Hello fellow Nairalanders, I come in peace to provide useful information about scholarships and education aid to people looking forward to opportunities to study outside the country. Having studied outside the country on partial scholarship some 15 years ago, I know how beneficial it is for existing or intending students.
I had a plan on relocating my family out the country this year, while I stay here as I have a problem with the weather out there. Winter is always too tough for me and I believe we are lucky in Nigeria to have one of the best weathers in the world. (If we can get leadership right, very few will want to relocate out of Nigeria).
The terrible run of our currency against the dollar has made relocation tougher for most Nigerians including me; $30,000 that used to be N4,500,000 a decade ago is no roughly N50,000,000 . This has made JAPA plans now more difficult for most Nigerians and this made me put on my thinking cap. I could still relocate my crew but I need to find a more cost effective route, which is searching for full or partial scholarships.
After much research I also decided to start a new blog focused solely on scholarships as I'm already a blogger as a side hustle. I haven't yet secured one for my wife but I keep applying and searching as the winning spirit is to get the right information and not give up.
I hope to work hard on this project and provide information on thousands of available scholarships for International students looking for opportunities to add value to themselves and brighten their career prospects.
I also plan on providing information about educational institutions and qualifying exams to gain admissions. If you have thought about scholarships or the thought just cropped into your head, then please check out my site for information that you may find useful. [url] https://scholarshipvillage.com/[/url]
I need help with my blog spam score. I suddenly discovered that it is very high. I am looking for someone who would help me reduce it to reasonable levels as it's currently more than 60%.
These type of cars are not mass produced and only very few units are ever produced, making you feel very special and privileged to have one in your garage.
Here you will find top range cars costing millions of dollars and exclusively for the extremely rich folks.
Kindly watch the video below to learn more about these sort of automobiles and also subscribe to our channel for more Top 10 videos.
Watches have gone past just being a time piece or a fashion item. Today watches can be a sign of wealth, Class, Power or even an investment.
It can be shocking for so many people to discover that a time piece can cost several millions of dollars. This means that some watches can build estates or be used to buy several prime real estate or top range cars.
You will find in this video Top 10 most expensive watches in the world.
Rowan Atkinson is an actor, screenwriter, and comedian who has a net worth of $150 million. Recognized as one of the masters of physical comedy, Atkinson is probably best known for his character, "Mr. Bean." However, Atkinson has also appeared in a range of different roles that showcase his comedic range and skills. He is also an accomplished theater actor.
Outside of acting, Rowan is an avid car collector. He owns dozens of luxury sports cars. Perhaps most famously, he once owned a McLaren F1 that he crashed TWICE. He sold this McLaren for $12 million. More on this car and his collection later in this article.
Sometimes the hardest thing about saving money is just getting started. This step-by-step guide for how to save money can help you develop a simple and realistic strategy, so you can save for all your short- and long-term savings goals.
1. Record your expenses
The first step to start saving money smartly is to figure out how much you spend. Keep track of all your expenses—that means every airtime, household item and cash tip, etc.
Once you have your data, organize the numbers by categories, such as gas, groceries and loans, and total each amount. Use your debit/credit card and bank statements to make sure you’re accurate—and don’t forget any.
Pro tip: Look for a free-spending tracker to help you get started. Choosing a digital program or app can help automate some of this work. There are several free mobile apps that automatically categorizes your transactions for easier budgeting.
2. Budget for savings
Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance.
Pro tip: Include a savings category—aim to save 10 to 15 per cent of your income.
3. Find ways you can cut your spending
If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back. Identify non-essentials that you can spend less on, such as entertainment and dining out. Look for ways to save on your fixed monthly expenses like television, cable subscription and your cell phone, too.
Here are some ideas for trimming everyday expenses:
a. Use resources such as community event listings to find free or low-cost events to reduce entertainment spending. b. Cancel subscriptions and memberships you don’t use—especially if they renew automatically. c. Commit to eating out only once a month and trying places that fall into the “cheap eats” category. d. Give yourself a “cooling off period”: When tempted by a non-essential purchase, wait a few days. You may be glad you passed—or ready to save up for it.
4. Set savings goals
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it.
Here are some examples of short- and long-term goals:
Short-term (1–3 years)
a. Emergency fund (3–9 months of living expenses, just in case) b. Vacation c. Down payment for a car
Long-term (4+ years)
a. Down payment on a home or a remodelling project b. Your child’s education c. Retirement
If you’re saving for retirement or your child’s education, consider putting that money into an investment account. While investments come with risks and can lose money, they also create the opportunity for growth when the market grows, and could be appropriate if you plan for an event far in advance.
Pro tip: Set a small, achievable short-term goal for something fun and big enough that you aren’t likely to have the cash on hand to pay for it, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the fun reward you’ve saved for—can give you a psychological boost that makes the payoff of saving more immediate and reinforces the habit.
6. Decide on your priorities
After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.
Pro tip: Learn how to prioritize your savings goals so you have a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one now.
7. Pick the right tools
If you’re saving for short-term goals, consider using these FDIC-insured deposit accounts:
a. Savings account b. Certificate of deposit (CD), which locks in your money for a fixed period of time at a rate that is typically higher than savings accounts
For long-term goals consider:
a. FDIC-insured individual retirement accounts (IRAs), which are tax-efficient savings accounts b. Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer. Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal.
Pro tip: You don’t have to pick just one account. Look carefully at all of your options and consider things like balance minimums, fees and interest rates so you can choose the mix that will help you best save for your goals.
8. Make your savings automatic
Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so a portion of every paycheck goes directly into your savings account. Furthermore, there are lots of trusted savings platforms around that can automatically deduct a certain amount of money from your account and save on your behalf every month.
Pro tip: Splitting your direct deposit and setting up automated transfers are simple ways to save money since you don’t have to think about it, and it generally reduces the temptation to spend the money instead.
9. Watch your savings grow
Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.
The eNaira, Nigeria’s central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender was made available to the public on October 28, 2021, despite several initial postponed launch dates. And with over a month since its debut, the country’s ‘digital currency’ has not really generated as much buzz as it should and worse, its users’ ratings have perhaps given an idea on why the launch was too early.
