Category: Life Bits

Nothing beats the thrill of landing your first job post-NYSC especially after months or even years of job hunting with no success.

Now you have a salary and probably some benefits, issa big boy! Many things you’ve always wanted now seem achievable. You begin to dream of a change of wardrobe – how else will your Instagram followers know that you’ve gotten a job if you don’t slay for the gram? Bus rides start becoming burdensome – Ha! In this your fine suit, you’ll now come and start sweating in a bus? A new car or even daily Uber rides suddenly look inviting but wait! If you spend on all you ‘want’, you could end up being perpetually broke. Unless, you get strategic about this matter by introducing that little word called budgeting.

We know you hear it all the time but really, budgeting will help you distribute your money wisely and spend according to plan. In other words, so you can ball without breaking your bank account. Here are some smart money moves you should make:

Don’t bleed your monthly expenses

Guess what? Those new shoes, subscribing for more internet than you actually need and even those smoothies you seem to order every Thursday because ‘delivery is free’ (we get it, we’re not judging) may be bleeding you dry.

Take a strategic review of your monthly expenses and you may save enough to paint the town red with your squad in your own little way. You can also get creative with hangouts. Try going to a park (there are many to choose from) with your friends and you can all bring your own food, drinks and music.

Eat your own food

Do you know how to cook? If yes, then cook your own food. If you take lunch to work every day, by the weekend, the money you’d have otherwise used for lunch should be enough to make your pockets heavier.

Get a cool deal on used clothes

Find cool places online where you can sell old clothes that are still in great condition which you won’t be wearing again. The internet is buzzing with many of these online vendors. Try it out, you can use that extra money.

No shame in being a freebie/giveaway warrior

Did you know that there are many events you can get free access to just by registering online? or better yet, can you part with your email address or free space on your phone? It’s worth it if you’ll be getting access to a great event not to mention the free gifts.

 

Have fun on some of the money you save but don’t forget it’s always a good idea to save for the future. You can put a portion of it towards Additional voluntary contribution in your retirement account – talk about planning for tomorrow, today.

 

 

The post Balling on your entry-level salary appeared first on Realising Ambitions.

Source: Blog

It was five days to Easter Sunday and we could never have expected what happened. At first, it was a light drizzle, then it became a downpour, so heavy that it flooded our house. All the rooms downstairs were affected, and our properties destroyed. As much as it was in no way a palatable experience, my family and I were fortunate in that it wasn’t a budget disaster. Many of our neighbours still grappling with their loses have not stopped asking how we were able to raise the N2.5m in costs that came with damages associated with the flood in just 2 days. My response……. Our Emergency Fund.

He went ahead to share with his neighbours how to set up an emergency fund.

What is an Emergency Fund?

An Emergency fund is a priority goal that every individual and family must fully set up before planning towards other financial goals. It caters to unexpected expenses or unforeseen circumstances. This fund is set up strictly for emergencies such as job loss, large medical issues, major auto repairs etc. It’s always best to be prepared as we never know what the future holds for us. Having an emergency fund is extremely important so you’re always prepared to deal with whatever life brings, whether good or bad. Such a fund is not for goals such as ‘buying her that red dress you would really like to see on her at your date tonight’ It is also not an account where you make withdrawals to fund Friday night bills when hanging out with the boys. No, emergencies only, please.

How to set up an Emergency Fund

1. Create an account that is personally labelled an Emergency Fund. No account is called an Emergency Fund you would have to create one and label it by yourself
2. Save up at least 3 to 6 months’ worth of your living expenses before you can claim that you have fully set up an emergency fund. It can be saved gradually until the advisable amount is achieved. If you earn N100,000 but you spend N50,000 every month therefore you must have a minimum of N150,000 to N300,000 in your emergency fund. Should there be job loss it is expected that this amount would help you maintain your current standard of living before you find another job within 3 to 6 months.
3. It must be saved in a financial instrument that preserves the savings and is liquid that is easily accessible. This instrument must also be a high income paying instrument that you can access in not less than 24 to 48 hours.
4. A money market fund is the most suitable investment instrument as it checks all the boxes stated in 3 above.

 

The post Personal Finance with Raphael- Adetunji’s Testimony appeared first on Realising Ambitions.

Source: Blog

Three key things to do before the year runs out…

It does not matter if 2017 was a blast or not, 2018 is almost here and is all yours for the taking. These pointers will not only help you wrap up 2017 in style, they will help you usher in 2018 with a bang. Check them out;

1. Review

What kind of year did you have? Were you able to achieve the goals you set? Did you get to spend quality time with your family as you purposed to at the beginning of the year? Did you get that certification or promotion you were gunning for? Or start that business you were thinking about? What about your finances? Were you able to stick to that savings plan? What debts are you carrying over? What financial goals are you postponing? It’s time to take an honest look at the year that’s wrapping up. Celebrate your victories, acknowledge the mistakes, and tie up loose ends.

2. Refresh

You absolutely deserve it. For every challenge you took on, every victory you recorded, every disappointment you survived, for every step you took in the direction of your goals; you deserve to spoil yourself a little. Take some time to do something you love, something that refreshes you. An evening out with your kids, time out at the movies, a no-stepping-out-of-my-room day, binge watching your favourite series, a little splurging at the mall, whatever makes you feel relaxed and happy. Be careful not to eat into next year’s resources as you pamper yourself though, take a realistic look at how much you can afford and do something nice for yourself.

