, but Rise offers a diversified portfolio. It is also dollar-based, so I&#8217;m sure my investments are protected.</p>



<h2><strong>You’re welcome! So how has Rise helped you so far since you began your business?&nbsp;</strong></h2>



<p>It has helped me immensely in reaching and surpassing my goals. I didn’t expect that, but the returns and gains from the exchange rate helped, which I always add to my business. Having my money in dollars gives me that hedge against naira devaluation and inflation. I also like that it’s increasing in value and not just idle and decreasing, especially in traditional Nigerian banks that charge you for ridiculous things. My business has grown so much over the years, thanks to using Rise.</p>



<h2><strong>Love it! What are some of your favourite things about using Rise?</strong></h2>



<p>It’s probably how easy the app is to use. My experiences have all been seamless. Transactions don’t take a lot of time; the moment I make a transfer, I receive a notification in my email that my account has been credited. It’s effortless, and the transfer charges are minimal.</p>



<h2><strong>What advice would you give others who are looking to start investing?</strong></h2>



<p>For investing, you should start, no matter how small. It is true that the more money you have, the easier it is to get more. Regardless, find a way, whatever way, to start. Just have a reserve; it is crucial. As I said earlier, I saved a certain amount from my parents&#8217; allowance during my university days. I have imbibed this habit till now. It&#8217;s always in my mind to grow my money. For instance, when I have ₦10k, I want my next money to be ₦20k. I have always wanted that; to increase my finances.</p>



<p>For those looking to start a career in sales, be sure you&#8217;re ready for stress because sales is pressure-filled and demanding. Sometimes, you look back to ask if you really want to continue with this because, as much as other departments have their KPIs and targets, salespeople bring in the money. The pressure is always intense, so you just have to be sure it is something you can do before you go into it. Also, you must be on the road most of the time if you&#8217;re in sales. If you dislike being on the road, you probably shouldn&#8217;t be in sales. I&#8217;m a very restless person, so I don&#8217;t like being in one place. And getting used to sales, I can&#8217;t do a full-time office job now. Flexibility is also crucial. To be in sales, you have to be very flexible. That&#8217;s all I can say.</p>


How My Investment In Rise Is Funding My Perfume Business. My Name Is Susan, And This Is How I Make My #MoneyRise.


<p>House prices are seemingly starting to feel the effects of the US Fed rate hike, with mortgage rates above 7% forcing prices to fall slightly over the last two months by roughly 1.6% each month.</p>



<p>After years of growing house prices, this is a strong shift. However, there is still a lot of opportunity in real estate below the surface. In fact, several factors have combined to keep real estate markets strong, going into the new year.&nbsp;</p>



<p>First, housing supply has remained very low compared to housing demand, which has kept the market strong despite a lot of increases in the cost to many borrowers who want to take out a mortgage. And while credit-driven sales may have dropped, cash buyers ranging from individual investors to <a href="https://www.bloomberg.com/news/articles/2022-11-15/jpmorgan-forms-new-joint-venture-for-1-billion-in-rental-houses">big banks and asset managers who are piling into the asset class</a> in search of safety and stable returns, are stepping in to fill the gap.</p>



<p>Secondly, along with the low inventory, there is still a lot of growth in rental demand. According to <a href="https://www.zillow.com/research/zillow-housing-predictions-2023-31714/">several reports</a>, demand for rents is growing faster than the housing market can supply, leading to a situation where you see lower housing prices and higher rental rates. That is great news for an investor as you can buy lower, earn better yields and get better performance on your investments.&nbsp;</p>



<p>Also, non-traditional sources of housing inventory remain a viable source of below-market priced houses, which should help real estate investors in 2023. We recently announced an auction we were participating in, which is typically a great source of inventory for us and some of our users participated. Opportunities like these will continue to be available, and our users will be able to participate both through the real estate plans and through direct ownership.&nbsp;</p>



<p>Don&#8217;t forget that in what has been a historically tough year for investments, real estate as an asset class has still delivered a strong performance, with our users seeing above 11% annualized return in USD so far this year, with additional returns coming in this month. Based on these, we have a lot of reasons to be excited about real estate in 2023.&nbsp;</p>


Rental Demand Is Still Going Strongly in 2023


<p><em>&#8220;Hosting a world cup can best be understood as hosting a party, you don&#8217;t host a party to get rich. You do it to have fun, and Brazil will have fun. Yet there&#8217;s something obscene about hosting an extravagant party in a country where millions of people need houses, electricity, and doctors. That&#8217;s what bothered the protestors.&#8221; Kuper 2018&nbsp;</em></p>



<h2>Introduction</h2>



<p>Whether or not a country should host a world cup is usually subject to intense debate in the media, among politicians and in academia. There are two arguments; on one side, the arguments are often that the event will be too expensive and that the potential for re-use of the facilities is insufficient to justify the construction of the costly venues. Those on the other side argue that the event would stimulate economic activity, increase export revenues(e.g., from tourism), create positive publicity for the country, and lead to economic growth and increased domestic and foreign investment levels.</p>



<p>This begs the question, ‘Why host such a costly event in the first place?’ Does the World Cup boost the host nation’s economy enough to justify the substantial costs and risks? </p>



