4 Money lessons this holiday

4 Money lessons this holiday

It’s the long holiday. Your children will be away from school and with you at home for at least eight weeks. Looking forward to building memories together? We bet you are. This holiday is, however, a perfect time to ingrain lifelong money lessons in your children. You can teach them to value money. Let them understand that mum and dad work for money and that most of the things they enjoy were bought with money and should be handled with care.

The practical steps below will help you inculcate these lessons.

 

  1. Kickstart a savings culture

Children get loads of gifts, many times monetary, from their parents and other family members. Teach your children to always save a part of any amount they are given. If they are at the age where they get stipends, teach them to save a fraction of their allowance. You can begin with a visible piggy bank where they physically drop the money and progress to a young savers account or Money Market Fund as they get older. Share their account balances with them periodically so that they see their money growing.

  1. Let them set savings goals

Saving is significantly easier when you are saving towards a goal. Teach them the value of financial goals. Let them identify something they really want. Calculate the cost and how long it will take to save for it if they save an amount from their daily allowance. Keep a record of the savings and track. Remind them periodically- e.g. five weeks to your new Play Station game. When the time is done, and the money accumulated, open the safe and buy them the game. They will feel very fulfilled and value the game.

  1. Allow them to earn money

As they mature, it’s important to teach them the importance of labour and its connection with resources and fine living. You could give them specialized tasks that are not typically among their chores and pay them for it. If there are old enough to work during the holidays, encourage them to get safe holiday jobs.

  1. Celebrate their milestones

Nothing propels progress like encouragement and reward. Celebrate their saving milestones with lavish praise and treats. If your child saves consistently for a whole school term, for instance, you could take that child to the movies as a reward for consistency. The child who saves for a PS game can also get ice-cream in addition. These rewards communicate that doing the right thing is always beneficial eventually.

 

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The stage is set for ARM ENGAGE (III)

The stage is set for ARM ENGAGE (III)

The date is fixed, and stage set for the third instalment of the ARM ENGAGE event hosted by ARM Pension. On the 26th of July 2018, the brand will open the doors of Terra Kulture to NYSC and fresh graduates for an educative and fun session themed “The Millennial Professional”.

This event aims to inspire and prepare the younger generation for the professional life after university and youth service. To achieve this, personalities like Zainab Balogun, Emma Oh My God and Iyinoluwa Aboyeji have been invited to speak on topics that touch every stage of the target audiences’ professional life and growth.

The most recent instalment of the event which held in November 2017 with the theme “The 21st-century entrepreneur” had speakers like Bolanle Austin-Peters, Adebola Williams, Bosun Tijani and Cobhams Asuquo. Each of these speakers held the crowd spell-bound with topics that ranged from Embracing the Glass ceiling, to Find your rhythm.

With over 500 persons in attendance, the event achieved its aim of bringing a crop of young individuals under one roof to prepare them to excel at being 21st-century entrepreneurs.

The Managing Director of ARM Pension Mr Wale Odutola while appreciating the reach and impact of the previous ARM ENGAGE events, is optimistic that this edition slated for July 2018 will be a big boost to the preparatory efforts of the next generation of industry leaders.

 

Register here to attend ARM ENGAGE (III)

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Maximizing funds this holiday

Maximizing funds this holiday

Holiday means the children will be home with you. But it also means another session is approaching and school fees are around the corner. With holiday treats and expenses piling up, there is a need to conserve resources as much as possible. Is there a way to moderate holiday expenses and still give your children a good time? Consider the following tips.

 

Buy in bulk: you know the biscuits and drinks your children enjoy, make the difficult choice of buying a carton. It will eventually make more financial sense.

 

Cut down on the variety: Resist the temptation to buy the food variant each child prefers. Rather buy the one all your children enjoy.

 

Choose summer school carefully: Look for an option that delivers value without blowing your budget. Finding a school close to your house or office could also help you save on transportation expenses.

 

Invite trusted family members: If you have retired parents or available siblings you trust, invite them to stay with you over the holidays. Keep communication lines open and teach them how to care for your children.  It will help you save on nannies.

 

Schedule your leave to match their holiday: scheduling your time-off-work to fall during your children’s holiday will ensure you are there to take care of them yourself. Apart from cutting out nanny costs, this will also enable you to manage your resources to last all through the holidays.

