Activist Reno Omokri has made a post on instagram stating that Saving money in banks is like managing your poverty also stating that managed poverty is still poverty.
He continued that no bank on earth will give you interest rates much higher than the inflation rate. He said contrary to saving up in bank, invest your money, invest in forex, shares, and land.
He encouraged trading, buy from village farms and resell in cites. Stating clearly that the only need to save money is to invest.
Estimating #1 million saved in 2015 and its interest added interest in 2020. He said at the end of the day, your money will worth be less than the day you deposited.
“Saving money in banks is like managing your poverty. Managed poverty is still poverty. No bank on Earth will give you interest rates much higher than the inflation rate. Instead invest your money. Buy forex. Buy land. Buy shares. Go to village farm markets and buy produce for resale in cities. The only reason to save is to save to invest. ₦1 million saved in 2015 was worth $8000. In 5 years, the bank gave you ₦500,000 interests. Now your ₦1,500,000 is worth $3800. On the day of maturity, your money is worth less than on the day of deposit. Who did you save? The bank or your self? Don’t save money. Save your future! Invest wisely. Don’t save foolishly!”