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Noted

Cameleon72:
Noted

There is no better time to start applying these principles than now

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One of the advise given by the expert is that people should use this period to seek for dollar earning jobs.

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A classical advice given by the experts is that people should be careful who they lend money to at this critical times. They claim a lot of friendly loans would go bad.

And the reason is because the income of most people are under threat at this time more than ever before.

See the full gist here in this section:

http://nairahunter.com/exclusive-20-expert-advice-on-how-to-excel-financially-during-a-recession/

EXCLUSIVE: 20 Expert Advice On How To Excel Financially During A Recession

A recession is often characterized by a period of negative economic growth in two consecutive quarters. Economic growth in this context is measured by changes in the total value of goods and services produced within an economy in a particular year (often referred to as GDP) relative to the prior year.

Nigeria officially went into a recession in Quarter 2 of 2016 following statistics released by the Office of the National Bureau of Statistics. In Quarter 1 of 2016, the country’s GDP declined by 0.36% year-on-year and this was again followed by a further decline of 2.06% year-on-year in Quarter 2 of 2016.

Although the government is doing everything at its disposal to get the country out of this recession, the low prices of crude oil in the international market have remained a major constraint. As a country that derives more that 80% of its revenue from export of crude oil, the price of the product in the market would continue to have an impact on government’s revenue and consequently, its ability to jump start economy in the short to medium term.

Be that as it may, we are optimistic that we will get out of this recession stronger and more resilient as a nation. It is just a matter of time. But in the interim, we want to teach you 20 outstanding ways to manage the effects of the current recession on your personal finance.

1) Seek To Diversify Your Stream Of Income

The surest way to stay afloat in this period of economic recession is to have more than one source of income. Having just one source of income at this time is not a good thing to do especially now that nothing seems to be certain.

Regardless of what you do for a living, it is important that you look for another way to get additional income by the side. For instance, if you are a full-time employee, you can look around to see how you can make extra income during weekends when you are not at work. You can even monetize any specialized skill that you have to make extra income.

Even as an entrepreneur, you can look for ways to increase the revenue base of your business. You can do this by using exceptional customer services and occasional price rebates to win new customers and get repeat businesses from existing customers. You can also look at the possibility of reaching out to untapped markets within your area of business. Another option may be to introduce additional product lines or services that your customers may be asking for.

2) Try Freelancing To Earn Foreign Currencies

Freelancing is one of the legitimate ways to earn foreign currency without leaving the comfort of your home. If you go online, especially on international freelance websites (like Freelancer, Fiverr, Upwork, etc) you will see thousands of freelance jobs ranging from article writing, ghost writing, virtual assistance, data entry/analysis, blog maintenance, e-mail marketing, graphic design, game development, product promotion, etc that are published daily.

So you can actually bid for any of these projects while here in Nigeria and get paid in foreign currencies (mainly in dollars, euro or pounds). And now that the naira has depreciated significantly below the major international currencies, if you do any freelance job online and get paid in hard currencies (no matter how small), by the time you convert it to naira, it will amount to a lot of money for you.

3) Convert Your Surplus Asset To A Source Of Income

It may be necessary to take stock of all your asset to see the ones you can easily turn into a source of income. For instance, if you have surplus cars, instead of leaving some of them to idle away in your garage, it may just be wise to register them with Uber to generate additional income for you.

Similarly, if you have excess cash, rather than keep them at home, while not invest them to earn extra interest income for you. It may even be wise to keep your money in savings or fixed deposit accounts that attract interest as against leaving them in a current account that attracts zero interest rate.

4) Maintain A Cash Buffer To Take Advantage Of Spontaneous Opportunities

One of the most common features of economic recession is that people are usually cash strapped. And because a lot of people are generally under financial pressure, you will see some of them selling off their assets at giveaway prices to meet their routine expenses.

For instances, we have seen people selling off their landed properties at ridiculously low prices just because they needed to raise cash to pay their children school fees or meet their other pressing needs.

So if you have a buffer of cash or near-cash equivalents (like T-bills, Shares, etc), you can easily buy such assets at their forced sale value (FSV) and sell them at a future date to recoup your investment plus interest.

