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Quizzes & Trivia

What currency are you?

Take this quiz and we’ll guess what currency you are by your personality choices. You can also check out this article we wrote on other valuable currencies asides the U.S Dollars.

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Features LifeStyle

Investments: Why do you need them?

Nigerians have witnessed two global pandemics (the Ebola scare of 2014 and the Coronavirus), three economic recessions, and rising inflation rates in two decades. Phew!

As a result, we have two generations who have witnessed bad economic conditions in their formative years. Many of us are in our 30s and have no idea what it feels like to enjoy a booming financial economy. This is not good.

With the economic landscape, it has become apparent that one cannot merely save their way to wealth. Increasing earnings and making worthwhile investments are two life-changing choices you should consider.

As a financial institution dedicated to helping you build and sustain wealth (by providing you with the tools needed and financial literacy), we must make you see why having investments is a significant step towards financial security.

What is an investment?

A broad definition by the Cambridge dictionary has investment as putting money, effort, time, etc., into something to make a profit. A more suitable definition by Investopedia has it as an asset or item acquired to generate income or appreciation. 

Investments often are serious commitments and therefore require you to be willing to play the long game.


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Investment strategies

No wise person goes into anything without counting the cost and checking the risks involved; you need to be strategic.

There are two types of investment strategies: Growth Investments and Income Investments.

The bedrock of an Income Investment is stability, which means low risks are involved. People who choose this kind of investment do it to generate a constant income stream at low risk. Examples of income investments are savings, bonds, real estate (properties on lease), etc.

Growth investments involve higher risk. The investor must be able to cope with the market (market value often fluctuates). Growth investments involve capital appreciation; they are long term investments. It’s advisable not to make hasty decisions based on emotions when market values drop. Examples are growth stocks, shares, real estate such as land (it appreciates with time), etc. 

Why should I invest?

  • As we mentioned earlier, saving is not nearly enough if your goal is to accumulate wealth eventually. It is a great way to start, though. You could own a high yield savings account where you earn as much as 7% interest per annum. A deal as good as this is only available to you when you register on the Halo Invest app. You can download it here on the App Store and here on the Google Play Store!
  • Investing money kickstarts your journey to financial security. When you invest, you put your money to work; it builds wealth by compounding interests. Compounding your interests is advantageous for you in the long run. We have an old newsletter that explains how this works.
  • Investing gives you opportunities to be a part of innovation and cutting-edge ventures. New ideas that solve problems require money to materialise; investing helps you become part of something potentially great. You should make your research before putting your money into these ventures.

We have more exciting stuff on investment we would like you to see. Sign up for our newsletter so you do not miss out on all the juice.

Do you have comments, questions, contributions or anything you would like to see us talk about? We’ll be waiting for you in the comment section.

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Features LifeStyle

How to budget as a small business owner

If you are 18 years and above, you are likely no stranger to the concept of budgeting, especially as regards personal finances. Budgeting involves the plans made to disburse revenue efficiently. When it comes to your business, you don’t need words from a soothsayer to know how important budgeting is if you want to have a successful business.

Starting a business requires capital which could cost a lot, but the expenses don’t stop because your business is operative. If you want to keep your business up and running, budgeting is vital. Managing what goes out from incoming revenue and deciding where it goes can be onerous, but it is rewarding.

Why is business budgeting important?

The primary reason is efficiency. The benefits of budgeting are more long term than immediate. When you budget well, you can make projections for the future and mitigate unfortunate occurrences; you have more control.

How do you create a budget?

Like many things that have to do with finances, you have to have a clear goal. Your business budget requires you to outline what your finances look like now and your long term goals.

Follow these simple steps to have your business budgeting on lock.

  • Vet your revenue: You should look through your finances and determine how much your business brings in and where all the money comes from. It is a painstaking effort because you have to investigate every single source of revenue. The entire process involves looking back on expenses made and then making adjustments.
  • Make a total of your fixed expenses: Your fixed expenses are those goods or services you pay for regularly that cost the same amount. Examples include employee salaries, insurance and taxes.
  • Incorporate your variable expenses: Variable expenses are expenses that could change depending on their use or other factors such as higher profits or loss. Examples include production supplies, the owner’s salary, and travel expenses. If you do this monthly, you can predict how these expenses oscillate with business performance. Doing this contributes to how well you can project into the future and plan budgets accordingly; whether or not to make cuts.

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  • Determine expenses you make just once: These include the things necessary for the business, but you do not require continuous payment. It’s important to factor them into the budget as well. 
  • Make a total of your expenses and subtract from your total revenue. This helps you determine whether or not you made profits.
Make the budget
  • After you have found out whether or not you have made profits, you make projections. This means you create a budget based on the review you have made in the first five steps. Also, a contingency plan for emergency expenses when budgeting is needed.

Note: Managing budget does not have to be your primary focus because you have to pay attention to your business. You can hire accountants to manage the budget and ensure you are sticking to it. There is also budgeting software that can help you track your spending.

We hope you found this useful. If you have any questions or contributions, please use the comment section. You can also reach us via our social media platforms on InstagramTwitter and LinkedIn.

