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Business / How Nigeria GDP Rise To 2.1% In In First Quarter Of The Year 2019 by Okfiscal(m): 8:06am On Jun 12
According to the information released by National Bureau of Statistics (NBS), said the nation’s Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year) in real terms in the first quarter of 2019.
The NBS said this in its “Nigeria GDP Report for First Quarter 2019’’ released on Monday in Abuja.
According to the NBS, the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018.
It, however, said the figure, relative to the fourth quarter 2018, showed a decline by -0.38 per cent points.
According to the bureau, the strong performance recorded in the quarter may be due to general elections held within the first quarter of 2019.
It said the aggregate GDP stood at N31,79 million in nominal terms.
The bureau said the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 per cent.
According to the NBS, the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 per cent.
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 per cent points.
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.
However,The oil sector shrank in 2.4 percent in the first three-months to March of 2019, after contracting 1.6 percent in the prior period. The country produced 1.96 million barrels of crude oil per day, lower than 1.98 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.1 percent of GDP compared to 9.6 percent a year ago.
The non-oil sector rose 2.5 percent, slowing from a 2.7 percent growth in the prior quarter.
Output increased at a softer pace for manufacturing (0.8 percent from 2.4 percent in Q4 2018); internal trade (0.8 percent from 1 percent); information and communication (9.5 percent from 13.2 percent) and education. Also, production fell further for public administration (-14.2 percent from -0.3 percent); financial and insurance (-7.6 percent from -1.8 percent) and mining and quarrying (-2.3 percent from -1.2 percent). On the other hand, output advanced faster for agriculture (3.2 percent from 2.5 percent); electricity, gas, steam and air conditioning supply (8.5 percent from 0.9 percent); water supply, sewerage, waste management (3.8 percent from 1.8 percent); construction (3.2 percent from 2 percent); accommodation and food services (4.2 percent from 2.1 percent); professional, scientific and technical services (1.7 percent from 0.5 percent) and administrative and support services (1.4 percent from 0.8 percent)

Additionally, real state activities rebounded 0.9 percent, after declining 3.8 percent.
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.
Read more
https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

Nairaland / General / 6 Major Reasons Why People Take Loan by Okfiscal(m): 11:45pm On Jun 11
Unsecure personal loan unlike other form of financing do not require collateral, therefore many advantages are attached to taking personal loan. Personal loan can be use to consolidate debt, among other things which includes;

Finance home remodeling
Pay medical bills
Buy a car, boat or RV
Take a dream vacation
Make a large purchase
Let’s go into details

1.Consolidate debt
One of the most common uses for personal loans is to consolidate debt . Imagine that you have multiple loans or outstanding credit card debt and they all have varying balances due and interest rates. That’s a recipe for financial trouble, which is where personal loans can help.
When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. It makes it easier to work out a timeframe to pay off your debt without getting overwhelmed

2.Finance home remodeling
A personal loan can be a great option to pay for home remodeling, specially for people who don’t have equity in their home or don’t want to get a home equity line of credit
Whether you want to put on a new roof, install solar panels, remodel your kitchen, a personal loan can help

3.Pay medical bills
Medical expenses are definitely a reason people go to lenders for personal loans. This medical expenses includes;dental work, cosmetic surgery, fertility treatments oversea check ups. Ancillary expenses like medical travel, parking, medications and aftercare also can be financed by a personal loan.

4.Buy car If you can’t qualify for a secured loan with a lower interest rate, a personal loan can cover larger purchases.like buy a expensive car of your choice

5.Take a dream vacation
If you’ re planning a vacation with your family , personal loan or consumer loan can be of great help
Just as personal loans can help get a car , they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip or you’re celebrating an anniversary, personal loans can help you fund your dream vacation.
6.Making a large purchase
If you suddenly need to buy a new washer and dryer and don’t have the funds, a personal loan can be a great relief. A new computer, such as a gaming computer, can also end up costing more than what you have in your savings account.
Small personal loans let you purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Also read https://okfiscal.com/types-of-loans/

Conclusion

The list of things you can use a personal or consumer loan can not be over emphasis .When you take out a personal loan to pay off credit cards or to buy car and other expenses , you are borrowing money that will need to be repaid, with interest. Personal loans are a great way to consolidate debt and make major purchases, but use them responsibly. And define the source of repaying
Business / 6 Major Reasons Of Taking Personal Loan by Okfiscal(m): 7:24pm On Jun 10
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Unsecure personal loan unlike other form of financing do not require collateral, therefore many advantages are attached to taking personal loan. Personal loan can be use to consolidate debt, among other things which includes;

Finance home remodeling
Pay medical bills
Buy a car, boat or RV
Take a dream vacation
Make a large purchase
Let’s go into details

1.Consolidate debt
One of the most common uses for personal loans is to consolidate debt . Imagine that you have multiple loans or outstanding credit card debt and they all have varying balances due and interest rates. That’s a recipe for financial trouble, which is where personal loans can help.
When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. It makes it easier to work out a timeframe to pay off your debt without getting overwhelmed

2.Finance home remodeling
A personal loan can be a great option to pay for home remodeling, specially for people who don’t have equity in their home or don’t want to get a home equity line of credit
Whether you want to put on a new roof, install solar panels, remodel your kitchen, a personal loan can help

3.Pay medical bills
Medical expenses are definitely a reason people go to lenders for personal loans. This medical expenses includes;dental work, cosmetic surgery, fertility treatments oversea check ups. Ancillary expenses like medical travel, parking, medications and aftercare also can be financed by a personal loan.

4.Buy car If you can’t qualify for a secured loan with a lower interest rate, a personal loan can cover larger purchases.like buy a expensive car of your choice

5.Take a dream vacation
If you’ re planning a vacation with your family , personal loan or consumer loan can be of great help
Just as personal loans can help get a car , they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip or you’re celebrating an anniversary, personal loans can help you fund your dream vacation.
6.Making a large purchase
If you suddenly need to buy a new washer and dryer and don’t have the funds, a personal loan can be a great relief. A new computer, such as a gaming computer, can also end up costing more than what you have in your savings account.
Small personal loans let you purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Also read https://okfiscal.com/types-of-loans/

Conclusion

The list of things you can use a personal or consumer loan can not be over emphasis .When you take out a personal loan to pay off credit cards or to buy car and other expenses , you are borrowing money that will need to be repaid, with interest. Personal loans are a great way to consolidate debt and make major purchases, but use them responsibly. And define the source of repaying.
Education / Student Loan Explosion by Okfiscal(m): 5:00pm On Jun 08
If you have never received a loan to purchase something, you are certainly in the minority! Loans can be a great thing, but they can also get you into trouble. One of the keys to being financially successful is understanding when loans are a good solution for your situation. Loans are never a good idea if you don’t have business to invest the loan in order to pay them back in the required time frame. Let’s explore what a loan is and types of loan
What is loan?
https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

n finance , a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.
Loans are typically categorize into secured or unsecured . A secured loan involves pledging an asset (such as a car, boat or house) as collateral for the loan. If the borrower defaults , or doesn’t pay back the loan, the lender takes possession of the asset. An unsecured loan option is preferred, but not as common. If the borrower doesn’t pay back the unsecured loan, the lender doesn’t have the right to take anything in return.
These may be available in financial institution such as bank under different packages which includes:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds (may be secured or unsecured)
• peer-to-peer lending
The interest rates applicable to these different forms may vary depending on the lender and the borrower. Although,Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender’s options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan.
Students loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as
tuition , books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. The downside is that these loans can add up to huge sum of money over a $2000 in the course of four, six or eight years, leaving new graduates with huge debts as they embark on their new careers.

Paying Back Student Loans
Many student loan providers offer three basic ways that you can pay off your student loans:
First, you can choose to defer payments until after you’ve graduated. This means you won’t be required to pay anything on your student loan until you’ve graduated and the six-month grace period has ended. If you choose to defer all payments, your balance due will still accrue interest while you’re in school but you won’t be required to make any payments. In the long run, this is the most expensive way to pay back your loans since interest has considerable time to build.
The second option for repaying your student loans is to make interest payments while you are in school. These payments can be as low as ₦10000 or can cover the amount of interest that is accruing on the loan. When you graduate and have passed the six-month grace period, you will then begin making full payments on the interest and the principal. This method of repaying can save you a lot of money over the lifetime of your loan.
The third common option for repaying your student loans is to make full payments on both the interest and the principal while you are in school. This option can be hard for most students – after all, the reason you have a student loan is because you need help paying for college. However, if you can make full payments on your loan while you are in school, you can save a significant amount of money over the lifetime of your loan.
Read more https://okfiscal.com
Business / Don't Make Money The Reason You Haven't Start Your Own Business by Okfiscal(m): 11:48am On Jun 08
If you have never received a loan to purchase something, you are certainly in the minority! Loans can be a great thing, but they can also get you into trouble. One of the keys to being financially successful is understanding when loans are a good solution for your situation. Loans are never a good idea if you don’t have business to invest the loan in order to pay them back in the required time frame. Let’s explore what a loan is and types of loan
What is loan?

In finance , a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.
Loans are typically categorize into secured or unsecured . A secured loan involves pledging an asset (such as a car, boat or house) as collateral for the loan. If the borrower defaults , or doesn’t pay back the loan, the lender takes possession of the asset. An unsecured loan option is preferred, but not as common. If the borrower doesn’t pay back the unsecured loan, the lender doesn’t have the right to take anything in return.
These may be available in financial institution such as bank under different packages which includes:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds (may be secured or unsecured)
• peer-to-peer lending
The interest rates applicable to these different forms may vary depending on the lender and the borrower. Although,Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender’s options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan.

Types of loans:
Personal loan
Personal loans are often unsecured and fairly easy to get if you have average credit history. You can get these loans at almost any bank. The good news is that you can usually spend the money however you like. You might go on vacation, buy a jet ski or get a new television. The booty trap of this type of loan is that the loan lend out are usually small amount and the Interest rate is higher secured loan.
Mortgage loans
This is most likely the biggest loan you will ever get! If you are looking to purchase your first home or some form of real estate, this is likely the best option. These loans are secured by the house or property you are buying. That means if you don’t make your payments in a timely manner, the bank or lender can take your house or property back! Mortgages help people get into homes that would otherwise take years to save for. They are often structured in 10-, 15- or 30-year terms, and the interest you pay is tax-deductible and fairly low compared to other loans.

https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

Students loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as
tuition , books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. The downside is that these loans can add up to huge sum of money over a $2000 in the course of four, six or eight years, leaving new graduates with huge debts as they embark on their new careers.

Paying Back Student Loans
Many student loan providers offer three basic ways that you can pay off your student loans:
First, you can choose to defer payments until after you’ve graduated. This means you won’t be required to pay anything on your student loan until you’ve graduated and the six-month grace period has ended. If you choose to defer all payments, your balance due will still accrue interest while you’re in school but you won’t be required to make any payments. In the long run, this is the most expensive way to pay back your loans since interest has considerable time to build.
The second option for repaying your student loans is to make interest payments while you are in school. These payments can be as low as ₦10000 or can cover the amount of interest that is accruing on the loan. When you graduate and have passed the six-month grace period, you will then begin making full payments on the interest and the principal. This method of repaying can save you a lot of money over the lifetime of your loan.
The third common option for repaying your student loans is to make full payments on both the interest and the principal while you are in school. This option can be hard for most students – after all, the reason you have a student loan is because you need help paying for college. However, if you can make full payments on your loan while you are in school, you can save a significant amount of money over the lifetime of your loan.

Home-equity loans
Homeowners can borrow against equity they have in their house with these types of loans. The equity or loan amount would be the difference between the appraised value of your home and the amount you still owe on your mortgage. These loans are good for home additions, home improvements or debt consolidation. The interest rate is often tax deductible and also fairly low compared to other loans.
Small business loans
Your local banks usually offer these loans to people looking to start a business. They do require a little more work than normal and often require a business plan to show the validity of what you are doing. These are often secured loans, so you will have to pledge some personal assets as collateral in case the business fails.

Cash advance
If you are in a pinch and need money quickly, cash advances from your credit card company or other payday loan institutions are an option. These loans are easy to get, but can have extremely high interest rates. They usually are only for small amounts: typically $1,000 or less. These loans should really only be considered when there are no other alternative ways to get money.

Comments below for any additional information and your questions are also welcomed
Get more insight https://okfiscal.com
Business / Types Of Bank Account by Okfiscal(m): 5:08pm On Jun 07
I think it worthwhile to know the difference in various bank accounts before opening account with many bank.

You have to define the pros and cons of account operated by banks in terms of monthly charges, interest on savings and other policies.

Take this quote from a villain

If you have a gun, can rob a bank

But if you have a bank you can rob anyone

Black kaask
So you see your bank can be a arsenal to make wealth.

Read- 5 banks with high paying interest rate
https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/[url][/url]

Without much I do, here are the types of bank accounts:

1.Savings account
This is the most common and basic account most people operate. Basically, an account just for deposits and withdrawals which make it restricted to some types of transactions. It is an interest bearing account though the interest rate is always low. Little or no cash is required to open a savings account.

2. Current account
A current account would be preferable for business because transactions on this account are limitless, unlike the savings account. A cheque book is also issued after opening a current account.

3. Fixed deposit account
Just as the name implies, this account is for a fixed period of time, a minimum period of 30 days and a maximum period of 180 days. During this period, the money deposited cannot be withdrawn until the duration elapses. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.

4. Joint account
A joint account is opened with the name of two or more people who are all signatories to the account. Co-owning the account, no individual can make a decision on a joint account without informing the other signatory or signatories.
There are two types of joint accounts
A. Joint-tenancy mostly operated by married couples
B. Tenants-in-common mostly operated by business partners

5. Domiciliary account
A domiciliary account is opened for carrying out foreign transactions. The account can be used to transfer money to another country or receive foreign currency from other countries.

6. Corporate account
An account opened by multinational companies and big corporations. The corporate account is totally different from the personal or investment banking accounts, it is majorly opened for business purposes

7. Non-resident Nigerian account
A Non-resident Nigerian account is a bank account designed for Nigerians living in the diaspora and want to operate a Nigerian bank account.

You can walk into any banking hall of your choice today to make more inquiries about the type of bank account that suits you

1 Like

Nairaland / General / How To Manage Your Money In Small Business by Okfiscal(m): 11:30am On Jun 06
To adequately manage money is generally seen as a challenge by many. This is the same among owners of small businesses. The management skills you deploy in making your product or providing services is usually the reason your small business is successful. If you do not have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business. Analysts at businessnewsdaily.com observe that the most important step for any business owner is to educate himself or herself

https://okfiscal.com/money-mistakes-explained-in-less-than-200-characters/

By understanding basic skills needed to run a small business, like doing simple accounting tasks, applying for a loan or drafting financial statements, business owners can create a stable financial future. In addition to education, staying organised is a major component of sound money management. Experts note that it is impossible to overstate the importance and benefit of properly tracking your financial information throughout the year. This is why small business owners must understand what he or she should do in order to stay on top of their finances
As an entrepreneur running a small venture, you should endeavour to pay yourself. If you are running a small business, it can be easy to try and put everything into day-to-day operations. After all, that extra capital can often go a long way in helping your business grow. Experts say small business owners should not overlook their own roles in the companies they manage and should compensate themselves accordingly. You want to ensure that your business and personal finances are in good shape.

https://okfiscal.com/what-is-personal-finance/

This is because many small business owners, especially at the outset, neglect to pay themselves. They do this because of the belief that it is more important to get the business up and running and pay everyone else. But, if the business does not work out, you will not have ever paid yourself. Remember, you are part of the business and you need to compensate yourself as much as you pay others.