5) Practice Delayed Gratification

A period of recession is not the best time to consume all that you earn. In times of plenty, you can afford to consume all your salary in one month because you are sure you will get the next pay cheque the following month. But you can’t afford to take such gamble during a period like this when there seems to be no job security anymore.

Hence, a recession is actually the best time to save more. It is the time to spend money on the things that you truly need and not the things that you merely desire. It is a time to prune down on unnecessary expenses and focus on the things that truly matters.

6) Be Mindful Of Lending Money At This Time

The greatest cases of loan losses occur during a period of recession because people’s incomes are generally challenged. At this time, a lot of people struggle to meet their financial obligations mainly because their financial capacities have been eroded by the harsh realities of the time.

Therefore, this is not the best time to lend money to all Tom, Dick and Harry that comes to you. The worst casualties are even families and friends. Experience has shown that loans to friends, family members and other related parties tend to go bad than loans to unrelated parties. And the reason is because they believe you can’t do anything to them when they are unable to pay back.

Please note that we are not saying you should not help people financially, but what we are saying is that you should be mindful of lending money to them. To be on the safe side, always lend people any amount of money that you know you can forfeit. That way, if they are unable to pay back, you will not be hurt and your relationship with them would not be strained.

7) Be Careful Of What You Invest In

There are many investment opportunities that come up during a period of recession with some of them promising unbelievable rates of return. One thing you must understand is that a lot of people are very desperate at this time. And some of them will throw several investment products at you to lure you into parting with your hard earned money.

We are not saying that all investment products out they are fraudulent. No…No…No… What we are saying is that you should be mindful of the kind of investment you go into at this time. As a rule of thumb, never put your money in any investment scheme that you don’t understand or an investment product that offers you a rate of return that is too good to be true.

Before you invest your money in any scheme, seek proper financial guidance so you don’t end up losing your money to fraudsters.

Don’t Live Above Your Means

A lot of people don’t really seem to understand what it means to be living beyond one’s means. That someone is spending money recklessly or living a life of opulence does not mean the person is living above his means. It is absolutely wrong to judge a man as living above his means when you don’t have a full understanding of all of his sources of income.

Simply put, a person is said to be living beyond his means if his lifestyle is not commensurate with his income level. This statement may not make sense to you, so let’s break it further down with examples to drive home our point.

We consider a man to be living beyond his means if any or all of the following applies to him:

a) He lives in an apartment with an annual rent that is more than three times his total monthly earnings. For instance, if your total earning in a month is N100,000.00 and you stay in a rented apartment that cost more than N300,000.00 per annum, then you may be living above your means.

b) He drives a car that is worth more than three times his total annual earnings. For instance, if you earn a total annual income of N1.2m and drives a car that is more than N3.6m, then you may just be living above your means.

c) He borrows money to buy a depreciating asset like a car and pays more than one-third of his total monthly earnings to service the loan. For instance, let’s assume your total monthly income is N100,000.00 and you pay more than N33,333.33 to service a loan you took to buy a car, then you may be living above your means.

d) He borrows money to finance his ostentatious lifestyle and struggle to pay back as at when due. For instance, if you borrow money to finance your life of opulence and issue post dated cheque(s) that always bounces when presented for payment either through clearing or across the counter, then you may be living above your means.

9) Spend Less On Imported Items

One of the easiest ways to spend less at this time of economic recession is to patronize locally made goods and services. Because of the high rate of exchange between the major foreign currencies and the naira, imported goods and services are bound to be more expensive than their locally made counterparts.

So this is not the best time to be buying imported goods and services, especially where there are locally made substitutes. Instead, cultivate the habit of spending more on locally made items and only go for imported ones that have no local alternative.

10) Don’t Live Your Life To Please Others

It is amazing how people live their life to please others even at their own financial detriment. A lot of people attend lavish night parties and spend so much in such parties just because they want to impress their babes or friends. There are some that belong to high profile clubs where they pay outrageous annual membership fees just because they want to “belong”.

The truth is that there are many expenses and merriments that are not necessary at this time. While it may be worthwhile to give yourself a “treat” once in a while, it should not be because you want to prove a point to your friends.

