Investment Ideas Other Than a Savings Account.
No one would have predicted the events that have unfolded in 2020. It was meant to be “MY” year, where change would prevail. Your goals for 2020, if I can make an informed wild guess involved issues such as fitness, self-improvement projects and better financial management. Today, we shall talk about avenues available for your money rather than it sitting in a savings account.
A savings account is not a bad idea really, but it is close to impossible to grow your money. Borrowing form @Africaspocket here are a few suggestions that you can opt for.
- Having a fixed deposit. A fixed deposit requires a minimum investment of KES 5,000. The interest rate is about 7% per annum.
- Money market funds. These are short term investments in government securities. With as low KES 1,000 you are able to receive your monthly interest. Depending on your fund manager the interest rate is anywhere between 4% to 10% per annum.
- Treasury bills require a minimum of KES 100,000 with interest rates of 6.5% to 10% per annum. These are also short-term investment plans. We believe they are popular and because of their secure nature and they are readily available.
- Commercial paper. The minimum investment is aroundKES1,000,000. After maturity, the interest rate is between 13%-16% per annum.
Consult more with your financial advisor to see which investment suggestion will work best for you in alignment with the goals set.Financial Literacy