After paying yourself, consider investing in the growth of your venture. So it is important to set aside money and look into growth opportunities. This can allow your business to thrive and move in a healthy financial direction. Experts advise business owners to always keep an eye on the future. They note that a small business that wants to continue to grow, innovate and attract the best employees should demonstrate that they are willing to invest in the future.

Read more https://okfiscal.com
Business / How To Manage Your Money In Small Business by Okfiscal(m): 11:01am On Jun 06
To adequately manage money is generally seen as a challenge by many. This is the same among owners of small businesses. The management skills you deploy in making your product or providing services is usually the reason your small business is successful. If you do not have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business. Analysts at businessnewsdaily.com observe that the most important step for any business owner is to educate himself or herself

https://okfiscal.com/money-mistakes-explained-in-less-than-200-characters/

By understanding basic skills needed to run a small business, like doing simple accounting tasks, applying for a loan or drafting financial statements, business owners can create a stable financial future. In addition to education, staying organised is a major component of sound money management. Experts note that it is impossible to overstate the importance and benefit of properly tracking your financial information throughout the year. This is why small business owners must understand what he or she should do in order to stay on top of their finances
As an entrepreneur running a small venture, you should endeavour to pay yourself. If you are running a small business, it can be easy to try and put everything into day-to-day operations. After all, that extra capital can often go a long way in helping your business grow. Experts say small business owners should not overlook their own roles in the companies they manage and should compensate themselves accordingly. You want to ensure that your business and personal finances are in good shape.

https://okfiscal.com/what-is-personal-finance/

This is because many small business owners, especially at the outset, neglect to pay themselves. They do this because of the belief that it is more important to get the business up and running and pay everyone else. But, if the business does not work out, you will not have ever paid yourself. Remember, you are part of the business and you need to compensate yourself as much as you pay others.

After paying yourself, consider investing in the growth of your venture. So it is important to set aside money and look into growth opportunities. This can allow your business to thrive and move in a healthy financial direction. Experts advise business owners to always keep an eye on the future. They note that a small business that wants to continue to grow, innovate and attract the best employees should demonstrate that they are willing to invest in the future.

Read more https://okfiscal.com
Nairaland / General / How To Apply For Loan On Paylater by Okfiscal(m): 8:04am On Jun 05
Paylater is a very fast means to obtain loan to start up a small scale business. As we all know that capital is the principal requirement in starting in a business. Paylater is able to provide such capital for your business to wind up. Aside been easy to access loan, paylater registration is simple to setup and no collateral is needed in obtaining loans.

In addition to, paylater contains some amazing features which can be used for your daily transaction, these includes;

Finance manager,which is helpful in check mating your total income and total expense.
Pay vestvest for investment overviwing and history.
Apply for loan used for obtaing loan without collateral easily.
Airtime recharge you can easily recharge your phone line via paylater for all networks.
Send money you can send money from your paylater account to any other bank account.
Cable tv subscription Gotv, Dstv, infinity tv, African cable television (ACTV) and any more channel payments can be made on paylater.
Power & utility payment utility services such as AEDC postpaid, Benin electricity distribution company (BEDC) postpaid and prepaid, cross river water board, edo state waste management just to mention few, these utilities payment can be made on paylater.
Educational payments school fees and exams fees payment of most institution can be made on your paylater account.
Other features includes;

Online shopping
Visa & embassy
Transport & toil
Donation & charities
Airline and hotel
Insurance
Agent and dealers
Betting & lottery
Product & services
Event & movie. e.t. c……….
For purpose of this article, here are steps on how to apply for loan on paylater

https://okfiscal.com/how-to-get-business-loan-fast-fast/

Step 1

Download paylater app from Google play store.

Step 2

Install the paylater and create an account make sure strictly adhere to instructions and be careful when create an account with paylater because if mistakes are made it will affect your activities on paylater platform. Create simple and memorable password which to be used for all your transactions on paylater


step 3

Then hover over to apply for loan at the top bar of the home screen, click on it and a pop up form appears. The filling of form are of four section, the first section is where you fill your personal information. Fill it correctly and click on next button. The next section is your eduction and employment form, here your education and employment details are required, make sure you put above #200000 as your monthly income so as to help you access high loan. Click on next and you will be taken to your address form fill your address details correctly and put owned in the residence field then click next which is the last section where you fill your loan details, the amount of loan you need and a promo code if you have any. If you don’t have promo code but worry it wouldn’t affect your loan request.

Then the amount required and the calculated interest will pop up, if satisfied with the interest then click accept, the money will be deposited into your bank account.
[url] https://okfiscal.com/how-to-apply-loan-on-paylater/ [/url]
Business / Is Joint Account Good? by Okfiscal(m): 6:57pm On Jun 04
Argument about finance are among the top reasons why relationships and friendship fails, therefore it is important to talk about money before it becomes a problem.

Understanding the pros and cons of merging money before you open a joint account is very essential. So,

What is joint account

A joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners.
A joint account is not the same as adding an additional cardholder , i.e. an authorized secondary user added to an account by the primary cardholder who remains fully and solely liable for all spending on both cards and repayments.

A joint bank account can be convenient for handling day-to-day transactions or taking care of loved ones.
When you open a joint bank account, each person on the account has access to it. For example, each owner will receive checks and a
debit card with a checking account. Usually, transactions made by one owner won’t require the consent of another owner. This means that both (or more) owners share the responsibility of maintaining the account. Successfully owning a joint bank account will include a lot of transparency between owners.
Many joint bank accounts include a “right of survivorship” feature. This states that if one account owner dies, the other owner will receive 100% of the account funds. This comes in handy when you want the money to go to the co-owner. But you’ll have to be wary of this feature if you want your money to go elsewhere after you die. The “right of survivorship” feature will override your will if you have one.
https://okfiscal.com/what-is-roi/
How to open joint account
Combining savings can be financially beneficial. But before joining savings together, make sure that you understand the legal distinction between becoming co-tenants and one party. Discussing this with your partner will help you begin your merging of money with such seemingly small details ironed out.
Opening a joint bank account is relatively easy. All you really have to do is go through the steps of opening a regular account, but choose the option of making it a joint account. When you open a joint account, don’t forget to provide the information of all the owners. This includes Social Security numbers, photo identification, addresses and more.
Depending on the account type and the institution, you may have the option to simply add someone to an existing account. The new owner will still have to provide the necessary information and documents.
Before signing on the dotted line, make sure you and the co-owner know the terms of the joint account. It can also help to make a plan outlining who will take care of what on the account. For example, if someone overdrafts the account, will you both assume responsibility? Or will the person who overdrafted have to deal with that themselves? Check with your financial institution about how they handle joint bank accounts.
Despite the fact you open a joint bank account, you should still keep a separate account open which only you have control over.
Mostly, joint bank accounts are opened by married couples. But it’s not only married couples who can open a joint bank account;
Civil partners,
unmarried couples who live together, roommates,
senior citizens and their caregivers
parents and their children can also open joint bank accounts.
Note; Before combing your assets, it might be worthwhile to first sit down together with a financial advisor to ensure you’re both on the same page.

Benefit of joint account
Putting your money in joint account will force you to talk about money regularly and seriously look at your spending, saving, and investing goals. This will make it easier to stay on a budget and to recognize when you’re going off track.
Furthermore, a joint bank account is a good way to deal with shared expenses, as with married couples or roommates. Instead of splitting a bill between two bank accounts, the funds can simply come from one joint account. Couples can also more easily budget their expenses with a joint bank account. A joint bank account also provides a way for a pair to keep an eye on each other’s expenses, like with a parent and their child. This way, the child can gain some banking experience while the parent keeps watch.
Booby trap of a Joint Bank Account
opening a joint account , whether with family members or business associates, has potential pitfalls, as well.
Although pooling your money may imply love or trust, the consequences of having a shared account can range far beyond what both parties expect, especially if things go sour.
•Rights of ownership.
•Risk of tax triggers
If someone other than a spouse is co-owner of a bank account while all parties remain alive, additional tax issues may arise.
Annual exclusions apply to gifts to each donee,
according to the IRS. There is an annual exclusion of $15,000 for 2018 and 2019. Generally, the donor is responsible for paying the gift tax, but under special arrangements the donee may agree to pay the gift tax instead. Always consult your tax professional for your individual circumstances. The IRS defines a gift as any transfer to an individual. This transfer can be either direct or indirect, where full considerations — which is measured in money or money’s worth — isn’t received in return.
• Rights of survivorship
• Most joint accounts carry rights of survivorship.
“So, if one of the joint holders dies, there is nothing the surviving joint owner has to do to get that money,” Radna says.
In most cases, a joint account holder’s rights to the funds in the account supersedes what’s written in a will, says Randall Kessler, a divorce attorney based in Atlanta and past chairman of the American Bar Association’s Family Law Section.
Say.
• Risk of debt collection, credit damage
• Joint bank accounts lay open to:
• Overdraft charges.
• Debt collection.
• Liens.
• Judgments or garnishments.
• Divorces.
Even in cases where joint account holders are not married (or perhaps not even related), what happens in one person’s life can affect the other’s money.
Here are a few examples:
An elderly parent puts an adult child as an account co-owner. If that adult child gets divorced, the account can be considered part of the adult child’s assets, even though the implicit understanding is that it’s the parent’s money.
A grandparent opens a joint bank account with a grandchild to save for college, but sometime later, the grandparent faces a lawsuit or goes bankrupt.
Either party uses the account as collateral for a loan, then defaults.
“In most cases, if it’s with a child or an elderly relative or maybe a casual business associate, we think there are much better ways to structure your assets than just to have a joint bank account with those people,”
Continue reading [url] https://okfiscal.com/is-joint-account-good-or-bad/ [/url]
Nairaland / General / Is Joint Account Good? by Okfiscal(m): 5:51am On Jun 04
Argument about finance are among the top reasons why relationships and friendship fails, therefore it is important to talk about money before it becomes a problem.

Understanding the pros and cons of merging money before you open a joint account is very essential. So,

What is joint account

A joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners.
A joint account is not the same as adding an additional cardholder , i.e. an authorized secondary user added to an account by the primary cardholder who remains fully and solely liable for all spending on both cards and repayments.

A joint bank account can be convenient for handling day-to-day transactions or taking care of loved ones.
When you open a joint bank account, each person on the account has access to it. For example, each owner will receive checks and a
debit card with a checking account. Usually, transactions made by one owner won’t require the consent of another owner. This means that both (or more) owners share the responsibility of maintaining the account. Successfully owning a joint bank account will include a lot of transparency between owners.
Many joint bank accounts include a “right of survivorship” feature. This states that if one account owner dies, the other owner will receive 100% of the account funds. This comes in handy when you want the money to go to the co-owner. But you’ll have to be wary of this feature if you want your money to go elsewhere after you die. The “right of survivorship” feature will override your will if you have one.
https://okfiscal.com/what-is-roi/
How to open joint account
Combining savings can be financially beneficial. But before joining savings together, make sure that you understand the legal distinction between becoming co-tenants and one party. Discussing this with your partner will help you begin your merging of money with such seemingly small details ironed out.
Opening a joint bank account is relatively easy. All you really have to do is go through the steps of opening a regular account, but choose the option of making it a joint account. When you open a joint account, don’t forget to provide the information of all the owners. This includes Social Security numbers, photo identification, addresses and more.
Depending on the account type and the institution, you may have the option to simply add someone to an existing account. The new owner will still have to provide the necessary information and documents.
Before signing on the dotted line, make sure you and the co-owner know the terms of the joint account. It can also help to make a plan outlining who will take care of what on the account. For example, if someone overdrafts the account, will you both assume responsibility? Or will the person who overdrafted have to deal with that themselves? Check with your financial institution about how they handle joint bank accounts.
Despite the fact you open a joint bank account, you should still keep a separate account open which only you have control over.
Mostly, joint bank accounts are opened by married couples. But it’s not only married couples who can open a joint bank account;
Civil partners,
unmarried couples who live together, roommates,
senior citizens and their caregivers
parents and their children can also open joint bank accounts.
Note; Before combing your assets, it might be worthwhile to first sit down together with a financial advisor to ensure you’re both on the same page.

Benefit of joint account
Putting your money in joint account will force you to talk about money regularly and seriously look at your spending, saving, and investing goals. This will make it easier to stay on a budget and to recognize when you’re going off track.
Furthermore, a joint bank account is a good way to deal with shared expenses, as with married couples or roommates. Instead of splitting a bill between two bank accounts, the funds can simply come from one joint account. Couples can also more easily budget their expenses with a joint bank account. A joint bank account also provides a way for a pair to keep an eye on each other’s expenses, like with a parent and their child. This way, the child can gain some banking experience while the parent keeps watch.
Booby trap of a Joint Bank Account
opening a joint account , whether with family members or business associates, has potential pitfalls, as well.
Although pooling your money may imply love or trust, the consequences of having a shared account can range far beyond what both parties expect, especially if things go sour.
•Rights of ownership.
•Risk of tax triggers
If someone other than a spouse is co-owner of a bank account while all parties remain alive, additional tax issues may arise.
Annual exclusions apply to gifts to each donee,
according to the IRS. There is an annual exclusion of $15,000 for 2018 and 2019. Generally, the donor is responsible for paying the gift tax, but under special arrangements the donee may agree to pay the gift tax instead. Always consult your tax professional for your individual circumstances. The IRS defines a gift as any transfer to an individual. This transfer can be either direct or indirect, where full considerations — which is measured in money or money’s worth — isn’t received in return.
• Rights of survivorship
• Most joint accounts carry rights of survivorship.
“So, if one of the joint holders dies, there is nothing the surviving joint owner has to do to get that money,” Radna says.
In most cases, a joint account holder’s rights to the funds in the account supersedes what’s written in a will, says Randall Kessler, a divorce attorney based in Atlanta and past chairman of the American Bar Association’s Family Law Section.
Say.
• Risk of debt collection, credit damage
• Joint bank accounts lay open to:
• Overdraft charges.
• Debt collection.
• Liens.
• Judgments or garnishments.
• Divorces.
Even in cases where joint account holders are not married (or perhaps not even related), what happens in one person’s life can affect the other’s money.
Here are a few examples:
An elderly parent puts an adult child as an account co-owner. If that adult child gets divorced, the account can be considered part of the adult child’s assets, even though the implicit understanding is that it’s the parent’s money.
A grandparent opens a joint bank account with a grandchild to save for college, but sometime later, the grandparent faces a lawsuit or goes bankrupt.
Either party uses the account as collateral for a loan, then defaults.
“In most cases, if it’s with a child or an elderly relative or maybe a casual business associate, we think there are much better ways to structure your assets than just to have a joint bank account with those people,”
Continue reading [url] https://okfiscal.com/is-joint-account-good-or-bad/ [/url]
Investment / Re: The Best Self Investment by Okfiscal(m): 6:37pm On Jun 03
Okay, thanks for the observation
Education / Side Hustle Formula To Build Wealth by Okfiscal(m): 6:35pm On Jun 03
May be you are working below your standards, your salary is not enough to tackle your expenditures? Or you are looking for something else to join with your 9am-5pm job to boost your earnings? Or you self-service to be a self made boss.

