On October 1st 2024, Fearless Dan (@Dgeneral29) made an unbelievable post on X (formerly Twitter). In it, he explained how he made ₦101,483.77 on PiggyVest — in a single month!
We’ll be honest: ₦100,000 monthly is a lot of money. So, is this even possible?
The short answer: yes! But how? It’s not magic. It’s the power of compounding interest, and this guide will show you exactly how you can do the same with PiggyVest’s Flex Naira.
How to make ₦100k monthly on Flex Naira
As we’ve mentioned a few times, compounding interest is one of the most powerful ways to grow your wealth (whether you’re saving in Naira, Dollars or even crypto) because it allows you to earn interest on your interest. With Flex Naira, you can tap into that power by saving consistently and letting your interest grow over time — month after month.
Here’s a step-by-step guide to achieving your ₦100k monthly target on PiggyVest:
- Understand how Flex Naira works
- Set a monthly savings target
- Save like crazy!
- Watch your balance grow
- Sit back and enjoy your ₦100,000 monthly income
Let’s dive into these steps!
1. Understand how Flex Naira works
Flex Naira is one of our most flexible savings options. You can save as much as you like, withdraw at any time, and earn up to 12% annual interest. Unlike some savings plans, we pay interest into your Flex Naira account monthly — which means your interest is automatically reinvested into your earnings, and you can watch your balance grow faster.
This is where compounding comes in!
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2. Set a monthly savings target
To achieve a monthly interest of ₦100,000 in six months, you’ll need to start with a solid savings plan. Based on some back-of-the-envelope calculations, you’ll need to save about ₦1,609,400 each month for the next six months.
Similarly, you’ll need to save ₦766,936 every month for the next 12 months if you want to hit the ₦100,000 per month interest earnings in just one year.
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Here’s why:
- Interest rate: Flex Naira offers 12% interest per year. That amounts to 1% per month (a slight oversimplification, but it’s accurate if you save on the first day of each month).
- Compounding: Since we pay interest monthly, each month’s interest adds to your balance — allowing you to earn even more the next month.
3. Save like crazy!
Consistency is key! The easiest way to hit your monthly savings target is to lock in. You can set up reminders to transfer to your Flex Naira account every month so you don’t worry about missing a payment.
4. Watch your balance grow
Remember: do not withdraw — not even a kobo! You have to be strict about your spending if you want to watch your balance grow daily.
Here’s how your balance will look after each month if you want to hit 100k/month in six months:
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- Month 1: You save ₦1,609,400 and earn interest at the end of the month. Your new balance will be ₦1,625,494 (with ₦16,094 in interest paid on the first day of month 2).
- Month 2: You deposit another ₦1,609,400. With the interest added from last month, your total balance grows faster.
- By Month 6: Your total balance, including interest, will have grown enough to generate over ₦100,000 in monthly interest!
Here’s what your balance will look after each month if you want to hit the milestone in 12 months:
- Month 1: You save ₦766,936 and earn an interest of ₦7,669 at the end of the month. Your new balance will be ₦774,605.
- Month 2: You deposit another ₦766,936 to your previous savings of ₦774,605 — bringing your total savings for the month to ₦1,541,541. Now, you can earn even more interest.
- Month 6: You’re halfway there. Soon, you’ll be able to earn 100k per month on PiggyVest. Remember to stay strong!
- By Month 12: You did it! Your total balance — including interest — will have grown enough to generate over ₦100,000 in monthly interest!
5. Sit back and enjoy your ₦100,000 monthly income
After following this plan for six or 12 months, you’ll start receiving at least ₦100,000 in interest payments every month! You can choose to withdraw the interest or reinvest it into your Flex Naira account to keep growing your savings.
The choice is yours!
To summarise: if you save ₦1,609,400 on the first day of every month, by the 6th month, the interest alone will generate approximately ₦100,000 monthly. Similarly, if you save ₦766,936 on the first day of each month, your interest alone will generate about ₦100,000 monthly after 12 months!
Get on PiggyVest now!
With PiggyVest’s Flex Naira, you can make ₦100,000 monthly using the power of compounding interest. Whether you want to hit the target in six months or 1 year, as long as you save consistently and allow the interest to accumulate, you can be on your way to achieving it!
So, what are you waiting for? Start your savings journey today, and let your money work for you!