Help your children understand that the good things in life come at a cost and waste must be avoided. Teach them the art of saving this holiday.

 

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What to do if your child performs poorly at school

What to do if your child performs poorly at school

Every parent expects their child to come home with a good result after a school term. A good result assures them that their enormous investment in the child’s education is valued and likely to birth returns. However, this is not always the case. Parents sometimes must deal with their children’s unsatisfactory results. What is the best way to handle such occurrences? The tips below should help;

  1. Approach the situation with calm

Naturally, your first reaction would be to express your disappointment in the child. This might however not be the most productive thing to do. It may help not to respond immediately but give yourself time to relax and approach the situation from a place of calm. It will help you think things through.

  1. Focus on the positives

It is unlikely that the child would have failed at all his/her subjects. Consider the subjects with more encouraging grades and the comments from the teachers. It could be an indication of the child’s strengths and interests.

  1. Find out what went wrong

Not every bad result is a consequence of poor preparation, the child could have had challenges understanding the teacher, be finding it difficult to adapt to a new school or struggling with peer pressure. At other times, laziness and poor preparation are the culprits. Whichever way, identifying the problem area will help you find a fitting solution.

  1. Develop a practical plan

There is no doubt that the child needs help. Together, work out a practical plan that would help the child do better next term. Could be earlier nights to ensure alertness in class, a reading plan through the school term, a tutor for extra classes, a change of academic direction or even a change of school or living environment.

  1. Keep the communication line open

Do not wait till the next result season to discuss the child’s progress. Periodically check in with the child and tutors to ensure your plan is working. Follow up on their continous assesment tests and assure of your willingness to listen to their challenges and help them overcome it.

 

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World cup ready? Let’s confirm

World cup ready? Let’s confirm

So, it’s 8 days to the world cup, how ready are you?

We compiled a list of the five most essential things you need to have a fabulous time this world cup season. Check them out!

  • Evenings free; This is not the time to work long hours or have weekend duty. What to do? Report for work earlier than usual and maximize your mornings. No faffing or dulling, get to work in good time, do your work well so that you can leave on the dot of the closing time. If your boss is also interested in football, it should be an easy ride. If not, well, all you can do is try.

 

  • Data & Tv subscription; Don’t be that guy that waits till the morning after to glean match gist from his colleagues. Renew your cable subscription and keep your phone data-full. If you live really far from work, you might not need to subscribe for cable TV, what you can do is locate a decent& safe viewing center around your office.

 

  • Sure guys; There is nothing as disappointing as watching a great match all by yourself with no one to analyze the moves or celebrate the moments with. This is the time to connect with two or three of your favourite football buddies. Be open to making new buddies too, nothing unites like good football.

 

  • Settle Bae; Bae can stress you this season with constant complaints of how you are colonizing the TV remote and no longer have time for her. Perhaps you should buy her the hot new Nigeria jersey, and explain the match schedule to her- more like take a leave of absence. You can also buy her that book she’s been talking about or help her subscribe to a movie streaming application. P.S Think dialogue and compromise.

 

  • Money sense; If you look closely, you’ll observe that all the things listed above are going to cost you money. Yes, the world cup is likely to increase your expenditure. That’s why you need to wise up. Ensure you invest right before the spending spree starts. All you need to do is download the PayDay Investor app, follow the few and easy steps to complete your registration and start investing. That way you will have money kept aside, safe from the pressures of world cup spending and won’ t have a reason to sing ‘had I known’ later.

Finding it difficult to complete your registration? Please email [email protected] for prompt assistance.

We wish you a season of fantastic football.

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My dream wedding

My dream wedding

Typically, when do people start dreaming about the wedding of their dreams?

That moment when your heart stops as it realizes it has found permanent connection with this person and forever is a huge possibility? Perhaps the day after he pops the question, or she screams yes? Maybe much longer, before you even catch the glimpse of the one.

Your wedding is arguably the most capital-intensive party you will ever throw, the expenses are endless. Many have found themselves in an endless pit of unpayable debt all in a bid to get married in style. Others have emptied their accounts and started their new homes on shaky financial ground. Does it have to be that way though?

The average lady has a picture of her dream wedding way before wedding bells ring. The average man might not particularly have a clear picture, but he looks forward to this all-important event and hopes to be able to splurge to his heart’s content. Truth be told, there is no problem with dreaming. As a matter of fact, everyone deserves the wedding of their dreams and everyone can have the wedding of their dreams, if they plan for it.

