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Now or Later?
Derick and Raymond have been best of friends from their university days as they shared similar vision and life aspirations. This bond is evident in their career aspiration as they both gained employment in the same organization. Tenacious in realizing their ambitions, they pursued their career goals with every sense of commitment and were consequently rewarded with accelerated promotions and attractive salary packages.
Derick was advised of voluntary contributions by his Pension Fund Administrator (PFA) as an additional means of investment towards retirement. He was fascinated by the attractive benefits of having voluntary contributions asides from his statutory monthly contributions, being remitted into his Retirement Savings Account (RSA) by his employer. Basking in excitement, he decided to share the information with his bosom friend Raymond who immediately committed to the idea without further enquiry with the PFA having heard of the contingent 50% withdrawal of each lodgment retained in the RSA for a minimum of two years.
Derick unlike Raymond sought for details to understand voluntary contributions better, as an investment opportunity. The PFA official exposed Derick to the voluntary contributions tax benefit, emphasizing that as an active contributor, tax would be applied on the income earned when withdrawal is less than five years from the date the voluntary contributions was remitted into the RSA. However, voluntary contributions clocking five years and above in the RSA would be exempted from tax deductions. The possibility of tax exemptions, the option of using voluntary contribution to augment pension at retirement and other gainful benefits of voluntary contribution aided Derick in making an informed decision to sign up.
Four years down the line, Raymond was eager to withdraw from his voluntary contributions as he had dreamt of owning another luxury car and the contingency portion of his voluntary contributions would afford him enough funds to translate his dream to reality. He approached his PFA requesting to withdraw and was presented with the voluntary contribution consent form that highlighted the value eligible for withdrawal. Raymond having sighted the huge sum eligible for withdrawal, signed the consent form and applied without raising any concerns despite the PFA official’s attempt to educate him on the imminent tax benefit he would enjoy if he retains the voluntary contributions for a minimum period of five-year remittance.
Moments after the purchase of Raymond’s dream car, he embarked on a cruise with his bosom friend Derick. While on the cruise, he briefed Derick on the withdrawal of his voluntary contributions and how he expended it towards the purchase of his new car. Thereafter, Derick updated him of his plan to retain his voluntary contribution for a longer period in order to enjoy the full benefit of retaining his voluntary contribution beyond five years and possibly till retirement.
At this point, Raymond resigned to his thoughts thinking of the further benefits of voluntary contributions.
Key Highlights:
- Voluntary Contributions equal or more than five years are exempted from tax.
- Voluntary Contributions can serve as a viable investment option
- Due consultation with your PFA would aid informed decision regarding your RSA
- Embrace the voluntary contribution self-service portal for a seamless service delivery
To learn more about Additional Voluntary Contribution, visit this page.
Retirement this year doesn’t have to be boring
Retirement this year doesn’t have to be boring
This is a big year for you. You’re retired now and it’s time to rest from all your years of hard work. You are excited to take the much-needed relaxation but somewhere in your heart, you can’t shake that feeling that you may get bored along the way.
But don’t overthink it. You can still have a retirement free of boredom.
Here are some tips to get you going:
Think big, act bold
The fact that you have retired doesn’t mean that you cannot set new goals and aim for new accomplishments. You can pursue a passion you’ve always wanted to like write a book, starting a blog, learning to dance or play a sport, or learning to play a musical instrument. You can also find new ways to employ the skills you developed during your career (such as becoming a public speaker, career coach to help the young ones in your same field) and even earn money doing it.
The point being that retirement shouldn’t stop you from thinking big, taking chances and being a bit audacious.
Make new friends, reconnect with old ones
Research shows that retirees with a firm circle of friends are much more likely to say they’re happy with their lives.
If you don’t have much friends, getting into new relationships may seem like an impossibility seeing as you’ve left work and perhaps have limited chances of meeting new people. Still, it can be done.
You can meet new people by volunteering for charity, taking a part time job, joining online groups that get together to pursue a common interest (Like fitness, dancing, books, writing) and even enrolling for courses at a University – all these are excellent ways to meet new people and widen your social network.
But while you’re making new friends, don’t forget to maintain relationships with older friends, the people with whom you shared life’s earlier experiences with before you became who you are today.
Grab opportunities to shake things up
Being able to relax without having a daily to-do list on one’s mind is one of the many perks of retirement. But a daily dose of relaxation or sticking too closely to the same routine can lead to boredom and create a sense of sluggishness. Therefore you should find ways to break out of the usual routine and spice things up occasionally.
