Friday 29th December 2017 1 SIGNIFICANT OPPORTUNITIES 2nd largest - - PowerPoint PPT Presentation
Friday 29th December 2017 1 SIGNIFICANT OPPORTUNITIES 2nd largest economy in Africa Growing economy agriculture, entertainment, fashion, telecoms, manufacturing, construction, Oil & Gas An entrepreneurial populace The
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TIME IS IRREPLACEABLE AND PRECIOUS; Don’t waste yours.
GRIT: Grit is defined as courage, resolve or strength of character. To have grit is to be relentless in your will to be the best. From the time you get up, to the time you go to sleep this grit in you to be the best is demonstrated in your unwavering fortitude and intention to make sure you are the most prepared you can be for every situation you will face. Grit emanates from a desire so strong that you feel that absolutely nothing will stop you from reaching your dream. You are full of energy and ready to learn all you need to learn.
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LIVE BELOW YOUR MEANS
It is very tempting when you start earning, and particularly where you have few financial responsibilities, for you to
eating
clothes, accessories, cell phones and entertainment. These can be a serious drain on your finances.
CREATE A BUDGET -TRACK YOUR EXPENSES
Review your monthly income and expenses. Track your expenses for a month; write everything down; from recharge cards to your BRT bus fare and your lunch. You will find that you can and must cut back; for example by taking a packed lunch to work
car pooling. If you are living rent and utility free, this gives you a fantastic
to set aside money to own your first property.
BE IN CONTROL OF YOUR DEBT Many young people get caught up in a cycle of debt that becomes a bitter pattern throughout their
not borrow more than you can comfortably afford to repay. Debt can become a huge burden that affects every aspect
life until it is brought under control. Good Debt versus Bad Debt Its better to borrow for things that have lasting value such as for property or an education rather than for consumables such as gadgets, clothes, entertainment and holidays. Give yourself a deadline to pay off or at least reduce the most expensive
most urgent debt. Pay bills on time so that you can build a solid credit history from now. This will be very important when you need to borrow more significantly in the future. Lending to friends and family – Money can ruin friendship. Either give what you can afford, or put some formal terms in place.
EMERGENCY FUND In your 20s, you should be working to build savings. Set aside enough money to pay for at least 6 months of your expenses in an easy access savings or money market account. In spite of demanding dependents and other obligations, make it a priority to try to save at least 20% of your income towards your goals. Pay yourself first. If you are lucky and live rent and utility bill free, help to contribute to your upkeep and save what you would have had to spend. Whenever there is extra income from a "side hustle," a gift or a bonus, give your fund a boost. Automate your savings to keep you from being tempted to spend all that you earn. Your short-term goals might include saving to buy a car, paying your rent, going back to school, getting married and starting a family, etc. Such goals need a specific plan. With the meagre amount you earn, it might seem impossible to save but you can do it if you set your mind to it; cut back
WORK TOWARDS INDEPENDENCE
WHO ARE YOU? What is your purpose? Your reputation? What impression do you leave? CAREER In your twenties, getting established in your career and earning regular income should be one of your priorities. This is the time to invest in yourself, to acquire and develop skills that will enhance your career and boost your earnings. ENTREPRENEURSHIP You might have exciting ideas about becoming an entrepreneur and getting rich, but the discipline of earning regular income in a structured environment and sticking with it for a time, can go a long way to prepare you for the future. UNEMPLOYMENT Even if there are no jobs, remember that you have unique gifts, marketable skills or talents. Discover yourself. What are you passionate about? What are you exceptionally good at? It is your responsibility to identify, cultivate and nurture them, invest in them and leverage on them; Tap into the potential for these effortless skills to earn additional income.