Then you have to read this article.
What is side hustle?
A side hustle is a way to make some extra cash that gives you the flexibility to pursue what you ‘re most interested in outside the 9-5 job.
Side hustle gives you the freedom to buy things you want and lower any financial worries.sincerely speaking, the said 9-5 jobs something don’t always pay the bill especially if you ‘re just starting.
For instance when you remove the cost of rent, food, transportation, children up keep you might realize that removing the cost of these bills you ‘re barely have anything leftover to save.
The annoying part of the said 9-5 jobs is that your financial growth is always capped by your boss who decides your salary.
Therefore, if you want to decide your salary yourself the best way is to start side hustle and build your self employed income while you still have the safety and security of your 9am-5pm job.
In addition, side hustle also improves your skills and it creates career changing opportunities you wouldn’t have stumbled upon at your full time job.
For example, hilary vanderschaaf was a Licensed Occupational Therapist, but decided to start a side hustle for making clothes, today her clothing line company is well recognized – hill hustle clothing line. Here was her reason for starting hill hustle clothing line

I realized I needed a side hustle and passive income as I was paying off my daunting student loans. I came up with the idea over a year ago, began getting my shirts made and wearing them myself. I hired a web designer to create my site and bring my vision to life. Since I have a decent following on IG, I have used that to promote and grow my brand.

Quickly before we discuss why you need side hustle, i will like to share step involved to develop successful side hustle
1.Make a list of what you are interested in
You need to love what you are doing as a side hustle for it to be successful for you. This job will be done on your own time, and outside office hours if you have a day job, so it will take a lot of energy and motivation to make it stick. Only something that you are passionate about will drive you this much. Brainstorm side hustle ideas around your interests, hobbies, and skills to discover the best business to start.
After all, business success happens only when the right skills meet the right interest areas.

2. Decide early if you will invest money
Side hustles shouldn’t cost too much money but they may require some investment upfront for things like hosting, branding, and tools. You may decide that you want to do advertising to find your first customers. Whatever your growth and expansion plan is for your side hustle you need to be aware of your spend before it happens so plan your spending accordingly and measure your success to know whether you should continue.

3. Make sure there are no conflicts of interest
If you have a day job or have connections that could lead to a conflict of interest with your side hustle then it is not a good idea to continue with it.
Obviously, you shouldn’t work on your side hustle during company time, nor should you use company resources to advance your own pursuits. Not only is it unethical, but it’s likely a violation of the employment agreements you signed when you began your job.
Sometimes the best advice is to try something else or to shelf your idea for another time so that you don’t end up doing something you regret.

4. Schedule time for your side hustle
A side hustle takes time out of your day, daily, so ensure everything is going right. It is not possible to set up your website, schedule your content, and forget about everything until next month.
Set aside time in your calendar regularly for your side hustle and outline actionable goals for this time so you know what you are doing is valuable. If you have a day job, aim to give three to four evenings a week and perhaps some hours at the weekend to your side hustle, depending on what it is.

5. Don’t forget about your day job
If you are setting up a side hustle while also having a day job, remember to put 100% of your energy into your day job when you are there. A side hustle will give you some money but you rely on a cheque from your day job which you need to pay the bills with. Don’t try to juggle your day job and side hustle within your 9-5 hours as this is a recipe for disaster.

Why you need to start side hustling now;

Read also: 8 proven and fast side hustle you can start today[url] https://okfiscal.com/8-side-hustle-you-can-start-aside-your-9am-5pm-jobs/ [/url]
Statistically, a large number of world population (myself included) have launched side hustles related to freelancing, blogging consulting and other online-based businesses such affiliate marketing, ecommerce, Email marketing and digital marketing while having regular employment. In fact, according to a 2016 study by LinkedIn ProFinder, more than 331,941 professionals in the U.S. alone are already freelancing on the side of their day jobs .

Regardless of where you are at in life, in debt or not in debt, married or single, twenty years old or fifty years old, there is something that you can gain from starting a side hustle;

1.Diversify Your Income
There is nothing like the security of having more than one income stream. Even if you absolutely love your full-time job, situations can change. Perhaps demand drops or a new executive decides to cut 10% of the workforce. No job is safe.
Even if your job is extremely secure, you may find yourself going to work one day and thinking “I don’t want to do this anymore.” If you started a side hustle years prior to this you are likely much better positioned to look for other employment or even take the necessary steps to turn your side hustle into a full-time job.
One key takeaway to remember is that the earlier you start a side hustle, the better. Some side hustles – like blogging – can take months of work before you start making money, and if you re-invest your income back into the blog it could be several years before you have built the site up to the point where it can replace your full time job.
2.Test a Business Idea Without Quitting Your Full-Time Job
One of the greatest things about the world we live in today is that it’s easier than ever before to test out a business idea while working a full-time job. No need to quit your 9-5 and go all in; instead you can give a go at it during nights and weekends (and for the early birds out there – mornings as well!).
If you ask me what my long-term goal is I can tell you without hesitation that it’s to run a business or multiple businesses full-time. Working in corporate isn’t for everyone, and while I do a good job I know I will be much happier running a full-time job.
With that goal in mind, I love that I can test business ideas without sacrificing my stable full-time income. If any given idea or business venture flops I am out only time and, in certain situations, some money.

3. Break into a New Career Field
If your goal is to switch to a new career field, think about what sort of side hustle helps you gain experience and a track record, and then pursue that side hustle. If you want to code for a living but currently work in marketing, start coding in your spare time. Gain clients and those who will vouch for your skills.
You can start with blogging because These skills are in high demand and almost every company is staffing up in this space. The problem is that traditional corporate marketers likely have not developed the deep hands-on experience that bloggers have.
Starting a blog could set you up for a job in the new digital landscape that you otherwise wouldn’t have even been considered for.
Blogging isn’t the only side hustle that can help you break into a new career field. Let’s say you enjoy social media management. By starting a side hustle focused on this you could gain the skills needed for a job in this space or you could build up a business that allows you to leave your 9-5.
4. Pay Off Debt Faster
Paying off debt faster is one of the main motivations many people starting a side hustle. It provides plenty of motivation to stick with a side hustle, too, as staying with your side hustle is half the battle.
The initial goal many people worked towards with side hustles was to make enough make that would offset their monthly loan payments and open up cash flow for other goals like establishing an emergency fund and saving for a down payment on a house.
5. Reach Other Money Goals Faster
Don’t have debt or not looking to pay it down faster? Side hustles can still be a huge benefit to your finances. In fact, if your side hustle money isn’t going towards debt you are in a great position to reach other money goal fasters.
For instance you want to go on an expensive holiday, you want to own a house or you want to buy a new car. Whatever your goals are, side hustles can help you accomplish them faster.
6. It Can Change the Trajectory of Your Life
I could fill an entire book with examples of people who started a side hustle that transformed their lives. From the hairstylist single mom who now makes over $100k as a social media manager to the blogger who was able to escape the corporate life they despised, side hustles can change the entire trajectory of your life.

7. Side hustle open up a whole new path to
making your dreams a reality

For me, I truly believe I should be running a business full-time. Debt makes that dream unattainable. Side hustles help me test business ideas with no risk, though, while also helping me pay off debt faster. I’m able to bridge the gap and have a clear path to my goal, all because of side hustles.
8. Meet New People and Build Your Network
One thing that is virtually guaranteed with a side hustle is that you will meet new people. Most, if not all, of these people you would have never crossed paths with if it wasn’t for your side hustle.
I took a few minutes to think of some of the incredible individuals I’ve been lucky enough to come into contact with because of my side hustles, and it’s really overwhelming to think about. The wide diversity of opinions, geographical locations, ages, professions, and interests is truly astonishing.
You won’t become best friends with everyone you meet through your side hustle. With that being said, you very well could meet future business partners or even employers through your side hustle. Don’t discount this potential upside of having a side hustle.
9.It unleash your inner potential and move you out of your comfort zone
Prior to starting my blog I hated public speaking. And I mean to the point where I didn’t even want to talk on the phone because of my accent and vocabulary. but my side hustle has pushed me outside my comfort zone and it’s made me a better and more confident individual because of it.
Now speak at seminars, workshop, radio shows. This is something that is nearly unthinkable to me years ago. but my side hustle has led me down that path and I’m grateful for it.

10. It re brand your skills Get you paid for it
In the past i used to write articles, report and essay for my colleagues while still in school then. I by no means am a seasoned veteran. That doesn’t mean I don’t have skills that are advanced enough to copy write to companies looking for help.
Though, Through starting blogging as a side hustle I was able to further develop my copy writing skills. Not only was I learning on how to write better content, I was getting paid for it. What more could you ask for?
Continue reading... [url] https://okfiscal.com/things-to-know-about-side-hustle/ [/url]
Investment / The Best Self Investment by Okfiscal(m): 7:03am On Jun 03
May be you are working below your standards, your salary is not enough to tackle your expenditures? Or you are looking for something else to join with your 9am-5pm job to boost your earnings? Or you self-service to be a self made boss.

Then you have to read this article.
What is side hustle?
A side hustle is a way to make some extra cash that gives you the flexibility to pursue what you ‘re most interested in outside the 9-5 job.
Side hustle gives you the freedom to buy things you want and lower any financial worries.sincerely speaking, the said 9-5 jobs something don’t always pay the bill especially if you ‘re just starting.
For instance when you remove the cost of rent, food, transportation, children up keep you might realize that removing the cost of these bills you ‘re barely have anything leftover to save.
The annoying part of the said 9-5 jobs is that your financial growth is always capped by your boss who decides your salary.
Therefore, if you want to decide your salary yourself the best way is to start side hustle and build your self employed income while you still have the safety and security of your 9am-5pm job.
In addition, side hustle also improves your skills and it creates career changing opportunities you wouldn’t have stumbled upon at your full time job.
For example, hilary vanderschaaf was a Licensed Occupational Therapist, but decided to start a side hustle for making clothes, today her clothing line company is well recognized – hill hustle clothing line. Here was her reason for starting hill hustle clothing line

I realized I needed a side hustle and passive income as I was paying off my daunting student loans. I came up with the idea over a year ago, began getting my shirts made and wearing them myself. I hired a web designer to create my site and bring my vision to life. Since I have a decent following on IG, I have used that to promote and grow my brand.

Quickly before we discuss why you need side hustle, i will like to share step involved to develop successful side hustle
1.Make a list of what you are interested in
You need to love what you are doing as a side hustle for it to be successful for you. This job will be done on your own time, and outside office hours if you have a day job, so it will take a lot of energy and motivation to make it stick. Only something that you are passionate about will drive you this much. Brainstorm side hustle ideas around your interests, hobbies, and skills to discover the best business to start.
After all, business success happens only when the right skills meet the right interest areas.

2. Decide early if you will invest money
Side hustles shouldn’t cost too much money but they may require some investment upfront for things like hosting, branding, and tools. You may decide that you want to do advertising to find your first customers. Whatever your growth and expansion plan is for your side hustle you need to be aware of your spend before it happens so plan your spending accordingly and measure your success to know whether you should continue.

3. Make sure there are no conflicts of interest
If you have a day job or have connections that could lead to a conflict of interest with your side hustle then it is not a good idea to continue with it.
Obviously, you shouldn’t work on your side hustle during company time, nor should you use company resources to advance your own pursuits. Not only is it unethical, but it’s likely a violation of the employment agreements you signed when you began your job.
Sometimes the best advice is to try something else or to shelf your idea for another time so that you don’t end up doing something you regret.

4. Schedule time for your side hustle
A side hustle takes time out of your day, daily, so ensure everything is going right. It is not possible to set up your website, schedule your content, and forget about everything until next month.
Set aside time in your calendar regularly for your side hustle and outline actionable goals for this time so you know what you are doing is valuable. If you have a day job, aim to give three to four evenings a week and perhaps some hours at the weekend to your side hustle, depending on what it is.

5. Don’t forget about your day job
If you are setting up a side hustle while also having a day job, remember to put 100% of your energy into your day job when you are there. A side hustle will give you some money but you rely on a cheque from your day job which you need to pay the bills with. Don’t try to juggle your day job and side hustle within your 9-5 hours as this is a recipe for disaster.

Why you need to start side hustling now;

Read also: 8 proven and fast side hustle you can start today[url] https://okfiscal.com/8-side-hustle-you-can-start-aside-your-9am-5pm-jobs/ [/url]
Statistically, a large number of world population (myself included) have launched side hustles related to freelancing, blogging consulting and other online-based businesses such affiliate marketing, ecommerce, Email marketing and digital marketing while having regular employment. In fact, according to a 2016 study by LinkedIn ProFinder, more than 331,941 professionals in the U.S. alone are already freelancing on the side of their day jobs .

Regardless of where you are at in life, in debt or not in debt, married or single, twenty years old or fifty years old, there is something that you can gain from starting a side hustle;

1.Diversify Your Income
There is nothing like the security of having more than one income stream. Even if you absolutely love your full-time job, situations can change. Perhaps demand drops or a new executive decides to cut 10% of the workforce. No job is safe.
Even if your job is extremely secure, you may find yourself going to work one day and thinking “I don’t want to do this anymore.” If you started a side hustle years prior to this you are likely much better positioned to look for other employment or even take the necessary steps to turn your side hustle into a full-time job.
One key takeaway to remember is that the earlier you start a side hustle, the better. Some side hustles – like blogging – can take months of work before you start making money, and if you re-invest your income back into the blog it could be several years before you have built the site up to the point where it can replace your full time job.
2.Test a Business Idea Without Quitting Your Full-Time Job
One of the greatest things about the world we live in today is that it’s easier than ever before to test out a business idea while working a full-time job. No need to quit your 9-5 and go all in; instead you can give a go at it during nights and weekends (and for the early birds out there – mornings as well!).
If you ask me what my long-term goal is I can tell you without hesitation that it’s to run a business or multiple businesses full-time. Working in corporate isn’t for everyone, and while I do a good job I know I will be much happier running a full-time job.
With that goal in mind, I love that I can test business ideas without sacrificing my stable full-time income. If any given idea or business venture flops I am out only time and, in certain situations, some money.

3. Break into a New Career Field
If your goal is to switch to a new career field, think about what sort of side hustle helps you gain experience and a track record, and then pursue that side hustle. If you want to code for a living but currently work in marketing, start coding in your spare time. Gain clients and those who will vouch for your skills.
You can start with blogging because These skills are in high demand and almost every company is staffing up in this space. The problem is that traditional corporate marketers likely have not developed the deep hands-on experience that bloggers have.
Starting a blog could set you up for a job in the new digital landscape that you otherwise wouldn’t have even been considered for.
Blogging isn’t the only side hustle that can help you break into a new career field. Let’s say you enjoy social media management. By starting a side hustle focused on this you could gain the skills needed for a job in this space or you could build up a business that allows you to leave your 9-5.
4. Pay Off Debt Faster
Paying off debt faster is one of the main motivations many people starting a side hustle. It provides plenty of motivation to stick with a side hustle, too, as staying with your side hustle is half the battle.
The initial goal many people worked towards with side hustles was to make enough make that would offset their monthly loan payments and open up cash flow for other goals like establishing an emergency fund and saving for a down payment on a house.
5. Reach Other Money Goals Faster
Don’t have debt or not looking to pay it down faster? Side hustles can still be a huge benefit to your finances. In fact, if your side hustle money isn’t going towards debt you are in a great position to reach other money goal fasters.
For instance you want to go on an expensive holiday, you want to own a house or you want to buy a new car. Whatever your goals are, side hustles can help you accomplish them faster.
6. It Can Change the Trajectory of Your Life
I could fill an entire book with examples of people who started a side hustle that transformed their lives. From the hairstylist single mom who now makes over $100k as a social media manager to the blogger who was able to escape the corporate life they despised, side hustles can change the entire trajectory of your life.

