‘Save, Save’ for the rainy day. Save for the days where it’s too sunny or probably even for the storm.
‘You’ve got to save your money’
‘Did you save?’
‘How much did you save?’
‘Save your money’
We were told and asked this so many times that it was beginning to sound like a broken record. Undoubtedly, this was one of the few core money principles in every African home –probably every home.
Did it work? Yes!
How many times had you felt joy travel down your spine, your lips pulling upwards in an excited smile, eyes shining brightly as you broke your piggy bank (or kolo as it’s popularly called in Western Nigeria)?
Finally, you had enough money to buy that device you’d always wanted! You had the funds to start that dream business! You could boldly say to your friends and family, ‘I used my savings to do it.’
You even had money to pay your staff and maybe, remodel your office.
Saving seemed the surest way to earn money from yourself after a period of time, simply genius!
It got better. In came the banks with the promise of security and interests. Admittedly, it seemed unreal.
Save and get paid for saving?
What’s the catch? Bank charges? Fair enough. I suppose the banks have to gain their profits somehow. They scratch your back, you scratch theirs, right? It seemed a perfectly good symbiotic relationship.
How long was it before you realized that, like Biblical servant with one talent, you were losing more than you were saving?
Think about it.
Previously, we’d spoken about the devaluing of fiat currency. That, while being one valid reason, isn’t the only one.
To buttress my points, here are just a few more reasons why your business should get Crypto Smart.
It’d of your best interest to compare and contrast the following; the interest rate on loan needed, perhaps to start or fund your business, and the interest rate for saving your capital. Not proportional, is it?
Let’s go further. Compare your savings interest rate to the bank charges on transactions made. Interesting discovery.
Ultimately, you’d have to admit that saving isn’t really as lucrative as you thought it to be. In addition to not being able to foretell per se the percentage deficit of the currency you deal with, you had to have factored in the charges alongside the tax on every transaction your business makes. You had to have made those little subtractions from your funds and while it seems like not really a big deal to most people, we business-oriented people are very conscious of how little change spent accumulates to large sums over time. As the Warri people of Nigeria would say, “Little drops of water form a mighty ocean.”
You don’t want to one day find out that, for instance, out of a million dollars, your company had spent one thousand dollars in a bid to save.
In as much as it is beneficial to save, it is more beneficial to invest. Why hoard money when you can actively put it to work? Why focus on one stream to fund the business when you could have a network of waters funding the business, giving room for expansion, for growth?
Crypto Smart has a solution for your company.
Get smart with Crypto Smart.