I have lost money before on investment apps, and I know many Nigerians who have also lost. It is not always because the platform is a scam. Sometimes, it is our own mistakes. Here are 5 mistakes I learned from.
1. Investing Money You Cannot Afford to Lose.
This is the biggest mistake. I once used my school fees to invest in a platform that promised 20% in 10 days. The platform crashed. I had to borrow to pay my fees. Never use your rent, school fees, or food money to invest. Use only extra money that even if it goes, you can still survive.
2. Believing High Return Promises.
Any app that promises you 50% return in 7 days is lying. Real investments like stocks or mutual funds give you about 10% to 20% per year, not per week. If the return is too sweet, it is probably a scam. I now run away from anything that sounds too good.
3. Not Reading About the Company.
Before I put money in Bamboo or PiggyVest, I searched on Google, I read reviews on Twitter, I asked people on Facebook. But for the scam ones, I did not research. I just saw a WhatsApp status and I invested. Always check if the company is registered, who owns it, and what people are saying.
4. Putting All Your Money in One Place
I used to put all my 20,000 Naira in one app. If that app fails, I lose everything. Now I split it. 5,000 in PiggyVest, 5,000 in stocks, 5,000 in my writing business, and 5,000 I keep in my bank. If one fails, I still have three others.
5. Panic Selling When Market Goes Down.
Bitcoin moved from 84k to 82k today and many people were shouting. But that is normal. Market goes up and down every day. If you sell because you are afraid of a small drop, you will lose. The people who make money are the ones who wait. They buy and hold for months, not hours.
If you avoid these 5 mistakes, you will not become a millionaire overnight, but you will stop losing your hard-earned money. That is the first step to growing wealth.
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