7. Side hustle open up a whole new path to
making your dreams a reality

For me, I truly believe I should be running a business full-time. Debt makes that dream unattainable. Side hustles help me test business ideas with no risk, though, while also helping me pay off debt faster. I’m able to bridge the gap and have a clear path to my goal, all because of side hustles.
8. Meet New People and Build Your Network
One thing that is virtually guaranteed with a side hustle is that you will meet new people. Most, if not all, of these people you would have never crossed paths with if it wasn’t for your side hustle.
I took a few minutes to think of some of the incredible individuals I’ve been lucky enough to come into contact with because of my side hustles, and it’s really overwhelming to think about. The wide diversity of opinions, geographical locations, ages, professions, and interests is truly astonishing.
You won’t become best friends with everyone you meet through your side hustle. With that being said, you very well could meet future business partners or even employers through your side hustle. Don’t discount this potential upside of having a side hustle.
9.It unleash your inner potential and move you out of your comfort zone
Prior to starting my blog I hated public speaking. And I mean to the point where I didn’t even want to talk on the phone because of my accent and vocabulary. but my side hustle has pushed me outside my comfort zone and it’s made me a better and more confident individual because of it.
Now speak at seminars, workshop, radio shows. This is something that is nearly unthinkable to me years ago. but my side hustle has led me down that path and I’m grateful for it.

10. It re brand your skills Get you paid for it
In the past i used to write articles, report and essay for my colleagues while still in school then. I by no means am a seasoned veteran. That doesn’t mean I don’t have skills that are advanced enough to copy write to companies looking for help.
Though, Through starting blogging as a side hustle I was able to further develop my copy writing skills. Not only was I learning on how to write better content, I was getting paid for it. What more could you ask for?
Continue reading... [url] https://okfiscal.com/things-to-know-about-side-hustle/ [/url]

2 Likes

Business / Things To Know About Side Hustle by Okfiscal(m): 9:57pm On Jun 02
May be you are working below your standards, your salary is not enough to tackle your expenditures? Or you are looking for something else to join with your 9am-5pm job to boost your earnings? Or you self-service to be a self made boss.

Then you have to read this article.
What is side hustle?
A side hustle is a way to make some extra cash that gives you the flexibility to pursue what you ‘re most interested in outside the 9-5 job.
Side hustle gives you the freedom to buy things you want and lower any financial worries.sincerely speaking, the said 9-5 jobs something don’t always pay the bill especially if you ‘re just starting.
For instance when you remove the cost of rent, food, transportation, children up keep you might realize that removing the cost of these bills you ‘re barely have anything leftover to save.
The annoying part of the said 9-5 jobs is that your financial growth is always capped by your boss who decides your salary.
Therefore, if you want to decide your salary yourself the best way is to start side hustle and build your self employed income while you still have the safety and security of your 9am-5pm job.
In addition, side hustle also improves your skills and it creates career changing opportunities you wouldn’t have stumbled upon at your full time job.
For example, hilary vanderschaaf was a Licensed Occupational Therapist, but decided to start a side hustle for making clothes, today her clothing line company is well recognized – hill hustle clothing line. Here was her reason for starting hill hustle clothing line

I realized I needed a side hustle and passive income as I was paying off my daunting student loans. I came up with the idea over a year ago, began getting my shirts made and wearing them myself. I hired a web designer to create my site and bring my vision to life. Since I have a decent following on IG, I have used that to promote and grow my brand.

Quickly before we discuss why you need side hustle, i will like to share step involved to develop successful side hustle
1.Make a list of what you are interested in
You need to love what you are doing as a side hustle for it to be successful for you. This job will be done on your own time, and outside office hours if you have a day job, so it will take a lot of energy and motivation to make it stick. Only something that you are passionate about will drive you this much. Brainstorm side hustle ideas around your interests, hobbies, and skills to discover the best business to start.
After all, business success happens only when the right skills meet the right interest areas.

2. Decide early if you will invest money
Side hustles shouldn’t cost too much money but they may require some investment upfront for things like hosting, branding, and tools. You may decide that you want to do advertising to find your first customers. Whatever your growth and expansion plan is for your side hustle you need to be aware of your spend before it happens so plan your spending accordingly and measure your success to know whether you should continue.

3. Make sure there are no conflicts of interest
If you have a day job or have connections that could lead to a conflict of interest with your side hustle then it is not a good idea to continue with it.
Obviously, you shouldn’t work on your side hustle during company time, nor should you use company resources to advance your own pursuits. Not only is it unethical, but it’s likely a violation of the employment agreements you signed when you began your job.
Sometimes the best advice is to try something else or to shelf your idea for another time so that you don’t end up doing something you regret.

4. Schedule time for your side hustle
A side hustle takes time out of your day, daily, so ensure everything is going right. It is not possible to set up your website, schedule your content, and forget about everything until next month.
Set aside time in your calendar regularly for your side hustle and outline actionable goals for this time so you know what you are doing is valuable. If you have a day job, aim to give three to four evenings a week and perhaps some hours at the weekend to your side hustle, depending on what it is.

5. Don’t forget about your day job
If you are setting up a side hustle while also having a day job, remember to put 100% of your energy into your day job when you are there. A side hustle will give you some money but you rely on a cheque from your day job which you need to pay the bills with. Don’t try to juggle your day job and side hustle within your 9-5 hours as this is a recipe for disaster.

Why you need to start side hustling now;

Read also: 8 proven and fast side hustle you can start today[url] https://okfiscal.com/8-side-hustle-you-can-start-aside-your-9am-5pm-jobs/ [/url]
Statistically, a large number of world population (myself included) have launched side hustles related to freelancing, blogging consulting and other online-based businesses such affiliate marketing, ecommerce, Email marketing and digital marketing while having regular employment. In fact, according to a 2016 study by LinkedIn ProFinder, more than 331,941 professionals in the U.S. alone are already freelancing on the side of their day jobs .

Regardless of where you are at in life, in debt or not in debt, married or single, twenty years old or fifty years old, there is something that you can gain from starting a side hustle;

1.Diversify Your Income
There is nothing like the security of having more than one income stream. Even if you absolutely love your full-time job, situations can change. Perhaps demand drops or a new executive decides to cut 10% of the workforce. No job is safe.
Even if your job is extremely secure, you may find yourself going to work one day and thinking “I don’t want to do this anymore.” If you started a side hustle years prior to this you are likely much better positioned to look for other employment or even take the necessary steps to turn your side hustle into a full-time job.
One key takeaway to remember is that the earlier you start a side hustle, the better. Some side hustles – like blogging – can take months of work before you start making money, and if you re-invest your income back into the blog it could be several years before you have built the site up to the point where it can replace your full time job.
2.Test a Business Idea Without Quitting Your Full-Time Job
One of the greatest things about the world we live in today is that it’s easier than ever before to test out a business idea while working a full-time job. No need to quit your 9-5 and go all in; instead you can give a go at it during nights and weekends (and for the early birds out there – mornings as well!).
If you ask me what my long-term goal is I can tell you without hesitation that it’s to run a business or multiple businesses full-time. Working in corporate isn’t for everyone, and while I do a good job I know I will be much happier running a full-time job.
With that goal in mind, I love that I can test business ideas without sacrificing my stable full-time income. If any given idea or business venture flops I am out only time and, in certain situations, some money.

3. Break into a New Career Field
If your goal is to switch to a new career field, think about what sort of side hustle helps you gain experience and a track record, and then pursue that side hustle. If you want to code for a living but currently work in marketing, start coding in your spare time. Gain clients and those who will vouch for your skills.
You can start with blogging because These skills are in high demand and almost every company is staffing up in this space. The problem is that traditional corporate marketers likely have not developed the deep hands-on experience that bloggers have.
Starting a blog could set you up for a job in the new digital landscape that you otherwise wouldn’t have even been considered for.
Blogging isn’t the only side hustle that can help you break into a new career field. Let’s say you enjoy social media management. By starting a side hustle focused on this you could gain the skills needed for a job in this space or you could build up a business that allows you to leave your 9-5.
4. Pay Off Debt Faster
Paying off debt faster is one of the main motivations many people starting a side hustle. It provides plenty of motivation to stick with a side hustle, too, as staying with your side hustle is half the battle.
The initial goal many people worked towards with side hustles was to make enough make that would offset their monthly loan payments and open up cash flow for other goals like establishing an emergency fund and saving for a down payment on a house.
5. Reach Other Money Goals Faster
Don’t have debt or not looking to pay it down faster? Side hustles can still be a huge benefit to your finances. In fact, if your side hustle money isn’t going towards debt you are in a great position to reach other money goal fasters.
For instance you want to go on an expensive holiday, you want to own a house or you want to buy a new car. Whatever your goals are, side hustles can help you accomplish them faster.
6. It Can Change the Trajectory of Your Life
I could fill an entire book with examples of people who started a side hustle that transformed their lives. From the hairstylist single mom who now makes over $100k as a social media manager to the blogger who was able to escape the corporate life they despised, side hustles can change the entire trajectory of your life.

7. Side hustle open up a whole new path to
making your dreams a reality

For me, I truly believe I should be running a business full-time. Debt makes that dream unattainable. Side hustles help me test business ideas with no risk, though, while also helping me pay off debt faster. I’m able to bridge the gap and have a clear path to my goal, all because of side hustles.
8. Meet New People and Build Your Network
One thing that is virtually guaranteed with a side hustle is that you will meet new people. Most, if not all, of these people you would have never crossed paths with if it wasn’t for your side hustle.
I took a few minutes to think of some of the incredible individuals I’ve been lucky enough to come into contact with because of my side hustles, and it’s really overwhelming to think about. The wide diversity of opinions, geographical locations, ages, professions, and interests is truly astonishing.
You won’t become best friends with everyone you meet through your side hustle. With that being said, you very well could meet future business partners or even employers through your side hustle. Don’t discount this potential upside of having a side hustle.
9.It unleash your inner potential and move you out of your comfort zone
Prior to starting my blog I hated public speaking. And I mean to the point where I didn’t even want to talk on the phone because of my accent and vocabulary. but my side hustle has pushed me outside my comfort zone and it’s made me a better and more confident individual because of it.
Now speak at seminars, workshop, radio shows. This is something that is nearly unthinkable to me years ago. but my side hustle has led me down that path and I’m grateful for it.

10. It re brand your skills Get you paid for it
In the past i used to write articles, report and essay for my colleagues while still in school then. I by no means am a seasoned veteran. That doesn’t mean I don’t have skills that are advanced enough to copy write to companies looking for help.
Though, Through starting blogging as a side hustle I was able to further develop my copy writing skills. Not only was I learning on how to write better content, I was getting paid for it. What more could you ask for?
Continue reading... [url] https://okfiscal.com/things-to-know-about-side-hustle/ [/url]
Business / Leadership Vs Management In Business Circles by Okfiscal(m): 6:37am On Jun 02
Is leadership good and management bad? The answer is No, because both are important in organization growth.

Brief review of the differences between leadership and management

What is leadership? leadership is the action of leading people or group of people towards achieving a set or common goal. Good leaders have three common characteristics :

There inspire others to share their vision
They motivate others to act on that vision
They encourage others and help them to overcome obstacles in the pursuit of their vision.
Top 10 skills of a leadership:

The following skills are required for a good leadership. These skills includes:

Communication skills: The ability to disseminate information and listen actively.
Motivation skills: Getting people to want to do what you need them to do.
Delegation skills: Knowing that you can’t do everything and trusting others to help you.
Positivity skills: Keeping a positive attitude, regardless of the situation, helps with morale.
Trustworthiness skills: People aren’t going to listen to you or do what you ask if you don’t first instill a sense of trust.
Creativity skills: There will always be problems that can’t be solved by rote; you must think creatively and be open to taking chances.
Feedback skills: Leadership doesn’t take place in a vacuum. Listen to your team, stakeholders, advisors, mentors, etc., and take their opinions seriously.
Ability to take Responsibility: You can’t expect people to follow you if you’re not taking responsibility for the bigger picture and your behavior.
Commitment skills: You also cannot expect to lead others if you are not committed to the project.
Flexibility skills: Things change, and rigidity can ruin a project, so you must be willing to adapt and not hold too tightly to anything.
Management

What is management? management is the process of dealing with or controlling people.
mangers are people who plan, organize and coordinate. They are methodical and always reevaluating process to make sure they’re progressing as planned.

Here is an infographic presentation of effective management skills:

Hover to [url] https://okfiscal.com/business-leadership-vs-management/ [/url] to see these infographic
Nairaland / General / 5 Bank In Nigeria With High Savings Interest Rates Account by Okfiscal(m): 8:40am On Jun 01
Now that you’ ve save some emergency fund, but the rate your locate bank is paying is too small – then you need a high savings interest account.
When it comes to savings, you should consider the best options offered by Nigerian banks.you have to understand what savings account is and how it can help you earn a great interest on your money. There are many different types of accounts you can use:

Call deposit
Fixed deposit
High-interest deposit.
It is smart to choose the high-interest savings option that pays interest to you. Such accounts offer the flexibility you’ll love. You can perform the following actions without worrying about losing your interest:

Withdraw cash when you need it
Make online payments
Enjoy different services that do not affect your savings account.
Savings accounts allow bank customers keep their money in the bank and earn several percents per year on top of the original amount.
Factor to examine when looking for high interest savings account
If this is your first time looking for a high-interest savings account, skipping through these options can be dangerous. When you choose a bank, you’ll want to know a few things:

How much you have to deposit in your account.
The startup cost for opening an account
How much APY[annul percentage per year] the bank is paying
Any monthly maintenance fees
The minimum you need to keep in your account to get the best rates
How long it will take to transfer your funds to another account
What to expect from customer service
find banks with high interest rate in Nigeria.
Note: The interest rates these banks are paying is as of the time of this writing. Please search for “[bank name]” + “savings interest rate” to get up-to-date rates or contact the bank you are interested in and make updated enquires
Although, Savings account offers you interest rates on your deposits with 2% being the minimum interest rates and 6% the highest interest rate a bank offers.
Now let look at 5 banks that offers high interest rates to their customers:
1.Diamond HIDA 2-6%
This financial institution has an interesting proposition called High Interest Deposit Account. If you planning to save for a special project like a wedding, buying a house or investing in a business or are you simply looking to keep away some funds for rainy days? HIDA is a special deposit account that will perfectly suit your goals and at the same time offer full credit interest on your savings. Simply put, the more you save, the more interest you earn on your deposits.For those who have not mastered the art of saving money, Diamond HIDA is a great way to start because the account does not come with a debit card so you will not be tempted to make unnecessary withdrawals. You can also enjoy 2 free withdrawals and still maintain credit interest on available balance. Below are a breakdown of interest rate earned on available balance
Less than N 100,000: 2% interest rate per Annum.
N 100,000 and N 999,999: 4.5% per annum
N 1,000,000 and N 4,999,999:5% per annum
N 5 million and above: 6.0% per annum
2.Savings Account DiamondXtra
The HIDA option offered by Diamond bank is not suitable for all Nigerians. Those of you who need a savings account with a small amount of money at the beginning can look at the DiamondXtra savings account that starts with just 1,000 Naira.

As one of the top banks in Nigeria, Diamond bank allows all interested individuals to earn interest on their saving accounts. Here are the main benefits of this offer:
An account can be opened with only 1,000 Naira on it.
There is no minimum amount you’ll have to keep on the account.
The card you’ll get is free to use at all local ATMs.
You are allowed making 3 free withdrawals within a month.
One odd fact about diamondxtra, you loose your interest onces you make 4 withdrawals in the same month.