<p>MoneyRise will answer these questions.&nbsp;</p>



<p><strong>But before we go further, let us unpack what host countries spend money on.</strong></p>



<p>The biggest expenditure comes in the form of civil construction and infrastructure, such as road and railway construction, improvement of airports, the building of convention centres and hotels, improvement of telecom systems, and attempts to revive poor areas.&nbsp;</p>



<p>To make sense of this, we will divide the structures into primary, secondary, and tertiary.</p>



<figure class="wp-block-image"><img src="https://lh4.googleusercontent.com/WemtQcM_8u7pRKGCH0yScriyc9ciBB92o_R65Je6dn97XwB6Gu-6znCXCt5FERy1EemH7Uffu1THUHc5ZSBC6P2bdv_spW7nQcDnAPd9y-cPsgAFRM8rvvwsC6GLIJFuMcUwo8feRfIxM5IHWYRvGIWx0MtsXy2Lr-EYdPtA5NBeAKNVqxgkJLgzXoOkrg" alt=""/></figure>



<p><strong>Primary structure</strong></p>



<p>Building stadiums is important; FIFA requires the host to provide almost a dozen modern stadiums. Building new stadiums and upgrading old ones cost the hosts of the 2002 World Cup, Japan and South Korea, about US$6 billion, while Brazil spent more than 3.6 billion on world cup stadiums.&nbsp;</p>



<p><strong>Secondary structure</strong></p>



<p>Hosting the world cup also affects the development of the secondary structure, particularly ‘housing.’ It is common that football villages are constructed for athletes, referees, and media representatives in connection to major multisport events. Additionally, the secondary structure covers the function of ‘recreation.’ Sports parks often accomplish the arrangement of several sports facilities within a city. These parks offer diverse, high-quality sports and cultural programs for prosperous spectators and spaces for ‘sports for all, recreational and leisure areas through parkland and service infrastructure around the facilities.</p>



<p><strong>Tertiary Structure&nbsp;</strong></p>



<p>The tertiary structure covers all other elements necessary to stage large sports events, including the tourism structure. Tourists arrive at the airport or train station, stay in hotels, use public transportation and enjoy the city by night. Many cities have the tertiary structure necessary to stage single-sport events of ‘normal’ size. Mega events often require a renewal of the existing urban strategies.&nbsp;</p>



<p><strong>Why do countries want to host the world cup if it costs so much?</strong></p>



<h2>It is all about soft power, baby.</h2>



<p>Hosting a World Cup is an exercise in the projection of soft power. It gives the world a window into that country, showing how new infrastructure makes it a good place to invest or do business. It is a nation opening its arms and homes and saying to the world: “Eka’abo! You are welcome here.”&nbsp;</p>



<p>The increased awareness and image enhancement stemming from the event&#8217;s broad media coverage have proven to be a quality investment. This year’s World Cup is projected to be viewed by 5 billion people, and the Qatari government is hoping to utilise the world cup to articulate its quality business environment to the world; we can see reviews from visitors about the safe environment and beauty of Qatar.&nbsp;</p>



<h2>Increased commercial activity</h2>



<p>Hosting the world cup also improves the host country&#8217;s health systems, housing, public infrastructure, and employment opportunities. Qatar is understood to have spent over $200bn on this World Cup and its infrastructures like hotels and leisure facilities, overhauling its entire road network and constructing a rail system. With more than a million foreign visitors expected during the month-long tournament, a host country will see a tourism spike, increasing sales for hoteliers, restaurateurs, and the like. These well-publicised improvements often lead to the desirability of the host country for both short-term revenue growth and substantial community development, largely supported by residents.</p>



<h2>Communitas</h2>



<p>Communitas is the sense of community created by members of the host country who come together around the event and as a source of national pride. This national pride has been the focus of several investigations and has shown that hosting mega-events increases communitas. For example, South African residents perceived increased national, and community pride leading up to the Games, and Koreans reported greater national pride after the World Cup. Residents have also reported greater levels of community cohesion, which engendered greater social capital (relationships and networks between individuals)</p>



<p><strong>Now, let’s talk about the disadvantages of hosting the World Cup</strong></p>



<h2>The poor bear the brunt of it.</h2>



<p>Poorer residents in host communities bear the burden of the beautification and revitalization associated with hosting the world cup. Let us talk about Brazil as an example. Some Brazilians were being &#8216;encouraged&#8217; or forced to move from their residences to accommodate the fans ascending to Brazil. According to reports from the Economist, hundreds of thousands of people were relocated from favelas (i.e., Brazilian slums) throughout the country. Favelas were destroyed to build hotels, restaurants, parking lots, and other structures for WorldCup. Families living in the Favela do Metrô, next to the Maracana stadium, were evicted from their homes due to government-mandated forced eviction for unsuitable living conditions.&nbsp;</p>



<p>Brazil has one of the highest income inequality gaps in the world, which increases the questions about using public funds for these mega-events. Media reports indicated many Brazilians were concerned with how money was allocated for WorldCup and many felt that the money should have been used for better healthcare, transportation services, housing, and education.</p>