So, when is the ideal time to start planning? Hmmm, what about right now?

Yes, you are still in school and your wedding is the least of your concerns. Now is the best time to start. You can invest as little as one thousand Naira weekly. Set a goal on your PayDay Investor app, and just forget about it. Imagine how much you would have seven years later when you are finally ready to marry, accrued interest & all? That would be the most pressure-free wedding ever.

Maybe you are many steps ahead, serving your fatherland or at your first job. Bae is still in hiding and you have more pressing needs. But you know what they say, love happens when you have other plans. You should consider the ARM Life savings plan. Just set a direct debit order to save five thousand Naira monthly and take your mind off it. With the sum assured and interest accrued, you will be more than prepared for your big day by the time your investment matures.

It could also be that you are way past the stages described and bae has not only put a ring on it, you already have a date, few months away. It’s not too late. The ARM Money Market Fund is perfect for short and medium-term goals. You could open one and start investing towards your Honey Moon and take that off your worry list.

And if your wedding already happened and you are recovering from the staggering expenses. Take a cue from experience and start preparing for expenses ahead. Babies are expensive, and the interesting part is, their expense is recurring, best to be prepared. Our Education Plan is definitely a step in the right direction if you are looking forward to blissful parenting.

Key takeout, whatever stage you are in life, plan well and the next stage would be significantly easier.

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Paying rent and housing inconveniences

Paying rent and housing inconveniences

The events from last week Saturday reminded me of why I want to get my own house.

“Ferix! Ferix!” The baritone voice of my annoying neighbour Okwudili boomed. I rubbed the sleep from my eyes, yawned and got up from the bed grudgingly. Nene, my wife opened her eyes in time to silently urge me out quickly before the man’s incessant shout wakes our 3-month-old daughter.

When I got to the door, I angrily drank in Okwudili’s stout frame clad in loose camouflage shorts and white vest struggling to break free of his protruding stomach. “Ferix, I’ve been calling you since. Abeg come and move ya car, I want to drive out” he said without a single care in the world.

“But I asked you to park inside yesterday evening and you said there was no need because you were not going anywhere today” I responded, now obviously livid.

“So, somebody cannot change his mind again? Please come and remove ya car let me go out” he spat out then turned and walked away.

“You need to stop this nonsense o Okwudili… and by the way, my name is Felix, not Ferix” I called out after him. He marched on like I hadn’t even spoken.

I was angry. No, scratch that. I was infuriated.

If it wasn’t somebody waking us up at unexpected hours, it was another playing loud music and disturbing the baby, not to mention those who leave the pumping machine on till the water runs over and floods the entire outdoor space. Just last month, my car had borne the brunt of Okwudili’s fight with Baba Feyi. After so much begging, I let the huge dent they left on my car slide.

Now, I’m fed up. Nene is as well, and she didn’t mince words when she made it known.

“Felix, you and I need a quick solution to this issue. It’s either we use the money we’ve been accumulating in our savings plan to get an apartment with just two tenants or we start building on that our land around Amuwo Odofin. If you’re not tired of this madness, my dear I am” she said. My wife Nene doesn’t talk much, so this long sentence drove home her point.

My dream

I have always wanted something small and fancy – just appropriate for my small family. I had dreamed of a bungalow in a serene vicinity with 4 rooms and enough outdoor space to accommodate our love for fitness.

Our kids loved to play as well, a spacious compound would be just ideal for them. This dream has, however, remained a dream for too long.

It was time to put actions behind the dream. I had started a savings plan for this purpose five years ago and it has reached maturity.

I picked up the phone and called my architect friend Dipo. The plan for the bungalow must start coming alive now because, by the end of next year (all things being equal), we need to be in our own home. It may be more responsibility, but I think I’m done paying rent and housing inconveniences.

 

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How helpful are personal loans & cash advance options?

How helpful are personal loans & cash advance options?

It feels like a cold drink after a day in scorching hot sun, promising immediate relief and resolution of the situation that had you confounded. You have an emergency that requires finances. And just when you were about to go insane with worry, you discover the amazing option- personal loans & cash advance. Wow, the world is not a terrible place after all. In a matter of minutes, the paper work is done, your phone is beeping with the alert and you can finally smile at your mechanic, landlord, child’s school principal, doctor or whoever it is you need to pay to settle the emergency. Looks like a great story with a happy ending, right? Let’s find out.

