₦airaland Forum

“The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie

What Is a Personal Financial Statement?
The term personal financial statement refers to a document or spreadsheet that outlines an individual's financial position at a given point in time. The statement typically includes general information about the individual, such as name and address, along with a breakdown of total assets and liabilities. The statement can help individuals track their financial goals and wealth, and can be used when they apply for credit.

Key Takeaways
—A personal financial statement lists all assets and liabilities of an individual or couple.
—An individual's net worth is determined by subtracting their liabilities from their assets—a positive net worth shows more assets than liabilities.
—Net worth can fluctuate over time as the values of asset and liabilities change.
—Personal financial statements are helpful for tracking wealth and goals, as well as applying for credit.
—Although they may be included in a personal financial statement, income and expenses are generally placed on a separate sheet called the income statement.

Understanding the Personal Financial Statement
Financial statements can be prepared for either companies or individuals. An individual’s financial statement is referred to as a personal financial statement and is a simpler version of corporate statements. Both are tools that can show the financial health of the subject.

A personal financial statement shows the individual's net worth—their assets minus their liabilities—which reflects what that person has in cash if they sell all their assets and pay off all their debts. If their liabilities are greater than their assets, the financial statement indicates a negative net worth. If the individual has more assets than liabilities, they end up with a positive net worth.

Keeping an updated personal financial statement allows an individual to track how their financial health improves or deteriorates over time. These can be invaluable tools when consumers want to change their financial sitution or apply for credit such as a loan or a mortgage. Knowing where they stand financially allows consumers to avoid unnecessary inquiries on their credit reports and the hassles of declined credit applications.

The statement allows also credit officers to easily gain perspective into the applicant's financial situation in order to make an informed credit decision. In many cases, the individual or couple may be asked to provide a personal guarantee for part of the loan or they may be required to put up collateral to secure the loan.

Special Considerations
A personal financial statement is broken down into assets and liabilities. Assets include the value of securities and funds held in checking or savings accounts, retirement account balances, trading accounts, and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes, and mortgages. Debts that are jointly owned are also included. Married couples may create joint personal financial statements by combining their assets and liabilities.

Income and expenses are also included if the statement is used to attain credit or to show someone's overall financial position. This can be tracked on a separate sheet or an addendum, called the income statement. This includes all forms of income and expenses—typically expressed in the form of monthly or yearly amounts.

The following items are not included in a personal financial statement:

-Business-related assets and liabilities: These are excluded unless the individual is directly and personally responsible. So if someone personally guarantees a loan for their business—similar to cosigning—the loan is included in their personal financial statement.

-Rented items: Anything rented is not included in personal financial statements because the assets aren't owned. This changes if you own the property and rent it out to someone else. In this case, the value of the property is included in your asset list.

-Personal property: Items such as furniture and household goods are typically not included as assets on a personal balance sheet because these items can’t easily be sold to pay off a loan. Personal property with significant value, such as jewelry and antiques, may be included if their value can be verified with an appraisal.

Keep in mind. Your credit report and credit history are big considerations when it comes to getting new credit and every lender has different requirements for issuing credit. So, even if you have a positive net worth—more assets than liabilities—you may still be refused a loan or credit card if you haven't paid your previous debts on time or have too many inquiries on file.

Example of a Personal Financial Statement
Let's assume that River wants to track their net worth as they move toward retirement. They have been paying off debts, saving money, investing, and is getting closer to owning their home. Each year, they update the statement to see the progress they have made.

Here's how they would break it down. They would list all their assets—$20,000 for a car, $200,000 for their house, $300,000 in investments, and $50,000 in cash and equivalents. They also owns some highly collectible stamps and art valued at $20,000 that they can list. Their total assets are, therefore, $590,000. As for liabilities, River owes $5,000 on the car and $50,000 for their house. Although River makes all of their purchases with a credit card, they pay the balance off each month and never carries a balance. River cosigned a loan for their daughter and there is $10,000 remaining on that. Even though it is not River's loan, they are still responsible, so it is included in the statement. River's liabilities are $65,000.

When we subtract their liabilities from their assets, River's net worth is $525,000. Although they use it mainly to track their financial health, River can use this information—and the statement as a whole—if they want to apply for any other credit.

Culled from Investopedia

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley

“The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie

“You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley

“The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie.

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

“90% of all millionaires become so through owning real estate.” Andrew Carnegie

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” ~Donald Trump

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” ~Donald Trump

“You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” ~Donald Trump

“When you invest, you are buying a day that you don’t have to work.” Aya Laraya

“Owning a home is a keystone of wealth… both financial affluence and emotional security”.
Suze Orman

The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.” Robert Kiyosaki

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

....

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

“If you don’t own a home, buy one. If you own a home, buy another one. If you own two homes, buy a third. And, lend your relatives the money to buy a home.”
John Paulson, investor and multi-billionaire

“Owning a home is a keystone of wealth… both financial affluence and emotional security”.
Suze Orman

“When you invest, you are buying a day that you don’t have to work.” Aya Laraya

GeorgeEC:
The term "Retirement" has a VAGUE meaning...

People often have the understanding that when a person speaks of retirement they are referring to Rest after 40 years of some kind of work. When you can actually retire after 2 years of acquiring the right assets that can grow your income to an infinite level, Levels that even your great grandchildren and many more generations born after your passing will be grateful for the decision you made to acquire those assets.


