On Friday, 8th May 2020, Databank Group organized a meeting on zoom to educate the public on “The do’s and dont’s of investing during Covid-19”.
At the beginning, there was a poll on how one is coping during this COVID_19 times and after the poll, it happened that more than 30% of the people in the meeting said they were struggling. This brought about the talk on the kind of investment we should be embarking on during these period. This was likened to what can happen during our pension days if care is not taken concerning what you are investing in, how much you are investing and how prepared you are to have the comfort you need during those times. For all these to work, it was advised to “break away from our traditional mindset of investing”.
During the discussion, Databank Group introduced some of their products of which some are of long term and short term depending on when you will need your money back. Databank Group during the discussion advised that, it is better to invest that 1 Ghs or coin you have for it to grow than to put it in a money box which will still remain the same even after some months.
Moving on, Databank Group also talked about the type of risk takers and the right investment for you. According to them, we have low risk, medium risk and high risk takers.
“When your Investment is not growing, are you the type of investor who becomes sad but still wants to keep your money there? Or the type who is sad about this and want to go for the money as soon as possible? Or you are that investor who just doesn’t care about what is happening hence the money should be there?
“As an investor, you must know your ability to take risks and talk to an investment advisor to explain things to you so you will know the type of investment that suits you”.
Also, Databank Group explained some of their products of which we (The Finance Focus) have talked about already. They also advised not to invest in only one product, “you should spread your money so that if one product is not performing as expected, you will at least have hope in the other products you invested in”.
To conclude, it was stated that you should not be thinking of withdrawing money during these times but rather be investing because this is the right period to even buy shares (stocks). “As a matter of fact, you should stay at home and perform all transactions online be it registering for an investment account or topping up your investment.”
By Abigail Cole.