How do personal loans & cash advance work?
It depends largely on the organization issuing the loan. If it is a bank, it will be required that you have an active account with them. Preferably, your salary account. That way they can ascertain your credit worthiness and process payment from source. If it is a microfinance bank, credit house or other such financial institutions, you will need to supply proof of employment and a few other documents. Although the loans often do not require collateral, interest rates will apply.

Pros of personal loans & cash advance
Speed & ease of access– these loan options are everywhere, and they are easy to access. Barring any complications with your documents, they can be processed within a few hours.

No collateral– you would most likely not be required to sign off your car, house or any assets as collateral. The loans are awarded based on employment status and ability to pay back.

Easy payment plan – the loan is often spread over a period, could be as long as 12 months, reducing the effect on your wallet.

Cons of personal loans & cash advance
Exorbitant Interest rate– The interest is often extremely high, sometimes well over 40%. This means you pay much more than you borrowed and would be tied down for a longer time. This interest sometimes accrues, meaning the longer you take to pay, the more you have to pay.

Incapacitated finances: Since you would be paying the loan over time, it means your purchasing power will reduce during that period as you would have to do without a substantial chunk of your income. Unfortunately, your needs will not understand that you are repaying a loan. The bills will come in as usual. This would imply that you might end up needing cash advance/payday loan every other month.

Limits your planning abilities; since your income is losing a substantial chunk, you would have no choice but to settle immediate needs with whatever is left. Consequently, you will be unable to save for major projects or invest for the rainy day. This could easily lead to financial stagnancy.

Puts you at greater risk – Things sometimes take turns we do not expect, having a loan around your neck could make such unexpected occurrences even more complex. God forbid a downsizing at the office affects you or your spouse falls ill and is unable to work for a while. Apart from the worry of managing slim resources to get by, you would also have to worry about the loan you are servicing. Health emergencies or accidents could also occur which could lead to more loans, bad financial decisions, and a vicious cycle of financial woes.

What’s the best option?
Loans are beneficial when the capital raised is invested for greater returns than the interest on the loan. If you truly desire financial freedom, your answer lies in proper financial planning and budgeting. These will ensure that you are not only able to live comfortably through the month but also have something stored for emergencies and other projects.

Four Quick steps to financial freedom
1. Have a budget- a budget is not negotiable, it helps you balance your needs vis a vis your income and plan your spending accordingly. We discussed budgeting in greater details here.
2. Live below your means- Don’t spend as much as you can afford or more than you can afford. As much as you can, spend a little less than you can afford to. That way, you can live comfortably without running into financial trouble.
3. Get a financial plan- What stage are you in the financial lifecycle? Do you have dependents? What is your financial growth plan. What financial choices suit your current stage? What investment opportunities should you be interested in? A sound financial plan will put all these in perspective. Talk to an advisor here.
4. Save/Invest consistently; saving is good as it ensures you have a nest you can fall back on during emergencies. Investing is however the real deal as the money doesn’t just sit cozy in an account, it gets to work and brings you more money. That way you get more in your reserve. Explore investment opportunities that require as little as 5,000 Naira here.

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Oya, let’s run!

Oya, let’s run!

I am in the fight of my life. No, jokes apart, this is me literally defining my future and it is funny how a run could seal my fate.

I saw Mercy for the first time on my way to work while she did her morning run. It was still a bit dark, but what I saw in her caught my breath and had me running after her in my suit and backpack.

When I finally got close enough to signal to her, she took away her earpiece and I realized she didn’t even hear me calling.

Plenty phone calls, dates and day-dreams later, I can confidently tell you that she is the one for me. My family have heard so much about her that now, I think I may put a ring on it.

But Mercy, my darling headstrong and strongly opinionated Mercy is putting me on high jump. She is very conscious about her health and even the future- hence any man that would be ‘hers’ must be at par with her on both levels.

First, she made me start upping my contributions to my Retirement Savings Account – says even if we don’t end up together, I’ll at least remember her when I’m enjoying my retirement (who wants to end up without her? *scoffs*). Now, she wants me to get on the healthy train.