<p></p>



<h2>Perhaps, a waste of money.</h2>



<p>The World Cup stadiums in Brazil costs is estimated to be over $200 million each with no legacy plans. These stadiums might likely remain as white elephants that serve as a lasting mark of the mismanagement of funds and the social injustices that occurred to hosting the event.</p>



<p>According to the <a href="https://www.bing.com/search?q=The+economist+only+the+Rio+facilities+had+legacy+plans+as+they+were+to+be+used+for+the+2016+Olympics+The+economist&amp;qs=n&amp;form=QBRE&amp;sp=-1&amp;pq=only+the+rio+facilities+had+legacy+plans+as+they+were+to+be+used+for+the+2016+olympics+the+economist&amp;sc=5-100&amp;sk=&amp;cvid=6630BA46F7664E5795B3EE5851696E8B&amp;ghsh=0&amp;ghacc=0&amp;ghpl=">Guardian</a>, only the Rio facilities had legacy plans as they were to be used for the 2016 Olympics. Alternatively, the remaining stadiums either offered too great a capacity for the team they hosted or had no post-event plans. Multiple reports claimed the stadium in Manaus was to be turned into a multimillion-dollar prison.&nbsp;</p>



<p>Other reports outlined how an architect provided designs that could turn the facility into housing for those displaced. This lack of planning adds credence to the people&#8217;s claim that money should have been spent on the people of Brazil. For instance, as reported, healthcare and education were at the forefront of the issues when the discussion of government spending was raised. One street vendor interviewed by the Guardian highlighted that while he loves the game of football and enjoyed the benefits of the visitors in terms of profits, he stated, &#8216;the money they spent hosting this tournament should have been better utilised.&nbsp;</p>



<h2>At the end of the day, is it worth it?&nbsp;</h2>



<p>The 2014 World Cup in Brazil lasted from 12th June 2014 through 13th July 2014. Events leading up to the World Cup had many countries questioning if Brazil could host the event. Before the event, publications warned international travellers about their journey to Brazil and what to expect. </p>



<p>As the World Cup kicked off, so did the celebrations and jubilee surrounding the football-crazed country. Headlines in Brazil and around the world focused on the spirit of the World Cup. When the Brazilian national team played, the people of Brazil would take off work to watch their countrymen in action. Every Brazilian city could perceive the atmosphere of camaraderie, and once the samba boys adorned the yellow and blue jersey, nothing else mattered but football. </p>



<figure class="wp-block-image size-large"><img src="https://media.giphy.com/media/G6INL2FwxvdtfBCZD9/giphy.gif" alt=""/></figure>



<p>Interesting as football is, the most worrying aspect of hosting the World cup, based on history, is the question of what happens after the show leaves town. More than ever, we&#8217;re now all too familiar with the dark side of the games. We&#8217;re familiar with corruption, bribery, infrastructural insufficiencies, and total and complete financial devastation.</p>



<p>Brazil’s most expensive stadium cost $215 million and is now <a href="https://www.npr.org/sections/parallels/2015/05/11/405955547/brazils-world-cup-legacy-includes-550m-stadium-turned-parking-lot">a parking lot</a>, and the country’s preparations for the World Cup <a href="https://hbr.org/2014/06/is-the-world-cup-worth-the-billions-brazil-invested">cost an estimated $11-14 billion</a>. The National Court of Auditors of Brazil concluded that public spending on the World Cup would be <a href="https://www.prospectmagazine.co.uk/magazine/duel-is-the-world-cup-a-poisoned-chalice">&#8220;enough money to pay the entire country’s annual Bolsa Familia [social welfare] bill twice over&#8221;</a>. When measured against an <a href="https://theconversation.com/hard-evidence-what-is-the-world-cup-worth-27401">expected economic impact</a> of $3-13 billion, it’s hard to argue that taxpayers saw a fair return on their investment.</p>



<p>There also exists the argument for tourism, but <a href="https://www.aljazeera.com/sports/2021/9/19/five-years-on-revisiting-rio-2016-olympics-unkept-promises">findings</a> reveal that when tourism increases, it doesn’t necessarily produce <a href="https://en.wikipedia.org/wiki/Pareto_efficiency">a Pareto gain</a> because there is a spend associated with attracting visitors. Before the 2010 World Cup in South Africa, it was predicted that around 450,000 tourists would enter the country for the tournament. In the end, <a href="https://scholarworks.wmich.edu/cgi/viewcontent.cgi?referer=https://www.google.ch/&amp;httpsredir=1&amp;article=3609&amp;context=honors_theses">only two-thirds showed up</a>. Despite the reduced numbers, visitor spend increased by almost a quarter, but at the cost of acquisition to the South African government of up to $13,000. For roughly the same amount, the country could have paid the wages of the entire working-age population for a week.</p>



<p>However, on the flip side, it doesn’t mean that hosting the world cup is completely pointless. Football brings the planet together. And it’s not completely fair to reduce hosting the world cup to mathematical numbers and investments. Tournaments have a feel-good factor, and inspiring stories of success can <a href="https://www.researchgate.net/publication/245409296_Impacts_of_the_Olympic_Games_as_Mega-Events">encourage children and adults to take up sport</a>. To the average South African, nothing else mattered more than the fact that for a month, their country was the centre of the football world.&nbsp;</p>



<p>Conclusively, Qatar is hosting the most expensive World Cup in history, and the country is not focused on the cost of the event. Instead, it is using the World Cup to signal to the rest of the world that Qatar is open for business. And in the end, whether you think the World Cup is worth the expense comes down to whether your heart rules over your head.</p>


What does it cost to host the World Cup?