That could involve something as simple as taking an unplanned road trip, trying out a new hobby, going away to a new city for some time, learning a new language etc. Do something that pushes you out of your comfort zone.
Bottom-line: The most important thing is to enter this phase of life unafraid of redundancy. Instead be open to new possibilities- be ready to seek out challenges and adventures.
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Source: Articles
Five financial goals to set this year
Five financial goals to set this year
It’s another year and we’ve promised ourselves all sorts of things – I want to be bigger, thinner, eat more veggies and maybe eat less sugar. That said, we can all agree that we all need more money and sometimes the key lies in managing what you already have.
So here are 5 financial goals you should set for 2018. Why 5 goals? You can count them on one hand (obviously), and the less you have to focus on, the more chances of you succeeding at becoming financially fit.
- Don’t shoot yourself in the leg – It’s not enough to make budgets; make one you can stay true to. Ensure you track your expenses because that action will inform your budgeting choices. When you finally make that budget, do all you can to stick to it.
- Set a (realistic) personal savings goal for the year – Check how much you are currently making, what your expenses are, and figure out how much you can realistically save every month. You should have a monthly and yearly savings goal, and they should both align.
- Pay back already! – If you owe any debts, make this the year you clear them out and avoid getting more debts. Debts have a way of hindering most, if not all your financial goals.
- Be prepared for Emergencies – You probably know this as ‘the rainy day’ fund. If you don’t already have one, then this should be the first savings goal on your list for the year. Your emergency fund should have enough to cover three to six months of your expenses. This ideally includes all your living expenses, and that of those who depend on you (if you have any). You want to be prepared in case of any unexpected life emergencies.
- Find an investment option that works for you – If you desire a financially free future, you should definitely consider investments if you haven’t already. What do you want to invest in? This can be within your retirement account as an additional voluntary contribution, or in a separate investment account or even invest in real estate if that catches your fancy.
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Source: Articles
6 things to prioritise during your NYSC Year
6 things to prioritise during your NYSC Year
One year is a long time, yet it can pass by very quickly. Don’t let the one-year compulsory youth service year pass by without adding some value to yourself.
On that note, here are 6 things you should do during your NYSC year:
Prepare your CV and start sending out:
If you don’t have a CV yet, use this time to sit down and draft one. Do your research to see CV writing tips and use them to craft a stellar CV. Keep it to two pages. Once you have your CV, start circulating to family, older friends and to companies via their career pages. Also start completing online job forms and subscribe to new job alerts.
Be present on the internet:
Whether you get posted to a village or city, try not to be cut off information. Being present on the internet is how you know what is going on, what companies are recruiting, and what new opportunities are ripe for the picking.
Register for professional exams:
You have plenty of time on your hands now – well at least for a year. Use the time to find any professional examination/course(s) that is relevant to you, register and actively study and pass them. They will give you better chances during your job search.
Try out job tests:
They say, ‘practice makes perfect’- so practice job tests (if you plan to work for somebody). Get relevant materials GMAT and start getting yourself acquainted with the tests therein. Make sure you time yourself with the sample timing included and aim to get better with each trial. By the time you pass out from NYSC, you should be ready to take job tests from prospective employers.
Learn a skill:
If entrepreneurship is your thing but you don’t have the requisite skills, your service year is the perfect time to acquire the skill you will need. If you learn that skill before you pass out, you could even start making some money with your new skill while still serving.
Network:
Corpers are usually loved and respected in most communities where they serve. Leverage that to meet those that matter in your place of primary assignment or state. Meet new people, brush up your LinkedIn profile and connect with those in the industry you have your eyes on. You never know who could help you get your foot in the right door.
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Source: Articles
New Year, different you?
New Year, different you?
With the New Year in full swing, what plans do you have to make 2018 better and different from last year? Yes, there are still books to read, the crew to hang with, Valentine’s day to plan for and social media to slay for – but really, are these the only things this year should be about for you?
How about using this year to set plans in motion for the future you dream about? Now don’t roll your eyes, I know you’re still a student but you’ll one-day graduate and you don’t want to be among the growing list of job seekers prowling the job market now, or do you? The steps you take now can be your ticket to never having to be termed “Job hunter” years later.
What steps? Well, check this list out.
Network: Start making connections as early as you can. Email people in fields you’re interested in even if it’s just to say, “I read your book, or I admire your work”, join professional organizations and attend conferences.