Me? I don’t even have time for all these fitfam wahala or eating healthy ish – I have one life o jare and I plan to enjoy it. But the problem is, I can’t enjoy it without Mercy.

Mercy has suggested that I start small on the fitness matter. She registered both of us for the Run For The Future run/walk slated for April 14 and has now told me to start doing what she calls ‘practice runs’ just to prepare.

I know she means well for me but this one is double wahala – I’m stuck between the devil and the deep blue sea here. On one hand, I’m scared of losing her if I bolt from this run, on the other hand, I’m afraid I will not complete the race on that day and disgrace myself in front of Mercy.

Having weighed my options, I’d rather do a half-run than lose Mercy. But this half-run thing is not even a palatable option – so I guess I better hit the road for the practice run. I might just build enough endurance before the run day to avoid the shame of stopping half way.

Oya o, let’s run!

 

Wakanda person hasn’t registered to Run For The Future yet?

Register Now!

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Source: Articles

In the news: Nigeria to issue N150bn green bonds in 2018

In the news: Nigeria to issue N150bn green bonds in 2018

PUNCH

Petrol demand hits 50 million litres daily, NNPC incurs N24bn monthly as subsidy

The Nigerian National Petroleum Corporation on Sunday announced that it was spending N774m daily (about N23.99bn monthly) as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country.

Nigeria’s economy recorded N22.1tn trade in 2017 —NBS

The National Bureau of Statistics on Saturday released Nigeria’s trade statistics for the 2017 fiscal period with the country recording an increase of N5.5tn in trade from N17.3tn in 2016 to N23.1tn.

Oando minority shareholders accuse SEC of cover-up

Minority shareholders of Oando Plc under the aegis of the Proactive Shareholders Association of Nigeria have submitted a fresh petition to the House of Representatives Committee on Capital Market and other Institutions, accusing the Securities and Exchange Commission of shielding Oando Plc from probe.

Amend SEC law to ensure proper IST funding

The Chairman, Investments and Securities Tribunal, Mr. Siaka Idoko-Akoh, has appealed to the National Assembly to amend the Securities and Exchange Commission Act to guarantee proper funding of the tribunal.

Thailand to establish rice mills in Nigeria – Minister

The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria.

THISDAY

Nestle to Pay N22.7bn Final Dividend as Profit Jumps by 325% to N34bn

The Board of Directors of Nestle Nigeria Plc has recommended a final dividend of N21.798 billon or N27.50 per share for the year ended December 31, 2017. This will bring the total dividend to N33.687 billion or N42.50   per share for the year.

Investors Invest N39bn in Equities on Positive Sentiments

Renewed investors’ confidence in equities boosted the value of trading by 79.7 per cent to N39.087 billion last week up from N21.740 billion the previous week.

VAIDS: Adeosun Asks Taxpayers to Demand Written Notices from Tax Officials

The  Minister of Finance, Mrs. Kemi Adeosun, has advised taxpayers to demand for written notices when they receive phone calls from tax officials. The admonition was in response to the activities of some fake tax officials purporting to be officials of the Voluntary Assets and Income Declaration Scheme (VAIDS).

GUARDIAN

15 new airlines seek operating permits as business booms

About 15 new private and commercial airlines have applied for operating permits as the demand for air travel steadily rises in the country.

Oando announces delay in release of full year 2017 result

Oando Plc has announced that the 2017 full year result will be delayed due to request by the Financial Reporting Council of Nigeria (FRCN), to undertake a more detailed review of the company’s results.

VANGUARD

Nigeria to issue N150bn green bonds in 2018

Following increased calls for climate funding, Mr Ahmad Salihijo, a technical assistant to the Minister of Environment, said the ministry planned to issue N150 billion green bonds to the public.

Foreign investors inject $10.6bn in I&E in 2 months

Foreign investors have injected $10.6 billion into the economy  through the Investors and Exporters (I&E) window since the beginning of the year, even as they intensified demand for Nigerian Corporate Eurobonds listed on the London Stock Exchange (LSE).

NAICOM directs weak insurers to seek mergers, acquisition

National Insurance Commission, NAICOM, has called on weak insurance companies to seek opportunities for mergers or acquisition.

BLOOMBERG

Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. But with fuel costs surging and government spending swelling before next year’s election, he may struggle to reach that threshold at a time when the pace of price growth is still just over 15 percent.

 

 

 

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Source: Articles