Each of us has unique God-given talents, marketable skills Discover yourself. What are you passionate about? What are you exceptionally good at? What are your hobbies? Tap into the potential for these effortless skills to earn income. It is your responsibility to :
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In your 20s and 30s, time is your biggest asset and the time is now. Time is one of the key ingredients of successful investing. THINK LONG TERM: Historically, the stock market has out- performed other investments over the long term, but it comes with risk. Most people don’t have the time or expertise to select individual stocks and as you probably
fund may be a good option with entry points are as low as N5,000. INVEST IN PROPERTY: Real estate is
the best investments of all; Of course renting or living with family seems like the only option for now, but with big dreams you can get
the property ladder early; it is truly transformational. Start small, but get started. RETIREMENT? Saving for retirement in your 20s, when retirement is an entire lifetime away seems absurd, right? You've got four decades to save for your retirement so why “waste” tight funds now? All investing comes with risk. Embrace risk; you can afford to; but seek professional advice. Your 20s are an exciting time: enjoy the ride.
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“Don’t put all your eggs in one basket” Don’t invest everything in your business – it may not meet expectations – It can fail Having a variety of investments helps to reduce your overall risk and helps to reduce the volatility of your investment returns over time. Diversify by different asset classes, sectors, management styles, geographic areas, and currencies. Every individual ’ s asset allocation is determined by life stage, unique circumstances, and financial goals.
MUTUAL FUNDS Flexibility Easy and convenient Diversified Portfolio Liquidity – ease of redemption Professional management Online monitoring Invest with modest sums (N5,000 / N10,000 / N50,000)
Features
– Fixed interest rates: Most FGN bonds have fixed interest rates which are paid semi-annually.
with maturities of 3. 5, 7 and 10 years, in issue.
investment instrument. Default Risk
subscribers on the agreed date.
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Far too many young people take their physical and mental health for granted and do not proactively do all they can to ensure that they can maintain it. "Yet studies reveal that most people who adopted five healthy habits in their 20s – a lean body mass index, moderate alcohol consumption, no smoking, a healthy diet and regular physical activity, stayed healthy well into middle age." We hear of far too many young people dying suddenly from silent killer diseases that may have been lurking but were ignored
medicate with painkillers without knowing its cause. Do you know your family medical history? It helps identify a higher-than-usual chance of having common disorders, such as heart disease, high blood pressure, stroke, cancer, and diabetes, sickle cell.
Your 20s and 30s are not without risk, so it’s important to protect yourself, your loved ones and your assets should things not go according to plan. Yes, enjoy your life, but do also be prepared for life's contingencies. You may not have much in the way
protects you against serious setbacks that could prevent you from accumulating wealth. ▪ Auto insurance ▪ Renter’s insurance ▪ Health insurance ▪ Life insurance Don't wait for an emergency to wish you had insurance.
Don’t underestimate the importance of the company you
select serious minded, motivated, ambitious people who build each other up and encourage you to achieve your goals. Remember, "the Jones’ are broke". If you are constantly trying to keep up with them and go through life keeping up appearances, you will have very little chance of financial security; you will continue to live from salary to salary which eventually spirals out of control into that never-ending cycle
debt. If your friends are causing you to spend excessively or make you feel bad about your humble means or efforts to cut back, its best to withdraw. Everyone has his or her own path. Don't get distracted by following someone else's path; you just don't have enough information to understand what guides them. Stay focused on your own journey towards your own SMART
Sadly, much more preparation is going into weddings than marriages. It is most disturbing seeing the number of young marriages break up before they’ve barely started. There are far more important issues than a person’s looks, money, possessions, and interests. Don't cave into societal pressure to marry an unsuitable suitor. Are your core values aligned? This matters over a lifetime. Is your partner God-fearing, ambitious and hardworking? Do they support you, motivate you, celebrate your success, or do they feel threatened by it? Do they treat you with respect and regard? Don't compromise on this just because it is "time" to be married. Even as you start out, there will be tell tale signs. Money matters are a most revealing aspect
the
serious. While it matters whom you marry, making a “right” decision does not guarantee a successful marriage. Remember, after choosing, there is much work to do over a lifetime to make a marriage work.
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