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Quizzes & Trivia

Quiz: How long will it take you to accumulate wealth?

Take this fun quiz to find out how long it will take to accumulate wealth by your money habits.

You can check out our other fun and interesting quizzes here.

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Money Notes

Money Notes #28 – The Bi-Weekly Newsletter from Halo Invest

Two notes in one month. Only the most useful, relevant and practical entries on finance and money. If you like our notes, invite your friends to subscribe here.

Hot Topic in Finance 

Industry conversations we think you should know.

What is the Deal With NFTs?

Bored Apes to explain NFTs

We are glad you asked!
NFTs appear to be the new fad. Whether they’ll fade away or they are here to stay, we don’t know. We do have thoughts however about why they seem to be so popular! You can check that out on our blog.

The Breakdown

The world of finance made simple and relatable

How Do NFTs Work? 

 Remember that newsletter on cryptocurrency and the blockchain? Click this link for a refresher.
NFTs work mostly on the Ethereum blockchain (other blockchains can also support them), however, as they are Non-fungible, it only means that information stored is slightly different from what we have with the coins. There is a digital signature in individual NFTs that makes it so that it is not equal to another or can be exchanged for another.

So, how are they created?

The process of converting digital or physical data to an asset available on the blockchain and making it available for purchase is called minting. Doing this would require taking the following steps:
1. First and very important step, you create and fund a crypto wallet. Your wallet is where your NFT will be stored.
2. Link your wallet to any online digital marketplace. There are various. Examples include Opensea, Rarible, Zora, and Foundation.
3. Create the digital asset you’d like to turn into an NFT. Be sure it hasn’t yet been copyrighted. Upload it. Be sure to include a title and your description.
4. Mint your NFT. You will be charged a fee for it. This will be taken from your crypto wallet.
Here is an article you can read if you feel like you need more information.

For You

Fun, useful stuff you will absolutely love!

finance health check

Remember that article on conducting a finance health check? We curated a fun makeshift quiz to check the health of your finances. Take the quiz here.

If you found this helpful, follow us on InstagramTwitterFacebookLinkedIn, and check our Blog for more frequent updates, tips, and tools to help you improve your relationship with money.

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Quizzes & Trivia

Do a Finance Health Check

Since our article on finance health checks, we hope you have made it an action point to check the state of your finances.

We however put together this fun quiz that could serve as a makeshift finance health check before you do a thorough one!

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Features LifeStyle

What’s the Deal With NFTs?

NFTs seem to be the new rave – you know, everyone’s talking about them, everyone’s trying to get a foot in. Even if you, by chance, are not feeling the familiar tinge of F.O.M.O, you cannot deny that there hasn’t been anything everyone seems to simultaneously deem cool since the music releases of summer 2016.

This article will shine a light on why NFTs are so popular in today’s world.

First things first, what are NFTs? 

NFT is an acronym for the words Non-Fungible Token. “Non-fungible” means that one NFT cannot be interchanged or substituted with another because they do not all have the same value like the cryptocurrency, bitcoin, for example.

NFTs as seen in popular media appear to be only art by digital artists, these however are not the only things that can be minted and bought. Ownership of other things of value such as; original recipes, music albums, etc are examples of other ways you can use NFTs.

How do NFTs work?

If you read our article on cryptocurrency, you’ll definitely have an idea of how the blockchain works. NFTs, like cryptocurrency, use the blockchain system. Specifically, they’re part of the Ethereum (a type of cryptocurrency) blockchain, only it works slightly differently – nothing too serious to work yourself over; it’s just how the information is stored. 

You’ll be able to get an even better breakdown of how it works in our bi-weekly newsletter released on Fridays. Subscribe here to not miss out on the juice!

Understood, but why are they so popular then?

Before we dissect why they are the new rave, here’s a little trivia for you:

The NFT explosion of 2021 would make it seem as though it started then, but it didn’t. The first NFT ever produced was in May 2014 by Kevin Mccoy and Anil Dash; which was before the Ethereum blockchain existed.

It was called ‘Quantum’ and it was a pixelated video image of an octagon made by Kevin Mccoy’s wife, Jennifer. Quantum was sold to Anil Dash for $4. The term NFT hadn’t yet been coined; so, the technology used in minting that piece of art was called “monetized graphics”. Today, Quantum is worth millions of dollars.

The term NFT didn’t gain popularity until 2017 and there has only been more and more public awareness since then.

Back to the topic at hand…

Like any reasonable person, you’re likely to wonder why they cost so much, the reason isn’t far off. To understand why NFTs are seemingly so expensive, you have to understand that just like any collectable item such as original renaissance paintings, the value is less in the item itself than it is in the scarcity of that item. It’s in the fact that as an NFT owner, you have access to something nobody else can have.

Therefore, it would not be amiss to suspect or even suggest that just as with many investment fads, NFT ownership carries the speculation of a promise to make rich. This is because these items can be flipped at an even higher monetary value than their initial cost. 

With the classic marketing strategy of endorsements from well-known people or celebrities such as Tesla’s Elon Musk, media personality, Jimmy Fallon, and even athletes such as Neymar and Stephen Curry, it’s little wonder that more people are eager to buy into the hype.