Despite the hope that the government is finally leaning towards technology and innovation, many have vowed never to patronize the digital currency since it is the brainchild of a government whose policies have largely been anti-youth and anti-people.
In this post, the FinancialSlot team studies a handful of indicators that suggests that the country’s digital currency could be a white elephant project at the end of the day.
1. Government vs. The Youths
The Buhari-led regime has never hidden its disdain towards the Nigerian youths since the former military dictator assumed power in 2015. Ironically, the youths whom the president’s party, the APC, built their manifesto around in 2015 would soon come to be internationally known as ‘lazy and uneducated’ according to Muhammadu Buhari at a Commonwealth event in London in 2018. While the youths lashed out at the president across social media platforms and the presidency claiming the president did not mean ‘all youths’ but ‘most’, the relationship of the country’s number one citizen and the youths have gone frosty ever since.
Perceived persecution of government agencies against the youths and the silence of the government has further deepened the crack between the country’s youths and her government. With the youths making up 45.54% of the country’s population, every move of the government, particularly unfavourable, is seen as an assault and an attempt at frustrating them.
Ironically, the Nigerian government needs the youths in order to make the eNaira a success. With the ever frosty relationship between the duo, nearly half the country’s population who hold the largest share of internet users in the country could easily frustrate the government’s innovation.
2. #EndSARS
The #EndSARS protest that rocked the country in October 2020 will definitely go down as one of the most organized protests in the history of Nigeria. From pent up anger over incessant police brutality to calls to demands for good governance and calls for the resignation of President Buhari. The clampdown on the country’s youth in order to prevent a spiralling revolution ended up worsening an already terrible relationship between youths that have had enough of its government and a government that failed to diplomatically handle the situation.
A section of the youths believes activities of the #EndSARS gave rise to the creation of the digital currency; something the government could control, similarly with blocking of bank accounts associated with the #EndSARS protest.
3. Crypto ban
Before cryptocurrency was banned by the government, Nigeria was the largest crypto market in the world, with 32% of respondents. An excerpt from an article on Yahoo! News reads:
Africa’s largest economy is the king of cryptocurrency. In Nigeria, 32% of respondents — nearly 1 in 3 — report having used or owned one type of crypto or another in 2020. By comparison, just 6% of Americans reported the same.
According to Bitcoin.com, Nigeria’s unique culture and circumstances are fueling the trend. One of the biggest influencers is poverty, a condition suffered by 87 million of Nigeria’s 200 million people — and crypto transactions are cheap. Another reason for the trend is that Nigerians are much more likely to make payments and send money using their phones. Finally, double-digit inflation is the rule, not the exception, in Nigeria, and cryptocurrencies like Bitcoin, which are capped to a finite number of coins, serve as a hedge against inflation.
The ban on cryptocurrency in Nigeria not only bit hard on a section of the country’s youths who had found ways to financially empower themselves but also complicated and further gave rise to the number of unemployed and poor Nigerians. The government’s move to swiftly ban crypto during the now-iconic protest further affirmed that it was not on the side of the youth; a belief that most youths who have chosen not to patronize the eNaira still hold firm. “Placing a ban on cryptocurrency and launching a digital currency/wallet using blockchain technology is akin to taking five steps backwards and a step forward,” says a Tweep who claimed he is on a mission to discourage youths from using the government’s digital currency.
What’s worse is that the government, through the CBN not only monitored or came down heavy on crypto traders, those who have at some point traded cryptocurrencies also had their accounts permanently blocked by their respective banks.
4. Debit card/bank app tautology?
Some have claimed the eNaira is irrelevant since traditional banks provide both debit cards and bank apps, which work exactly like the eNaira and even better. Despite being a digital currency, funding of the eNaira wallet can be done through your regular bank app from your bank account, via cash through an eNaira verification agent, or over the counter at a designated bank branch or a SANEF agent. Question is, “why go through all these stress just to fund a wallet when your debit card or bank app can conveniently do it?”, “what special advantage does the eNaira wallet hold over monies in bank apps/accounts?” In reality, the answer is NONE. Although, the CBN claims it is accepted nationwide but this is not the case for online shopping/payment required sites.
If anything, the supposed innovation of the eNaira in the area of outperforming debit cards or bank apps and serving as a better, more efficient payment platform is a huge miss. On the issue of withdrawal from wallets, several users have claimed they found it difficult to withdraw. This and more can be seen directly in the reviews against the app on Google PlayStore.
5. Nigerians’ perception of the government
Nigeria’s government of the day has clearly moved against technology and innovation and has antagonized youth-centric technology businesses and even ended up crippling them through deliberate policies and immediate laws. Some of these companies have been forced to relocate abroad in order to stay afloat. Twitter’s decision to establish its African HQ in Ghana instead of Nigeria cemented not just what Nigerians thinks of her government but also what the international community believes. As a matter of fact, most youths on Twitter and other social media platforms hailed Twitter for the ‘smart move’ which did not exactly go down well with the government.
The perception Nigerian youths have of her government is simple; if the Nigerian government is overseeing it, involved or is a partner then it cannot be good, tech or no tech.
6. Terrible users’ experiences
Since its launch on October 28, 2021, the eNaira has enjoyed over a hundred thousand (100,000+) installs and currently has 3.2 ratings from over five thousand reviews. However, there is no denying that the launch was either rushed or that the CBN team tasked with overseeing to the project handed it to baby developers as there are over a thousand complaints about the app’s functionality—almost pointing to the same thing.