3.Zenith Bank Account
Depending on your expectations or what suits your needs, Zenith bank offers savings account packages to suit your goals

Individual savings account: if you have a specific goal to meet up with or simply want to start setting money aside, this account is recommended for you. No money is required to open this account and you are offered interests on your fund whatever your goal for opening this account may be. You get emails or SMS alerts or even both, a debit card, master card or visa card
EazySaveClassic Account: this is specially designed for individuals with minimal forms of identification/ it has a zero account opening balance, maximum single deposit N 50,000 maximum cumulative account balance N300,000
4.GTMax Savings Account 2-3%
GTbank offers an option called GTMax. It is an account that allows Nigerians save their money and earn some interest that depends on the amount of their current funds. This savings possibility is not available to everyone because there is a minimum amount required for opening and maintaining your account.
GTMax offers these interest rates per year:
2 percent – account is opened with at least 150,000 Naira
2.75 percent – you need the minimum of 500,000 Naira to earn this interest
3 percent – for people who have at least 1 million Naira to save
All three options require a minimum balance of 100,000-500,000 Naira depending on the account type and percentage earned per annum.
The account can be interesting to businesspersons and companies who need to save money and multiply them. The good thing is that the interest can be earned as long as the minimum balance is preserved. Besides, you are allowed making only up to 5 withdrawals per month, otherwise, you’ll have to pay the fee of 2 Naira per each transaction made during the month.

5.Savings at FCMB premiun account -3.3%
Do you prefer using the First City Monument Bank? It also has a savings option for customers who need to save their money for something important or make the funds working and earning some interest. Learn more about the Premium Savings option offered here.
While the financial organization doesn’t require you to keep a minimum amount on your account you still have to add at least 100,000 Naira in order to open your savings account. Still, if you wish to earn the biggest annual interest rate (it is 3.3 percent) you need to make sure your average balance per day is at least 100,000 Naira. If the balance becomes lower than, your earnings will reduce significantly.
Just like many similar savings options, you can’t make more than 3 withdrawals per month or you will lose your monthly interest earning.
continue reading...... [url] https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/ [/url]
Business / How To Invest In Nigeria Bonds by Okfiscal(m): 8:03am On Jun 01
Do you know you can improve your monthly savings and also make good future financial status by investing in nigeria bonds system FGN Bonds.
Have you ever think about this- Ever since the capital market crumbled, few Nigerians with reliable information on investment have continued to rake in profit from this same market and are not ready to stop anytime soon. “Who no want make money?”
What differentiates you from these few individuals is information, no wonder they say “information is power” and you can’t beat that.
With the launch of the Federal Government Savings Bond earlier, I thought I should shed some light on the benefits of this investment vehicle.
So, I will be sharing with you how to save N5,000 monthly.

what makes this Savings Bond so great? Well, for one, it’s a guaranteed bond meaning that the Government guarantees to repay you in full at the agreed date.
I’ll be weighing their merits and demerits, benchmarking them against indices like inflation and also comparing them relative to each other so at the end of this series of posts, you’ll understand the ideal savings plan based on your personal circumstances.
If you are reading this on a smartphone right now with data you bought by yourself, then you have no excuse not to be able to save at least N5,000 every month. Also, if you’ve been finding it difficult to save regularly, well, this one’s for you.
without much i do let dive in

FEDERAL GOVERNMENT OF NIGERIA BONDS – FGN BONDS
let’s start with the FGN Savings Bond. Retail Savings Bonds have been around for close to 100 years in countries like the United States for example but Nigeria is just catching on. That’s really because, up till now, our government hasn’t really needed to borrow as much as they have been doing recently.
what is bond? A bond is simply a type of loan taken out by companies. Investors lend a company money when they buy its bonds. In exchange, the company pays an interest “coupon” (the annual interest rate paid on a bond, expressed as a percentage of face value) at predetermined intervals (usually annually or semiannually) and returns the principal on the maturity date, ending the loan.
Unlike stocks, bonds can vary significantly based on the terms of the bond’s indenture, a legal document outlining the characteristics of the bond. Because each bond issue is different, it is important to understand the precise terms before investing. In particular, there are six important features to look for when considering a bond.
now let discuss bonds in Nigeria system.
FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN) issued by the Debt Management Office (DMO) for and on behalf of the Federal Government. The FGN has an obligation to pay the bondholder the principal and agreed interest as and when due. When you buy FGN Bonds, you are lending to the FGN for a specified period of time. The FGN Bonds are considered as the safest of all investments in domestic debt market because it is backed by the ‘full faith and credit’ of the Federal Government, and as such it is classified as a risk free debt instrument. They have no default risk, meaning that it is absolutely certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt.


Deal Agreement
Therefore, the Federal Government is giving every Nigeria an opportunity to lend a minimum of N5,000 and this will be paid back after 2 or 3 years depending on the issuance. Remember I said that there will be a coupon paid quarterly, well this is presently set at 13.01%.
So what makes this Savings Bond so great? Well, for one, it’s a guaranteed bond meaning that the Government guarantees to repay you in full at the agreed date. Your next question might be, “Should I buy the Savings Bond?” Well, there are a lot of reasons why you should. The Federal Government guarantee means that it is as risk free as an investment gets and the government plans to issue these bonds on a monthly basis so you can continue to buy the bond month on month with the knowledge that your money is safe. Furthermore, you are unlikely to find any legitimate fixed income security that can pay anything close to 13% for a N5,000 savings and still pay a quarterly coupon.
Thirdly, and this is very unique. The bond is trade-able on the stock exchange which means that if you want your money back before the maturity of the bond, you can simply sell it. You will likely have to trade the bond for less than its face value but at least the window is there for you if you need it.
The downside of this vehicle for savings however is that if you have a savings target of say N50,000, and you save N5,000 monthly, you won’t get your N50,000 cash back at once. Remember that each bond has a maturity date 2 or 3 years in the future so if you save N5,000 every month for 10 months, only the bond purchased in the first month would have matured at the end of 10 months. You will have to wait till the maturity date of the last bond before you can get all your N50,000 back unless of course you sell on the stock market.
Lastly, even though the coupon is guaranteed, the rate is still lower than the current inflation rate which is 17.78% today. So assuming that you buy the bond today and the inflation rate remains unchanged until maturity in 2 or 3 years from now, your investment will be worth 4.7% less.
So to summarize, as a regular savings vehicle, the FGN bond offers a guarantee, an unbeatable interest rate for the amount you are investing, paid quarterly but the unbeatable interest rate doesn’t beat inflation.
Continue reading [url]https://okfiscal.com/how-to-invest-in-nigeria-bonds-system-fgn-bonds/ [/url]
Business / Make Money Now With This Skills by Okfiscal(m): 9:18pm On May 31
People do ask me this question, what do i usually do that make my business productive?
My answer are always straight forward which is learning new skills.
Skills are the expertise or talent needed to execute a task or job. They are different types of skills that can help you succeed in all aspects of life whether its school, work, sport, finance, business or even hobby.
In this article i will share four skills that can easily fetch you money in 2019 and beyond.
Note: These best money making skills I’m about to reveal to you are strictly online, consider the fact that you spend a lot on browsing data, uploading photos and chatting on social media which apparently does not put money into your pocket.
Aren’t you tired of wasting your money for nothing, it’s high time you start making money with your time and resources put together, not as if it’s an easy adventure you’re about to embark on, but with time, courage, resilience, hard-work and consistency you will surely crack the code.
If I can do it, you surely can. I have not promised that you’re going to make millions overnight, but you will surely make enough money to take of care your bills, that I know for sure.
Without much i do, let’s dive in.
Best money making skills for every Nigerian Youth in 2019:

1.Freelancing skills


Freelancing is the process of rendering services online ranging from:

Writing blog contents
Ghost writing
Web and graphic designs
Editing
Software developing etc
Depending on the skill that interests you, majority will prefer writing job, however you will need to be very good in writing to fit in to this category. You could be contacted to write for blogs being that most webmasters are always too busy to write their blog contents.
You will get hired as well be paid, but you will need to prove that you’re good and suitable for it. I will advise you should learn basic on page search engine optimisation strategies (SEO). This will give you an edge over competitors. Your ability to write search engine optimised contents is a huge plus.
Ghost writing is not far from blog contents, just that it might not be published on a blog, it could be for magazines and journals, not excluding blogs. The only difference is that your contract with the contractor ends the moment you deliver the job. It will be published without credit of any kind given to you or being mentioned as the writer.
If you have flare for technology and graphics, web and graphic design could be your ice point, people, big brands and organisations will contact you for a gig, your ability to show a social prove will land you jobs in freelancing.
If reading and editing is your thing, publishers will hunt for you to edit their works. To measure in this category, you must be good in English, ability to identify wrong use of words and grammatical errors is your best and strongest point. These are best money making skills you should equip yourself with.
How to get hired for freelance services
To get hired for any of the above services, you may have to register with freelancing websites, a number of them have been very helpful as they accept and pay Nigerians, kindly check and sign up with;

Upwork

Freelancer

Fiverr

Guru

Iwriter

Toptal

I strongly recommend upwork because its registration process it not that much complicated compare to others are there other benefits attached to writing in upwork.
Millions of people in need of freelance services come to these websites in search of who can render such services on daily basis.

2.Digital marketing

This involves marketing efforts that has to do with the use of electronic device or internet, businesses take advantage of social media, search engines, emails and websites to connect with prospective buyers and customers in the 21 century, it therefore becomes a veritable tool for business promotion.
As an internet marketer you render services and make money in the following ways
You create blog posts and guest posts for clients, who are mostly businesses looking to be heard
You create links for ranking these businesses
Use emails as well teach clients how to promote their business to customers via email marketing
You help clients to generate leads and make sales by creating sales pitch that resonates with their audience
You take advantage of social media to grow your clients business
Brands will be glad to pay you for these services
How to get clients as a digital marketer
Advertise your services on forums like Nairaland.com, start a thread to educate business owners, companies and brands on why they should employ a digital marketer
Advertise on Social media groups
Pitch big brands and businesses with your service
Create a blog most importantly where you will outline your services as well publish engaging posts that will convince your would be clients to patronize you
Your social media pages should describe the services you can render
Join Quora and market your service by answering questions on digital marketing.
Take advantage of the social media and look for where your potential clients are. If you are marketing plan is to business to consumers (B2C) then consider using Facebook, Instagram and youtube while if you into business to business marketing then you linked.

3.Blogging

This should sound so familiar, but comes with difference. Blogging is the practice of publishing information on the internet, usually targeting a section of audience called niche.
The key point in blogging is to selecting the right niche and ability to write quality content into rank high in search engines.


Get your website today at affordable prices.


misconceptions about starting a blog is that you need to be a great writer to be successful. Nothing could be further from the truth. People read blog sites to get a personal perspective on things, so most bloggers write in a very informal and conversational style.
In addition, you don’t need to be an expert on your topic in order to have a successful blog. For example, readers of a cooking blog don’t want to read a textbook from a food scientist, they want to hear the experiences of someone who has actually cooked some real meals, mistakes and all.
To be successful as a blogger there is really just one requirement: a passion for your topic.
At its heart, blogging is about sharing your knowledge with the world. Choosing a topic that you are passionate about makes the process of starting a successful blog so much easier. Writing about more than one topic is totally fine too. As long as you are writing about things that you are genuinely interested in, your passion will shine through and keep your readers interested.
Tips on how to run a blog(website)
build a blog site in about 20 minutes following these steps:

Pick a blog name. Choose something descriptive, something related to the niche you are interested in.
Get your blog online. Register your blog and get hosting.
Get your domain and hosting space with any hosting company present on online, base on my experience i recommend you register with namecheap
Customize your blog using WordPress template it free and its the best for a newbie online
Write & publish your first post. The fun part!, though you can get expert to write you first for go to upwork to get expert to get the work done
Promote your blog. Get more people to read your blog through furums like quora, nairaland, pinterest or do pais ads on Facebook, Instagram and youtube to get your targeted audience.
Make money blogging. Choose from several options to monetize your blog. Once you start ranking on search engines BOOM!! you start making your money for either AdSense or affiliate program.
Continue reading......[url]https://okfiscal.com/4-money-making-skills/ [/url]
Education / Stop Wasting Your Recharge Card Money by Okfiscal(m): 10:55am On May 30
Do you know you can make back money from the money you use to either recharge your phone, pay bills live tv subscription, electricity and others.
I know your questions is HOW
recharge and get paid ia the answer.
On this article will share a deep insight on how to make money from recharging your phone and from paying utilitie bills so stay clam and read the full content to know how it usually works.
Let dive in
RAGP Ltd is a company fully registered with recognized organs in Nigeria, the corporate affairs commission (CAC) and the Nigerian Communications Commission (NCC). They are structured on multi- level marketing to create financial freedom towards reaping all the billions in airtime usage by Nigerians.

More so, Recharge and Get Paid is aimed at providing wealth creation platform for Nigerians, irrespective of their locations and destinations.
Recharge and Get Paid like it sounds is an arrangement whereby you recharge you cellphone via MTN, GLO, AIRTEL, 9MOBILE as well as data subscription and still get paid for it. You can as well carry out other transactions like TV subscription, bill payments etc.
How RAGP works
The RAGP scheme is classified into two sub categories namely:
categories 1. The VTU/the airtime vendor and
2. The referral/matrix aspect. In a knot shell, you will have to understand that this is more like a business with two dynamics which guarantee earnings in different capacities.
You can sell airtime of any network as mentioned above, data, TV subscriptions etc and make money as a VTU agent.
You as well make money by referring friends to join this program, when they do they become your down liners on a 3×10 forced matrix which allows members to earn residual income even when they stopped working.
By implication, it means that each time any of your down liners makes purchase or sales airtime you are guaranteed to earn as referred by the matric.
HOW TO REGISTER ON RAGP
This scheme has 7 different categories of packages as shown below, with different benefits, depending on the plan you can afford, there’s however a room to upgrade as time goes on.
S/N PLAN NAME/PACKAGE REGISTRATION PRICE
1 Executive Platinum Member N100,000
2 Platinum Member N50,000
3 Diamond Member N40,000
4 Gold Member N30,000
5 Silver Member N20,000
6 Bronze Member N10,000
7 Basic Member N5000
Benefits for registered member
Instant registration bonus-20%
Instant direct referral bonus-20%
Instant indirect referral bonus-10%-1%
Leadership bonus N100,000/airtime
VTU bonus from down line recharge
You receive 2% of any amount you recharge and 10% for data subscription
Trip worth N500k to Dubai
Your referral down line earnings extends to their tenth generation.
To register
You join this business by registering with at least N5000 which is the basic plan, depending on what you can afford though.
On joining, you will get access to a VTU wallet, you will use this wallet to sell your airtime, data and subscriptions etc.
Whenever you recharge or carry out any other transaction, you get paid a certain commission, whether is for yourself or for your customers
If you introduce anyone and they get registered, you are entitled to a 20% commission from the company, from the signup fee. There are other mouthwatering benefits associated to this
You get 10% commission as your down liners introduce others.

Continue reading...[url] https://okfiscal.com/how-to-recharge-and-get-paid/ [/url]

1 Like

Nairaland / General / Make Money Back From Your Daily Recharge And Monthly Subscription by Okfiscal(m): 4:09pm On May 29
Do you know you can make back money from the money you use to either recharge your phone, pay bills live tv subscription, electricity and others.
I know your questions is HOW
recharge and get paid ia the answer.
On this article will share a deep insight on how to make money from recharging your phone and from paying utilitie bills so stay clam and read the full content to know how it usually works.
Let dive in
RAGP Ltd is a company fully registered with recognized organs in Nigeria, the corporate affairs commission (CAC) and the Nigerian Communications Commission (NCC). They are structured on multi- level marketing to create financial freedom towards reaping all the billions in airtime usage by Nigerians.