When you retire Early you can work on things that will help you live a life of peace, a life of little to no worry. You can be happy and spend as much time as you want with your family.
You can work on your hobbies, engage in recreational activities.

Life becomes much easier when you are able to retire early

Now let's talk about how you can retire EARLY...


The wealthiest of men in the world today own different sectors of real estate, the amazing thing is, The fact that they own real estate is why they can never go broke.

Poverty, lack, loss.. all these are results of wrong decisions that have been made or WONDERFUL decisions yet to be made.

Make the right decisions today and you can retire in 2024...

Acquire the right kind of assets and you are made for life.

MAKE THAT DECISION TODAY

Amazing piece

Everyone wants a piece of land. It’s the only sure investment, it can never depreciate like a car or a washing machine.” Russel Sage

Overview of Excision of Land in Nigeria

The state carries out excision of land in Nigeria through the Ministry of Lands. However, the minister may delegate authority over land matters either to an existing department or to a newly created one. So the minister has the power to grant, call for papers and cancel registration of any land matter.

What is Excision of Land?
In land excision, state governments release land to indigenous peoples or settlers following legal protocols and processes. Since the Land Use Act was enacted, land excision has been used as a method for compensating the original landowners. A grantee who excisies a piece of land maintains ownership and control of the land within the confines of local laws and regulations.

Example of Excision of Land
Real estate development companies X and real estate development company Y both have two plots of land to sell in the same location. However, Company X land is selling for 5 Million naira while Company Y price is 7.5 Million naira. Clients notice this, and because of the price difference, they rush to purchase Company X land. Two years later, Company X tells its clients that the state government has started the process of excising the land and they expect each person to pay 3 million naira to complete the process. Several complaints are being made. Clients of Company Y, however, are free to build on that land without any harm, having already had the land excised.

Why Excised Land Can Be Expensive
The excision process is very time-consuming and costly. Then, when a landowner and seller go through that process, he would determine the cost of a piece of land by adding up all the expenses incurred.

Furthermore, Nigerian law gives state governors control of its lands. Historically, however, Nigerian lands were administered by communities and traditional families before the Land Use Act of 1978. Since the Land Use Act went into effect, land has become under the exclusive jurisdiction of state governors, who may also give former landowners with documented ownership rights access to their properties.

How To Process Excision
To get excision on property can be a good thing but is tedious and comes with rigorous processes. They include:

1. Excision application at your state land use allocation committee. Each state has their own committee. Here you state the reason for Excision, population and other required information.

2. Further processing by any other committee set up in your state like the technical committee, etc.

3. Submission of perimeter survey to the surveyor general and review of charting information

4. The technical committee conducts a site inspection on the land, making sure that everything is in correspondence with what is on the excision application letter.

5. Technical committee making sure that the master plan complies with the land plan use.

6. The technical committee compiling a report to your state land use allocation committee based on their findings about the land.

7. Your state land use allocation committee reviews the material sent in by the technical committee and then compiles a final reports and sends to your state governor showing approval or rejection

8. Upon approval and receipt by the state governor, the surveyor general is contacted and a survey is done on the land

9. A layout design plan is drawn on the land by local planners, families and people involved and be sent to the state ministry of physical planning and economic development.

10. Then proceed for indemnity agreement Excision where the guarantees agree with the government to take the land in complete. They also make unconditional settlement to the previous claims of the land before the agreement.

11. Publishing the excision in your state official gazette by the technical committee.

12. Publication in any official commonly circulated newspaper.

13. Issuance of certificate of occupancy to the guarantees within 30days after publication in the newspaper.

14. The State’s land bureau office receives final documents, excision reports, and administrative files. The Registrar of Lands would then enter officially into the archives’ excisions, surveys, maps, names, and gazettes in the Excised Lands Agency

Things You Need To Know About Excised Land in Nigeria
The various things you need to know about Excised lands are:

1. It is expensive to purchase

2. Gives you full control of the land within the confinement of state and local rules.

3. Has gone through lawfully approved processes.

4. Eliminates any future fear of losing the land

5. Reduces complaints and commotion by giving the owner peace of mind

6. Has no long term challenges.

Things You Need To Know About Non Excised Land
Before purchasing a land, verify to know if they have excised it and if not, these are the things you need to know:

1. It is cheaper to buy
2. Has many long terms challenges and troubles
3. Oftentimes, the future outcome might be too much to bear


Notice: It is extremely important that you purchase an excised property from a licensed and accredited real estate company in Nigeria with an outstanding track record.

Conclusion:
Lots of people are not aware of the meaning of Excisions of lands in Nigeria. Here is why you need to know more about it. It is an extremely capital-intensive process, which is why, after excising the land, the family that processed it sells the land at a high price in order to recoup their costs. It’s worth remembering that, if you decide to buy a non-excised over an excised land because it’s “cheaper,” they will still require you to pay some amount for the excising process.

Cc lawyer
Cc lalasticlala

Everyone wants a piece of land. It’s the only sure investment, it can never depreciate like a car or a washing machine.” Russel Sage

“If you don’t own a home, buy one. If you own a home, buy another one. If you own two homes, buy a third. And, lend your relatives the money to buy a home.”
John Paulson, investor and multi-billionaire

“The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” ~Donald Trump