3. Regroup

A new year means you get an awesome fresh start at making things right and getting the life you want. This year, take it beyond just plans, put things in place to ensure time doesn’t just run by. Don’t just decide to start a new business this year, work on the business plan or talk to someone who can help. Don’t just make up your mind to spend more time with your family, put up reminders on your calendar. Do more than just deciding to stop that destructive habit, get an accountability partner to help you stay on track. Instead of just planning to manage your money better, look up suitable investment opportunities for you and set up a direct debit order to ensure your investments are consistently serviced year-round. In 2018, go beyond wishing, thinking, or planning, be deliberate about your decisions.

Here’s wishing you a year that is better than you can wish for. Remember, we are only a call or email away and we are always willing to attend to your enquiries or concerns. You can reach us on [email protected] or 0700 CALL ARM.

Have a fantastic year!

The post Three key things to do before the year runs out… appeared first on Realising Ambitions.

Source: Articles

Two kinds of people, which one are you?

There are two kinds of people you are likely to come across during sales season.

First there are the sales ninjas.

They anticipate sales season, prepare for it, maybe even save towards it. These people recognise the need for a purchase and think to themselves, it’s August already. November is just around the corner. I’ll manage till then and buy it on black Friday. They are clear as to exactly what they want to buy when the sales season starts and they even know where to shop to get the best deals.

Then there are the sales victims.

These ones are remotely aware sales season is coming till it arrives. The season takes them by surprise and they are overwhelmed with the avalanche of ‘cheap’ things they can buy. These people stumble on ‘great’ offers on websites and at stores and they just can’t resist. So, they end up buying things they hardly need with money budgeted for something else. Once the initial high that comes with getting a good deal wanes, they discover what they got was hardly a good deal.

I bet you already know which group you belong to.

Whether you are a sales ninja or a sales victim, don’t let supposed black Friday deals swindle you this year. Learn to differentiate deals from traps. While it is good to take advantage of discount opportunities, it should not be at the detriment of your fixed budget or financial goals. The key is to avoid impulse buying. Stick to the items you need- the ones you planned to buy and you should be fine. Remember there is a whole year full of financial obligations ahead. Instead of expending all that money on Black Friday discounts, how about you split it and invest a fraction of it?

Eager to explore investment opportunities available to you? Visit our WebShop. You can also discuss your questions or seek clarification with us by emailing [email protected] or calling 0700 CALL ARM

We look forward to hearing from you.

The post Two kinds of people, which one are you? appeared first on Realising Ambitions.

Source: Articles

Help, my Harvard graduate wants to be a DJ!

So, your ivy league educated child just announced his decision to abandon his professional education to pursue a career in photography, fashion designing or animation. You might not agree but It is not necessarily cause for alarm. The world as we know it is fast evolving and society now accommodates new age careers that were unpopular just a few years ago.

There is now such a thing as professional photographers, bloggers, stylists, animators, even fashion designers and cobblers who have gone ahead to make a comfortable living from their trade.

Akintayotimi for instance has travelled the world photographing weddings. Bayo Omoboriowo who is currently the president’s official photographer chose photography regardless of his first-class degree and mouth-watering job offers. Mai Atafo abandoned a budding career as a brand Manager with the Diageo group to pursue fashion designing. These examples and many others in the art and IT sectors are proof that your ward might be in good company.

How can you support your child’s new age career? Consider the following tips

• Understand that your investments are not wasted

Although he might be abandoning the chambers to start a clothing line, the exposure and world view gained during his education would definitely impart on his trade. Not only will his approach to work and delivery be world class, he would also be able to better manage his business and you would have achieved your aim of giving him a good foundation on which to build the future.

• Appreciate their ability to discover themselves

It’s a great thing that your child can look inwards to discover and harness his/her talents and potentials. Instead of disdaining her decision, attempt to see things from her perspective. Respect her passion and vision.

• Show interest but don’t hover

This is his thing, not another branch of the family business. So, while you are trying to support, be careful not to hover. You can offer business advice and share proven principles that have worked for you but don’t attempt to run the business for him. Allow him to make his own decisions.

• Help them with needed exposure

Entrepreneurs often need a platform to show the world their skill or goods. As much as you can, help with needed contacts and providing that platform. Encourage your child to leverage on your name and goodwill.

• Keep them responsible

It’s easy for a young person with big dreams to lose focus along the way, especially when faced with obstacles or a sudden rush of victories. Keep them grounded in any way you can. You could make a provision in your Estate for instance that allows your ward access certain privileges only after he has met the condition of successfully managing his/her business past the five-year mark.

• Celebrate their victories

For entrepreneurs and new age professionals, little victories form the stepping stone to the limelight. Celebrate those little victories with them. Congratulate him on his first client, use her product if you can, display his art in your office, play her song from time to time. Assure him you are proud of him.

• Give them a soft-landing place

Many times, dreams do not materialize. Your new age entrepreneur might eventually see reason to return to the chambers or join the family business like you have always wanted. Make it easy for him/her to make the switch if the need arises. Be there to help them pick up the pieces and start off on a new direction.

As a parent, you want to make sure nothing stands in your child’s way – especially the ability to pay for tuition. But with the rising costs, it can be hard to know where to start. Talk to us today, we can put together a strategy to meet your education savings goals and balance these with your other goals, like retirement.

The post Help, my Harvard graduate wants to be a DJ! appeared first on Realising Ambitions.

Source: Articles