<p>The year is wrapping up, and many of us are already closing out on our finances. First, we hope you learned a lot and accomplished some of your financial goals in 2022. It has been an incredibly rocky year to be an investor, and the effects of inflation have been tough to manage.&nbsp;</p>



<p>However, as we enter the last month of the year, it&#8217;s time to consolidate the wins and prepare ourselves financially for the coming year. So we have compiled a short list of four things you should do before 2023. Here&#8217;s that list below:</p>



<h2><strong>Take Stock of 2022</strong></h2>



<p>Review your income this year. How much have you made in total from all income sources? How much have you spent? How much did you save and invest? What did you spend your money on? What goals did you achieve, and which were deferred or cancelled? Be able to articulate and understand your financial history in 2022 so that you can extract the lessons, adjust your plans and decide what to focus on, what to do more or less of and what your financial goals should be in 2023. This process will be much easier if you&#8217;ve been maintaining a budget throughout the year.</p>



<h2><strong>Understand the Lessons of History</strong></h2>



<p>Everyone is currently worried about the bear market and all the economic uncertainty we&#8217;ve had to deal with this year, from rate hikes and inflation to geopolitical flare-ups and climate issues globally. There&#8217;s the temptation to become pessimistic and overly defensive about your finances and behave like this is the worst time in history. </p>



<p>But anyone who stops and takes a historical view will realise that times like these have come and gone before, and people not only preserved their wealth during such times but actually grew it. There has been double-digit inflation in the US before, and the world has had worse geopolitical issues. We&#8217;ve also had worse bear markets and stock market drops before. And things always bounce back. Markets recover. </p>



<p>Economies grow again. There is a path to navigating periods like these, and panicking and avoiding your long-term financial goals because you are worried about turbulence is not helpful. Take a longer view and stay the course.</p>



<h2><strong>Understand and settle your tax obligations&nbsp;</strong></h2>



<p>If you are under a Pay As You Earn (PAYE) setup, knowing if your employers are remitting all the required taxes is crucial. Have you paid any portion you are liable for? Is your tax clearance certificate up to date? Have all the numbers ready way before you need them. For people in the US, now is the time to gather all your tax records before next year’s filing deadlines. Make sure you sort out all these on your own so you can file your tax return early next year.</p>



<h2><strong>Check your investment portfolio&nbsp;</strong></h2>



<p>After the year, some of your investments have gained, and some have lost value. Now is the time to rebalance your investments to reflect your goals and the level of risk you can carry in your current reality. Are you more exposed to crypto than you should be at this point? Then push more of your money into safer investments like real estate. Make sure your portfolio aligns with your long-term investment plan and strategy. Are you investing enough to have enough retirement income? If you&#8217;re above 30, it&#8217;s almost mandatory that you&#8217;re investing at least 20% of your income now. If you&#8217;re below this number, cut expenses and step it up.</p>



<h2><strong>Set your 2023 goals</strong></h2>



<p>Once you&#8217;ve done all the above, then you are in a good position to set your financial goals for 2023, and develop a clear plan to achieve them. Mark them out, write them down, and put them somewhere you can see them. Now, you&#8217;re ready to flex your <em>Detty December</em> and usher in the new year in style. Enjoy the rest of the year!</p>


