tobiaboG:
God bless d Op & all d meaningful commentors. Ds has been a blssing & an eye opener. Thank u all

Bless you too. And may God increase your wisdom....

dearpreye:


Yeah. My woman knows when I'm damn broke. My patience decreases. Become agitated. Easily angered. Touchy. Name it.

Well, no be only you dey do so, Oga, it's quite common with men to be touchy and edgy anytime they are down to their last dime... and na we the wives dey always bear the brunt.

That is why we are always quick to advise and point out loopholes when they whip up crazy and unrealistic notions on how to go about any particular expenditure that might end up in flames in the long run.

Woreva:



Well, no be only you dey do so, Oga, it's quite common with men to be touchy and edgy anytime they are down to their last dime... and na we the wives dey always bear the brunt.

That is why we are always quick to advise and point out loopholes when they whip up crazy and unrealistic notions on how to go about any particular expenditure that might end up flames in the long run.

I can't agree more. It's a case of you people seeing the end from the beginning

I pray to listen more. The rich listen more.

dearpreye:


I can't agree more. It's a case of you people seeing the end from the beginning

I pray to listen more. The rich listen more.

Yes ooo! I call it the "Third Eye"!

blessingee:
I had a friend who when we started work, got a job with a bank and was saving 100k monthly from his salary into a sinking fund for 5 years, and by the 5th year, he had enough to buy himself a 3 bedroom bungalow just from money he didnt have need for since he wasn't someone who believed in doing business. Though it wasnt easy for him at the beginning, but as time went on, his salary went up and he was able to save more comfortably...while his mates were getting loans to buy big cars and rent 1.5m appartments, he was saving, I cannot tell you how much he has saved since buying his 3 bedroom flat in 2010 and now is an AM in the bank, do the maths...

Pls what's a sinking fund? Can you give examples

dearpreye:


Theory!

I admire the way you itemise and explain your points on issues. It's kinda fascinating. You come to me as someone whose sole intent is to ensure the receiver totally decodes your message with little or no confusion. Keep it.

@forget the bolded...I have people I look up to in every aspect of my life...I don't joke with them and can't trade such relationships for anything...

For the rest of your comment...thanks...I am grateful boss

ideykwum:
Alphafrank, I think I can do better than that. Inbox me your email address and I'd see if I can send you some e-books in those areas.

If you like reading, I can send you a lot!

Wish you the best in your endeavours!

Pls am interested also

Harveyspecter511@gmail.com

harveyspec:


Pls what's a sinking fund? Can you give examples

[b]A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. [/b]Insurance companies here practice it more with varying policies e.g children's education, 5 year personal plan, all you do is drop an amount monthly, and you wont access it within a stipulated time frame, lets say 5 years and upon expiration of the period, you get your total sum plus interest.

It takes a lot of discipline and determination....but it is achievable...whenever am invited to speak on financial issues, i always cite this example because a friend did it conveniently and i have one myself currently in its 3rd year...

blessingee:


[b]A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. [/b]Insurance companies here practice it more with varying policies e.g children's education, 5 year personal plan, all you do is drop an amount monthly, and you wont access it within a stipulated time frame, lets say 5 years and upon expiration of the period, you get your total sum plus interest.

It takes a lot of discipline and determination....but it is achievable...whenever am invited to speak on financial issues, i always cite this example because a friend did it conveniently and i have one myself currently in its 3rd year...

Never knew anything about SINKING FUND hitherto!

blessingee:


[b]A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. [/b]Insurance companies here practice it more with varying policies e.g children's education, 5 year personal plan, all you do is drop an amount monthly, and you wont access it within a stipulated time frame, lets say 5 years and upon expiration of the period, you get your total sum plus interest.

It takes a lot of discipline and determination....but it is achievable...whenever am invited to speak on financial issues, i always cite this example because a friend did it conveniently and i have one myself currently in its 3rd year...

can you recommend a trusted company that has the personal plan option

MizMyColi:


Your own better.
Some peeps dun dey owe themselves 2 months arrears gan.