Almost all the negative reviews against the app stem from login/registration issues, ‘already used BVN’, OTP issues, and email verification links taking as long as 72 hours! Below are some user reviews against the app:
Since after successful sign up, I’ve not been able to sign in, after several emails and calling customer care, nothing has been done about it. I think the takeoff of this app was rushed without test running its smooth operation. Updates to enable the app function smoothly is necessary especially on the issue of signing in among other issues.- Atang Adams
Hello…I really don’t understand. The initial time you guys launched I tried to register there was no room for inputting email address and I guess the profile was created. Now that the stuff has been corrected, I am unable to login or reset my password because there was no room in the first place to put in my mail. If I try to create a new account it tells me I already have an account with the bvn. How can I have an account that I have no access to? – Chuks Stephen
I hardly give a low rating but this app deserve even less than a star. Update is almost everyday, why the urgency in rushing the app out for use. It’s difficult to fund the app. Infact it’s not accepting transfer from some bank app. After several attempt, I was debited but nothing is in my wallet. An ordinary wallet with only holding features (just deposit & withdrawal) from banks app yet not working properly….mtchew. It’s even better we keep transferring to ourself with our banks apps sef – Adeboye Adenyi
It is so frustrating that I registered expecting the OTP/token delivered to my email provided with my account number and bvn, only for the app to disappear on playstore and after it restored back I updated the app only to find out that the bank account have been registered still all effort to login prove abortive. I tried forgot password still I could received any mail or link for password reset. This is absolutely rubbish. Why can’t we get things done rightly in this country? This is sad. – Ahmed Abayomi Fasasi
Seeing so much complaints discourages anyone from registering this thing! I’ve been hearing about the lunch of this digital currency and just today I said let me see what is like, and yeah I’m not surprised that this is another disappointment as usual from FGN and I’m wondering why the lunch when you know you’re not ready?.BTC is doing fine you banned it to bring this trash that won’t work ever!!! You guys should better shot this nonsense down and stop wasting our time and data!!! – Saviour Enema
7. Unavailability of eNaira as a payment gateway
With the unavailability of the eNaira as a payment gateway, it is almost impossible to believe it will enjoy committed patronage beyond two years since online shopping is now the norm across Nigeria. As a digital currency with no online gateway feature, the eNaira clearly stands no chance when compared to both debit cards and bank apps as these two can conveniently be used to checkout on Nigerian shopping platforms.
8. Internet access before usage
Although, it is expected that a digital currency would require internet access before usage. A turn off as some claim is having to periodically login into the app to carry out transactions. In the absence of internet availability, one is temporarily cut off from it.
Are you looking to explore some of the most profitable investment opportunities in Nigeria? Then you’re on the right page. As the most populated black nation on earth, Nigeria is glutted with investment opportunities capable of making you millions.
From agriculture to medicine and health, these investment opportunities have garnered lots of profits for investors resident in Nigeria foreign States.
Regardless of your budget size, there are one or more investment opportunities out there for you to dump your cash on the line into for future (and promising) ROIs.
Below are investment opportunities in Nigeria you can leverage to secure a rigid financial framework in future:
1. Stock
Investing in stock is easily one of the profitable investment opportunities in Nigeria. The stock market is an online world where investors reserve the option to buy and sell shares of publicly traded companies. These companies are publicly traded, which means that outsiders can invest in them and become shareholders. In Nigeria, the most acceptable channel of trading or investing in stocks is the Nigerian Stock Exchange.
But the downside to the Nigerian Stock Exchange is that you can’t invest in top companies that have higher prospects of generating juicer profits. You can mostly invest in Nigerian companies, which is quite a drawback. The good news? You can invest in these top companies (like Alphabet and Netflix) using other stock trading/investment apps.
If you’re lost in the cloud as to how stock trading/investment works, it’s simple. You simply buy company shares when they’re down, and sell when the value (and stock) of the company skyrockets. The stock market is volatile, and this makes for a possibility to recoup (and even quadruple) your investment within a short while.
So if you’re in search of a worthy investment opportunity in Nigeria, give stock investment a top-notch spot on your consideration list.
2. Cryptocurrencies
In the game of volatility, the stock market is a famed name but cryptocurrency wins it. Crypto is one of the most profitable investment opportunities in Nigeria and millions of people around the world have taken advantage of the volatile nature of this venture. It is easy and profitable. Cryptocurrencies have transitioned ordinary folks into millionaires over the course of the last 5 years.
For instance, a crypto trader Erik Finman invested $1,000 in Bitcoin back in 2011. Today, his Bitcoin asset is worth more than $4.8 million. In 2009, 1 Bitcoin (which is the king of cryptocurrencies) sold for less than $0.01. Now if you acquired $10 worth of Bitcoin at that time, you’d have 1,000 Bitcoins.
Fast-forward to the time of writing, Bitcoin sells for $57,640. So, right now, you’d have $57m+ sitting in your bank account if you were among the lucky folks who bought thousands of Bitcoin when it wasn’t worth a pack of Cheese.
If you can fork out the money to invest in cryptocurrencies in Nigeria, there’s an easy procedure you need to follow. How it works is you register on cryptocurrency exchange apps/platforms, verify your registration, fund your wallet, and buy cryptocurrencies when the prices plummet. When prices soar, you sell and bag your profit. In Nigeria, there are several Crypto exchange platforms you can invest with.
The best trading/investment platforms when it comes to cryptocurrencies are Binance and BlockChain. But I recommend Binance as you have more trading features, options, and flexibility.
3. Education
Education is one of the top investment opportunities in Nigeria today. You can invest in education and have a surge in profit turnover within a short period of time. Some secret billionaires in Nigeria right now have an unmatched foothold in the education sector. You have two primary options here as an investor. The first is to establish a standard private school, and the second option is to establish a tutorial centre.
Both of these investments hold the potentials to transition your financial status. Investing in education will not only enrich you, but will have a ripple on the economy, and the lives of millions.
4. Real Estate
Throughout history, some of the wealthiest people have had their hands deep in real estate. This is because the need for accommodation is basic to human existence.
As an investment, real estate is profitable and is yet to be fully exploited in Nigeria. So if you’re looking for profitable ideas and investment opportunities in Nigeria to dump your cash, then the real estate venture is the one for you.
Buy properties and flip them for higher cash. Apart from buying properties, there are other real estate gigs you can participate in. For example, building houses and placing them on rent to people who’ll pay a fixed price yearly for accommodation.
You can also build stores, hostels, event centres, and other structures for different purposes. Acquiring landed properties and reselling them twice or thrice the initial price isn’t out of the list.
5. Food
We can’t survive and thrive without giving our body the required nutrients it demands. And since this is one undeniable fact, investing in food is one of the most lucrative investment opportunities in Nigeria and in the world. To grasp the profitable traits in the food industry, you can establish a manufacturing company, set up a mega (or local) restaurant, and even delve into drink production/bottling.