5 Things to Do Financially Before 2023

<p><span style="font-weight: 400;">It’s Black Friday shopping season and as I’m sure you’ve all noticed, retail and shopping outlets have started advertising eye popping deals to entice buyers. </span></p>
<p><span style="font-weight: 400;">Here at MoneyRise we want you to make smart money decisions, so we are going to share some quick tips about how to make the most of the Black Friday deals. If you use this season well, you&#8217;ll get really great deals at prices that save you money! </span></p>
<h2><span style="font-weight: 400;"><span style="font-weight: 400;"><strong>Don&#8217;t Buy Anything Just Because It&#8217;s On Sale</strong><br />
</span></span></h2>
<p><span style="font-weight: 400;"><span style="font-weight: 400;">If you buy an item worth ₦10,000 for  ₦7,000, you did not save  ₦3,000, you spent  ₦7,000. Don’t be enticed to spend money you were not going to spend. Only spend money on what you already need. Which means you should have a list of what you want to buy, and stick to it. That nice blender selling for 40% off is not meant for you, if you already have a blender at home. Don’t play yourself. Be disciplined.</span></span></p>
<h2><strong>Not Everything Is Cheaper On Friday</strong></h2>
<p>Don’t just think, <em>&#8220;Well, its Black Friday, so everything I buy is probably cheaper.&#8221;</em> It doesn’t work like that. Some outlets don’t do deep enough discounts. Some intentionally inflate their supposed original price to make their discounts look deeper than they are. To get the best deals, do price comparisons ahead of time, check many sites to know what a fair price is and if you’re actually getting a good deal or not. Bonus points if you already did this weeks or days ahead of time.</p>
<h2><strong>Have A Shopping Budget</strong></h2>
<p><span style="font-weight: 400;"><span style="font-weight: 400;">Please there is life after Black Friday. There is the Christmas season, and that three-month period between December 31st and January 31st. We all know that period. You need your money to last through all that. So know exactly how much you can put towards your Black Friday shopping and once you hit that amount, stop. Ties right back to point one. Don’t get carried away.</span></span></p>
<h2><strong>Some Things Are Cheaper Offline</strong></h2>
<p><span style="font-weight: 400;">Black Friday seems to be an eCommerce driven activity. There are often better deals in the physical store, or in the open market. I’ve seen bargain hunters go offline, and find items at prices that make Black Friday deals look like daylight robbery. It may not be as convenient as ordering, but the savings might just be worth it. Another advantage of shopping offline is that you can leave your ATM/Credit card at home and only go with the money you’re willing to spend. If it’s gone, you’re done.</span></p>
<h2><span style="font-weight: 400;"><strong>Save As You Shop</strong><br />
</span></h2>
<p><span style="font-weight: 400;">If you’re going to spend during shopping season, use it as an opportunity to also save. For every  ₦5,000 you spend on shopping, invest  ₦5,000. It helps you avoid the guilt that comes with shopping, and also keeps something away to grow and possibly fund your future purchases. </span></p>
<p><span style="font-weight: 400;">One of the smartest things you can do with your money is to earn dollar returns on it with Rise. Get started at </span><a href="http://www.risevest.com"><span style="font-weight: 400;">www.risevest.com</span></a></p>
<p style="text-align: center;">


How To Make The Most Of Black Friday Shopping


<p>The financial markets have been facing a rough time lately, with the value of both stocks and cryptocurrency declining dramatically in the past weeks. If you&#8217;re like many people, you&#8217;re probably feeling pretty rattled. After all, watching your portfolio take a hit is not fun. But before you panic, it is important to remember that market volatility is inevitable. We wrote about how you can take advantage of market downturns <a href="https://risevest.com/blog/stock-market-downturns-might-be-good-for-you-heres-why">here</a>.</p>



<p>We also have some pointers for you if you&#8217;re experiencing losses and looking for safe places to generate a return. Here are three of them:</p>



<p><strong>Rise wallet Plan:</strong> The Rise wallet plan is a great way to protect your money while generating positive returns. With the Rise wallet, you can earn 8% annually in USD, and unlike stock market investing, there&#8217;s no risk of losing money with this wallet plan. So if you&#8217;re looking for a safe and easy way to earn decent returns on your money, the Rise Wallet plan is worth considering. Just deposit your money into your Rise Wallet and watch it grow. There are no fees or minimums, and you can withdraw your money at any time. </p>



<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="1024" src="https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2-1024x1024.jpg" alt="" class="wp-image-1829" srcset="https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2-1024x1024.jpg 1024w, https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2-300x300.jpg 300w, https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2-150x150.jpg 150w, https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2-768x768.jpg 768w, https://money.rise.capital/wp-content/uploads/2022/11/Dollar-sign-teal-Obinna-Oti-2.jpg 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p><strong>Fixed Income Plans:</strong> Investing can be a tricky business. While you want to ensure you&#8217;re getting a good return on your investment, you also want to take on a little risk. With the Rise Fixed Income Plan, you can get the best of both worlds. This plan allows users to earn 10% interest on their investments annually, even in these uncertain economic times. And with yields rising, there&#8217;s a good chance that this figure will go up in the near future. So if you&#8217;re looking for a safe and profitable way to invest your money, the Rise Fixed Income plan is worth considering.</p>



<p><strong>Real Estate:</strong></p>



<p>It&#8217;s no secret that the US economy has been in a bit of a downturn lately. But despite all the doom and gloom, one sector is still strong — real estate. And the Rise Real Estate Plan is generating impressive returns, averaging 12-15% per year.</p>



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="683" src="https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-1024x683.jpeg" alt="" class="wp-image-1827" srcset="https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-1024x683.jpeg 1024w, https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-300x200.jpeg 300w, https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-768x512.jpeg 768w, https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-1536x1024.jpeg 1536w, https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc-1568x1045.jpeg 1568w, https://money.rise.capital/wp-content/uploads/2022/11/SYlSmOVc.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>A big part of our success has been our Airbnb rentals. By leveraging the sharing economy, we&#8217;ve been able to maximise our profits while providing our guests with a unique and affordable lodging experience. And as the demand for Airbnb rentals continues to grow, our returns will only go up.</p>



<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="683" src="https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-1024x683.jpeg" alt="" class="wp-image-1831" srcset="https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-1024x683.jpeg 1024w, https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-300x200.jpeg 300w, https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-768x512.jpeg 768w, https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-1536x1025.jpeg 1536w, https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb-1568x1046.jpeg 1568w, https://money.rise.capital/wp-content/uploads/2022/11/Rise-airbnb.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>So if you&#8217;re looking for a stable investment that can provide healthy growth, you should consider the Rise Real Estate Plan. With our proven track record of success, you can be confident that your money is in good hands.</p>



