One of the tips I remember receiving from a friend about investing my money was by getting a Unit Trust.
While striving to learn how to be more financially literate, one of the best advice I received was during open conversations with friends about their financial literacy journeys. Normally, the discussion is taboo amongst friends, especially when you are a group of twenty-something-year-olds who are still figuring out their individual finances. However, I had my first conversation with my friend, and she suggested an easy way to invest money through having a unit trust.
To be fair, when my friend explained it, she too was not knowledgeable about the working of a unit trust. Because we are both creatives, we were a bit sceptical and were more inclined to trust advice from people that studied accounting or finances. However, she explained the concept by stating two of the benefits she has had by having the unit trust. The first one she explained was that the money grows by a percentage while it sits in the account. She is a Standard Bank holder and her interest grows by nine percent monthly.
Another advantage she explained about having the unit trust is that the money is easily accessible. Explaining the process of withdrawing it, she said you would need to speak to your financial advisor or broker, and they would make the necessary arrangements to make your available.
With the year coming to end, I am using these last few months to better my knowledge and becoming financial savvy, especially with investing as a resolution to implement in the new year.