6. Gold
Gold is a top material we derive from the bowels of mother nature. It’s durable, has irreplaceable aesthetics and is the favourite beautification element for royals.
Investing in gold will mostly turn out to be a profitable deal as the value and cost of this element are consistently appreciated. You can buy physical gold in the form of jewellery and keep it for posterity.
Another option is to buy digital gold stock in the stock market and keep your asset there till profit starts churning in. Either way, you’ll be capitalizing massively on the potentials of Gold as a worthy investment asset.
7. Technology
Want to invest big? The tech industry is one place to look. Major tech players in the 21st century are billionaires. And in Nigeria, the tech industry is definitely one of the most profitable investment opportunities to look into.
If you’re able to solve a societal problem, then you’ll be smiling to the bank. Let’s name a few instances… popular Facebook solved the problem of socializing between distance and today, Mark’s net worth is a little above $130 billion. Bob Parsons ($3.4B) founded the web hosting company GoDaddy. Patrick Collison and John Collison founded the digital payment gateway Stripe and their net worth stands at $95B at the time of writing.
The point is investment in tech remains one of the most lucrative opportunities in Nigeria that you can think of.
8. Promotion/Advertisements
If you start a business today, you’ll want to be well known and have your services patronized by as many people. Several thousand businesses (both startups and established firms) sing the same song.
They want to reach more people and record a striking spike in performance. The downside, most of these businesses don’t know how to go about promoting their services/products for optimal results, which is an opportunity investors can manoeuvre.
Investing in the promotion/advert industry means you’ll set up firms solely for the purpose of handling the advert and promo activities of these businesses. In the long run, you’ll reap more profits and at the same time deliver satisfactory services to business ventures as clients.
9. Foreign Exchange
Foreign Exchange, known for short as Forex is a mind-blowing investment opportunity in Nigeria for investors. Before dipping your wallet to invest in Forex as an investor, learn about the risk management side of the venture and leave your investment with renowned and trustworthy Forex investment firms.
You don’t want to wake up one morning and be saluted with an unfortunate phone call that all of your investment had drained overnight. It’ll be a cocktail of sorrow for you. Best practice? Work with trusted Foreign Exchange firms in Nigeria with a track record of sticking to the motto of their public campaigns.
And if you wish to invest in Foreign Exchange yourself, then learn about (candlestick patterns, price actions, indicators, and…) all it takes to start forex trading/investing. Arm yourself with a level of mastery and a mix of investment strategies that’ll yield multifold returns 99% of the time. That said, the foreign exchange market is a volatile one. This means that your winning and losing chances are at equilibrium.
Regardless, it is one of the best investment opportunities in Nigeria to leverage, especially as it’s recommended to invest rather than to trade Forex.
10. Hire Purchase
It’s as simple as acquiring assets and getting paid when clients hire your assets. You can go into different types of hire purchase investment. Not limited to the acquisition of a primary/single asset, you can acquire multiple assets and give them up for hire. For instance, you can acquire a vehicle, musical instruments, event facilities (like canopies, tables, chairs, and curtains), and get paid when interested clients hire them.
Hire purchase investment is easy, it requires your initial capital and supervision.
11. Agriculture
The agricultural sector is Nigeria’s first love just before the oil craving began. Nigeria had a rich economy founded on the transaction/trade of agricultural products. To this day, agriculture is still a very productive investment opportunity for investors looking to invest in Nigeria. The land is fertile for farming, and almost every kind of food crop can be farmed in Nigeria.
Year in year out, farmers and foodstuffs traders rake in lots of profit. Your story can fall along the same line and you don’t have to be a farmer to invest in agriculture in Nigeria.
13. eCommerce
Jumia is worth more than $1 billion at the time of writing. If we start talking about e-commerce platforms dominating the Nigerian digital marketplace, we can count them by hand.
This leaves a massive space for investors to fill the gap. Jumia, Konga, and a handful of other e-commerce businesses bank millions (if not billions), making the e-commerce industry one of the most promising investment opportunities in Nigeria.
14. Entertainment
Whether it’s investing to start up a film house, TV programme (like BBNaija), a music label, or a Cinema, the entertainment industry is a fertile ground for ready investors in Nigeria. You can invest in any arm of entertainment, and even sponsor comedy/music shows seasonally.
Whatever you plan on doing as it pertains to entertainment as an investment opportunity, it’ll boomerang in rapid success within a short timeframe.
The entertainment industry is taking a different shift from what it used to be years ago. It’s more celebrated than ever, and you’ll be lucky to be an entertainment investor in just a few years.
15. Health/Medicine
In 2018, Global healthcare spending rose to the tune of $8.45 trillion. And this figure is bound to break $10 trillion in 2022. Investment in health is an investment in life, and the returns are glistening. In Nigeria, there are not very many known healthcare centres renowned for remarkable health services.
As an investor, You can set up a mega pharmacy, a hospital, healthcare centre/clinic. Whichever one you pick, the services are pretty expensive and you’re more likely to make tons of money enough to drown out your initial costs.
PS: Investments are huge financial risks. Just because they are expected to yield does not mean that all investments yield as expected. As an investor, it is important to do your research, ask questions and be properly informed before investing your money into any venture.
Whether stated or implied, it is almost visible that some habits, lifestyles or practices are signs or indications that one will become poor in life regardless of one’s current financial status, social class or standing.
To most people, the idea of becoming poor is unimaginable and often provoke the infamous ‘God forbid’ saying, but the sad truth is that many walk along the fine line of poverty; indicating that they may never become rich or wealthy at any point in their lives except they break away from practices, habits, lifestyles or behaviours that tick all the signs that they are destined to become poor.
Below are some of the major signs that you will become poor in the nearest future.
1. You are an impulsive buyer
Almost everyone has indulged in impulse buying at some point in time in their lives, which isn’t exactly bad. The danger lies with those who have made a habit out of it. Impulse buying happens when you buy something you never budgeted for or planned to buy. While the idea of buying an unbudgeted item or product can be thrilling sometimes, its downside is pretty bad and can result in financial wreckage, particularly for habitual impulse buyers.
