5 Types Of Accounts Every Woman Should Have Before 35

5 Types of Money Accounts Every Woman Should Have Before 35

Mo money, mo problems right?

Mo Money Mo Problems

Maybe for Diddy, but definitely not for us. Definitely not in this economy and with the bills we need to pay and with the power moves we’re trying to make.

More money equals more financial security for ourselves, our businesses and our families but how do we go about achieving that in the long run? The first thing you have to realize is that you can’t wait until you’re older to get started. In fact there are things you can do before you turn 35 which will go a long way in ensuring your financial independence for the rest of your life.

We spoke to financial advisors from United Capital about what young women need to do to be better prepared for their future and they shared with us 5 important money accounts that every young woman should have before she turns 35 years old. Now 35 isn’t a hard and fast deadline but we can all probably agree that we better start to have our stuff together by the time we turn 35.

Topics this guide will cover:

– What are the 5 accounts you need to have before you turn 35

– Why each of these financial accounts matters for your future

– How you can get free financial advice to help you reach your money goals

So how do you download this free guide? Easy – just fill out the form below to join our community and get access to this guide and AWESOME weekly content.  

If you already know you’re ready to speak with a financial advisor who can help you set up long term savings and investments options, then you should connect directly with the United Capital team by emailing them at privatetrust@unitedcapitalplcgroup.com.

Ask a Financial Advisor – Volume 2

Financial independence starts with careful planning. If you want to be a millionaire in the future, you have to do the work today.

We’re excited to present the second installment of our Ask A Financial Advisor column. Financial experts from United Capital have once again taken questions from our community and answered with real advice. Volume 2 of Ask A Financial Advisor features advice on starting and maintaining a saving plan as well as saving for future goals.

How can I start the process of investing my money? Right now, I know nothing and would like to educate myself before doing anything. What are some trusted sources and beginner tips? – Naome Jeanty

It’s great that you want to educate yourself prior to getting on the investment ladder. There are loads of resources available to one on the internet, so please do as much research as you can. The best way to create a life that is not dependent on a paycheck is to start investing early in your life and these are our top three tips –

1) invest at least 20% of your savings on a consistent basis.

2) take calculated risks, especially when you are young

3) start investing for retirement as soon as you have a steady income from paid employment or an on-going business venture.

I earn N134,000 and I look forward to getting a landed property and also a car by this time next year. How can I save to meet up with this target? Thank you. – Toyin

As with starting any project, it’s important to define clear goals -which you’ve done already. You do however need to prioritize these goals such that you are able to differentiate between routine expenses, short term and long term savings goals.

Use the SLA Savings calculator and remember that an emergency fund is key. This is where it comes in handy to set up a Private Investment Trust. And when you do need to borrow, let it be for investment purposes i.e. purchase of land etc.

How do I start and MAINTAIN a savings plan. I currently live paycheck to paycheck when debts have been ignored. I want to put money aside, I’m currently paycheck to paycheck (bills paid, rent paid etc) but at the cost of ignoring some debts. (Owe family and friends money…I can’t afford to pay them back at the moment). – Gloria

Determination here is the key, both to getting out of debt and maintaining a consistent savings plan. The first step is to determine what you can actually save after taking out your routine expenses, i.e. food, transportation etc.

Then the next step is ensuring that you actually do save. A great way to going about this is to set up a direct debit order on your salary account or main business account which ensures that a designated sum is debited at regular intervals i.e. monthly, quarterly etc and moved into an investment vehicle such as a Private Investment Trust.

If you’d like to get your questions answered by a financial advisor from United Capital, submit your questions by clicking here

Ask a Financial Advisor – Volume 1

Ask a Financial Advisor

Financial independence starts with careful planning. If you want to be a millionaire in the future, you have to do the work today.

We’re excited to kick off our brand new column called Ask A Financial Advisor. Financial experts from United Capital are taking questions from our community and providing real advice. Read on for our first series of answers covering topics such as investing as a fresh graduate, real estate as an investment property and how to start investing even when you feel like you don’t have any money to spare.

Hello. I would like to ask about the best place and way to invest my money in Nigeria presently, some say federal government bond buying, but am not so clear nor sure. I mean am not so super rich and just 3yrs out of college but I think the little money I make part if it invested would go a long way. Pls kindly help a sister out. Gracias! – Abimbola

Investments when being done on a relatively small scale, are safer when carried out under the umbrella of a professional Fund Manager/ Trust Company. That way, the minimum requirements for say an FGN Bond or any other instrument will be met through the pool of funds being managed by the company. Also, the risks involved will be shouldered by the company and you will be privy to professional wealth advisory services suited to your investment objectives.

What can one invest in that requires minimum money? I’m a single mum and I feel I’m living hand to mouth, I’d like ideas on what I could invest in and how that will require minimum money that could potentially accumulate or grow. – Nikita 

You can invest in a contributory scheme with a minimum annual contribution of N60,000.00, which will come to N5,000.00 per month. If you were to set up a Private Investment Trust, your contributions will be pooled with other contributors’ funds and invested in profitable investments which the N5,000.00 would ordinarily be insufficient to partake in. The result of this is a healthy mix of stable returns as well as minimum -risk  investments which will be affordable to you and simultaneously accumulate in the long term.

Every month I seem to just break even and in some cases I am over budget. How can I save money whilst breaking even on my budget? – Sharon

You need to decide on a percentage of your income to save every month, we would advise 10%-15% for a start. Once that decision is made, you can invest in a contributory scheme which requires you to make contributions per month. A Standing Payment Order (SPO) given to your banker to automatically credit your contributions to the Fund Manager/Trust Company will ensure you do not begin to overspend before the contributions are made. This will improve your financial discipline and at the same time ensure you have accumulated a tidy sum which would have yielded a stable return in the medium to long term.

With the rising cost of living, buying property is virtually impossible. Although I qualify for a small amount, should I rather buy an investment property (property that I will rent out and never live in) or wait until I can afford a place of my own and buy one for myself? – Kendi

Buying property is a highly capital intensive venture and may not be advisable if you do not have the liquidity. It would rather be advisable to invest your funds in REITs (Real Estate Investment Trusts) through a professional at a minimal fee, so that you can accumulate the funds until you can afford the property of your choice, whilst still enjoying some benefits of real estate investments through the underlying assets of the REIT.

If you’d like to get your questions answered by a financial advisor from United Capital, submit your questions by clicking here