Living in Africa as an expat has its advantages, but when it comes to making investments, it is like getting through a maze. There are plenty of options available in my opinion, having lived especially in South Africa.
Banks are on every corner; DIY(Do-it-yourself) platforms and advisors are at every turn. However – not all of them work well for me being an expat.
I remember when I started investing I was overwhelmed by the variety. Should I use local providers or should I go global? It’s a hard choice, you know. Local providers are so easy because they’re right there but what if I want to leave? Most local banks or investment firms don’t want to keep my accounts open once I’m gone from the country and that’s when things get tricky.
So I did my homework and what I found was that going with international providers is the best option. These companies are dedicated to serving expatriates, offering them a variety of investment alternatives to suit their needs. Whether I am in South Africa or dropping by Ethiopia for another expedition, I am assured that my investments are being taken care of.
But here’s the rub – not every African country is good for investing. In such countries finding a trustworthy investment provider is like looking for a needle in a haystack. And who wants to invest in a war-ravaged nation anyway? Not me, certainly.
Fortunately, there are many other African countries where it’s easy to invest. Ethiopia, Nigeria, Ghana – you name it. Still even in these relatively stable countries finding an appropriate investment provider may be difficult because most mainstream providers do not meet the needs of expats like me hence why always go for those providers who specialize in understanding unique challenges as well opportunities posed by investing within Africa.
Now let’s talk about market crashes. We all saw what happened in 2020. The stock market crashed and panic ensued. And you know what? I was one of those DIY investors who panicked. Guilty as charged. But hey, we live and learn, right?
That’s why I can’t emphasize this enough – investing is a marathon, not a sprint. Yes, there will be hiccups along the way but it’s all about staying on course. Which is why I am such a big fan of rational thinking long-term investments, from now on there will be no more knee-jerk reactions or impulsive decisions from me!
So if you are an expat in Africa looking to get into investment, here is my advice – do your homework, make wise choices and stick with them, believe you me your future self would thank for it.
Also remember that it’s never too late to start investing; there is always room for growth and improvement whether one has been around the block or just starting out. So what are we waiting for?
Let us begin building towards brighter days through investments piece by piece.
Posted Using InLeo Alpha
Posted Using InLeo Alpha
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