Most impulsive spenders sabotage their own prosperity with the “I want it now syndrome,” which is characterized by spending beyond their incomes. This in turn leads to persistent fear, unremitting debt, and depression and feeds into a downward cycle of worry and low self-esteem‚ and the instant gratification of impulsive spending‚ deepening debts‚ more worry‚ more spending.
2. Your saving culture is terrible
If you struggle to save, then it is all the indication you need to know you are destined to be poor, regardless of how much you earn presently. A healthy saving culture means one is financially disciplined enough to understand how important savings are to building wealth. More importantly, saving culture teaches one patience, persistence and the value of short term decisions that pave the way for long term goals and dreams.
3. You are comfortable with a steady paycheck
A consistent paycheck is the dream of almost everyone but it also implies that it may never grow beyond what it is and worse, living paycheck to paycheck predominantly devotes their salaries to expenses. Living paycheck to paycheck could also mean living with limited or no savings and refer to people at greater financial risks if suddenly unemployed than individuals who have amassed a cushion of savings. In the end, it is almost like living in the moment with no hope, dreams or aspirations for the future. Those at the mercy of regular paychecks, oftentimes, do not break even. At best, they are often found in the middle class but this is never the case for most.
4. You live on loans
A major litmus test to knowing your financial standing in years to come is whether or not you live on loans currently. Living on loans has been proven to be one of the major ways one’s life can be derailed easily without having to do much. Other than the web of financial mess and emptiness, the negative side of living on loans is so devastating that some never bounce back no matter what. Whether your loans are sourced from family, friends or colleagues or from loan sharks, there are tendencies that debt addiction could set in. With addiction, debts from loans are seen as a crutch to deal with financial and personal problems. In the end, they control your life while you have no plan to escape.
5. You do not have emergency funds
Not having emergency funds says a lot about our financial standing without having to show anything else. Ask yourself; ‘how long can I survive if I lose my job today?’ The truth is that we have all experienced unexpected financial emergencies at some point in our lives—car troubles, an unplanned or unexpected medical bill, a broken home appliance, loss of income, a damaged mobile phone, etc.
Financial experts have often advised that dedicated savings or an emergency fund is an important way to protect yourself and insulate yourself from being either at the mercy of others or resort to panicking when less is saved. An emergency fund allows you to live for a few months if you lose your job or if something unexpected comes up that requires a fair chunk of money to cover. Many banks and financial experts suggest that you should save anywhere from three to six months’ worth of salary in your emergency fund. If you don’t have this, you should start saving today!
6. Your bank account balance goes down terribly every month
While it is totally normal and expected to have a ‘busy account’ all through the month, a telltale sign you may not be wealthy or rich in the future is seeing your account balance gets depleted only to have your monthly wage boost it temporarily ahead of the new month before it goes down and run through the vicious cycle all over the calendar. Financial experts opine that people whose bank accounts go down at the end of every month only to get a partial refill before going down again often live in the moment and might never be able to save or create the resources or opportunities to create wealth as it should be.
If you are living in the moment and having your account balance gets depleted instead of increasing every other month, then you don’t need to be told your expenses are eating you up!
7. You spend money before you get it
While budgeting is a sign of financial discipline, spending money before it comes may imply one’s expenses, wants as well as needs supersede one’s earnings or inflow which will impact one’s saving strength in the end. Although it is not out of place to have needs or wants, it is, however, important to prioritize and make plans for what matters the most. Spending every money before it arrives isn’t exactly a good sign.
8. You have no investments
For most low and average income, the concept of investment is exclusive to high earners and corporate executives only, believing whatever they make is never enough to be invested. While the notion is wrong, your investments are your keys to financial independence as they will likely save you during financial storms. Investments ensure that you have enough money to pay for your needs and wants for the rest of your life without having to rely on someone else or having to work in your old age.
Among some, there is the notion that investing is needless since they are pros and experts at saving. Saving generally means putting away money for later use in a safe place, such as in a bank account while investing means taking some risk and buying assets that will ideally increase in value and provide you with more money than you put in, over the long term. Compared to investments, savings does not yield profits that can guarantee the life you dream of. Start thinking about investing today!
9. You have an addiction
Whether ‘small addictions’ such as chocolate cookies or cakes; to mild addictions such as designer clothes, shoes, perfumes, wrist watches or bags to heavy addictions such as gambling, debt addiction, impulse buying and shopping addiction; the chances of addiction wreaking havoc to your finances is extremely high. People who battle addiction that often impact their finances are often projected to be poor years away from their present moments. And except they can find ways to curb their addictions, they might remain poor for life.
Despite warnings and social media campaigns by banks on the need for customers to protect their debit and credit cards, so many Nigerians still fall victim to card frauds which leaves them with nothing but debit alerts and a near-clean sweep or clean sweep on their accounts in some cases.
1. Avoid using your cards(s) when dealing with PoS agents
The presence of mobile money shops or PoS agents on almost every Nigerian street has greatly contributed to the rise of debit card fraud, particularly in the past five years. Although this is not to say that mobile money shops in Nigeria are set up with the intent to steal from those who patronize them. However, there have been numerous reports about how mobile money shop agents/salespersons connive with street boys supposedly “Yahoo! boys” in sweeping clean, the bank accounts of customers who used their services, particularly those who made withdrawals. There have been reports that shop agents who sit behind desks are prone to engage in this illicit deal with fraudsters in exchange for some percentage.
In order for them to complete their fraud, all they need are your card details which consist of your 16 digit card number, your card validity details and Security (Card Verification Value) number. To get this in seconds, PoS agents have been reported to capture customers card details with their camera phones in less than 5 seconds while trying to help them initiate their original transaction then perpetrate their evil act immediately after the customers have left or most times, in the dead of the night when their victims are fast asleep and unaware of what was happening or about to. The latter is often executed by cybercriminals with sound knowledge of websites that do not require OTP to make purchases after which proceeds from the transaction will be shared based on the agreed percentage.