Dearpreye, Good Afternoon and Thanks A lot

funny you. I no go just stop to work ni. 2 months too much o

https://www.nairaland.com/1435870/how-advice-spend-salary-150k

pls house any advice for me

cc:ideykwum
dearpreye
INDESTRUCTABLEX
Whynotthetruth
blessingee
MizMyColi
Noblezone

thanks, you can post your reply on this current thread

Whynotthetruth:


Sorry, I am drawing you back again but as I was rereading this thread, I was tempted to draw your attention to some personal experience of mine due to the advice sarahbabyxx gave you on savings and opening a fixed deposit account...

It is a noble idea but I will advise you based on my experience as someone who works in the financial industry and from my experience observing my parents...

1)Most people dread fixed deposits because of the small interest there. Imagine making #540 in a #100,000 fixed deposit for 30days...

2)Some others dread fixed deposit because they lack that bulk sum to fix...

3)Some others because they feel they have more than enough excuses/ needs hence can't save...

In all, you will always have a reason not to save if you don't want to save...

Now to my experience from my parents and place of work...

1)Once any child is born to them, they open an account with union bank(I am not working with them) ...in the name of that child. Compulsorily, both my dad and mum each month drop #500 in those accounts...

2)All our school fees were paid from those accounts. Whenever any of us is in serious need like fees etc, they will take out the money from your own account which has accumulated over time...

3)When people dash us money, we give them to pay into our accounts...hence competition to save began among us their kids...

4)They were investing in shares too...I bought my first share with my quizz competition price money in SS2. Though I stopped investing there after the global economic meltdown...but not my parents ...you can add insurance policies too if you want...

5)Though I see myself giving away money to others most times...I strived hard to save always...

6)When I saw I had more financial burden than my salary... I wrote postdated cheques for 20% of my salary and gave to insurance company. Hence once my salary drops every month, insurance company take out my savings immediately before I go on spending spree ...And it is a yearly policy...hence I am sure of embarking on a substantial project or investment when my policy matures at year end hence I wasn't waiting to accumulate funds to fix....(I am not an insurance broker o) ...I only found away around my flaw of being extravagant ...With this, you will have investments but lack cash

The above can make parenting easier and less stressful...while allowing you bulk savings to embark on projects....I saw my parents turn virtually to microfinance banks to even their senior colleagues because of their effective and efficient financial planning...

Cc. my mentors@Dearpreye, Ideykwum and Truckpusher... for criticisms and more insight...

BTW I shared my personal experience to show you that even though you're not rich, you can save because my parents weren't rich...thanks

@whynotthetruth I totally get your points! The major reason for suggesting that was to encourage him to 'save'....despite how little the interest might be its still a bit attractive.....and why would you let the money mature for just '30 days' for wetin na

@shares shares aren't of value like they used to be.....I remember when my parent bought me shares when I was in primary school for #500,000.....for the past two years I've been getting #249.48k and less ....the 'economic meltdown' as you stated affected the securities abi stock market

@micro-finance banks....the issue I have with micro-finance banks these days is the amount they start with...the highest most micro-finance banks start with is 50k or 60k.The ones that give higher ask/request for really hight deposit.this isn't always favourable for market women way no too dey loaded that's why you see them jumping from one micro finance to another....then they start to have issues with the weekly or monthly payment......I don't even want to get started on how rigorous the process is...you have to

1)Pay for form
2)Pay for issurance
3)Pay deposit
4)Bring two or more guarantors
5) You have to wait for weeks to have your loan processed
6) Most times you have to have collateral (na everybody get property ni )
On top 60k ooo

Let me share one of the businesses my mom ventured into
My mum bought an okada the for like 80k or so and the man paid back with 120k or so (hire purchase)...my mum added money to it....bought two more put it up for hire purchase.My mum did this till she bought two buses and put them up for hire purchase and got like twice the money she bought them for.she then bought a car and did the same.....and it went on and on.
The purpose of my epistle is you can start small and end up Big...my mum started with just one bike and ended up with OKADAS,BUSES and CARS that she put up for hire purchase.you don't always have to start big

harveyspec:


can you recommend a trusted company that has the personal plan option

MANSARD or AIICO

Woreva:



Yes ooo! I call it the "Third Eye"!

Women are really blessed with the "third eye"

Their vision is unparalleled...

blessingee:


Women are really blessed with the "third eye"

Their vision is unparalleled...

I've neglected the one close to me, and have paid very painfully for that foolish snob!