If your friend asks you for something you cannot afford, tell him/her straight away that you can’t afford it. Don’t be shy because when the ships are down, you will be on your own.

11) Be More Committed To Your Job

The time to be more committed to one’s job and career is now. A lot of companies are looking for flimsy excuses to lay off your workers and you don’t want to be a victim. Guard your job jealously and do everything ethically possible to remain on that payroll. Seek genuine ways to add value to your employer by going the extra mile to get things done.

Remember that your job can only be intact if your employer is doing well. So you have to help them to excel by delivering outstanding performance in whatever assignment that is given to you. Also, see how you can help them to win new customers even if that is outside the scope of your job. That way, you will not only be helping them to remain in business, you will also be securing your own job.

12) Eat Well, Rest Adequately & Exercise Regularly

The doctors advice that eating well, resting adequately and exercising regularly is a key way to staying out of the hospital. And there is no better time to practice these habits than now. You don’t want to spend the time you should be using to chase for money on a hospital bed.

Therefore, if you want to avoid going to hospitals and spending unnecessarily on drugs, then you just have to cultivate the habit of eating a balanced diet at all time. Also, ensure you go to bed on time so you can have an adequate sleep. And finally, try to exercise regularly so you will be physically fit to carry on effortlessly with your normal job and businesses.

13) Re-assess Your Routine Expenses

If you want to excel financially in this period of economic recession, then you must re-exam your expenses to be sure you are not wasting money on things that are not necessary. As a rule of thumb, always see any item of expenditure as a drain on your financial resources. That way, it will help you to keep an eye on what you spend your money on.

To start with, we implore you to assess the following list of expenses to see how you can reduce the amount you spend on them:

a) Electricity Bill – Is your electricity bill unduly high? While not cultivate the habit of switching off all light and electrical appliances to cut down on your energy bills.

b) School Fees – If you think you are spending so much on your children’s school fees, while not consider moving them to a more affordable school instead of dying in silence.

c) Telephone Bill – If you feel you are spending so much on air time, while not consider avoiding unnecessary and fruitless banters while on the phones with families and friends.

d) Data Plan – You can reduce your data usage and consequently the amount of money you spend on data plan by going offline occasionally, especially when you have no business being online.

e) Paid TV Subscription – There are various subscription plans available to users of Paid TV services these days. Rather than being entangled with premium subscriptions, while not consider lesser bouquet that also offers value for money.

14) Buy Things In Bulk To Enjoy Volume Discounts

Another realistic way of cutting down on your living expenses is by buying things, especially foodstuff in bulk quantities. When you buy foodstuffs in bulk quantities, there is a high likelihood that you will enjoy a volume discount than when you buy the same item on a piecemeal basis.

For instance, if you buy a bag of rice, you will discover that you will be saving more than when you buy the same quantity of rice in piecemeal over time. So if you can afford it, always go for bulk purchases. Even if you can’t afford to buy a particular thing in bulk, you can contribute money with a friend to buy and share it.

15) Liquidate Your Dollar Credit Cards

Given the uncertainty in the FX market couple with the galloping rate of exchange at the parallel market between the naira and the dollar, it is riskier maintaining a dollar denominated credit cards than ever before. For instance, if you use your dollar credit card to consummate a transaction today, you may not have access to dollars tomorrow to settle your obligation and reinstate your card limit. Even when you have access to dollars, it may come at an expensive rate.

And should you fail to make the settlement at the due date, you will not only be charged a ridiculous penal fee (in dollars), you will also be charged interest on the outstanding balance. This is a double jeopardy that is not worth the headache. So if you have a dollar credit card, just try and liquidate the balance to zero and be using your naira credit card instead.

16) Plan With What You Have

In this period of economic recession, people will always promise and fail to fulfill their promises. There will be so many broken promises at this time because people’s income level are under serious strain. This is a time when families and friends would be unable to fulfill their financial obligations to you. It is also a time when your employer would default in paying your salary as at when due.

Therefore, as you carry on with life in this period, don’t place your hope on anyone because they may disappoint you. Rather, plan your life with what you have and leave the rest to God.