A report by Vanguard in November 2020 revealed how a woman got a debit alert shortly after patronizing a POS agent. An excerpt from the article reads:
Her words, “I was travelling to Ebonyi State and decided to do PoS withdrawal from an agent in Marina, Lagos. I used my Automated Teller Machine (ATM) card to withdraw N6,000. Throughout the next day, I started receiving debit alerts of sums ranging from N30,000 to N50,000. I called my husband if he was making any transactions from the account and he said no. I quickly remembered that I withdrew from a PoS agent in Lagos. ‘‘Luckily, I was with the printed slip. I called the Police and on getting to the agent stand in Lagos, the agent felled to the ground immediately he saw me. By then he had withdrawn N250,000 from my account. He returned my money and was arrested. Some of his victims were not lucky to get their money back.”
It is advisable not to use your ATM cards if you decide to patronize street mobile money agents. Options such as bank transfers and pay IDs or pay codes are less riskier compared to using ATM cards.
2. Avoid helping someone fund a betting account with your cards
Unfortunately, most compromised debit cards these days are often channelled into funding bet accounts which are untraceable, according to the debit alerts which are generated and sent to the victim’s phone. A common mistake many make is helping their friends, lovers or partners, neighbours and even family members in funding their betting accounts.
Unknown to many, most betting platforms are notorious for saving a card without the consent of the individual making the payment. While an OTP might be required the first time you are helping out, it won’t at other times if your card is saved and this means the individual can initiate several deposits into their betting account without requiring an OTP from your device. If you have fallen victim or received debit alerts claiming you funded a betting account, first find out if you had assisted someone in funding their betting account within the past three months.
3. Avoid linking your cards to unauthorized fintech apps
You are solely responsible for what happens to your debit cards and monies and this is why it is never advisable to link your cards to authorized fintech apps that either grant loans or allow you to save on their platform.
A linkage between your card and these apps means authorized transactions can be made from your bank account and your bank might not be able to help you when such withdrawals are made. If at all you link your ATM card with any of these apps, be sure to read what their company says about how they handle sensitive information such as debit cards, IDs and BVN numbers.
4. Regularly scan your phone for spyware
In an era where mobile applications can be downloaded from authorized and unauthorized sources, it is important that you periodically scan your mobile phone for spyware, particularly keylogger, which is “an insidious form of spyware”.
Spyware describes software with malicious behaviour that aims to gather information about a person or organization and send such information to another entity in a way that harms the user, according to Wikipedia.
If you have ever downloaded a mobile application outside of your phone’s authorized app place repository or you have had to turn off your phone’s security just to “install from unknown sources”, then you are at risk of having sensitive data, including your debit card details stolen.
5. Avoid using your card on cyber cafe computers or one that is not yours
Avoid using your cards on computers in cyber cafes, belonging to your friends or siblings. As unbelievable as it sounds, cyber cafes are still very much around and most people see nothing wrong with using their debit cards in making online payments for exams, professional courses or certifications.
While that in itself isn’t the problem, computers naturally save up sensitive information such as usernames, card details, passwords, etc., by storing up cookies which makes it easier to reuse later.
If you are tempted to use a public computer or one that is not yours, make sure you take of the sensitive details such as making payments on your phone first, save up your progress before switching to a computer, if you don’t have one, that is. However, be careful about the type of information you fill out in public.
6. Avoid saving cards on websites for automatic renewals
Most websites with eCommerce features allow users to save their card details when checking out in other to use them without having to enter the card details in the near future. This is a bad idea since doing this means transactions can take place on your bank account, whether or not you authorize them. Transactions such as automatic renewals, automatic upselling and cross-selling can take place without your consent and allowing this feature means you probably consented to it.
7. Periodically update your apps, PC, devices or mobile phone
Hackers find it easier to hack into outdated apps, computers with outdated software as well as mobile phones with outdated software since such outdated tools no longer get the latest security updates from developers or manufacturers.
If this is the case with you and you use your device to make transactions such as making payments, logging in to your bank accounts, etc., then you must, as a matter of urgency, update your devices.
8. Avoid sharing your card details & asking others to withdraw on your behalf
This grave error is mostly practiced by people in corporate environments who ask office assistants, company security officials, younger colleagues, colleagues, office cleaners and even strangers on a bank queue to help them withdraw from their cards. In doing this, they carelessly share their PIN, leaving them vulnerable but hinging on trust that the person won’t disappoint or hurt them.
Sharing sensitive details have gotten many people in grave trouble they never bargained for. Other than fraud, there is the likelihood of being set up and ganged up against.
9. Avoid sharing your card details with supposed telemarketers/bank agents
Scammers and fraudsters periodically pose as genuine bank representatives and randomly message unsuspecting victims about a possible account block over incomplete details. Almost anyone can see through their shenanigans at a glance but those with little or no knowledge of how banks operate often fidget and act under pressure. The endgame is always to get their victim’s debit card details in order to make illicit withdrawals from their bank accounts.
abu12: can they still get access to your details, if you deleted their app from your phone?
Most of the time, they access needed details the moment you authorize the app to access certain details on your device. Whether not you delete the app later is not effective because the contacts and other sensitive data they probably requested are immediately transferred to their end and whether or not they will put them to use depends on if you default or not.
The idea of collateral-free loans seems incredible to just about any Nigerian who has had a first-hand experience in accessing a loan from conventional loan providers. After all, this is Nigeria; a country where personal finances are fast going South for most people while some are hanging by a thread despite a rigorous 9-5 almost on a daily basis.
With the advent of fintech companies in Nigeria comes the vegetable-like growth of online lending platforms that give loans just by downloading their apps and filling out one’s details.
While this is supposed to be a blessing to average Nigerians who are struggling to stay above poverty line, these online lending platforms, which are nothing but loan sharks, have further plunged Nigerians into figurative shark-infested waters and led them into deeper trouble than they found themselves before borrowing and even worse; making them rely on more lending platforms to get by.
Although these platforms offer loans that can take care of certain emergencies and sort immediate bills — their aftereffect on one’s personal finances can be very devastating. There have been first-hand reports of these loans driving people to near-suicide states because of the many inconveniences that come with them!
Loan Shark Definition
Cambridge Dictionary defines a loan shark as “a person who charges large amounts of interest for lending money to someone, especially when their financial position means they cannot borrow money from a bank“; while The Free Dictionary defines it as “One who lends money at exorbitant interest rates, especially one financed and supported by an organized crime network.” Both definitions are in fact correct but not totally applicable as with Nigerian loan sharks.