More so, Recharge and Get Paid is aimed at providing wealth creation platform for Nigerians, irrespective of their locations and destinations.
Recharge and Get Paid like it sounds is an arrangement whereby you recharge you cellphone via MTN, GLO, AIRTEL, 9MOBILE as well as data subscription and still get paid for it. You can as well carry out other transactions like TV subscription, bill payments etc.
How RAGP works
The RAGP scheme is classified into two sub categories namely:
categories 1. The VTU/the airtime vendor and
2. The referral/matrix aspect. In a knot shell, you will have to understand that this is more like a business with two dynamics which guarantee earnings in different capacities.
You can sell airtime of any network as mentioned above, data, TV subscriptions etc and make money as a VTU agent.
You as well make money by referring friends to join this program, when they do they become your down liners on a 3×10 forced matrix which allows members to earn residual income even when they stopped working.
By implication, it means that each time any of your down liners makes purchase or sales airtime you are guaranteed to earn as referred by the matric.
HOW TO REGISTER ON RAGP
This scheme has 7 different categories of packages as shown below, with different benefits, depending on the plan you can afford, there’s however a room to upgrade as time goes on.
S/N PLAN NAME/PACKAGE REGISTRATION PRICE
1 Executive Platinum Member N100,000
2 Platinum Member N50,000
3 Diamond Member N40,000
4 Gold Member N30,000
5 Silver Member N20,000
6 Bronze Member N10,000
7 Basic Member N5000
Benefits for registered member
Instant registration bonus-20%
Instant direct referral bonus-20%
Instant indirect referral bonus-10%-1%
Leadership bonus N100,000/airtime
VTU bonus from down line recharge
You receive 2% of any amount you recharge and 10% for data subscription
Trip worth N500k to Dubai
Your referral down line earnings extends to their tenth generation.
To register
You join this business by registering with at least N5000 which is the basic plan, depending on what you can afford though.
On joining, you will get access to a VTU wallet, you will use this wallet to sell your airtime, data and subscriptions etc.
Whenever you recharge or carry out any other transaction, you get paid a certain commission, whether is for yourself or for your customers
If you introduce anyone and they get registered, you are entitled to a 20% commission from the company, from the signup fee. There are other mouthwatering benefits associated to this
You get 10% commission as your down liners introduce others.

Continue reading...[url] https://okfiscal.com/how-to-recharge-and-get-paid/ [/url]
Programming / Recharge And Get Paid by Okfiscal(m): 4:02pm On May 29
Do you know you can make back money from the money you use to either recharge your phone, pay bills live tv subscription, electricity and others.
I know your questions is HOW
recharge and get paid ia the answer.
On this article will share a deep insight on how to make money from recharging your phone and from paying utilitie bills so stay clam and read the full content to know how it usually works.
Let dive in
RAGP Ltd is a company fully registered with recognized organs in Nigeria, the corporate affairs commission (CAC) and the Nigerian Communications Commission (NCC). They are structured on multi- level marketing to create financial freedom towards reaping all the billions in airtime usage by Nigerians.

More so, Recharge and Get Paid is aimed at providing wealth creation platform for Nigerians, irrespective of their locations and destinations.
Recharge and Get Paid like it sounds is an arrangement whereby you recharge you cellphone via MTN, GLO, AIRTEL, 9MOBILE as well as data subscription and still get paid for it. You can as well carry out other transactions like TV subscription, bill payments etc.
How RAGP works
The RAGP scheme is classified into two sub categories namely:
categories 1. The VTU/the airtime vendor and
2. The referral/matrix aspect. In a knot shell, you will have to understand that this is more like a business with two dynamics which guarantee earnings in different capacities.
You can sell airtime of any network as mentioned above, data, TV subscriptions etc and make money as a VTU agent.
You as well make money by referring friends to join this program, when they do they become your down liners on a 3×10 forced matrix which allows members to earn residual income even when they stopped working.
By implication, it means that each time any of your down liners makes purchase or sales airtime you are guaranteed to earn as referred by the matric.
HOW TO REGISTER ON RAGP
This scheme has 7 different categories of packages as shown below, with different benefits, depending on the plan you can afford, there’s however a room to upgrade as time goes on.
S/N PLAN NAME/PACKAGE REGISTRATION PRICE
1 Executive Platinum Member N100,000
2 Platinum Member N50,000
3 Diamond Member N40,000
4 Gold Member N30,000
5 Silver Member N20,000
6 Bronze Member N10,000
7 Basic Member N5000
Benefits for registered member
Instant registration bonus-20%
Instant direct referral bonus-20%
Instant indirect referral bonus-10%-1%
Leadership bonus N100,000/airtime
VTU bonus from down line recharge
You receive 2% of any amount you recharge and 10% for data subscription
Trip worth N500k to Dubai
Your referral down line earnings extends to their tenth generation.
To register
You join this business by registering with at least N5000 which is the basic plan, depending on what you can afford though.
On joining, you will get access to a VTU wallet, you will use this wallet to sell your airtime, data and subscriptions etc.
Whenever you recharge or carry out any other transaction, you get paid a certain commission, whether is for yourself or for your customers
If you introduce anyone and they get registered, you are entitled to a 20% commission from the company, from the signup fee. There are other mouthwatering benefits associated to this
You get 10% commission as your down liners introduce others.

Continue reading.... https://okfiscal.com/how-to-recharge-and-get-paid
Investment / 4 Money Making Skills You Can Learn Today And Start Making Bucks by Okfiscal(m): 1:17pm On May 28
People do ask me this question, what do i usually do that make my business productive?
My answer are always straight forward which is learning new skills.
Skills are the expertise or talent needed to execute a task or job. They are different types of skills that can help you succeed in all aspects of life whether its school, work, sport, finance, business or even hobby.
In this article i will share four skills that can easily fetch you money in 2019 and beyond.
Note: These best money making skills I’m about to reveal to you are strictly online, consider the fact that you spend a lot on browsing data, uploading photos and chatting on social media which apparently does not put money into your pocket.
Aren’t you tired of wasting your money for nothing, it’s high time you start making money with your time and resources put together, not as if it’s an easy adventure you’re about to embark on, but with time, courage, resilience, hard-work and consistency you will surely crack the code.
If I can do it, you surely can. I have not promised that you’re going to make millions overnight, but you will surely make enough money to take of care your bills, that I know for sure.
Without much i do, let’s dive in.
Best money making skills for every Nigerian Youth in 2019:

1.Freelancing skills


Freelancing is the process of rendering services online ranging from:

Writing blog contents
Ghost writing
Web and graphic designs
Editing
Software developing etc
Depending on the skill that interests you, majority will prefer writing job, however you will need to be very good in writing to fit in to this category. You could be contacted to write for blogs being that most webmasters are always too busy to write their blog contents.
You will get hired as well be paid, but you will need to prove that you’re good and suitable for it. I will advise you should learn basic on page search engine optimisation strategies (SEO). This will give you an edge over competitors. Your ability to write search engine optimised contents is a huge plus.
Ghost writing is not far from blog contents, just that it might not be published on a blog, it could be for magazines and journals, not excluding blogs. The only difference is that your contract with the contractor ends the moment you deliver the job. It will be published without credit of any kind given to you or being mentioned as the writer.
If you have flare for technology and graphics, web and graphic design could be your ice point, people, big brands and organisations will contact you for a gig, your ability to show a social prove will land you jobs in freelancing.
If reading and editing is your thing, publishers will hunt for you to edit their works. To measure in this category, you must be good in English, ability to identify wrong use of words and grammatical errors is your best and strongest point. These are best money making skills you should equip yourself with.
How to get hired for freelance services
To get hired for any of the above services, you may have to register with freelancing websites, a number of them have been very helpful as they accept and pay Nigerians, kindly check and sign up with;

Upwork

Freelancer

Fiverr

Guru

Iwriter

Toptal

I strongly recommend upwork because its registration process it not that much complicated compare to others are there other benefits attached to writing in upwork.
Millions of people in need of freelance services come to these websites in search of who can render such services on daily basis.

2.Digital marketing

This involves marketing efforts that has to do with the use of electronic device or internet, businesses take advantage of social media, search engines, emails and websites to connect with prospective buyers and customers in the 21 century, it therefore becomes a veritable tool for business promotion.
As an internet marketer you render services and make money in the following ways
You create blog posts and guest posts for clients, who are mostly businesses looking to be heard
You create links for ranking these businesses
Use emails as well teach clients how to promote their business to customers via email marketing
You help clients to generate leads and make sales by creating sales pitch that resonates with their audience
You take advantage of social media to grow your clients business
Brands will be glad to pay you for these services
How to get clients as a digital marketer
Advertise your services on forums like Nairaland.com, start a thread to educate business owners, companies and brands on why they should employ a digital marketer
Advertise on Social media groups
Pitch big brands and businesses with your service
Create a blog most importantly where you will outline your services as well publish engaging posts that will convince your would be clients to patronize you
Your social media pages should describe the services you can render
Join Quora and market your service by answering questions on digital marketing.
Take advantage of the social media and look for where your potential clients are. If you are marketing plan is to business to consumers (B2C) then consider using Facebook, Instagram and youtube while if you into business to business marketing then you linked.

3.Blogging

This should sound so familiar, but comes with difference. Blogging is the practice of publishing information on the internet, usually targeting a section of audience called niche.
The key point in blogging is to selecting the right niche and ability to write quality content into rank high in search engines.


Get your website today at affordable prices.


misconceptions about starting a blog is that you need to be a great writer to be successful. Nothing could be further from the truth. People read blog sites to get a personal perspective on things, so most bloggers write in a very informal and conversational style.
In addition, you don’t need to be an expert on your topic in order to have a successful blog. For example, readers of a cooking blog don’t want to read a textbook from a food scientist, they want to hear the experiences of someone who has actually cooked some real meals, mistakes and all.
To be successful as a blogger there is really just one requirement: a passion for your topic.
At its heart, blogging is about sharing your knowledge with the world. Choosing a topic that you are passionate about makes the process of starting a successful blog so much easier. Writing about more than one topic is totally fine too. As long as you are writing about things that you are genuinely interested in, your passion will shine through and keep your readers interested.
Tips on how to run a blog(website)
build a blog site in about 20 minutes following these steps:

Pick a blog name. Choose something descriptive, something related to the niche you are interested in.
Get your blog online. Register your blog and get hosting.
Get your domain and hosting space with any hosting company present on online, base on my experience i recommend you register with namecheap
Customize your blog using WordPress template it free and its the best for a newbie online
Write & publish your first post. The fun part!, though you can get expert to write you first for go to upwork to get expert to get the work done
Promote your blog. Get more people to read your blog through furums like quora, nairaland, pinterest or do pais ads on Facebook, Instagram and youtube to get your targeted audience.
Make money blogging. Choose from several options to monetize your blog. Once you start ranking on search engines BOOM!! you start making your money for either AdSense or affiliate program.
Continue reading......[url]https://okfiscal.com/4-money-making-skills/ [/url]
Investment / Index Funds Vs Mutual Funds by Okfiscal(m): 1:49am On May 25
When you look at recent history, actively managed funds have performed poorly compared to index funds. According to Morningstar, two-thirds of large-cap growth stock mutual funds underperformed the index, and nearly three-quarters of large-cap blended funds failed to match their benchmark. The same was true in 2014, when 86% of active large-cap fund managers fell short of their benchmarks.
In this article we look at (almost) if not everything about an index fund and mutual funds.
Hint to what we cover in this post;
•What is an index fund
•How an index fund works
•Type of index fund
•Why you should invest in an index fund
•Advantages and disadvantages of an index fund
•Statistical example of an index fund in real-world
•What is a mutual fund
•How a mutual fund work
•Type of mutual fund
•Advantages and disadvantages of a mutual fund
•Statistical examples of a mutual fund to real-world
Then we will move further to this discuss the differences between index funds and mutual funds.
So don’t leave this page in a hurry!!!
Now, let’s start the discussion
What is an index funds?
An index fund is a mutual fund or ETF whose portfolio is designed to replicate a certain market index.such as the Standard & Poor’s 500 Index (S&P 500).
Index funds are generally considered ideal core portfolio holdings for retirement accounts, such as individual retirement accounts (IRAs) and 401(k) accounts. Legendary investor Warren Buffett has recommended index funds as a haven for savings for the sunset years of life. Rather than picking out individual stocks for investment, he has said, it makes more sense for the average investor to buy all of the S&P 500 companies at the low cost an index fund offers.
An index mutual fund is said to provide broad market exposure, low operating expenses and low portfolio turnover. These funds follow their benchmark index no matter the state of the markets.
How an index funds works
An index fund is a portfolio of stocks or bonds designed to mimic the composition and performance of a financial market index.The idea is that by mimicking the profile of the index—the stock market as a whole, or a broad segment of it—the fund will match its performance as well.
There is an index, and an index fund, for nearly every financial market in existence. In the U.S, the most popular index funds track the S&P 500. But several other indexes are widely used as well, including:
the Dow Jones Industrial Average (DJIA) consisting of 30 large-cap companies
the Wilshire 5000 Total Market Index that is the largest U.S. equities index
the MSCI EAFE consisting of foreign stocks from Europe, Australasia, and the Far East
the Barclays Capital U.S. Aggregate Bond Index following the total bond market.
For example, the popular Dow Jones Industrial Average (DJIA) is an index that consists of 30 large U.S. stocks, weighted by share price. So an index fund that tracks the DJIA would be expected to own all 30 stocks in approximately the same proportions that they make up in the index.
Types of index funds
there are different tyes of stock index funds which includes;

1.Broad market index funds: These invest in an index designed to track the performance of the entire market, or a subset of the market such as large-cap stocks. The Dow Jones Industrial Average, S&P 500, and Russell 2000 indices, are examples.
2.Global/International index funds:These are designed to provide exposure to stocks all over the world. Global indices include stocks from all over the world, while international indices exclude U.S.-based companies.
Sector-specific index funds : These are designed to track a sector’s performance. For example, the Financial Select Sector SPDR ETF (NYSEMKT: XLF) is designed to mirror the performance of the banking, insurance, and real-estate industries.
Why invest in index funds?
Index funds have become quite popular, and for good reason. First, because index funds don’t require much effort from managers, they typically have lower fees than actively managed funds. It’s not uncommon to find index funds with expense ratios in the 0.05%-0.07% range, while actively managed funds are generally in the 1%-2% ballpark.
Additionally, index funds allow investors to harness the long-term potential of the stock market without the guesswork and research involved with choosing individual stocks. In fact, there are many economists who believe in the efficient market hypothesis — which says that it’s not possible to beat the market consistently, so the best way to invest is to simply buy all stocks. An index fund allows investors to do that.

Advantages of index funds:

Lower Costs

One primary advantage that index funds possess over their actively managed counterparts is the lower management expense ratio. A fund’s expense ratio—also known as the management expense ratio—includes all of the operating expenses such as the payment to advisors and managers, transaction fees, taxes, and accounting fees.

Since the index fund managers are simply replicating the performance of a benchmark index, they do not need the services of research analysts and others that assist in the stock-selection process. Managers of index funds trade holdings less often incurring fewer transaction fees and commissions. In contrast, actively managed funds have bigger staffs and conduct more transactions, driving up the cost of doing business.

The extra costs of fund management are reflected in the fund’s expense ratio and get passed on to shareholders. As a result, cheap index funds often cost less than a percent—0.2%-0.5% is typical—compared to the much higher fees actively managed funds command—typically 1% to 2.5%.

Other pros are;

• Ultimate in diversification

• Low expense ratios

• Strong longterm returns

• Ideal for passive, buy-and-hold investors.

Disadvantages of index funds

• Vulnerable to market swings, crashes

• Lack of flexibility

• Limited gains

Statistical example of an index fund in real world
Index funds have been around since the 1970s. The popularity of passive investing, the appeal of low fees, and a long-running bull market have combined to send them soaring in the 2010s. For 2018, according to Morningstar Research, investors poured more than US$458 billion into index funds across all asset classes. For the same period, actively managed funds experienced $301 billion in outflows.
The one fund that started it all, founded by Vanguard chairman John Bogle in 1976, remains one of the best for its overall long-term performance and low cost. The Vanguard 500 Index Fund has tracked the S&P 500 faithfully, in composition and performance. It posts a one-year return of 9.46%, vs. the index’s 9.5%, as of March 2019, for example. For its Admiral Shares, the expense ratio is 0.04%, and its minimum investment is $3,000.