Use your breaks wisely: This year, try to use your breaks more productively. You can:
- Get an internship
- Start a small business on the side (If you’re business-minded)
- Take courses to boost skills you’re not taught in school
- Read widely and wisely
- Travel – to learn how to adjust to strange and unusual circumstances
Gain knowledge: Don’t wait until you graduate to know what you want to do career-wise. Don’t wait till you are called for an interview to learn how to respond to questions. Don’t wait until you must choose your Pension Fund Administrators to make a choice. Research now to know what you need to make informed decisions when the time comes.
Create your online persona: In this day and age, one of the worst ways students can damage their future careers is by sharing the wrong kind of information online. Assume that everything you post online will be available to prospective employers, clients, or investors – no kidding, these people actually go to the internet to research potential employees or partners. Build a public-ready profile and under your own name too (not nick-names).
Be attentive: Consider every stage an extension of your education. Listen more than you talk, and learn as much as you can from the ‘old hands’ and from critics too.
It’s a new year! The year that you enjoy life on campus but also prepare for life in the real-world.
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Source: Articles
Abu’s journey (4): Get rich, stay rich
Abu’s journey (4): Get rich, stay rich
In Episode one, Abu was just passing out from the compulsory 3-weeks orientation camp. Episode two sees him counting the days until NYSC is finished. In Episode three, Abu goes full mode job seeker. Now in this episode, the job market tide turns favourably for Abu. Read on…
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Work had started in earnest for Abu and he was enjoying every bit of it. The first week, all official bits with Human Resources had to be taken care of. While other new intakes searched the ceilings when it was time to choose their Pension Fund Administrators (PFA), Abu proudly filled out his ARM Pensions form. He has had this company on his radar since his days as a youth corper when their Job hunter series kept him company and he saw himself doing great things with them.
The second week, pure engineering work began. Understanding the job description wasn’t an uphill task for Abu who had wanted this for too long. In the few days he had been at work, his superiors were already noticing him. His constant volunteering for tasks, asking relevant questions and making sure every ‘T’ was crossed and every ‘I’ was dotted made him ‘special’ in the eyes of his managers. But it was still too early to judge, so they all silently watched and scored him behind the scenes.
The first 3 months came and went too fast for Abu. He had spent most of it getting used to work, studying his managers, knowing his way around work and plotting his next move to claim Yinka for himself for good.
Stoneface, his friend with the permanent frown came in handy for the plan to win Yinka. Stoneface’s uncle owned a big advertising firm in Lagos and he had resumed there after his service year. Now, Abu needed a favour from Stoneface and he called it in.
Stoneface had no qualms about it. He spoke to his uncle about a certain brainbox named Yinka who would take his Creative department to another level with her copywriting skills. Intrigued, his uncle demanded to see her work samples which Stoneface fished out from her portfolio on LinkedIn. Mr. Lukman perused these creative pieces for one week and decided that this talent was worth wooing.
So, he made the call.
When Mr. Lukman mentioned his name, Yinka couldn’t believe it. She couldn’t understand how a company CEO would call when his company had a Human Resource department. But seconds into the conversation, she realized it was no prank. She quickly sat on the edge of her seat and instantly began to stutter.
“Can you come to the office for an interview next week Friday?” he asked. “Yes, sir. Of course, sir. Definitely sir. Thank you sir” she rambled on. “Okay great. See you then.” And the line went dead.
Yinka stared at her phone. “What just happened?” she thought. Then as if on autopilot, she dialed Abu. “Abu, you can’t guess who just called me.” She rushed on. “Who?” Abu asked.
“The CEO of ThinkIt advertising. Can you believe it? He wants me to come to Lagos for an interview” Yinka said excitedly.
“Wow”, Abu said feigning ignorance. “Babe, you don turn superstar o.” “Ha, me sef I no understand this miracle” continued Yinka.
“But will you come?” Abu asked. “Before nko. Is it this 70k they are paying me here I will survive with? Omo, no dulling o” answered Yinka.
Abu smiled knowingly. His game plan was in place.
But he had some big plans to make. If he intends to give Yinka the life she wants, he better begin planning towards it.
With this thought in mind, he turned to investment options. With his investment growing surely and steadily, and his retirement savings account maturing with each quarter, he was sure he had started off right.
