By Bibi
Bunmi Apampa
What are the Seven Basic Money Skills that we need to acquire for a peaceful retirement in Nigeria.
1. Value money- Learn to value money. Do you know the miracle of compound interest, if when you started work or when you have a baby, you start saving N100 per day ie N3’000 per month in an investment account @10% for 45 years it comes to N31,712,568 but if you wait a year and save for only 44years instead of 45years you will have N28,909,424.82 A loss of N3million for a delay of N36’000 investment.
2. Make money – learn how to make money using OPM,-Other peoples money, OPI- Other peoples ideas, OPE – other Peoples Efforts and Expertise. Learn the skill of being your own boss (by starting a business in retirement either a physical business venture or online) How?
· Look for a hungry niche market- people with a problem.
· Develop or buy a product to solve the problem
· Become an authority & reference point in that area
· Learn effective marketing and packaging of your product
· Market through proven channels and give a valuable bonus to customers
· Develop an ongoing customer relationship
· Stand by integrity and transparency in business
· Repeat the process expanding your product range
3. Save money - savings is what you put aside for a rainy day, save at least 10% of income till you have about three months salary saved, then invest the 10% that you now put aside. How by employing the 80/20 Principle – 10% to God, 10% to pay yourself and live within the remaining 80%
4. Invest money – what one does at the
expense of today in order to enjoy tomorrow, learn how to create multiple
streams of income by investing in the Four
Money Mountains Real state, Portfolio investment, A business enterprise and
becoming an Expert in a niche. Build up your profile as a celebrity expert by
becoming an Author, Speaker, Consultant, Coach and Trainer.
5. Manage money – The Rockefeller children were taught specific principles for making money.
· Work for all you get.
· Give 10%
· Save 10%
· Live on the rest ie live below your means
· Stay out of debt.
· Account
for every dime
Personal Financial Planning
Below is a simple guide you can follow in managing your finances.
· 10% - Pay your Tithe give to charity.
· 10% - invest in your education – readers are leaders.
· 15% - long term savings
· 15% - Play account – holidays, treats, gifts, Christmas shopping.
· 50% - Necessities and expenses
6. Share money – Be a continual channel of blessing plant trees where others can pluck the fruit. The hand of the giver is always higher than the receiver, It is more blessed to give than to receive,
7. Shield and Protect
money
– learn how to keep personal assets protected. keep most of your assets out of
sight through corporations, trusts and foundations.
Most wealthy people have habits - 7 of these has been identified which will help you become financially empowered as you plan for your retirement in Nigeria.
· They pay themselves first – save every month.
· Avoid debt.
· Shop around before buying.
· Delay gratification
· Have a good maintenance culture.
· Have a basic understanding of Investment opportunities.
· Take time to plan, research and invest resources and income systematically.
Adopt these seven money skills into our lifestyle will help us to be financially empowered in retirement
Bibi Bunmi Apampa, an award-winning wealth strategist and high-performance business coach and retirement consultant she can be reached at http://RetirementQueenNigeria.com