<p>As we face economic uncertainty, having a solid plan for your finances is more important than ever. Risevest offers a unique opportunity to create fixed-income or real estate plans that can provide you with positive returns even during this downturn. And if you just want to fund your wallet and enjoy the peace of mind that comes with knowing your money is working for you, Risevest is still a great option. Visit <a href="https://risevest.com/">here</a> or download the Risevest app to get started today.&nbsp;</p>


3 Safe Places To Invest During This Down Market


<figure class="wp-block-image"><img src="https://lh4.googleusercontent.com/A5PNrnqRWQvmSwL7GyihLPcLvs15GQY0OmfmnGoZatopSPNDMmYjMyCPWeN4AlSWfD6wI38dozVtEntbIu6TX4P8CrZhEMov2IwC9mKu4dp_nFd45Vq5r1QR4gWuNNZNE1HZphe9Gi7O-CxnSZyKTF8azuxwy7Q97PTv5uu4NfsRrEgvx-h0TGe9O2zjYQ" alt=""/></figure>



<p>This <a href="https://twitter.com/salemkinging/status/1582259634680713216?s=46&amp;t=t82GCl_eP0AlQD5t69j6HA">question</a> caused a bit of a stir on Nigerian Twitter. Almost everyone dreams of winning Big Brother Naija or the lottery, but most people don’t think about what exactly they will do if that ever happens. As Mike Tyson says, “Everyone has a plan until they get punched in the mouth.” In this case, everyone dreams of becoming a millionaire overnight till they actually make it.</p>



<p>Suddenly coming into a lot of money can be great, but it takes a lot of discipline to maintain, which many people do not have. . There are so many stories of lottery winners going from being broke to rich, and back to being broke in a few years. This is because suddenly having a large sum of money like $100,000 is a unique situation most of us are unfamiliar with, so handling it may not be easy.&nbsp;</p>



<p>What are the first five steps you should take if you suddenly make $100,000?</p>



<h3><strong>First step, do NOTHING</strong></h3>



<p>Yes, you read that right. Do nothing. We tend to make more mistakes when we rush to do things. There is no timer on the money. You don’t need to spend the money immediately. Delaying your reaction will save you from making rash decisions that you may regret. Take a deep breath, and take time to get your mind used to the fact that you just made a lot of money.</p>



<p>Resist the urge to significantly change your life. Making life-changing money doesn’t mean you have to rapidly change your life or lifestyle. Don’t dramatically quit your job or buy your dream car or upgrade to an expensive luxury apartment or house. Do nothing; keep your lifestyle the same until you mentally get used to having a lot of money.</p>



<p>To help you with this, find the safest fixed deposit account where you can earn decent interest on your savings and deposit the cash there for a few months, say 90 days. It might be best to go with the most reputable traditional bank with low risk of failure because you don’t want to lose your money as fast as you made it.. This is not the time to try out new schemes. Go traditional; go very safe.</p>



<p>While your money sits in the account for three months, spend time learning about your investment options. Read about the investment opportunities you can explore; there are loads of free personal finance materials online. Listen to top finance podcasts, watch top finance YouTube channels, and read or listen to finance books and audiobooks. Do this to know what investment options you have.</p>



<h3><strong>Don’t tell the world</strong></h3>



<p>In the sharing world we now live in, there is often the urge to go sharing everything on social media to get the huge dopamine hit that comes in the form of likes, retweets, and congratulatory comments. Don’t fall for it. Only share this news with people closest to you whom you really trust, like your spouse.</p>



<p>When you overshare, you increase the likelihood of suddenly having lots of long-lost family and friends popping up, hoping you can share your wealth with them or invest in their new life-changing business ideas. Also, sharing can expose you to a greater risk of theft. It also opens you up to advice from different people, which leaves you confused on the right decision to make.</p>



<h3><strong>Next, take stock of your life and make a plan</strong></h3>



<p>Do you currently owe any money? How much debt do you have? Does the debt cost you a lot of money in the form of high interest? Consider paying off some or all of your high-interest debt if being debt-free is a high priority for you. If the money you owe is only a small fraction of $100,000 (e.g., $5,000 or less), pay it off, even if it’s a low-interest loan.</p>



<p>What were your financial goals? Did you plan to go to school, own a house, car, etc.? You now have the capital to get started on your goals. But don’t just go spending all the money on fulfilling your financial goals. Do it the smart way.</p>



<p>How can you use the money you have as capital to help you eventually meet all your financial goals? Consider speaking to a financial advisor that can help you create a unique plan tailored to help you meet your goals.</p>



<h3><strong>Fund your savings and an emergency fund</strong></h3>



<p>An emergency fund is 3-6 months of your monthly expenses. E.g., if you spend $500 every month between food, rent, entertainment, etc., your emergency fund would be $1500 to $3000.&nbsp;</p>



<p>You can also have up to 1 year of expenses in your emergency fund to give you more breathing room and a larger pot to rely on if you need money in an emergency. Put this money in a low-risk account that can give you some interest but is highly liquid, so if you need the money urgently, you can easily access the money anytime, any day.</p>



