Are you financially prepared for life’s challenges?

by 'Nimi Akinkugbe

Many of us get swept up by major life events without being prepared financially. These range from the milestones of starting a first job to getting married and starting a family, educating children, losing a job, relocating, buying a home, caring for aging parents, and planning for your retirement. What are the major events you anticipate this year? Here are a few to consider:

Are you expecting a new baby? The birth or adoption of a child is one of life’s most fulfilling events. New parenthood naturally comes with new financial responsibility and raising a family presents new budgeting challenges. Start to review and estimate current and future expenses, from nappies to university fees! It is never too early.

Are you planning to get married this year?

Child-care is likely to be a major expense especially as many mothers must return to work. The costs of private education even from the earliest years can be very expensive and must be planned for. Although secondary school and higher education are decades away for your new baby, the sooner you begin to save for your child’s education, the better. You will have the benefit of a wider variety of investment and savings options to achieve your goals. An equity mutual fund would be ideal savings for all the early cash gifts that your child might receive, as there are strong prospects for long-term capital growth.

Money is an important aspect of marriage and one of the most difficult topics to deal with. As you build financial security together, you will need consensus and compromise for some money- related issues. Issues such as establishing joint bank accounts, home ownership, having children and funding their education are important matters that ought to be discussed. Don’t feel pressurised to have a huge wedding that you cannot really afford. You can have a small and simple yet classy wedding without the entire village being in attendance. Guests are merrymaking just for the day whilst you have a lifetime to build together.

Often, the financial burden of the wedding falls on the shoulders of parents already in retirement. If your child’s wedding is imminent, plan ahead and try to work within a budget appropriate for you so that costs do not spiral completely out of control and jeopardise your finances. Do not be in competition with your in-laws who may have far greater resources than you do.

Are you planning to buy or build your own home?
A home is one of the most significant purchases you will make in your lifetime. Before you start looking for a property you need to ensure that you are financially ready for such a major financial commitment. Approach your bankers to determine if you qualify for a mortgage. With a pre-approval from your bankers you will be able to determine how much you can actually afford. Do you have any savings towards a down payment? If you do not wish to or are not eligible for a mortgage, your savings will determine what sort of property is within your purview. Location is everything. Think of your future home as an investment as the neighbourhood amenities, including schools all affect its overall long-term value.

Is retirement on the horizon?
Retirement should be a fulfilling and exciting time of life. If you plan to retire this year or fairly soon, you should have been preparing long before now. Time, consistency and discipline are key to accumulating enough wealth to sustain you during your retirement years; this could end up being two decades or even more!

Assess your sources of retirement income, which should ideally include a pension, rental, dividend and other passive income. Yur Pension Fund Administrator (“PFA”) will be able to calculate what income your pension will give you in retirement. There are also numerous on-line retirement planning calculators that should help you in making these estimates of what is available and what the shortfall might be that you need to supplement it to be able to afford the lifestyle you envisage.

Whilst many financial erecommend shifting more of your assets from growth-oriented stocks into more stable, income-producing investments, such as money market deposits and bonds, it is advisable to retain some portion of your assets in stocks to increase your prospects for long-term growth.

By planning ahead of major life events, some of which can be anticipated, you can help preserve and protect your present lifestyle far into the future.

Nimi Akinkugbe has extensive experience in private wealth management. She seeks to empower people regarding their finances and offers frank, practical insights into creating a greater awareness and understanding of personal finance

CRAZY: have Nigerians collected their PVC ??

 

“This is Nigeria, you must sweat before you get it,” says one man
Nigeria’s presidential election 2015 is fast approaching and for Nigerians to vote, they need to have their Permanent voters card (PVC). But were people able to collect their voters cards before the closing date?
asks Nigerians on the streets of Lagos to explain the process of collecting PVC cards in Nigeria and if they would vote.
“I was charges N20,” said one guy
Watch and share your thoughts!

Photo of Muna Obiekwe on a dialysis machine, prior to his death

There are so many people who don't believe Muna Obiekwe is gone. I understand your reservations. He was a young, vibrant, talented guy whose illness we all didn't even know about. So his death is hard to take. Unfortunately it's true. Here's a pic of him on a dialysis machine, prior to his death. And a pic of him when he arrived at the hospital this afternoon is circulating on Twitter. He collapsed at home and they rushed him to the hospital where doctors confirmed him dead on arrival

Just one month after they got married, couple are killed at their home

Newlywed South African couple, Wamukelwa Memela and Wendy Campbell who got married this past December 2014 were killed by intruders at their home in Bryanston, South Africa on Thursday January 15th. The couple were strangled to death by the bandits who carted away only their electronic devices. Imagine! How so sad! Continue...

According to the father of the husband, Sandile Memela, police investigations carried out so far suggests that his 29 year old son argued with the intruders, who then hit him with a garden tool, dragged him to his bedroom and tied him up along with his wife.

After ransacking their house and stealing their electronics, they then murdered the couple.

During the commotion, Memela’s cousin who lives in a cottage on the premises – heard noises, but thought the couple were arguing. He went back to sleep.

“The cousin told me that when he woke up to go into the house, he saw that the electronic items were missing, He then saw the blood and rushed into the main bedroom where he was confronted by the bodies. He first thought they were unconscious, but found they were dead.”the father said

The father said he and his son had taken time out last week to set their goals for this year. Meanwhile police investigations into the murder is ongoing.

Pastor Adeboye Bishop Oyedepo Meet Obasanjo Over Jonathan....Details of The Abeokuta Parley.

