₦airaland Forum

galantjoe:
We have 2 types of pension scheme 1. Non contributory pension (undefined pension) scheme. Here govt or employer make provision for pension payment in every month. There is no funds set aside for paying pensioners. This is what Nigeria was practicing CPS was introduce in 2004. 2. contributory pension (defined pension) scheme. Here employer and employee contribute fund set aside and save in retirement savings account (RSA) during the active life of employees. This fund is neither employer nor govt money but it belongs to employee's. Employee can access his or her money anytime under 3 ways which I have mentioned before.


You second question is that the pension fund is not govt funds or Assets but individual employees or retirees under the CPS scheme.. however pencom as a govt agency is a regulator. So if you want to make any withdrawal pencom must approve it before your PFA can pay you.

JobAndVacancies:
your lord and master Tinubu is a criminal and a vagabond

Pentagon007:
I am currently doing all that you said. My net salary is around 300k. At the end of every month i try to save upto 200k. I must say its quite difficult but the trick is that i do the saving FIRST, then use whatever that remains for my expenses.
I intend to save a reasonable amount then i learn a trade and go into business.

Telltruth123:
My advice to salary earners, I am a graduate of Accounting and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.

Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family members, they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on

I reject poverty for me and you.
Thank you.

ayenika1:
You come up with investments. Highlight the forms of sustainable investments in Nigeria with the current state of the economy.

See, Nigeria is not business friendly. I was once it computer printing, photocopy, project writing, spiral binding, registration of students for different exams, CAC registration, etc.

You know what killed it - Nigeria

People cannot think outside of the box again. The moment you flourish, they come in without any prior orientation. Low sales and eventually no sales

Fuel - we cannot be on electricity so it's generator everyday

Multiple Tax - The LG will come, IRS and FIRS will show.

The only thing left is to have a skill. A skill that can make you earn in dollars.

Yes. Save for the raining day and not for business purposes. If you have to save for business, ensure you are grounded and have enough support in case Nigeria raise her ugly head.

NothingDoMe:
Thats life. We always aspire to go higher otherwise life becomes stagnant and dull. However you should know when to stop and just simply enjoy life.

NamelessOGBENI:
I like it.

I've crossed some Tees in my investment portfolio (singular) the goal is more now, being prudent after getting burnt countless times taught me a lot.

And as a man of modest income, I dont lend people money, most of us are terrible when it comes to payback time.

galantjoe:
We have 2 types of pension scheme 1. Non contributory pension (undefined pension) scheme. Here govt or employer make provision for pension payment in every month. There is no funds set aside for paying pensioners. This is what Nigeria was practicing CPS was introduce in 2004. 2. contributory pension (defined pension) scheme. Here employer and employee contribute fund set aside and save in retirement savings account (RSA) during the active life of employees. This
fund is neither employer nor govt money but it belongs to employee's. Employee can access his or her money anytime under 3 ways which I have mentioned before.


You second question is that the pension fund is not govt funds or Assets but individual employees or retirees under the CPS scheme.. however pencom as a govt agency is a regulator. So if you want to make any withdrawal pencom must approve it before your PFA can pay you.

AfahaAbia:
The best advice I will give you as a young man coming up. Go to the Google Play store and download the "Bamboo App". Do not invest in Nigerian stocks. Invest in American stocks as much as possible.

Esthered:
I'm a mother with 2 children, we don't consume anyhow.
Lemme also add that we did meat sharing last December, the meat is still in our freezer till date.

MrSamsung:
Are you serious about what you said, meat in your fridge since last December? Is that not one year minus two months

Esthered:
Yes sir.
I live in a Band A area in Benin, I also have an inverter and solar system we installed primarily because of the meat.

MrSamsung:
That's good then. But the meat sharing, how much quantity(kg) and price did you buy and pay for that it last you that long?

Immarocks:
I am a low income earner what pension scheme will you advice me to emback on. Note I am not in any pension saving with my employer

fungirl89:
But I heard they charge a high fee and at the end, there won't be any profit to show for it

blessedchild234:
I really love your submission about risks levels and how one seeking to improve his/her finances should grow that appetite too.
Personally I have made some reasonable amount of money doing online survey as the pay is in foreign currency. I paused for a while as it requires serious technicalities and concentration, when I have created this avenue I will resume. Can I mail you?

Benalfa:
please can i mail you about doing survey.

1Alex:
I am into cyber security. There are so many of them. It depends on your interest

durentboi:
pls what of forex.
Is forex or crypto an advisable tech skill?

Ibechris2:
Honestly,that is a fantastic plan. Keep it up.

I missed a property four years ago,the property got sold for 5million naira in 2020...it was not up to 5months when the price went up to 20million.

Now,I went tk enquire about the property,they said it is now 100million.

I was dazed and to be honest,I did not sleep that day. I just took my mind back when the seller was begging me to buy and I refused.

lendahand:
and you had the 5m to buy then?

Ibechris2:
I had more than that bros.

lendahand:
hard lesson right there.

Ibechris2:
Hard lesson honestly and don't ever under estimate the landed business.

Ibechris2:
Hmm...gambling isn't an easy thing to turn away from.

vickydevoka:
Gambling is easy to stop if u replace it with another habit

wizzyvibes:
If you want to save in a place that will give you maximum returns, You can try the Stanbic IBTC mutual funds. It's currently at 20.58%per annum. If you need more details on how it works. You can send me an e- mail. Will take you through the steps.

But first download the Stanbic IBTC app via the play store

Ukalu381:
How much can one start with to buy mutual funds.

wizzyvibes:
As little as #5000

wizzyvibes:
As little as #5000

CaveAdullam:
Bamboo charge $1 for every stock you buy. The amount of shares doesn't matter. That $1 must be deducted.

However, don't think short-term. Think long-term. Even if the investments is not for you, at least see it as a token of parental love for your future sons and daughters. Or, just safeguard yourself till old age to enjoy your wealth.

Good side is that you can start buying with $2 above. Any stock at all. Provided it's listed on Bamboo. You can check other brokerage company though.

American stocks are doing wonders. A history on Meta, Amazon, S&P, will convince you.

As far as the Naira is rubbish, you will make profits long-term.

Thanks.

PS: "Meerhabel come show us the way nah. Ejoor"

P1PrinceKT:
Hi CaveAdullam I would need your support and clarity about Bamboo app. Would you support it?