<p>Also, have savings separate from your emergency fund. Your savings can be used for non-urgent needs or wants. You can put about 10% of your money in savings. In this case, $10,000.</p>



<h3><strong>Invest</strong></h3>



<p>Coming into a lot of money can make you rich for a bit, but investing in the right places can make you and your future generations wealthy.&nbsp;</p>



<p>After paying off your debts and funding your savings and emergency fund accounts, you should have about $80,000 to invest. You don’t have to invest all that money at once. You can slowly deploy the money over a year or more. Build a portfolio of low-risk, medium-risk, and high-risk assets.&nbsp;</p>



<p>You can invest some of it in bonds, mutual funds, real estate, stocks, and crypto, depending on what you understand and believe are valuable and have the potential to grow. You can manage some of those assets on your own and start a plan with <a href="https://risevest.com/">Risevest’s </a>low, medium, and high-risk investment plans.</p>



<h3><strong>Splurge</strong></h3>



<p>You just hit it big, so it’s okay if you want to splurge. Everyone splurges from time to time. Whether it&#8217;s a new piece of clothing, a night out at a fancy restaurant, or a weekend getaway, we all have our own little indulgences that make us feel good. And while there&#8217;s nothing wrong with treating yourself every once in a while, it&#8217;s important to splurge wisely. The key is to find a balance that works for you and your budget. So go ahead and splurge on that new outfit, but be sure you do it responsibly!</p>



<p>With these five steps, you are almost guaranteed to make the best of your money. Congratulations, you’ve blown, don’t blow it!</p>


What Would You Do, If you Suddenly Made $100K


<p></p>



<p>Should you Invest in Meme stocks?</p>



<p><em>Short answer:</em> no</p>



<p><em>Long answer:</em> Still no, at least not with money you don’t mind lighting on fire.</p>



<h2>What are meme stocks?</h2>



<p>Meme stocks are stocks that gain popularity on social media, which causes their share price to rise astronomically in a very short time. For example, meme stocks can rise over <a href="https://www.linkedin.com/pulse/32000-return-3-weeks-meme-stock-you-never-knew-oghenerukevwe-odjugo/?trackingId=fICAR%2FCpS5egOI8%2FQkIhzQ%3D%3D">32,000% in less than one month</a>.&nbsp;</p>



<p>This means a $1000 investment in that stock would be worth over $320,000 in less than one month! That’s a huge mouth-watering opportunity. So if this can happen with a meme stock, why should you not invest in them?</p>



<h2>Why you should not invest in meme stocks</h2>



<h3>You could lose a lot of money</h3>



<p>If you get in at the wrong time, you could lose 99% of the money you invested. Recently, a little company named AMTD Digital saw its share price soar from $7.80 a share to a high of $2,555.30 apiece! Today the share is trading at around $160.&nbsp;</p>



<p>Anyone who bought a share worth $7.80 is still sitting on a lot of profit, but anyone who bought in at $2,555.30 is down almost 95%!</p>



<p>By the time a stock reaches meme stock status (high popularity), it’s most likely too late. That price could be the highest price that stock will ever get, and anyone who buys at that point could lose over 90% of the money invested.</p>



<p>So instead of turning $1000 to $320,000 in less than a month, you would turn $1000 to less than $100 in the same time.&nbsp;</p>



<h3>You’ll never know when to sell</h3>



<p>Suppose you bought some stock before the meme rally began or just at the start, and you made a 1000% profit; it’s still bad for you. Why? Because you’ll never know when to sell.</p>



<p>Knowing when to sell an ordinary stock is incredibly difficult. It’s very hard to time the market. But with meme stocks, it’s even more difficult. You’ll be torn between 2 questions:&nbsp;</p>



<p>“What if I sell now and the rally continues?”&nbsp;</p>



<p>or&nbsp;</p>



<p>“What if I don’t sell now and the stock crashes and never recovers?”&nbsp;</p>



<p>Except you can see the future, you’ll never know the right answer. Do you sell now and risk losing 1000% more gains or do you hold and hope it doesn’t crash 50% in the next hour?</p>



<p>Also, the usual “invest for the long term” strategy will not work here because those gains can quickly disappear and never return if the company never produces enough value to justify the new valuation. For example, if the company cannot generate 100 times the value they are currently generating, it may never reach that high share price again.</p>



<p>So even if you time it right, it’s still probably not a good idea.</p>



<h3>Even if you win, you lose</h3>



<p>&#8220;Making money through an early lucky trade is the worst way to win. The bad habits that it reinforces will lead to a lifetime of losses.&#8221; &#8211; <a href="https://twitter.com/NavalismHQ/status/1563252188486434816?s=20&amp;t=Ny91WxUgv441jscc51zKnw">Naval</a></p>



<p>Naval meant that even if you are part of the lucky few that successfully 1000x their money from meme stocks, you still probably lost. This is because making that kind of profit brings with it a lot of bad habits that will likely lead you to lose more money in the future.</p>