 

Contrary to initial reports the Former President Olusegun Obasanjo,shunned yesterday's proposed visit of President Goodluck Jonathan, after he was said to have sneaked out of Abeokuta.www.urbanlifeng.com can divulge to you that,last night,President Jonathan, top PDP members,and religious leaders, met with Chief Obasanjo, at his Abeokuta, Hilltop mansion in Abeokuta,the Ogun State capital, in an attempt to seek the latter’s support for his re-election bid.Sources said the meeting was also put in place to find a common ground between the two leaders who have been having some disagreements lately. Former president Obasanjo has in recent times heavily criticised the policies and programmes of the Jonathan-led administration.Obasanjo blamed the present economic woes facing the nation on the depletion of the Excess Crude Account and the external reserves blaming it on alleged bad leadership of the present government, saying “the country does not deserve the current state it has found itself”. He said that his administration left $25 billion in the excess crude accounts in 2007 which was shored up to about $35 billion by the Yar’Adua’s administration, while he left $45 billion in external reserve, adding that these funds had been mismanaged by the present administration.Last night’s meeting, which started at about 9pm, ended shortly before 10pm when those at the meeting drove out of the ex-president’s residence in a convoy of nine cars.At the meeting,sources revealed,that Christian leaders – Redeemed Christian Church of God (RCCG) General Overseer Pastor Enoch Adejare Adeboye and Winners Chapel’s Bishop David Oyedepo.It was learnt that the church leaders attended the meeting at Obasanjo’s instance. He, according to sources, insisted when the President proposed the meeting that the religious leaders must witness the discussion.The former president, it was gathered, said the president did not honour their previous agreements, hence the need for high profile witnesses. Other leaders of the Peoples Democratic Party (PDP), including National Chairman Adamu Mu’azu and former PDP chairman Senator Ahmadu Ali, were also believed to have attended the meeting.Attempts by Dr. Jonathan to woo the ex- President, who is his political godfather, included a meeting last month with Obasanjo by some Peoples Democratic Party (PDP) governors, led by Akwa Ibom State Governor Godswill Akpabio.In that team were Jigawa State Governor Sule Lamido, Cross River State Governor Liyel Imoke and Niger State Governor Babangida Aliyu.Although neither Jonathan, who passed the night in Abeokuta, to enable him continue his campaign in the Southwest today – in Osogbo and Ado Ekiti – and tomorrow in Akure – nor Chief Obasanjo, was available to speak to anxious reporters after the meeting, sources said Obasanjo planned to use the talk as an avenue to ask the president some salientquestions, most of which he had publicly raised, before the religious leaders. These included the security of the country, the weeding out of his loyalists from their positions in the PDP, the matter concerning the SouthWest organising and mobilisation committee of the party, Buruji Kashamu, who the former president said he could not accept as his leader, among others.Earlier the President,at his campaign rally,held at the MKO Abiola,Stadium, begged Ogun electorate to give him their mandate the second time.

What Women Want (and other Goodies)

Passing on some messages, stories and other resources that I’ve been listening to…enjoy!

 “The Marriage” Message (which I subtitle “What Women Want”) by Matt Carter for Acts 29 Network (a resource for church planters founded by Mark Driscoll): Male or female,  my “What Women Want” title probably caught your attention (and perhaps reminded you of that Helen Hunt and Mel Gibson movie of the same title which I saw bits of years ago and do not remember, other than to note that I don’t  recall it actually being about what women want). As I listened to “The Marriage” message, which, from what I gather, was preached to an audience of pastors and their wives, for probably the first time I felt that this was an articulation of what women who love Jesus (and, to some extent, women who aren’t followers of Christ) actually want. 

Whenever there's talk of what women want – including in biblical sermons about romantic relationships–  almost inevitably I end up rolling my eyes over the practical tips given to men for giving women “what they want” because something is usually said as an absolute that does not represent what I actually want. My favorite example: the advice that telling a woman she’s beautiful  - and offering other compliments – is an essential for making her feel special. I’m not saying I don’t ever want to be told I’m beautiful or be otherwise complimented, but offering compliments would not make a top five list of things I need to feel valued by a man in a romantic relationship (as I’ve blogged before, I am a "show me" rather than a "tell me" kind of girl; I’m cool with whatever compliments when they’re anchored by actions!). 

Anyway, my mini diatribe highlights what I think this message gets right: first, it articulates the biblical calling of a man in marriage (and can be applied to Christ-centered dating relationships) - but then gives practical tips for men loving their women in the ways they accept love. Men, it hits home that showing love to a woman is not about working around the fact that women are “complicated” or dealing with us hailing “from Venus” while you are “from Mars,” but about studying and understanding the particular woman God gives you.  I think that’s a lot easier than trying to figure out what women collectively want, in the abstract– and will certainly get you better results! And I see this message as the closest thing to a tailored “how to love a woman” that I’ve ever heard. Most importantly, the message reinforces that, in any godly marriage, she must be loved as Christ loved the church and gave Himself up for her.

Ladies, I also think it’s a good message to evaluate potential mates and, married or single, pray for men.

Malivelihood Delivers Gold Plated Iphone To 2 Face

Celebrity, 2face Idibia has received a personalized 24-carat gold-plated iphone 6 ahead of Nigeria’s 2015 general election.

2face Idibia Received A gold platediphoneahead of the February Elections

According to The Net, The singer took to his Instagram account early sunday morning to show off the new customised phone, which bears Nigeria’s coat of arm alongside the description – ‘VOTE NOT FIGHT.’

The phone, with the theme of an electoral campaign, was delivered to him by popular jeweller, Malivelihood who is responsible for gold-plated accessories in the possession of many celebrities.

Nigerian celebrities who have taken delivery of gold-plated accessories from the celebrity jeweller include 2face’s wife, Annie Idibia who also got a gold-plated iPhone and  Tiwa Savage who received a gold-plated microphone.