Nigerian author Reno Omokri has again given some money advice via his IG page.
According to Reno, people should steer clear saving their money in banks instead they should invest their money as currency can be devalued and if this happens, it affects the money they have in the bank.
In his words;
”Don’t save money in banks. Invest it. Currency can be devalued and your savings will lose value. But when money is devalued, the worth of assets is recalculated to reflect the new value of money.
”That’s why the wealthy hardly ever lose their wealth. Take Nigeria for example. The currency (Naira), was devalued 87% from its 2015 value. If you had bank savings, you basically lost half your money. But if you invested in, say a farm, food prices will rise to match devaluation. Wise investments protect you from devaluation”
via: Information Nigeria