In Nigeria, all online lending platforms — though offer collateral-free loans — are in reality nothing but loan sharks that grant short-term loans at extremely high-interest rates to desperate borrowers who mostly need the loans to cushion the effect of the biting economy.
Borrowers can get a loan in less than five minutes just by downloading an online lending platform app, enter required details and get credited just like that. In the end, most borrowers are left much worse because they are expected to pay back their loans within 1-3 weeks plus an interest rate that is nearly as high as 50%!
What makes a lender qualify as a loan shark is the high interest rates that come with their loans. While Nigerian bank interest rates are mostly between 9%-11.130% per annum, these loan sharks offer loans with interest rates mostly between 15%-30% weekly or monthly. Although some claim to offer loans between as little as 2% – 5% — this is never the case. This means a borrower who accesses a N10,000 loan could pay between N11,500 – N13,000 weekly or monthly. For someone who is barely managing, he/she is left to not only pay up the principal + interest but will also pay extra charges with each passing day if he defaults as a penalty.
2. Giving up your BVN
Although online lending platforms sell their short-term loans mostly using the “collateral-free” caption, what they won’t tell until you start filling out a form on their app is that your BVN will be required in order to be eligible for a loan. According to them, the BVN is used in determining the creditworthiness of every individual who signs up on their platform. And while desperate borrowers might not be concerned about giving out their BVN details, financial institutions have repeatedly warned that the BVN is one’s “financial ID card” and it can be used to access some of your financial information/records and can also be used to orchestrate a fraud. What’s worse is that it can be submitted to the credit bureau in order to have your BVN blacklisted if at all you default. While this might not be much of a concern to you now, your credit rating will be negatively impacted which means chances of borrowing from your financial institution or carry out some more serious business transactions in the nearest future are slim since your credit rating is bad.
3. Unfethered access to your mobile device
Every loan app requires certain access in order to function on your phone. Although these apps should work without your access — it is their way of getting every sensitive information about you without really asking directly. These include but are not limited to your contact details, text messages, email accounts, social media accounts, media, camera, etc. This means that you must be willing to grant an online lending app access to use them as they deem fit. With this access, your contacts are extracted and contacted without notice if you default or have your picture posted on social media platforms or worse; have your social media hijacked since you granted them access to post on your behalf.
4. Harassment, humiliation and intimidation
With each passing day, online lending platforms have become more notorious in the art debt recovery by harassing, humiliating and intimidating loan defaulters. Whether your reasons for defaulting are of serious concern or not, online lending platforms can send libellous text messages to your contacts; brand you a wanted criminal who ran away with their company’s money. The humiliation is often much because long lost friends, family members, bosses, colleagues at work, religious colleagues, and siblings all of whose contacts you have saved to your phone, are likely to receive damaging messages about your person.
In some cases, one is likely to be threatened personally about having their details sent to the credit bureau for blacklisting if they fail to make repayment on time. And then there are constant phone calls that can be considered intrusive — all to remind defaulters to make payment.
All of these have been known to bring nothing but shame and humiliation to some borrowers and pushed many to the brink of suicide for being humiliated in terrible ways.
5. Lien on your bank account
Most people get angry and worked up when online lending platforms automatically make deductions from their bank accounts without their “consent” when in reality they agreed to the platform’s terms of use the moment they started using it. Having a lien placed on your account means a loan shark can legally make deductions directly from your account without having to write to your bank. Liens on accounts, as regards securing loans from online lending platforms, are activated the moment you enter your debit card details on their website or mobile app. While they may lure borrowers to enter their debit card to get paid or as a final means of verification, doing so means submitting every detail of your debit card to them from where they will automatically deduct not just their principal and interest you accrued over time.
6. Inability to develop a saving culture
A common, noticeable pattern with people who access loans from online lending platforms is their inability to save since they are mostly servicing high-interest loans they accessed from these loan sharks. Their inability to save stems from repaying loans + interest, which often leaves them with little or nothing in the end and have to depend on more loans in other to get by. For some people, they borrow from some other loan sharks to settle another and get caught in a web of financial struggle. The cycle can be very difficult to break for those who want to get out but since they don’t have enough no thanks to constant high-interest debts that are being serviced, they must continue to remain subservient to these loan sharks who profit off them and leave them in worse financial mess than they were.
7. Addiction
Getting constant loans from fintech loan sharks can be somewhat addictive since the idea is similar to that of “free money” until one starts struggling to pay back. Getting used to them can be very addictive, particularly payday loans; meaning one might have to depend on multiple online lending platforms periodically — wait till one gets paid at work at the end of the month and pay off the debts then go back to borrowing again. The “wash, rinse and repeat” process with payday loans can be devastating to one’s finances, financial growth and personal life.
Note:While your reasons for wanting a loan might be genuine, we recommend asking your friends, family or colleagues for a loan if at all you ever need one. Giving up sensitive, personal details in the name of borrowing and paying higher interest rates on them is not in any way advisable if at all your mental health, personal details and peace of mind mean anything to you. If at all you don’t have friends, family members or colleagues who can lend you some money temporarily, seek other alternatives. If you are gainfully employed, avoid payday loans because they can ruin you financially. Develop a saving culture rather than spend everything that comes your way. This way, you can have some funds to fall back on in cases of emergencies rather than settle for loan sharks, default and face constant humiliation, harassment and threats.
The Ponzi scheme is one of the oldest, most notorious investment frauds in the world, with over eight thousand (3,000) schemes across the world in the past decade.
At the very start, a Ponzi scheme sells the illusion of a sustainable business so long newer investors are periodically introduced into its system and older investors do not request full repayment. In order to attract investors, Ponzi scheme promoters promise enormous returns and pay them in order to set their balls rolling.
Charles Ponzi, an Italian whom the scheme is named after gained prominence as far back as the 1920s by promising investors in North America a 50% and a 100% profit within 45 days and 100 days respectively. Although Ponzi was not the originator of the now-global notorious investment scheme, he got so good at it and grew on him that people named the fraudulent scheme after him.
Despite being a notorious investment fraud that can easily be recognized from hundreds of miles away, Ponzi schemes keep growing even in today’s world, with the same noticeable tricks, promises and “100% guarantees” that makes it difficult to miss.