SarahBabyxx:


@whynotthetruth I totally get your points! The major reason for suggesting that was to encourage him to 'save'....despite how little the interest might be its still a bit attractive.....and why would you let the money mature for just '30 days' for wetin na

@shares shares aren't of value like they used to be.....I remember when my parent bought me shares when I was in primary school for #500,000.....for the past two years I've been getting #249.48k and less ....the 'economic meltdown' as you stated affected the securities abi stock market

@micro-finance banks....the issue I have with micro-finance banks these days is the amount they start with...the highest most micro-finance banks start with is 50k or 60k.The ones that give higher ask/request for really hight deposit.this isn't always favourable for market women way no too dey loaded that's why you see them jumping from one micro finance to another....then they start to have issues with the weekly or monthly payment......I don't even want to get started on how rigorous the process is...you have to

1)Pay for form
2)Pay for issurance
3)Pay deposit
4)Bring two or more guarantors
5) You have to wait for weeks to have your loan processed
6) Most times you have to have collateral (na everybody get property ni )
On top 60k ooo

Let me share one of the businesses my mom ventured into
My mum bought an okada the for like 80k or so and the man paid back with 120k or so (hire purchase)...my mum added money to it....bought two more put it up for hire purchase.My mum did this till she bought two buses and put them up for hire purchase and got like twice the money she bought them for.she then bought a car and did the same.....and it went on and on.
The purpose of my epistle is you can start small and end up Big...my mum started with just one bike and ended up with OKADAS,BUSES and CARS that she put up for hire purchase.you don't always have to start big

Thanks for going out of the way to drop those lines of personal/family experience.

Many of us are too reluctant to start small.....We kinda believe since we have wasted years doing nothing, it's now to late to even start, let alone starting small. We only cheat ourselves.

Let's start small - as small as we can. We can end up big...

dearpreye:


Thanks for going out of the way to drop those lines of personal/family experience.

Many of us are too reluctant to start small.....We kinda believe since we have wasted years doing nothing, it's now to late to even start, let alone starting small. We only cheat ourselves.

Let's start small - as small as we can. We can end up big...

Preye you're very welcome

That shows we're only human....it takes a lot of strength and determination to make it in this life.....even bible talk say who no work make e no chop.

SarahBabyxx:


Preye you're very welcome

That shows we're only human....it takes a lot of strength and determination to make it in this life.....even bible talk say who no work make e no chop.

I totally agree. Infact, I rate discipline and determination higher intelligence. An averagely intelligent person, with loads of determination, can achieve all they set out to.

dearpreye:


It's always being the case.

Actually pay more attention to those stories than principles of money.

If we keep two books, PRINCIPLES OF MONEY and COMPILATION OF AKPOS JOKES, the latter will sell more here than the former. That's the sad issue.

Learn from our mistakes. Be smart. Take advantage of our errors.

And God bless you.

I just feel lucky this thread made front page and I bumped on it. Contributions her have been master pieces.

... God bless you too Preye

SarahBabyxx:


@whynotthetruth I totally get your points! The major reason for suggesting that was to encourage him to 'save'....despite how little the interest might be its still a bit attractive.....and why would you let the money mature for just '30 days' for wetin na

@shares shares aren't of value like they used to be.....I remember when my parent bought me shares when I was in primary school for #500,000.....for the past two years I've been getting #249.48k and less ....the 'economic meltdown' as you stated affected the securities abi stock market

@micro-finance banks....the issue I have with micro-finance banks these days is the amount they start with...the highest most micro-finance banks start with is 50k or 60k.The ones that give higher ask/request for really hight deposit.this isn't always favourable for market women way no too dey loaded that's why you see them jumping from one micro finance to another....then they start to have issues with the weekly or monthly payment......I don't even want to get started on how rigorous the process is...you have to

1)Pay for form
2)Pay for issurance
3)Pay deposit
4)Bring two or more guarantors
5) You have to wait for weeks to have your loan processed
6) Most times you have to have collateral (na everybody get property ni )
On top 60k ooo

Let me share one of the businesses my mom ventured into
My mum bought an okada the for like 80k or so and the man paid back with 120k or so (hire purchase)...my mum added money to it....bought two more put it up for hire purchase.My mum did this till she bought two buses and put them up for hire purchase and got like twice the money she bought them for.she then bought a car and did the same.....and it went on and on.
The purpose of my epistle is you can start small and end up Big...my mum started with just one bike and ended up with OKADAS,BUSES and CARS that she put up for hire purchase.you don't always have to start big

I was also trying to reinforce your point in that place using my life experience...