Whatever the case, anything you would consider worth investing in must have gone through due process of thorough research, and this is no different regardless of how popular it appears to be.

However, you can look forward to our newsletter where we will be sure to explain further in very simple terms, how NFTs are generated and how they work.

We hope you found this useful. If you have any questions or contributions, please use the comment section. You can also reach us via our social media platforms on InstagramTwitter and LinkedIn.

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Features LifeStyle

Currency: Is the U.S. Dollar the strongest in the world?

With the socio-economic and financial landscape in Nigeria today, it makes a lot of sense why many Nigerians are looking into ways to make more money in another currency more valuable than the already weak naira. Given the hike in prices of goods and services, people want (and deservedly so) more value for their money. 

This is why investing in U.S. Dollar-denominated assets has gained more popularity over the years. The logic behind this is to shield against any further devaluation of the Naira. 

It would interest you though to know that U.S. Dollar, however popular, is not the strongest currency in the world, in fact, it isn’t Top 5.

The British Pound Sterling (GBP) which although is the oldest currency still in circulation today, isn’t the strongest either and it has become even weaker over the years as a result of Britain exiting the European Union.  

This article will be highlighting 3 currencies stronger than the dollar in ascending order of their strength. 

1. The Jordanian Dinar (JOD): 

an image of the 50 jordanian dinar bank note

It was created in 1949 and is the official currency of Jordan. Today, 1 Jordanian Dinar is valued at 1.41 USD and at about 585.80 NGN.

The Jordanian Dinar owes its strength to tight government policies aimed at maintaining fixed exchange rates. The Jordanian Dinar has been pegged to the U.S. Dollar for over 20 years, making it very stable. 

2. The Omani Rial (OMR): 

An image of 1 Omani Rial

The OMR which is the official currency of the Sultanate of Oman was created in 1970 when it was called the Rial Saidi and had as much value as the British Pound at that time. As of today, 1 OMR is equal to 2.60 USD, and 1,079.21 Nigerian Naira.

 The OMR has such a high rate because it was divided into 1000 Baisa, as compared to other countries whose currencies are divided into 100 units.

The OMR has also been able to maintain its stability because Oman is an oil-producing country, supplying countries all around the world.

3. The Kuwaiti Dinar (KWD): 

An image of the Kuwait 1/2 dinar

The Kuwaiti Dinar, created in 1961 after Kuwait gained independence from the United Kingdom, is the strongest currency in the world.

At the time of creation, just like the Omani Rial, the Kuwaiti Dinar’s value was just the same as the Pound Sterling. Today 1 KWD is equal to 3.26 USD, and in Naira, 1,355.03 NGN.  

The strength of the Kuwaiti Dinar is mostly owed to Kuwaiti being one of the biggest exporters of oil in the world, it has large oil reserves scattered all over the country.  

Another reason this currency is so strong is that Kuwait is a tax-free country. This is because it gets most of its government revenue (about 73%) from oil and gas as earlier stated.

This means Kuwait’s exports are more valuable than its imports. This is a piece of information you might want to hold on to if you’re thinking of doing business there. 

To what benefit is this information to you? 

If building wealth in these currencies appeals to you, you should look for ways to earn in these currencies. Do this by thoroughly researching business opportunities that serve these countries remotely or otherwise.  

This is useful information because saving in stable foreign currencies is advantageous to you in the long run.

For example, if you’re working in Kuwait and earning say 4 to 5 figures Kuwait Dinars, you can then put it into different investment options either in Kuwait or back home.

Currency investing has its different advantages, so, it’s always important to make proper research to see how you can work the different policies of these countries to your advantage.

You should check out this article on relatively strong currencies. 

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Money Notes

Money Notes #27 – The Bi-Weekly Newsletter from Halo Invest

Two notes in one month. Only the most useful, relevant and practical entries on finance and money. If you like our notes, invite your friends to subscribe here.

Money Tip

Knowledge you can use

How to do a Finance Health Check

Did you know it’s easy to run into debts and unhealthy spending habits when you don’t review your financial situation? Just as how vital it is to our health to have regular medical checkups, our finances should also undergo health checks.
Is it a rigorous exercise? Most probably, but if you’re serious about being financially responsible, you should conduct a finance health check. We’ve highlighted 7 ways you can run a finance health check in this article.

Hot Topic in Finance

Industry conversations we think you should know.

If in 2020, the future you appeared, told you that in 2022 Jack Dorsey wouldn’t own Twitter anymore and it would belong to Tesla’s Elon Musk, what would have been your reaction?!
Not long after the news of becoming Twitter’s largest shareholder, Billionaire business magnate, Elon Musk strikes a deal to acquire Twitter for $44bn. What could this mean for the users of the social media platform?

Also, there appears to be a scarcity of U.S. Dollars in Kenya. leading to directives of rationing the scarce dollars by the Central Bank of Kenya.

If you found this helpful, follow us on InstagramTwitterFacebookLinkedIn, and check our Blog for more frequent updates, tips, and tools to help you improve your relationship with money.