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opad (m)
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After Retirement, What Next?
Hi Nairalanders i need your help concerning this, my uncle was just retrenched from the civil Service, works @ LUTH, idi-araba. He is expecting his pay of about 4-5 million, but confused in what to do, as in which business he could go into.
Of course the stock market could be the best option but he can'tjust delve everything into the stock market.
A business that if profit yielding is what is been considered. Please i would appreciate your reply on what he could do after Retirement.
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andrewdg
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he needs to invest. call me on 08052051269 so we can find a business that suits his style or we work on my idea
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Seun (m)
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Your uncle is well on his way to losing his entire retirement package. My advice is simple: 1) Keep the money in a bank until you know exactly what you're supposed to do with it. It will not evaporate within the six months it will take him to make an informed decision. It will not run away. 2) He should understand that many "investment opportunities" out there are designed to separate gullible people from their money. He should only trust his own judgment. 3) This one is not advice; it's a criticism. He should have been thinking about this years before retirement! It is not the day you are filling your JAMB form that you start thinking about your career!The business that is right for your uncle depends on so many factors - his skills, his friends, what is in demand in his area, etc. The business section of the forum is full of free ideas - just search. No one is going to spoon feed anybody when it comes to money matters, because we're all looking for money! |
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FemiATL
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Good point Seun. He can also put it in an investment company in Lagos. There are some good ones, that are run by very credible ex-bankers in Lagos.
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VEGA (m)
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You are right Seun before the hawks try to disposess him of ALL of it.
Not sure though about your criticism since the guy was retrenched. Perhaps not quite near retirement age yet.
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walcolm (m)
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@Opad,
i strongly advise you to make a print out of Seun's advise above and paste it on your heart and that of your uncle.
there are investment opportunites out there but they are so many you don't know which one is worth your while and which ones are fraud. your uncle is retired so this might not be the exact time he should be thinking of becoming the next big money in nigeria. so any investment that looks like fast easy money should be ruled out
what he needs right now is capital preservation so that he can have a means of sustenance month in month out for the rest of his life, so extreme conservativeness is advised when he makes any investment!!! my suggestion is that he should divide the money into 5places (20% each)
1. 20% in a savings account with a bank that does not charge unnecessarily on savings account (he'll get about 2-3%interest rate on his balance). this portion is for his monthly sustenance and emergency spending money like medical bills etc
2. 20% in a fixed deposit with any of the top 7 banks in nigeria. he should roll it over with the interest until such a time that his savings account has become depleted. that should be in about 5 years at least if he is frugal
3. 20% in a mutual fund. i will advise you go with either IBTC, ARM or KAKAWA. all the others are not worth it in my opinion
4. 20% in stocks if he wants to be a bit aggressive
5. 20% to finalise on his accommodation if he has uncompleted property because rent will probably continue increasing and after retirement it is very advisable to have your own house and not have to worry about rent
no gambling!!!! this is a life and death issue.be guided
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denony (m)
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Tell him to meet me for further advice
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Mant
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Brilliant idea from seun and walcolm, thank for such advice. Similarly i will go with Walcolm advice because of the logical investment he analysed. That money may big but if he failed to plan you will just see that the man is back to square one (may God forbid) therefore please be guided.
Also please don't call anybody, let them post their advice, we are all learning.
Best of luck!!!
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ololufemi
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Your uncle needs a good investment advisor.
His money can generate returns of at least 30% every month.
On N4 million, 30% is worth N1,200,000.
But conservatively, he could get N 1,000,000.
Investing will pay off for him
He should also replough it into his initial investment.
He therefore compounds his investment.
Thanks
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spoilt (f)
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stock market. he's too old for business. Who will run the business for him?
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nigeria1
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No man is too old.
Nigeria ONE.com
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kunle ola
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Ololufemi,
What type of investment would generate 30% profit every month? I don't mind if you can inform me of the investment.
I have interest in it.
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Datope (f)
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Walcom, You have given me some good advise. God bless you.
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yewa-man (m)
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Seun, God bless YOU. @ Poster shine your eyes.  |
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walcolm (m)
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Walcom, You have given me some good advise. God bless you.
You're welcome |
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bidex (m)
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when we talk of people with brain i think seun and walcom will carry the vote.