PART 2
What is a mutual funds?
A Mutual Funds is an investment vehicle made up of a pool of funds collected from numerous investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. Mutual Funds are operated by professional fund managers, who invest the fund’s capital and attempt to produce capital gains and income for the investors.
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a vast number of securities, and performance is usually tracked as the change in the total market cap of the fund—derived by the aggregating performance of the underlying investments.
How a mutual fund works
[url]continue reading https://okfiscal.com/how-to-differentiate-index-funds-from-mutual-funds/[/url]
Business / Everything You Have To Know About Index Funds Against Mutual Funds by Okfiscal(m): 1:39am On May 25
When you look at recent history, actively managed funds have performed poorly compared to index funds. According to Morningstar, two-thirds of large-cap growth stock mutual funds underperformed the index, and nearly three-quarters of large-cap blended funds failed to match their benchmark. The same was true in 2014, when 86% of active large-cap fund managers fell short of their benchmarks.
In this article we look at (almost) if not everything about an index fund and mutual funds.
Hint to what we cover in this post;
•What is an index fund
•How an index fund works
•Type of index fund
•Why you should invest in an index fund
•Advantages and disadvantages of an index fund
•Statistical example of an index fund in real-world
•What is a mutual fund
•How a mutual fund work
•Type of mutual fund
•Advantages and disadvantages of a mutual fund
•Statistical examples of a mutual fund to real-world
Then we will move further to this discuss the differences between index funds and mutual funds.
So don’t leave this page in a hurry!!!
Now, let’s start the discussion
What is an index funds?
An index fund is a mutual fund or ETF whose portfolio is designed to replicate a certain market index.such as the Standard & Poor’s 500 Index (S&P 500).
Index funds are generally considered ideal core portfolio holdings for retirement accounts, such as individual retirement accounts (IRAs) and 401(k) accounts. Legendary investor Warren Buffett has recommended index funds as a haven for savings for the sunset years of life. Rather than picking out individual stocks for investment, he has said, it makes more sense for the average investor to buy all of the S&P 500 companies at the low cost an index fund offers.
An index mutual fund is said to provide broad market exposure, low operating expenses and low portfolio turnover. These funds follow their benchmark index no matter the state of the markets.
How an index funds works
An index fund is a portfolio of stocks or bonds designed to mimic the composition and performance of a financial market index.The idea is that by mimicking the profile of the index—the stock market as a whole, or a broad segment of it—the fund will match its performance as well.
There is an index, and an index fund, for nearly every financial market in existence. In the U.S, the most popular index funds track the S&P 500. But several other indexes are widely used as well, including:
the Dow Jones Industrial Average (DJIA) consisting of 30 large-cap companies
the Wilshire 5000 Total Market Index that is the largest U.S. equities index
the MSCI EAFE consisting of foreign stocks from Europe, Australasia, and the Far East
the Barclays Capital U.S. Aggregate Bond Index following the total bond market.
For example, the popular Dow Jones Industrial Average (DJIA) is an index that consists of 30 large U.S. stocks, weighted by share price. So an index fund that tracks the DJIA would be expected to own all 30 stocks in approximately the same proportions that they make up in the index.
Types of index funds
there are different tyes of stock index funds which includes;

1.Broad market index funds: These invest in an index designed to track the performance of the entire market, or a subset of the market such as large-cap stocks. The Dow Jones Industrial Average, S&P 500, and Russell 2000 indices, are examples.
2.Global/International index funds:These are designed to provide exposure to stocks all over the world. Global indices include stocks from all over the world, while international indices exclude U.S.-based companies.
Sector-specific index funds : These are designed to track a sector’s performance. For example, the Financial Select Sector SPDR ETF (NYSEMKT: XLF) is designed to mirror the performance of the banking, insurance, and real-estate industries.
Why invest in index funds?
Index funds have become quite popular, and for good reason. First, because index funds don’t require much effort from managers, they typically have lower fees than actively managed funds. It’s not uncommon to find index funds with expense ratios in the 0.05%-0.07% range, while actively managed funds are generally in the 1%-2% ballpark.
Additionally, index funds allow investors to harness the long-term potential of the stock market without the guesswork and research involved with choosing individual stocks. In fact, there are many economists who believe in the efficient market hypothesis — which says that it’s not possible to beat the market consistently, so the best way to invest is to simply buy all stocks. An index fund allows investors to do that.

Advantages of index funds:

Lower Costs

One primary advantage that index funds possess over their actively managed counterparts is the lower management expense ratio. A fund’s expense ratio—also known as the management expense ratio—includes all of the operating expenses such as the payment to advisors and managers, transaction fees, taxes, and accounting fees.

Since the index fund managers are simply replicating the performance of a benchmark index, they do not need the services of research analysts and others that assist in the stock-selection process. Managers of index funds trade holdings less often incurring fewer transaction fees and commissions. In contrast, actively managed funds have bigger staffs and conduct more transactions, driving up the cost of doing business.

The extra costs of fund management are reflected in the fund’s expense ratio and get passed on to shareholders. As a result, cheap index funds often cost less than a percent—0.2%-0.5% is typical—compared to the much higher fees actively managed funds command—typically 1% to 2.5%.

Other pros are;

• Ultimate in diversification

• Low expense ratios

• Strong longterm returns

• Ideal for passive, buy-and-hold investors.

Disadvantages of index funds

• Vulnerable to market swings, crashes

• Lack of flexibility

• Limited gains

Statistical example of an index fund in real world
Index funds have been around since the 1970s. The popularity of passive investing, the appeal of low fees, and a long-running bull market have combined to send them soaring in the 2010s. For 2018, according to Morningstar Research, investors poured more than US$458 billion into index funds across all asset classes. For the same period, actively managed funds experienced $301 billion in outflows.
The one fund that started it all, founded by Vanguard chairman John Bogle in 1976, remains one of the best for its overall long-term performance and low cost. The Vanguard 500 Index Fund has tracked the S&P 500 faithfully, in composition and performance. It posts a one-year return of 9.46%, vs. the index’s 9.5%, as of March 2019, for example. For its Admiral Shares, the expense ratio is 0.04%, and its minimum investment is $3,000.

PART 2
What is a mutual funds?
A Mutual Funds is an investment vehicle made up of a pool of funds collected from numerous investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. Mutual Funds are operated by professional fund managers, who invest the fund’s capital and attempt to produce capital gains and income for the investors.
Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds and other securities. Each shareholder, therefore, participates proportionally in the gains or losses of the fund. Mutual funds invest in a vast number of securities, and performance is usually tracked as the change in the total market cap of the fund—derived by the aggregating performance of the underlying investments.
How a mutual fund works
A mutual fund is both an investment and an actual company. This dual nature may seem strange, but it is no different from how a share of AAPL is a representation of Apple, Inc. When an investor buys Apple stock, he is buying part ownership of the company and its assets. Similarly, a mutual fund investor is buying part ownership of the mutual fund company and its assets. The difference is that Apple is in the business of making smartphones and tablets, while a mutual fund company is in the business of making investments.
If a mutual fund is a virtual company, its CEO is the fund manager , sometimes called its
investment adviser . The fund manager is hired by a board of directors and is legally obligated to work in the best interest of mutual fund shareholders. Most fund managers are also owners of the fund.
There are very few other employees in a mutual fund company. The investment adviser or fund manager may employ some analysts to help pick investments or perform market research. A fund accountant is kept on staff to calculate the fund’s NAV, the daily value of the portfolio that determines if share prices go up or down. Mutual funds need to have a
compliance officer or two, and probably an attorney, to keep up with government regulations.
Most mutual funds are part of a much larger investment company; the biggest have hundreds of separate mutual funds. Some of these fund companies are names familiar to the general public, such as Fidelity Investments, the Vanguard Group, T. Rowe Price, and Oppenheimer Funds.

Types of mutual funds:
Mutual funds are divided into various categories which is targeted to the kind of securities portfolio and return someone is looking for.These includes:
Equity Funds
The largest category is that of equity or stock funds. As the name implies, this sort of fund invests principally in stocks. Within this group is various sub-categories. Some equity funds are named for the size of the companies they invest in small-, mid- or large-cap. Others are named by their investment approach: aggressive growth, income-oriented, value, and others. Equity funds are also categorized by whether they invest in domestic (U.S.) stocks or foreign equities.
Fixed-Income Funds
Another big group is the fixed income category. A fixed income mutual fund focuses on investments that pay a set rate of return, such as government bonds, corporate bonds, or other debt instruments. The idea is that the fund portfolio generates interest income, which then passes on to shareholders.
Other types of mutual funds are:
• Balanced funds
• Money Market funds
• Sector funds
• Target-date funds
• Alternative funds
• Smart-beta funds
Advantages of mutual funds
There are a variety of reasons that mutual funds have been the retail investor’s vehicle of choice for decades. The overwhelming majority of money in employer-sponsored retirement plans goes into mutual funds.
Diversification – Mutual Funds spread their holdings across various investment vehicles, reducing the effect any single security or class of securities has on the overall portfolio. Because mutual funds contain hundreds or thousands of securities, investors are less affected if one security underperforms.
Professional Management – Mutual Fund accounts are managed by qualified professionals. These professionals invest only after careful analysis of the performance and prospects of different securities. It is a continuous process that takes time and expertise which will add value to your investment.
Regulations – Mutual Funds are required to be registered with the Securities and Exchange Commission. They are obliged to follow strict regulations designed to protect investors.
Affordability – As a small investor, you may find that it is not possible to buy shares of larger corporations. With Mutual Funds
small investors can get started because of the minimal investment requirements.
Liquidity – With open-end funds, you can re​deem all or part of your investment any time you wish and receive the current value of the shares. Moreover, the process is standardized, making it swift and efficient.
Transparency – As a unit holder, you are provided with regular updates, for example daily NAVs, bid and offer prices as well as information on the fund’s holdings and the fund manager’s strategy.
Disadvantages of mutual funds
Just like words and opposite- good and bad. Aside factors like Liquidity, diversification, and professional management, all these factors make mutual funds attractive options for a younger, novice, and other individual investors who don’t want to actively manage their money. However, no asset is perfect, and mutual funds have drawbacks too which are:
Fluctuating Returns
Like many other investments without a guaranteed return, there is always the possibility that the value of your mutual fund will
depreciate . Equity mutual funds experience price fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of performance with any fund. Of course, almost every investment carries risk. It is especially important for investors in money market funds to know that, unlike their bank counterparts, these will not be insured by the FDIC.
Heavy Cash Supplies
Mutual funds pool money from thousands of investors, so every day people are putting money into the fund as well as withdrawing it. To maintain the capacity to accommodate withdrawals funds typically have to keep a large portion of their portfolios in cash. Having ample cash is excellent for liquidity, but money is sitting around as cash and not working for you and thus is not very advantageous.
High Costs
Mutual funds provide investors with professional management, but it comes at a cost—those expense ratios mentioned earlier. These fees reduce the fund’s overall payout, and they’re assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn’t make money, these fees only magnify losses.
Diworsification
Diworsification—a play on words—is an investment or portfolio strategy. Many mutual fund investors tend to overcomplicate matters. That is, they acquire too many funds that are highly related and, as a result, don’t get the risk-reducing benefits of diversification. These investors may have made their portfolio more exposed; a syndrome called diworsification. At the other extreme, just because you own mutual funds doesn’t mean you are automatically diversified. For example, a fund that invests only in a particular industry sector or region is still relatively risky.
Other disadvantages of mutual funds are:
• Lack of transparency
• Evaluating funds.

Statistical examples of mutual funds on real word;

One of the most famous mutual funds in the investment universe is Fidelity Investments’ Magellan Fund (FMAGX). Established in 1963 the fund had an investment objective of capital appreciation via investment in common stocks. Fidelity founder Edward Johnson originally managed it. The fund’s glory days were between 1977 and 1990 when Peter Lynch served as its portfolio manager. Under Lynch’s tenure, Magellan regularly posted 29% annual returns, almost double that of the S&P 500. Both the fund and Lynch became household words.
Even after Lynch left, Fidelity’s performance continued strong, and assets under management (AUM) grew to nearly $110 billion in 2000, making it the largest fund in the world . By 1997, the fund had become so large that Fidelity closed it to new investors, and would not reopen it until 2008.
As of April 2019, Fidelity Magellan has over US$16 billion in assets and is managed by Jeffrey Feingold since 2011. The fund’s performance has pretty much tracked or slightly surpassed that of the S&P 500.
Education / Re: Five Banks In Nigeria With High Savings Interest Rate by Okfiscal(m): 12:51am On May 25
Thanks Dave
You might get more interesting articles @ https://okfiscal.com
Education / Five Banks In Nigeria With High Savings Interest Rate by Okfiscal(m): 5:02pm On May 24
[url][/url]Have you heard the saying that business is the ultimate school of study.
Information is power and it enlighten the mediocre. Today I will share an important information on five 5 bank you can make high interest rate from your savings.
When it comes to savings, you should consider the best options offered by Nigerian banks.you have to understand what savings account is and how it can help you earn a great interest on your money. There are many different types of accounts you can use:

Call deposit
Fixed deposit
High-interest deposit.
It is smart to choose the high-interest savings option that pays interest to you. Such accounts offer the flexibility you’ll love. You can perform the following actions without worrying about losing your interest:

Withdraw cash when you need it
Make online payments
Enjoy different services that do not affect your savings account.
Savings accounts allow bank customers keep their money in the bank and earn several percents per year on top of the original amount.
Factor to examine when looking for high interest savings account
If this is your first time looking for a high-interest savings account, skipping through these options can be dangerous. When you choose a bank, you’ll want to know a few things:

How much you have to deposit in your account.
The startup cost for opening an account
How much APY[annul percentage per year] the bank is paying
Any monthly maintenance fees
The minimum you need to keep in your account to get the best rates
How long it will take to transfer your funds to another account
What to expect from customer service
find banks with high interest rate in Nigeria.
Note: The interest rates these banks are paying is as of the time of this writing. Please search for “[bank name]” + “savings interest rate” to get up-to-date rates or contact the bank you are interested in and make updated enquires
Although, Savings account offers you interest rates on your deposits with 2% being the minimum interest rates and 6% the highest interest rate a bank offers.
Now let look at 5 banks that offers high interest rates to their customers:
1.Diamond HIDA 2-6%
This financial institution has an interesting proposition called High Interest Deposit Account. If you planning to save for a special project like a wedding, buying a house or investing in a business or are you simply looking to keep away some funds for rainy days? HIDA is a special deposit account that will perfectly suit your goals and at the same time offer full credit interest on your savings. Simply put, the more you save, the more interest you earn on your deposits.For those who have not mastered the art of saving money, Diamond HIDA is a great way to start because the account does not come with a debit card so you will not be tempted to make unnecessary withdrawals. You can also enjoy 2 free withdrawals and still maintain credit interest on available balance. Below are a breakdown of interest rate earned on available balance
Less than N 100,000: 2% interest rate per Annum.
N 100,000 and N 999,999: 4.5% per annum
N 1,000,000 and N 4,999,999:5% per annum
N 5 million and above: 6.0% per annum
2.Savings Account DiamondXtra
The HIDA option offered by Diamond bank is not suitable for all Nigerians. Those of you who need a savings account with a small amount of money at the beginning can look at the DiamondXtra savings account that starts with just 1,000 Naira.

