Avenues for Saving towards Future Security
Savings are needed for future purposes. We must always know that misfortunes can happen and we must always prepare for them. There are various avenues for saving towards future securities. Some of these are:
SSNIT (The Social Security and National Insurance Trust): This is a deduction made from every government worker's salary. All these monies are paid to them when they go on retirement.
Insurance: This is a way of insuring the future. There are many insurance companies in the country with nice policies. Some of these policies are educational policy, funeral policy etc. These policies are divided into various aspects of life such as education, life, home, funeral etc. These policies secures our future.
Savings: This is a way of putting aside money for future purpose.
Investments: This is the act of investing, putting money into an enterprise or business with the expectation of profit. Investment can be done by buying shares in a company, this makes them part of the beneficiaries of that company. Some people invest in treasury bills.
A Treasury bill is a short-term obligation that is not interest-bearing. It can be traded on a discount basis for ninty-one (91) days.