@ topic, please don't call anybody because if you do so they will want you to spoon feed them ratehr than investing your money for you. mind you there's loads of frausters out there
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TYLagos (m)
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Hi all,
I am currently working in a MNC and I do not intend to work (for someone else) for life. I am therefore interested in starting an 'upscale' launry & dry cleaning business. I will appreciate any information from members concerning this line of business or preferably refer me to someone who has started one before and is currently running such a business.
Thanks and God bless.
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GMG (m)
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One business idea that came to my mind that your uncle could do with the money is to open a frozen depot where market fish mongers can store their goods overnight and also be selling fish as a whole distributor.
With such business, you will always have income everyday. Not many people thought of such a dirty business like this but a white collar business with no idea of what they are doing.
I don`t have all the facts about that with me but could be researched further.
The area of business are:
1. Over storage facility for market people to store their goods.
2. Sell frosen chicken and fish as a wholeseller
I believe the money might just be enough for the business.
All the best with your uncle money.
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toladop (m)
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Actually, my opinion is that 4 - 5 million is a small amount of money.I am not so familiar with banking, but if he pays that money into his account, I believe he should be able to qualify for a loan. Some of the advice here are good and very practical but I have an observation about Walcolm's idea. 20% of this money cannot do any reasonable thing on a building especially if he is starting from the scratch. I have completed a building recently and I know how much it costs to raise foundation. It seems your Uncle's retirement is unexpected, so if possible he should get a job that would take care of his needs for now.When I have a good idea on what he should do with the money I would post it. I think the suggestions about savings or fixed deposit account would be O.k while your Uncle is working.
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babadee (m)
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playing baba ijebu!!!
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almondjoy (f)
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Hmmmmmmmmmmmm! I ain't gunna touch this topic with 100 foot pole! 4-5 million Naira?  Less than 40 thousand dollars? To start what kind of a business? In Nigeria?  Na akara you wan fry? Hmmmmmmmmmmmmm! I would have said invest in real estate but the money is just not worth the hassle. The only thing I have the nerve to invest in in Nigeria is real estate. Build a plaza and rent out the office spaces or shop spaces. Or build a block of flats and rent them out. Alternatively convert it to a forex and invest it outside Nigeria! Hopefully, you will sleep better at night!  Stock exchange in Nigeria? No way Hosea!  Goodluck! Beware of 419ners sha sha! |
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chrysler (m)
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The situation of Nigeria is so corrupt nowadays to the extent that even the outside world knows that Nigeria is corrupt
What i will advise you is that you don`t need to publicise this thing too much even to the extent of people knowing your uncle is collecting so much, and someone advising you to call him or her,
Tell your uncle not to rush into things.As soon as the money is paid into his bank account,he shld think deeply about businesses that appreciate in value like buying land,house and stuffs like that, i will partially agree to buying of shares only if he can do his findings very well on shares that are worth the while because not all shares are worth investing on.
He can now divide the money into three i.e
1.He can decide to fix one third but
2.He can decide to invest another one third in appreciable things like i mentioned above(The first two, he knows he is not going to get the return back soon but he knows he is investing greatly for the future
Thirdly and lastly he can find a business that will bring return on investment in the nearest future.This is ry important because he may need money for pressing needs soon and it is not advisable for him to invest all in lon term investment.
My last word is that he needs to open his eyes and brain very well in engaging in all this and he should look out for professionals in these various fields so that he doesn`t make mistakes.
All the best!
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toladop (m)
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Don't you get my point that 4 - 5 million is a very paltry amount of money .people are still dividing the money into percentages. Tell me what real estate 5 million would buy. this money is 2 small. How much is a new bus or truck? How much is a completed house? How much is rent for an office and other payments/taxes/levies. How much is a solid gen? plus running cost?
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SAYTEK
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@ everyone cool ideas  i advice he strategically move to the northern part of nigeria and start a cyber cafe. it pays than anything because getting a standard cafe in some part of the north is like getting blood out of a stone. good luck  |
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Kress
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A word is enough for the wise .This is not the time for trial & error.Opportunity once lost can not be regained.Money is not easy to come bye.I'm in support of Seun's views.He needs feasibility study as well.I want to advise you strongly,you don't need to meet anybody & no phone calls,anybody that has any idea should paste it.Dont be lured.Your uncle is counting on you,don't disappoint him.
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