How You Can Use A investment club In Zambia To Achieve Greater Financial Success

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Every week a major newspaper in Zambia writes about a investment club that is doing very well. A investment club in Zambia is that group of people who pool resources together usually once a month and use the resources to uplift one of the members. This cycle is repeated until all the members benefit from the pooled resources in that investment club. In Zambia, a lot of investment clubs start small. How is a investment club made in Zambia? A group in Zambia could be of friends who have come together and decided to contribute a certain amount of money each month. This money is usually used to purchase certain items or pay bills. Women in Zambia are especially adept when it comes to starting and joining investment clubs.

However, without carefully planning, a investment club in Zambia tends to act just like a low savings account. A low savings account in Zambia is one you put money in it and at the end of the stated period, the money you get from it is just a total of your monthly savings. But there is a way that many Zambians are making investment clubs work to their benefit. How can you make a investment club work in a beneficial way in Zambia? Here is a way;  

 

What is the goal of a investment club in Zambia?

Discovering your goal is the first step you should undertake before deciding to join a investment club or forming a investment club in the first place in Zambia. What is your goal? Why do you want to join a investment club? Is it because you need extra money or is it because you want to be part of a group? Are you focused on investments in Zambia or are you satisfied with savings? The answers you give to these questions will enable you to decide the type of investment club you should join or form in Zambia.

Like-minded people in investment clubs in Zambia

Before you start a investment club in Zambia, you should endeavor to do so with people who share the same goals as you do. Of course, they should also be people in Zambia who can afford the money for the monthly contributions and those who will be willing to increase the amount of the contributions after a given time.

Grow your savings in a investment club in Zambia

It makes little sense to keep contributing the same amount of money each month only to receive an accumulated amount after several months. For example, a group of five people in Zambia contributing K.1000 each will mean that an individual will receive K.5,000 when her turn comes. This means that if the individual put K.1,000 in a box, at the end of five months she will still have the same K. 5,000, thus, eliminating the need of a investment club in Zambia.

But in a Zambian investment club where members contribute K.1,000 but an individual is given only K. 2,500 and the rest of the money is saved in an account will be in a better position to loan out the money to members in case of an emergency. Banks in Zambia allow groups to open group accounts. You can use the loan money to buy a piece of land in Zambia or put yourself through a course to boost your education in Zambia.

Use the investment club to invest in Zambia

A investment club in Zambia can serve a higher purpose as an investment group. This is where the group members contribute to start a business or invest in a project in Zambia. This does not have to be done as a group only but can also be done individually. You can decide to contribute money without using the money for a period of one year. After the period has elapsed, you can come up with a formula of giving the members a startup loan for their individual businesses. This loan will of course be repaid with profit.

Tip to remember about a investment club in Zambia

You should never save more than you are willing to lose. If you put all your life spending in a investment club in Zambia, and something goes wrong or a member defaults on payment, then you will end up being crushed. If you use your investment club as a financial vehicle, then all rules pertaining to financial transactions in Zambia should be applied. Yes, a investment club in Zambia is a great way to bring about self-improvement and achieve financial goals.

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ZANAICA is promoted and hosted by Twende, Twende, an on-demand platform and Zambia’s first superapp, that also offers motorcycles (bodabodas) and tricycles (tuktuks), on lease to own, hire purchase model. Twende promotes investment clubs as an initiative to promote savings and investment culture in Zambia. To get free investment club training, do not hesitate to contact us on facebook at https://wa.me/+254103242604, or https://chat.whatsapp.com/HNosGG0OmdWHvXnFHVSLoh or email us at zanaica@twende.store or visit Twende offices at Manda Hill, Plot 271/C.