@30day was an example... even if you do it for ten years...it is still what you will get in 30day duration multiplied by that period...that's how it works...

@Shares for most companies are just picking up now...

@What i mean by mentioning microfinance is that they were lending money to people. so they were just like small banks by the way they lend money to people with interests... not for people to go to microfinance as you thought or said...

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dearpreye:


I totally agree. Infact, I rate discipline and determination higher intelligence. An averagely intelligent person, with loads of determination, can achieve all they set out to.

Very true....a disciplined person is focused and have self-control. Any sucessful person in this life would attribute their success to discipline....infact Intelligence comes with the territory.it covers a lot of things I tell ya

Whynotthetruth:


I was also trying to reinforce your point in that place using my life experience...

@30day was an example... even if you do it for ten years...it is still what you will get in 30day duration multiplied by that period...that's how it works...

@Shares for most companies are just picking up now...

@What i mean by mentioning microfinance is that they were lending money to people. so they were just like small banks by the way they lend money to people with interests... not for people to go to microfinance as you thought or said...

I guess we're both saying the same thing then

Tex42:
I just feel lucky this thread made front page and I bumped on it. Contributions her have been master pieces.

... God bless you too Preye

I'm so grateful a few lives have been touched by words I penned at what I'll tag as INSPIRATION. The idea sprang up and I hurriedly dropped them. U can see some typos.

It's making front page is thanks to the amiable Ishilove. I'm sure she made it possible.

Most importantly, God bless you for making this thread a success.

You are very correct! Sometimes, small is the best way to go!!! Especially, if you haven't really gotten a grasp of the business!

SarahBabyxx:


@whynotthetruth I totally get your points! The major reason for suggesting that was to encourage him to 'save'....despite how little the interest might be its still a bit attractive.....and why would you let the money mature for just '30 days' for wetin na

@shares shares aren't of value like they used to be.....I remember when my parent bought me shares when I was in primary school for #500,000.....for the past two years I've been getting #249.48k and less ....the 'economic meltdown' as you stated affected the securities abi stock market

@micro-finance banks....the issue I have with micro-finance banks these days is the amount they start with...the highest most micro-finance banks start with is 50k or 60k.The ones that give higher ask/request for really hight deposit.this isn't always favourable for market women way no too dey loaded that's why you see them jumping from one micro finance to another....then they start to have issues with the weekly or monthly payment......I don't even want to get started on how rigorous the process is...you have to

1)Pay for form
2)Pay for issurance
3)Pay deposit
4)Bring two or more guarantors
5) You have to wait for weeks to have your loan processed
6) Most times you have to have collateral (na everybody get property ni )
On top 60k ooo

Let me share one of the businesses my mom ventured into
My mum bought an okada the for like 80k or so and the man paid back with 120k or so (hire purchase)...my mum added money to it....bought two more put it up for hire purchase.My mum did this till she bought two buses and put them up for hire purchase and got like twice the money she bought them for.she then bought a car and did the same.....and it went on and on.
The purpose of my epistle is you can start small and end up Big...my mum started with just one bike and ended up with OKADAS,BUSES and CARS that she put up for hire purchase.you don't always have to start big

I have sent 20 books!! AlphaFrank, staffingx, doppleganger, MsGlobalwonder, kassanova and others, please confirm receipt!

harveyspec:


Pls am interested also

Harveyspecter511@gmail.com

U've got a mail sir.... cc:dearpreye

ideykwum:
I have sent 20 books!! AlphaFrank, staffingx, doppleganger, MsGlobalwonder, kassanova and others, please confirm receipt!

Waiting sir......

Alphafrank:
U've got a mail sir....
cc:dearpreye

Seen. Replied sir.

Mail sent!

Alphafrank:

Waiting sir......

ideykwum:
You are very correct! Sometimes, small is the best way to go!!! Especially, if you haven't really gotten a grasp of the business!

Exactly! People get so caught up with starting 'big' that they don't even see the advantages of starting small.