Destiny, destiny, destiny...what a powerful and mystical word. Do you believe everyone has one? Yes, we do! You surely have a destiny. All of us have a significant role in shaping our own destiny! In essence, you can choose your date with destiny. Three days remaining in 2012 are too much for God...to unleash that blessing as your destiny dictates.
Your destiny is the dream that lies within you of your desired and preferred future. And the things that we choose each day are what lead us to that destiny: Our actions, our words, our attitudes, and our relationships. They all add up to develop and shape that date on which we will reach our destiny.
In due time, may God take us all to the place of our destiny.
Saturday, December 29, 2012
Wednesday, December 19, 2012
Life & its End...
The most unfair thing about life is the way it ends. I mean, life is 'tough'. It takes up a lot of your time...trying, striving, struggling. What do you get at the end of it? A Death! Everyone would get this inexorable gift someday. The late Governor of Kaduna State, Patrick Yakowa, the former National Security Adviser, General Owoye Azazi and other occupants of a Nigerian Navy helicopter that crashed around the Nembe Local Government Area of Bayelsa State on Saturday 15th December 2012 never bargained for it. Shockingly, the wife ceases to be first-lady and other benefits terminated due to untimely death.
I pray that none of us on this forum will die young. Untimely death will never be experienced in our homes.
BOTTOMLINE: Be good, Be godly & Be God-fearing always.
I pray that none of us on this forum will die young. Untimely death will never be experienced in our homes.
BOTTOMLINE: Be good, Be godly & Be God-fearing always.
Saturday, December 1, 2012
Knowledge vs Mediocrity
Knowledge is key to life. In this sphere, four major categories of human beings are people that know that they know; those that don't know that they know; those that know that they don't know and those that don't know that they don't know. The last category is the haven of mediocrity.
In whatever endeavour, we need improvement on persistent basis. Not knowing what you don’t know may initially be a sinking feeling, or engender concerns that you’re not discharging your duties appropriately. Employ your time in improving yourself in the quest of knowledge.
In whatever endeavour, we need improvement on persistent basis. Not knowing what you don’t know may initially be a sinking feeling, or engender concerns that you’re not discharging your duties appropriately. Employ your time in improving yourself in the quest of knowledge.
Tuesday, November 27, 2012
Take Charge of Your Strategy
The speed and scale of change in today’s business environment are forcing businesses to rethink old assumptions as never before. New opportunities and threats arise daily; they can come almost overnight, and from anywhere in the world. Seizing the opportunities and responding to the threats is more likely than ever to require frequent changes in strategy—everything from a review and rethink to a 90-degree turn or even a reversal.
Whether you’re the CEO of a major corporation, a leader of a business unit, or run your own company, you may not be intimately involved with your organization’s strategy. In my experience, many chiefs aren’t; the job is left to the technicians who’ve made careers of strategy, and have matchless expertise in its quantitative details. I’m going to make the case that you should be—must be--a strategist yourself.
That’s what CEOs used to be. Half a century ago, strategy was considered the most important duty of the president—the person with overarching responsibility for setting a company’s course and seeing the journey through. Leaders didn’t have many tools to work with, but that changed during the 1980s and 90s. Michael E. Porter’s groundbreaking work in bringing economics to strategy-making led to a revolution in the practice of strategy. A whole new industry arose, run by specialists armed with ever-more sophisticated concepts, tools, and techniques. But over time the leader’s own role in strategy faded as the specialists took charge. Chasing a new ideal, we lost sight of the value of what we had—the richness of judgment, the continuity of purpose, the will to commit an organization to a particular path. Reduced to a left-brain exercise, strategy lost much of its vitality and connection to the day-to-day life of many companies.
I’ve taught strategy for more than three decades, mostly to MBA students. In recent years, however, I’ve worked in executive education, particularly a five-year stint in Harvard’s flagship program for owner-managers. What I’ve learned working with these dynamic individuals is that the leader of any business must also be a strategist. No one else can see the business as a whole and rise above the mechanical, analytical details; more importantly, no one else can commit a company to a course of action.
The very act of taking on the job of strategist-in-chief can transform your business. You will, of course, rely on others’ technical skills and knowledge of markets and customers. But in setting the strategic direction and tone, you will be guiding the entire organization—from those who work in the C-suite down to the people who face your customers.
So how do you go about being a leader/strategist? A good way to start is by asking yourself a simple but portentous question: Does your business matter? If it weren’t there, how long would it take, and how difficult would it be, for your customers to find another firm that met their needs just as well?
If you can’t answer this question, you’re not alone. I’ve spent the better part of my life working with leaders who struggle with it. It’s a difficult question. In order to answer it, you have to answer the foremost question a strategist faces: What is your business’spurpose? Nothing is more important to the survival and success of a business than why it exists and what needs it intends to fill. Every concept of strategy that has entered the conversation of business managers—sustainable competitive advantage, positioning, differentiation, added value—flows from purpose.