To a layman, all Ponzi scheme adopt the “rob Peter to pay Paul” model; earlier investors are paid “their profits” using the investments of later investors. To survive, and continue to function properly, newer investors must be injected into the scheme periodically for their money to be shared amongst earlier investors. If this is unattainable, the system will inevitably crash, leaving investors at a loss. Below is how to identify them:
1. Abnormally high returns
The first telltale sign of any Ponzi scheme is the abnormally high returns on investments (ROIs) Ponzi promoters promise. Although Ponzi schemes can take on several forms and might look unique at first, the intrinsic theme remains the same; investors are assured that they will make so much in a short time and their ROI can almost be doubled. When compared to other investment types, Ponzi schemes have a way of creating a false sense of shortcut to success when in reality it is far from being a legitimate deal. Always remember this adage; “if it is too good to be true, it is probably a fraud.”
2. “Guaranteed high returns”
Other than the fact that Ponzi schemes are comfortable with promising incredibly high investment returns, another way to recognize them is the promise of “guaranteed high returns”. Ponzi schemes promise this in order to calm potential investors and trigger deep-seated investors’ greed and equip their mindset that the scheme can’t fail. In reality, no returns can be considered guaranteed because the most decent of all investments carry some associated risks.
3. Vague business model
If after 5 minutes, you are still left in confusion about a business model, then bolt! Every investment business model should not be complicated that it would take up to 20 minutes to explain. And because Ponzi scheme promoters do not like to give people the idea that their business is a Ponzi scheme from the start, they are forced to adopt semantics and play around with big words such as ‘high yield investment’, ‘hedge future trading’, etc. The goal is often to intimidate and mesmerize potential investors from knowing what their business is genuinely all about. According to Warren Buffet, you should “Never invest in a business you can’t understand.” A good rule of thumb you must never ignore if your money means anything to you.
4. The need for more investors
Ponzi schemes are like Pyramid schemes and need newer investors in order to survive and remain operational. Because of this, investors are often compelled to bring in newer investors in order to get paid faster. If they don’t tell you this, Ponzi scheme promoters often wrap sweet rewards around referrals in order to motivate existing investors and convince others into hopping on the train. If this is the case with any investment you find yourself in, your investment sense should be tingling already.
5. Credibility via association/hierarchy
Most Ponzi scheme promoters love to create an atmosphere of exclusivity by pulling in potential investors into their smaller circle as a way of building trust and allaying investors’ fear. If this isn’t happening, they opt for the “association by hierarchy” method in order to delegate or grant exclusive access to older or earlier investors. This method creates an illusion of a serious business with a proper structure where the top “executives” or “CEO” can’t be reached easily but information still runs freely because only a few have access to them. In a period of panic when investors might want to hear directly from the “CEO”, the Ponzi promoter comes out, address the situation as normal and goes back in.
6. Unlicensed/Registered investment companies
Every state and federal security law require that investment companies should be registered and licensed but this is never the case with Ponzi schemes. Most Ponzi schemes are usually owned by individuals who mask them under already registered company names as a way of deceiving potential investors that their companies are registered with the CAC when, in fact, they are not registered as an investment company. Never fall for this!
7. The pressure to act immediately
A good investment company will always be around for as long as the company stands but because Ponzi schemes are designed to be short-lived. Their promoters tend to create a false sense of urgency; creating the impression that the investment scheme is time-limited. Since the scheme is shrouded in a tent of secrecy, potential investors are often advised to “act now” in order not to miss a “lifetime of opportunity”. Asking people to invest and act immediately is foreign to sound investing principles and the idea of one should be greatly considered a red flag.
8. The pressure to reinvest
Ponzi schemes are destined to collapse from the get-go but how long they can survive is largely dependent on how well investors keep monies within the scheme. A Ponzi scheme will collapse when the income is not regular or when investors withdraw their investments and fail to put their monies back in. In a bid to curb this, Ponzi scheme promoters tend to offer mouth watering incentives to investors who do not cash out. While investors are deceived into believing that their money is put to good use and their investments are breaking grounds, the obvious truth is that most Ponzi scheme promoters do not invest in anything on behalf of investors. If an investment scheme asks you not to cash out because there are rewards, then that is all the proof you need that you are dealing with a Ponzi scheme.
9. Consistently high performance
It is very normal to see investment markets fluctuate or rise and fall over a period of time. As a matter of fact, investment market fluctuations will likely affect your returns in any reputable investment company. This is because there are risks with investments and it won’t be Christmas every day, no thanks market fluctuations. Strangely, this is never applies to Ponzi schemes because they are known to be consistent even in the face of a global meltdown. The trick? So long newer investors keep coming in then the scheme is perfectly fine. At all cost, avoid investments that promises to deliver regardless of overall market conditions.
10. Absence of physical address
Most Ponzi schemes start and end on the internet. And because their owners understand what their aim is, they, as much as possible, avoid a physical location where people can walk into and properly get them arrested when it all goes South. However, newer Ponzi scheme promoters are becoming even more daring with each passing day that some now get office spaces and hire staff in order to look legitimate. Regardless, of whatever form they adopt, there’s always a way out for you as an investor in order not to part with your hard earned money. As a potential investor, it is not out of place to find out the nature of an investment and proof. For example, if a company says it is into charcoal exportation, then by all means request to see their warehouses and documents to back up their claim. If an investment company says it is into agritech, then find out where their farm or poultry is located. Another thing to note is the age of the “investment” company. If it is less than two years old perhaps your sixth sense should reverberate non-stop.
Wrapping Up
Ponzi schemes can take on various forms and formats and it is never enough to bank on the words of friends and family members just because they invested and are reaping their benefits. Often times, the earliest investors and the Ponzi scheme operators get to enjoy the scheme before it all falls apart. Always ask questions, read reviews, under business models, etc., before deciding whether or not you want to put your money into any investment scheme. Most importantly, avoid greedy. Ponzi scheme promoters bait potential investors and the greedy ones always fall hard. It never ends well with Ponzi schemes.
Education / Scholarships For Students To UK, Canada, US, Europe And New Zealand by Financialslot1: 11:06am On Mar 03