17) Live Modestly

The rate of armed robbery and burglary is more during a recession than during a period of economic boom. And the reason is not difficult to fathom. Most young men and women that are ready to work can’t find anything to do. Even the few ones that have jobs are being paid peanuts by their employers. So the desperation to survive leads most of these able-bodied young men and women into crime.

And who are their targets? Very simple…Their targets are those people that show off and live a lifestyle of affluence. So if you don’t want to be a victim, the only thing you can do is to live a life of modesty. Don’t give people the impression that you have so much money otherwise you will become a victim of men of the underworld.

18) Cut Down On Overseas Vacation

Traveling overseas for summer and winter vacation have become more expensive than ever before, no thanks to the high rate of exchange between the naira and the dollar. Depending on the country you are traveling to, it takes nothing less than half a million naira to book a flight ticket and hotel reservation to enjoy a decent summer or winter break abroad.

Rather than wasting such huge resources traveling abroad, while not take your family to some of the lovely tourist centers we have in this country like the Obudu Cattle Ranch in Cross River State; the Yankari Game Reserve in Bauchi State; the Abuja National Park in FCT; etc. You will have big-time fun when you go to any of these places and you will also be spending lesser compared to going abroad for a vacation.

19) Develop Yourself

Personal development is key to succeeding in life regardless of whether there is a recession or not. If you spend some time and resources now to acquire new skills, you will stand a better chance of succeeding in life tomorrow than the person that chooses to stop learning.

The truth is that the “day you stop to learn, is the day you will stop to grow”. So don’t use the recession as an excuse to remain outdated and rusty. There are so many things you can do to make money even at this time but you need to empower yourself to be able to do them. For instance, if you go online, you will see a lot of opportunities available to make money for those that have the required knowledge.

20) Continue To Hope For The Best

This economic recession we are facing right now will not last forever. It’s just a matter of time and things would get better again. We know that things are tough out there, but don’t give up. This is not the time to commit suicide or to point an accusing finger to anyone.

Instead, this is the time to keep hope alive and keep wishing for the best. There is no situation in this life that has a beginning and that has no ending. So we believe this recession too would soon be a thing of the past. We at nairahunter.com are optimistic that Nigerians would come out of this recession stronger and better off.

In Conclusion

There are several other ways to manage the effect of a recession and come out more victorious. All that is required is to apply certain principles of personal financial management. And these principles involves looking for genuine ways to make more money, saving more, investing more and cutting down on unnecessary expenses.

Once you can do any of these things, you will discover that when others are complaining bitterly about the recession, you will just be moving on without qualms.

If you think we are missing out something in this article regarding how to excel financially in this period of economic recession, please feel free drop it below in the comment section.