<p>Two bad habits that could make you lose money include</p>



<h4>Confusing luck with skill&nbsp;</h4>



<p>Being able to pick the right meme stock to buy at the right time and sell at the right time is not a skill anyone can develop and consistently replicate. However, we, as humans, tend to equate success with skill. E.g., the more successful you are, the more skillful you are.</p>



<p>If you can make enormous returns in such a short time, then you must be skillful at it and can probably do it again and again. So you will probably try to do it again. And this is what will lead to bad habit 2.</p>



<h4>Not adequately considering the risk of an investment</h4>



<p>Because once you’ve made a 1000x return in 10 days, 8% returns in 1 year simply will not satisfy you. It’s simply too small.</p>



<p>But, you probably won’t consider that high-risk investments come with a high risk of loss. The person who got lucky with one meme stock is unlikely to be lucky with another. And even if they are, eventually, they would likely end up investing in something where they could lose a lot of money.</p>



<p>And because they don’t have the appetite for less risky investments that offer steady returns over decades, they also miss out on the opportunity to benefit from compound interest.</p>



<p>So even when they won, they probably eventually lose.</p>



<h3>They are simply overpriced</h3>



<p>A stock is not just a bet. It is ownership of a piece of a business. The stock price is the value investors are willing to pay in exchange for the future value investors believe those companies can deliver.</p>



<p>If you were a bread seller, would you buy a loaf of bread that you know is worth 100 for 1,000 in hopes that you can find someone to sell that loaf to at 2,000, or would you buy a more reasonably priced loaf?&nbsp;</p>



<p>If you double as a bread seller and gambler, you might go for the 1,000 option and end up losing all that money. While the bread seller can eat the bread if no one buys it at the higher price, the meme stock investor will not be able to consume their shares any other way.</p>



<p>Buying an overpriced item is only rational if you can find someone to sell it to at an even more outrageous price. If not, it’s not the sensible thing to do.</p>



<h2>Conclusion</h2>



<p>Meme stocks can be very enticing. While we all wish we could turn $100 into $10 million in ten days or less, that’s unfortunately not how money works. Avoid meme stocks and only put money you can afford to lose if you must indulge.</p>


Before You Invest in Meme Stocks, Read This!


<p>The UK’s official currency, Pound Sterling, recently hit an all-time low against the dollar. Financial markets currently see a 60% chance of the US Dollar reaching parity with the British Pound, i.e., $1=£1. At the time of writing, the exchange rate is $1=£0.94; just a year ago, it was $1=£0.73.</p>



<p>A few months back, the Euro was at parity with the dollar, that is, $1=€1. Some people have bought dollars at over ₦720 recently. Japan’s government had to intervene to buy more Yen to prop up the Yen exchange rate to the dollar. Even cryptocurrency prices have seen some weakness due to the strengthening dollar.</p>



<p>The dollar is clearly not anyone’s mate. For over a year, the US Dollar has been strengthening relative to other major global currencies. Why is the dollar so strong right now, and how can you benefit from the dollar’s strength?</p>



<h2>Why is the dollar so strong right now?</h2>



<p>The US Federal Reserve has been aggressively raising interest rates to quench burning inflation. Higher interest rates relative to other developed markets make US bonds more attractive. This makes investors convert their local currencies to dollars to invest, which strengthens the dollar.</p>



<p>Also, the US Dollar is the world’s reserve currency. When there’s an economic crisis, global investors tend to run to the USD as the safe haven currency of choice. The world is currently in a crisis of soaring inflation and a possible global recession.</p>



<h2>Why are other currencies weak?</h2>



<p>There are unique reasons for each currency’s weakness.</p>



<p>The Pound has been weakening relative to the dollar over the last year due to rising UK inflation and recession fears. Before the most recent plunge started, the pound was already down over 20% relative to the US Dollar in the last year. The recent slump was due to the massive tax cuts the new British Prime Minister, Liz Truss, and Chancellor, Kwasi Kwarteng, announced. Investors fear these tax cuts will fuel already soaring inflation because it will give all citizens more money to spend.</p>



<p>Relative to the dollar, the Euro is weak due to the Russia-Ukraine war, which caused an energy crisis in the Eurozone. As gas and oil prices soared, high inflation came. And because Europe had negative interest rates and started raising rates later than the US, it weakened the Euro.</p>



<p>The Yen&#8217;s weakness resulted from US interest rates being higher than the Japanese. Unlike most countries today, Japan doesn&#8217;t have a high inflation problem. Japanese inflation currently sits at 3%, and the Japanese central bank is looking to stimulate inflation, not curb it, like the rest of the world. Compared to US bonds, the lower interest rates Japanese bonds offered made investors sell their Yen and demand more dollars.</p>



<h2>How can you benefit from this?</h2>



<p>You can benefit from the strength of the US dollar by saving and investing in dollar-denominated assets like the ones offered by <a href="https://risevest.com/">Risevest</a>. In light of recent developments, your Japa funds, travel funds and other international spending budgets may be better kept in dollars.</p>



<p>Other currencies should eventually regain their strength when their Central Banks raise interest rates to match the US, control inflation and avoid a recession. Till then, the US dollar continues to reign supreme.&nbsp;</p>



<p>Start a plan with Rise today.</p>
