This table is a very large and shaky one…
A lot of people have stories that are better left untouched because of the painful memories attached to them– stories of how investments and hard-earned money all went down the drain as a result of trusting the wrong people.
For anyone staying in Russia or generally any African in the diaspora, there is always that nudging feeling to have something you can call your own back home, be it houses and landed properties, investments in the form of different businesses, agriculture and other things.
Different people have different reasons for making these investments, some see it as a retirement plan, a way of saving for the rainy days, a means of passive income, and for others, it’s just vibing so that when they visit home they can accord you the respect you deserve. Yes, we understand you boss. Hmmm.
Whatever reasons you might have for investing back home, you are allowed to have your opinions and nothing should stop you from taking steps in starting something.
A lot of people have awful stories from their experience of investing back home without proper monitoring but it does not mean everybody’s story will end that way. From the experiences of people and tales from others that are ahead of you, these are the lessons to learn to prevent stories that touch…
1. Shine your eyes: Simple but profound… Yes o! Be alert. Before taking steps towards starting that business or building that duplex in your town, please do your research. Speak to people and consider all the important factors namely location, availability of the materials you need and labour. Be ready to ask questions and receive answers. Na who talk, people fit help.
2. Screen the people intending to work for you: Even if they are family members, screen them as you would any other person. Do they have a bad pattern with money? Have they made bad decisions with money they have refused to learn from? Are they financially stable or not? All these to an extent will show what to expect when you work with them. Please don’t ignore any red flags.
3. Make sure you have the financial means to finish what you started: Uhm… “My friend started a business so I must start” ideology is not a good reason to invest or go into business. Just make sure you have something tangible. Before embarking on your project, ensure you have all it takes including the money to fund this business or project.
You might not have gathered all the money needed but at least there should be a source where the money for the business or project you are intending to fund will come from. This is not a matter of when we get to that bridge, will we cross it. Plan how you will cross the bridge now!
4. Monitor your project: Brothers and sisters, ask for pictures and videos. Insist that they send you pictures. Monitor the materials used. Video call whoever is in charge. Some people will even go as far as buying substandard materials just to make their own extra profit from the job. Let them know your preference and see to it that they carry out whatever you tell them. You need get strong mind for this one…
5. Employ a monitoring spirit: To avoid stories, screen everyone since you cannot be present physically to see how the progress of your project is going. Have someone you trust to carry out periodic check-ups- let us call these surprise visits. Oh yes! Have someone spring up at the project site secretly or even openly. Get updates from them as regards the progress of the project. These people are going to be your eyes and ears,
And don’t just give them this position because of familiarity, bring someone you trust to execute this job properly. There is always someone capable and trustworthy, and may you find them.
You can’t be relaxed in the diaspora thinking all is going well. There is a level of involvement that you project that will make people take you seriously and know not to try nonsense with you.
Just like it is stated above, investing back home is not bad. In some cases, it even has several benefits, especially for the future, while for others, don’t try it at all. So, after all that has been said, to invest at home or not still comes down to the individual circumstances.
If you have already fallen prey to scammers and people who just squandered your money, it is better to play it safe and just look for other means to invest.
This issue is very sensitive and everything should be done at one’s discretion. We wish you good luck!