We wish you all the best…



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Jan / Feb2018: WON 30/38
DATE : 06.02.2018 (TUESDAY)
20 : 45h
Falkirk – Brechin
Tip : 3+ (Under 2.5) Odd : 1.70
Result : 3:1. WON
DATE : 05.02.2018 (MONDAY)
20 : 00h
Aarau – Schaffhausen
Tip : 3+ (Over 2.5) Odd : 1.70
Result : 2-1 WIN
DATE : 04.02.2018 (SUNDAY)
18 : 00h
Club Brugge KV – Charleroi
Tip : 3+ (Over 2.5) Odd : 1.80
Result : 3-3 WIN
DATE : 03.02.2018 (SATURDAY)
16 : 00h
Queen's Park – Raith
Tip : 3+ (Over 2.5) Odd : 1.75
Result : 1-3 WIN
DATE : 02.02.2018 (FRIDAY)
20 : 00h
Nimes – AC Ajaccio
Tip : 3+ (Over 2.5) Odd : 1.95
Result : 1-1 LOSS
DATE : 01.02.2018 (THURSDAY)
20 : 45h
Willem II – Roda
Tip : 3+ (Over 2.5) Odd : 1.80
Result : 2-2 WIN
DATE : 31.01.2018 (WEDNESDAY)
20 : 45h
Stirling – Cowdenbeath
Tip : 3+ (Over 2.5) Odd : 1.75
Result : 1-0 LOSS
DATE
TIP & ODD
Result
30.01.2018
2+ odds
MATCH I
MATCH II. LOST
29.01.2018
2.02 odds
Watford U23 - C. Palace U23
West Brom U23 - Fulham U23 Over 2.5 1.41
Over 2.5 1.43 Proof
WON
28.01.2018
2.48 odds
Boom - Olsa Brakel
Reading W - Arsenal W Over 2.5 1.54
Over 2.5 1.61 LOST
27.01.2018
2.21 odds
Wolfsburg U19 - Leipzig U19
Pescara U19 - Bari U19 Over 2.5 1.40
Over 2.5 1.58
WON
26.01.2018
2.48 odds
Helmond - Almere City
Sittard - FC Emmen Over 2.5 1.59
Over 2.5 1.56 WON
25.01.2018
2.15 odds
Al-Gharafa - Al-Sadd
Club Brugge KV - Oostende Over 2.5 1.46
Over 2.5 1.47 WON
24.01.2018
2.30 odds
Lazio - Udinese
El Gaish - El Daklyeh 1 1.53
Over 1.5 1.50 WON
23.01.2018
2.51 odds
Mouscron - Kortrijk
Notts County - Crawley Town Over 2.5 1.86
Over 1.5 1.35 WON
22.01.2018
2.29 odds
Leeds U23 - Huddersfield U23
Swansea - Liverpool Over 2.5 1.44
Over 2.5 1.59 LOST
20.01.2018
2.95 odds
Hoogstraten - Hades
Salford - Harrogate Over 2.5 1.65
Over 2.5 1.79 WON
19.01.2018
2.04 odds
Stabaek- Kongsvinger
Sonderjyske - Fredericia Over 2.5 1.39
Over 2.5 1.47 WON
18.01.2018
2.32 odds
Spartak Moscow - Shanghai S.
Bucaspor - Galatasaray Over 2.5 1.49
Over 2.5 1.56 LOST
16.01.2018
2.30 odds
Basingstoke - Stratford
Lowestoft - Folkestone Over 2.5 1.50
2DNB 1.53 WON
15.01.2018
2.22 odds
Crewe U23 - Leeds U23
Jong AZ - Cambuur Over 2.5 1.46
Over 2.5 1.52 LOST
14.01.2018
2.31 odds
De Treffers - De Dijk
CD Gerena - Xerez CD Over 2.5 1.31
Over 2.5 1.77 WON
13.01.2018
2.10 odds
Burgess Hill - Harrow
Newtown - Prestatyn Over 2.5 1.49
Over 2.5 1.41
WON
12.01.2018
2.09 odds
Jong Utrecht - Dordrecht
Sittard - Jong Ajax X2 1.58
Over 2.5 1.32
WON
11.01.2018
2.54 odds
Levante - Espanyol
Sevilla - Cadiz CF BTTS 1.94
1 1.31 LOST
10.01.2018
2.89 odds
Darlington - Salford
Guadalupe - Grecia Over 2.5 1.68
Over 2.5 1.72 WON
09.01.2018
2.08 odds
PAOK - Trikala FC
El Gaish - Alassiouty Over 2.5 1.44
Under 2.5 1.45 LOST
08.01.2018
2.40 odds
Brighton - Crystal Palace
Lens - Boulogne 1 1.40
Over 2.5 1.76 WON
07.01.2018
1.94 odds
Nottingham - Arsenal
Rennes - Paris SG 2 1.52
2 1.28 LOST
06.01.2018
2.01 odds
Cagliari - Juventus
Manchester City - Burnley Over 2.5 1.38
Over 2.5 1.43
WON
05.01.2018
1.99 odds
Nottingham U23 - Bolton U23
Nijmegen - Quick Boys Over 2.5 1.46
Over 2.5 1.36
WON
04.01.2018
2.01 odds
Numancia - Real Madrid
Espanyol - Levante 1 1.38
Over 1.5 1.46
WON
03.01.2018
2.28 odds
Juventus - Torino
Rio Ave - Ferreira 1 1.36
1 1.68
WON
02.01.2018
2.10 odds
Dundee Utd - Brechin
Albion Rovers - Airdrieonians Over 2.5 1.45
Over 2.5 1.45
WON
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