Financial education does not have to cost a fortune. Today, many first-class resources for investors are free. In Nigeria, thousands of residents invest in currencies, stocks, and derivatives online. If you are striving for financial independence, here are the main sources of inspiration.
Begin with credible news websites like Financial Times, CNN Money, the Economist, Bloomberg, Wall Street Journal, etc. Start reading about what is happening in the world of money-making. Resources like The Balance have a wealth of information for beginners. There are articles on trading, investing and personal finance. Investopedia offers a wealth of info, too — for instance, check its free dictionary of investing and financial terms.
Popular sites also feature the latest news from the stock exchange. These reports will help you understand how the market works. Finally, many financial media outlets have dedicated YouTube channels. For example, you can watch the Economist, Bloomberg Quicktake, and Yahoo Finance. Overall, there is no shortage of free educational resources.
Apps And News Alerts
You may find apps from your favourite financial news companies. All major organizations like CNN have proprietary software. Install it on your smartphone to monitor the news at a glance. Listen to NPR’s financial podcasts (such as Planet Money) on the go through its handy app. You may also subscribe to alerts on the websites.
In addition, consider investment apps like the FXTM Trader. It gives 24/7 access to news from the biggest markets, as well as 250+ instruments. Developed for the Forextime broker in Nigeria, it is an essential source of information for local traders. You can monitor the stock exchange, the currency market, derivatives, commodities, indices, metals, and more.
The broker also provides plenty of educational content on its official website. For example, you can learn about the advantages of commission-free ECN trading in Africa. There are overviews of popular investment strategies for different instruments and markets.
Finally, there are plenty of apps for personal budgeting. They allow you to keep track of your expenses and manage finances prudently. For example, compare Personal Capital, Mint, and YNAB. All of them are free.
Online And Offline Libraries
You may find the best books on finance and investment in your local library, and you can download them online. Do not limit yourself to just one financial instrument. You will benefit from learning about the psychology of traders and investors in different markets. If you have a Kindle, getting access to the best titles is a breeze. In 2021, some of the most recommended books are:
- The Intelligent Investor by Benjamin Graham;
- The Little Book of Common Sense Investing by John C. Bogle;
- A Beginner’s Guide to the Stock Market by Matthew Kratter;
- The Only Investment Guide You’ll Ever Need by Andrew Tobias;
- Warren Buffet’s Ground Rules by Jeremy C. Miller.
favouriteGovernment and Non-Profit Websites
Any website promoting financial services or products has an agenda. To get a balanced view, visit the official resources of industry regulators, such as the Financial Sector Conduct Authority (FSCA) in South Africa. The entity provides dozens of useful links to materials on financial literacy, trading brokerage, etc.
The official website of FINRA’s Investor Education Foundation is packed with useful content. It includes research, videos, quizzes and other tools. The organization oversees brokers and dealers in the United States, but the insights are universal.
Social media may be regarded as the bane of modern society. However, it does bring benefits when used wisely. For example, you may join investment-related communities and follow finance media sites.
YouTube is a treasure trove of information. The sheer number of tutorials covering currencies, stocks, and derivatives is mind-blowing. Entire channels are dedicated to trading. Often, they are hosted by prominent experts. For example, consider Warrior Trading. Be careful, though, and do your due diligence on the teacher before adopting any strategies.
In recent years, Nigeria has embraced online investment and Forex trading in particular. International brokers offer cutting-edge tools for capitalizing on the dynamics of the largest financial markets. If you want to develop your own acumen, be patient and keep learning. Nobody turns into a shrewd investor overnight. Fortunately, there are a plethora of educational resources, and many of them are absolutely free.