Strides into the future
Everything happened too fast for Yinka. Looking back, she couldn’t believe she now worked as Senior Copywriter for ThinkIt Advertising, a position she earned after 4 years of blazing trails. Her baby’s cry brought her back from la-la land and she smiled as she picked little Ahmed up with care not to wake his twin sister Hadizat. He was the spitting image of his dad and Abu always made sure he sang it out loud everywhere he went.
Abu not only took pride in the family he has but also in his consistent climb up the career ladder. In four and a half years, with several professional trainings abroad, a few big oil and gas companies made moves to poach him. He finally settled with DKY Oil and Gas where he became a ‘big boy’ earning a 7-figure salary with mind-blowing benefits.
Having learned all there was to know about wise investments and how it ensured a financial future from ARM, Abu took the big step. He went into real estate investing along with his wife.
He was living the dream and didn’t need any unforeseen interruptions especially regarding the future of his children. So, when Yinka suggested an education savings for their two children, Abu was on board. He was all for plugging every leak after all.
(Will anything happen to stagger this beautiful life that Abu has built? Find out in next week’s episode of Abu’s journey)
The post Abu’s journey (4): Get rich, stay rich appeared first on Realising Ambitions.
JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away
JOB HUNTING TIP: Don’t let opportunity ‘Sleep’ away
You might find this hard to believe but your body is not a machine.
Even if it were, machines need rest too…especially before going in for a job interview.
The level of preparation you put in for your job interview will not count if you are mentally absent on D-day.
Avoid this by getting enough rest so you can wake up alert and ready to deal with any questions your interviewer throws at you. Picture the alternative, which is zoning off mid-sentence with your mouth open. Not a pretty picture, is it?
In addition to getting the rest you require, prepare to be honest, especially when asked about your strengths. The temptation to reel out a long list of impressive ‘strengths’ is inviting, but don’t do it!
Why go with the crowd and claim to be a ‘team player’ just because it sounds good to the ear when you like to work alone? Stick to the truth.
Lying has its downfalls. Fish learnt this the hard way when he lied about his age to his interviewer(s) in our previous Diary of a Job Hunter episode. Who needs a calculator to figure out their age? Fish, that’s who! He’s also the only one with a younger – older brother.
On a serious note, prospective employers want to hire honest, efficient and reliable people. Lying, dozing off or lack of preparedness doesn’t mirror those qualities.
Watch Fish’s ‘No Sleep No Slumber’ in this week’s Diary of a job hunter and see why you shouldn’t underestimate rest or exaggerate your strengths.
Need more tips to help you shine at your next job interview? Be sure to follow the Diary of a Job Hunter series every week on www.armpension.com/jobhunter/ and our social media pages @armengage.
See ya!
PS.
If you missed any, you can catch up on previous episodes here.
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Source: Blog
Job Hunting tip – Research like a private Investigator
Job Hunting tip – Research like a private Investigator
Your resume is great, so what? Your resume is important but it won’t speak audibly on the day of your interview. But what happens if you don’t have the right words to speak? You don’t want to be that person in your job hunting quest who goes in for a job interview unprepared and searching the ceiling for answers.
Research the organization’s history, culture and core business before going for an interview.
No company will smile at an applicant who has zero information about an organization he wants to work at, especially with the ease of assessing information through the internet. Don’t be like ‘Fish’ in this week’s edition of ‘Diary of a Job Seeker’ who wasted his interviewer’s time while sounding and looking clueless (Not seen it yet? Click to watch).
Before you walk in to face your interviewer, you should be prepared. You should know what the company does, it’s history, culture and core business. Reason for this is that most companies want to know if you’re even vaguely aware of the business you wish to be a part of. With the tap of your phone, you can get all the information you need on the company’s website. Get into the website and literally dissect it and eat up all the information you can find on there.
You can also go a step further by going to the company’s social media pages to get a feel of their communication style and persona. Even if these questions don’t come up during your interview, you’ll at least walk in for your interview with confidence and added knowledge especially if you end up working with the organization or their competition. Always remember that no knowledge is a waste.
Arm yourself with research about the company you will be interviewing with to show your readiness and enthusiasm to bring a positive impact upon eventual employment.
Follow the Diary of a Job Hunter series to get more helpful tips as you search for your new job. We keep our fingers crossed with you that your wait and preparation in that job hunting quest will result in the job of your dreams. We will be happy to speak with you about the Pension options and benefits available for you.
Have an interview? Find out what to avoid in this hilarious video.
Stop over next Friday for job seeker tip four, see ya!
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Source: Blog