As one of the top banks in Nigeria, Diamond bank allows all interested individuals to earn interest on their saving accounts. Here are the main benefits of this offer:
An account can be opened with only 1,000 Naira on it.
There is no minimum amount you’ll have to keep on the account.
The card you’ll get is free to use at all local ATMs.
You are allowed making 3 free withdrawals within a month.
One odd fact about diamondxtra, you loose your interest onces you make 4 withdrawals in the same month

3.Zenith Bank Account
Depending on your expectations or what suits your needs, Zenith bank offers savings account packages to suit your goals

Individual savings account: if you have a specific goal to meet up with or simply want to start setting money aside, this account is recommended for you. No money is required to open this account and you are offered interests on your fund whatever your goal for opening this account may be. You get emails or SMS alerts or even both, a debit card, master card or visa card
EazySaveClassic Account: this is specially designed for individuals with minimal forms of identification/ it has a zero account opening balance, maximum single deposit N 50,000 maximum cumulative account balance N300,000
4.GTMax Savings Account 2-3%
GTbank offers an option called GTMax. It is an account that allows Nigerians save their money and earn some interest that depends on the amount of their current funds. This savings possibility is not available to everyone because there is a minimum amount required for opening and maintaining your account.
GTMax offers these interest rates per year:
2 percent – account is opened with at least 150,000 Naira
2.75 percent – you need the minimum of 500,000 Naira to earn this interest
3 percent – for people who have at least 1 million Naira to save
All three options require a minimum balance of 100,000-500,000 Naira depending on the account type and percentage earned per annum.
The account can be interesting to businesspersons and companies who need to save money and multiply them. The good thing is that the interest can be earned as long as the minimum balance is preserved. Besides, you are allowed making only up to 5 withdrawals per month, otherwise, you’ll have to pay the fee of 2 Naira per each transaction made during the month.

5.Savings at FCMB premiun account -3.3%
Do you prefer using the First City Monument Bank? It also has a savings option for customers who need to save their money for something important or make the funds working and earning some interest. Learn more about the Premium Savings option offered here.
While the financial organization doesn’t require you to keep a minimum amount on your account you still have to add at least 100,000 Naira in order to open your savings account. Still, if you wish to earn the biggest annual interest rate (it is 3.3 percent) you need to make sure your average balance per day is at least 100,000 Naira. If the balance becomes lower than, your earnings will reduce significantly.
Just like many similar savings options, you can’t make more than 3 withdrawals per month or you will lose your monthly interest earning.
In conclusion, it is smart to save in high interest savings account because your savings capacity and interest generated determines the level of your success.[url] https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate[/url]

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Business / 5 Bank In Nigeria With High Savings Interest Rates Account by Okfiscal(m): 4:13pm On May 24
Now that you’ ve save some emergency fund, but the rate your locate bank is paying is too small – then you need a high savings interest account.
When it comes to savings, you should consider the best options offered by Nigerian banks.you have to understand what savings account is and how it can help you earn a great interest on your money. There are many different types of accounts you can use:

•Call deposit
•Fixed deposit
•High-interest deposit.
It is smart to choose the high-interest savings option that pays interest to you. Such accounts offer the flexibility you’ll love. You can perform the following actions without worrying about losing your interest:

•Withdraw cash when you need it
•Make online payments
•Enjoy different services that do not affect your savings account.
Savings accounts allow bank customers keep their money in the bank and earn several percents per year on top of the original amount.
Factor to examine when looking for high interest savings account
If this is your first time looking for a high-interest savings account, skipping through these options can be dangerous. When you choose a bank, you’ll want to know a few things:

•How much you have to deposit in your account.
•The startup cost for opening an account
•How much APY[annul percentage per year] the bank is paying
•Any monthly maintenance fees
•The minimum you need to keep in your account to get the best rates
•How long it will take to transfer your funds to another account
•What to expect from customer service
find banks with high interest rate in Nigeria.
Note: The interest rates these banks are paying is as of the time of this writing. Please search for “[bank name]” + “savings interest rate” to get up-to-date rates or contact the bank you are interested in and make updated enquires
Although, Savings account offers you interest rates on your deposits with 2% being the minimum interest rates and 6% the highest interest rate a bank offers.
Now let look at 5 banks that offers high interest rates to their customers:
1.Diamond HIDA 2-6%
This financial institution has an interesting proposition called High Interest Deposit Account. If you planning to save for a special project like a wedding, buying a house or investing in a business or are you simply looking to keep away some funds for rainy days? HIDA is a special deposit account that will perfectly suit your goals and at the same time offer full credit interest on your savings. Simply put, the more you save, the more interest you earn on your deposits.For those who have not mastered the art of saving money, Diamond HIDA is a great way to start because the account does not come with a debit card so you will not be tempted to make unnecessary withdrawals. You can also enjoy 2 free withdrawals and still maintain credit interest on available balance. Below are a breakdown of interest rate earned on available balance
Less than N 100,000: 2% interest rate per Annum.
N 100,000 and N 999,999: 4.5% per annum
N 1,000,000 and N 4,999,999:5% per annum
N 5 million and above: 6.0% per annum
2[b].Savings Account DiamondXtra[/b]
The HIDA option offered by Diamond bank is not suitable for all Nigerians. Those of you who need a savings account with a small amount of money at the beginning can look at the DiamondXtra savings account that starts with just 1,000 Naira.

As one of the top banks in Nigeria, Diamond bank allows all interested individuals to earn interest on their saving accounts. Here are the main benefits of this offer:
An account can be opened with only 1,000 Naira on it.
There is no minimum amount you’ll have to keep on the account.
The card you’ll get is free to use at all local ATMs.
You are allowed making 3 free withdrawals within a month.
One odd fact about diamondxtra, you loose your interest onces you make 4 withdrawals in the same month.
Continue reading https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/
Investment / How To Build Emergency Fund For Your Business by Okfiscal(m): 3:48am On May 22
When it comes to personal finance, anything can happen, good or bad. Which is why having financial goals and plans for the future is necessary and of such plan is to have an emergency saving for uncertainties and unforseen events.
There are some things we don’t bargain for in life that just happen, this is why it is very necessary to have an emergency fund.
In this article i will be focusing on how to build emergency fund savings which can be used to resolve events that happens unaware and unexpected
What is emergency fund?
An emergency fund is an account for funds set aside in case of the event of a personal financial dilemma, such as the loss of a job, a debilitating illness, or a major repair to your home. The purpose of the fund is to improve financial security by creating a safety net of funds that can be used to meet emergency expenses as well as reduce the need to draw from high-interest debt options.
This savings are majorly kept to tackle unexpected events which demands spending of money.
Note:No financial institutions such as bank, co operative and other financial institute have account labeled or tag emergency funds. Rather, the task falls on an individual to set up this type of account and earmark it as capital reserved for personal financial crises.
According to most financial planner, an emergency fund should contain enough money to cover at least three months your income.
How to build emergency fund
Below are step to build an emergency fund savings the major factor is starting early, if you start building your emergency fund early in no distance time you will build a comfortable savings against any emergencies that might rise later in life.
The step to build emergency fund are not complex. Here some step to been taken in building emergency fund savings:
1. Understand your income vs your expenses.
Take your time to analyze how much you make monthly and how much spend on monthly basis. Having understanding of these will help determine how much really need emergency fund and the amount you can put on its monthly.
This amount should be calculated keeping an eventual goal for savings that will contribute to your fund. As you move up (or down) through your career, you can revise this figure. Once the fund is built up to the level you need, invest extra savings for the long term or for other goals, such as buying a new apartment.
2. Set a target
Ideally, an emergency fund should have an accumulated sum of at least four to six months of a person’s monthly income to make fund easily accessible. Set a target for yourself to achieve this goal.
Decide how long it will take you to get to your target based on how you save monthly.
Also, come up with a plan to commence your saving process. Having a plan and setting goals is a perfect combination to have a functioning emergency fund.
For example, A married couple who earns $108,000 annually after taxes should set aside a readily accessible minimum of $27,000 (three months) to $54,000 (six months) to address unexpected financial surprises. The funds should be highly
liquid, remaining in savings accounts. These vehicles allow quick access to cash for satisfying household expenses during an emergency situation
3. Create account where you can easily access your fund:
A savings account is the best place to put an emergency fund. So you won’t have any problem when you need the money.
You need to also make saving into an emergency savings account automatic. Plan regular payments every month from your salary account to your emergency fund, using your bank’s automatic transfer payment plans. It makes it easier to save for emergency when you actually forget to do so at the end of every month.
These are simple ways you should use to start building an emergency fund to resolve financial surprises at anytime anywhere.
Key note;
An emergency fund is a financial security for future mishaps and/or unexpected expenses.
Financial planners recommend that emergency funds should typically have 3 to 6 months’ worth of income in very liquid form so that it is instantly accessible.
Use tax refunds and other windfalls to build up your fund.
In conclusion, i believe we all have a plan to financial freedom, and i also believe that after reading this article your have added emergency fund savings plan to your already made plans, now the bigger task is to follow through with all your plans and strike balance between them because it is the hardest part of achieving financial goals.
TO READ MORE- Hover Over to my signature[url]
Investment / How To Build Emergency Fund For You Business by Okfiscal(m): 3:34am On May 22
When it comes to personal finance, anything can happen, good or bad. Which is why having financial goals and plans for the future is necessary and of such plan is to have an emergency saving for uncertainties and unforseen events.
There are some things we don’t bargain for in life that just happen, this is why it is very necessary to have an emergency fund.
In this article i will be focusing on how to build emergency fund savings which can be used to resolve events that happens unaware and unexpected
What is emergency fund?
An emergency fund is an account for funds set aside in case of the event of a personal financial dilemma, such as the loss of a job, a debilitating illness, or a major repair to your home. The purpose of the fund is to improve financial security by creating a safety net of funds that can be used to meet emergency expenses as well as reduce the need to draw from high-interest debt options.
This savings are majorly kept to tackle unexpected events which demands spending of money.
Note:No financial institutions such as bank, co operative and other financial institute have account labeled or tag emergency funds. Rather, the task falls on an individual to set up this type of account and earmark it as capital reserved for personal financial crises.
According to most financial planner, an emergency fund should contain enough money to cover at least three months your income.
How to build emergency fund
Below are step to build an emergency fund savings the major factor is starting early, if you start building your emergency fund early in no distance time you will build a comfortable savings against any emergencies that might rise later in life.
The step to build emergency fund are not complex. Here some step to been taken in building emergency fund savings:
1. Understand your income vs your expenses.
Take your time to analyze how much you make monthly and how much spend on monthly basis. Having understanding of these will help determine how much really need emergency fund and the amount you can put on its monthly.
This amount should be calculated keeping an eventual goal for savings that will contribute to your fund. As you move up (or down) through your career, you can revise this figure. Once the fund is built up to the level you need, invest extra savings for the long term or for other goals, such as buying a new apartment.
2. Set a target
Ideally, an emergency fund should have an accumulated sum of at least four to six months of a person’s monthly income to make fund easily accessible. Set a target for yourself to achieve this goal.
Decide how long it will take you to get to your target based on how you save monthly.
Also, come up with a plan to commence your saving process. Having a plan and setting goals is a perfect combination to have a functioning emergency fund.
For example, A married couple who earns $108,000 annually after taxes should set aside a readily accessible minimum of $27,000 (three months) to $54,000 (six months) to address unexpected financial surprises. The funds should be highly
liquid, remaining in savings accounts. These vehicles allow quick access to cash for satisfying household expenses during an emergency situation
3. Create account where you can easily access your fund:
A savings account is the best place to put an emergency fund. So you won’t have any problem when you need the money.
You need to also make saving into an emergency savings account automatic. Plan regular payments every month from your salary account to your emergency fund, using your bank’s automatic transfer payment plans. It makes it easier to save for emergency when you actually forget to do so at the end of every month.
These are simple ways you should use to start building an emergency fund to resolve financial surprises at anytime anywhere.
Key note;
An emergency fund is a financial security for future mishaps and/or unexpected expenses.
Financial planners recommend that emergency funds should typically have 3 to 6 months’ worth of income in very liquid form so that it is instantly accessible.
Use tax refunds and other windfalls to build up your fund.
In conclusion, i believe we all have a plan to financial freedom, and i also believe that after reading this article your have added emergency fund savings plan to your already made plans, now the bigger task is to follow through with all your plans and strike balance between them because it is the hardest part of achieving financial goals.
TO READ MORE- Hover Over to my signature[url]
Education / How To Build Emergency Fund To Pay School Fees And Student Loan by Okfiscal(m): 3:12am On May 22
When it comes to personal finance, anything can happen, good or bad. Which is why having financial goals and plans for the future is necessary and of such plan is to have an emergency saving for uncertainties and unforseen events.
There are some things we don’t bargain for in life that just happen, this is why it is very necessary to have an emergency fund.
In this article i will be focusing on how to build emergency fund savings which can be used to resolve events that happens unaware and unexpected
What is emergency fund?
An emergency fund is an account for funds set aside in case of the event of a personal financial dilemma, such as the loss of a job, a debilitating illness, or a major repair to your home. The purpose of the fund is to improve financial security by creating a safety net of funds that can be used to meet emergency expenses as well as reduce the need to draw from high-interest debt options.
This savings are majorly kept to tackle unexpected events which demands spending of money.
Note:No financial institutions such as bank, co operative and other financial institute have account labeled or tag emergency funds. Rather, the task falls on an individual to set up this type of account and earmark it as capital reserved for personal financial crises.
According to most financial planner, an emergency fund should contain enough money to cover at least three months your income.
How to build emergency fund
Below are step to build an emergency fund savings the major factor is starting early, if you start building your emergency fund early in no distance time you will build a comfortable savings against any emergencies that might rise later in life.
The step to build emergency fund are not complex. Here some step to been taken in building emergency fund savings:
1. Understand your income vs your expenses.
Take your time to analyze how much you make monthly and how much spend on monthly basis. Having understanding of these will help determine how much really need emergency fund and the amount you can put on its monthly.
This amount should be calculated keeping an eventual goal for savings that will contribute to your fund. As you move up (or down) through your career, you can revise this figure. Once the fund is built up to the level you need, invest extra savings for the long term or for other goals, such as buying a new apartment.
2. Set a target
Ideally, an emergency fund should have an accumulated sum of at least four to six months of a person’s monthly income to make fund easily accessible. Set a target for yourself to achieve this goal.
Decide how long it will take you to get to your target based on how you save monthly.
Also, come up with a plan to commence your saving process. Having a plan and setting goals is a perfect combination to have a functioning emergency fund.
For example, A married couple who earns $108,000 annually after taxes should set aside a readily accessible minimum of $27,000 (three months) to $54,000 (six months) to address unexpected financial surprises. The funds should be highly
liquid, remaining in savings accounts. These vehicles allow quick access to cash for satisfying household expenses during an emergency situation
3. Create account where you can easily access your fund:
A savings account is the best place to put an emergency fund. So you won’t have any problem when you need the money.
You need to also make saving into an emergency savings account automatic. Plan regular payments every month from your salary account to your emergency fund, using your bank’s automatic transfer payment plans. It makes it easier to save for emergency when you actually forget to do so at the end of every month.
These are simple ways you should use to start building an emergency fund to resolve financial surprises at anytime anywhere.
Key note;
An emergency fund is a financial security for future mishaps and/or unexpected expenses.
Financial planners recommend that emergency funds should typically have 3 to 6 months’ worth of income in very liquid form so that it is instantly accessible.
Use tax refunds and other windfalls to build up your fund.
In conclusion, i believe we all have a plan to financial freedom, and i also believe that after reading this article your have added emergency fund savings plan to your already made plans, now the bigger task is to follow through with all your plans and strike balance between them because it is the hardest part of achieving financial goals.
TO READ MORE- Hover Over to my signature[url]

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