There are few more dramatic examples than Apple. Steve Jobs and Steve Wozniak didn’t start with a clear purpose, but three years into the game they nailed it in Apple’s 1980 annual report: “Bringing technology to individuals is, we believe, the extraordinary business of the decade.” Jobs would later go on to elaborate that the technology had not only to be great, but “insanely great.” It worked for a while, and in the nascent world of personal computers, Apple staked out a difference that mattered. In time, however, the gap between Apple’s premium prices and those of computers that were merely “good enough” grew very large, and the lack of compatibility and software further dimmed its prospects. The company flailed around in search of a viable strategy. Nothing worked; twelve years and three CEOs after Jobs left, the company was on the brink of failure.
When Jobs returned in 1997, he was a wiser manager. More important, he brought an evolved iteration of Apple’s original purpose with him: he would turn the company’s resources to “the next great thing.” And as we all know, Apple became a fountain of “next great things,” bringing technologies and design of groundbreaking appeal to consumers and ultimately transforming the music and telecommunications industries. From near-bankruptcy in 1997, it soared to become the world’s most valuable technology company in 2010—all because Apple had regained a viable purpose, and a new difference that mattered to consumers.
Note that purpose is not the same thing as core competency. If the things you do well are drifting away from your purpose, or that purpose is no longer relevant in your competitive context, you may have to move beyond them. The Holy Grail of strategy is a long-run sustainable advantage, but it has never been more elusive than today. The specifics of translating your purpose into action—the strategies you will choose and the ways you execute them—will change with the changing business environment. The winning game is to keep your strategy dynamic: to reinvent yourself around your purpose.
For most businesses, reinventing yourself means being one thing while becoming something else. And this is something only a leader/strategist can manage. As a strategist, you’re the person who must watch over the organization, guiding its course, making the choices that bring it back to center day after day and year after year even as you choose when the center--the purpose itself--should evolve. You must decide whether to lean into the wind or not, and judge whether your strategy is dynamic or dead.
Leading strategy is a nonstop responsibility; it can’t be outsourced or solved in one great brainstorming session. You won’t just wake up one morning to find that your company has a new advantage or that its purpose changed overnight. Rather, it will change because the industry changes. It will change because tastes change. It will change because your people change and bring new strengths and skills to the enterprise. And ultimately, it will change because someone made the call to do so—you, the strategist.
This article is based on the author’s book: The Strategist: Be the Leader Your Business Needs (New York: HarperBusiness, April 24, 2012).
Tuesday, October 30, 2012
Our Pledge...
Whenever you read the National Pledge below, what runs through your mind? Do the wordings make meaning to you?
I pledge to Nigeria my country
To be faithful loyal and honest
To serve Nigeria with all my strength
To defend her unity
And uphold her honour and glory
So help me God.
Happy Independence Nigeria.
I pledge to Nigeria my country
To be faithful loyal and honest
To serve Nigeria with all my strength
To defend her unity
And uphold her honour and glory
So help me God.
Happy Independence Nigeria.
Friday, October 5, 2012
LET's TALK ABOUT SEX
Summary of Pastor Matthew Ashimolowo's message at the Redeemed Christian Church God National Youth Convention in camp.
LET's TALK ABOUT SEX
Proverbs 4:23, Proverbs 6: 23-27
Be careful what you take in, the music and movies you watch could desensitizes you to the truth. It is the truth you know that will set you free.
Colossians 3:5-6
You are to honour God with your body, sex is not allowed outside marriage.
Even though Nike may say 'Just do it!" You're not to with SEX!
The simple thought of sex crossing your mind is not a sin but the desire for sex is the sin!
Sex goes beyond the physical, it's spiritual and emotional!
In the bible, when a man sleeps with his wife the bible says "He knew his wife" but when a young man sleeps with an unmarried woman the bible says "He laid with her"
Don't let anybody deceive you, you can know them by their words. e.g "You don't need to tell anybody what we are about to do!"
If a guy comes to you with a condom, he is a con(artist) and you are dumb!
Virginity is something you give away and not what is taken from you by force! If you were violated and tampered with, only your virginity is broken, you destiny isn't, so don't mess up yourself! You are still so precious in God's sight. God values you, He values your body so honor Him with it!
85% of those who live together before getting married end up divorced. 50% of marriages in UK and 80% of black marriages in US end up in divorce!
If you sell yourself cheap, you end up being treated anyhow. A man who cannot treat you like a lady doesn't deserve you and any woman who cannot treat you like a prince doesn't deserve you!
Don't start what you can't handle! The skin is only a few centimetres deep and beneath that skin, there are 18million nerves passing information round. When ever someone touches you sexually, your nerves sends info that are stored somewhere in your brain. That's why when you see the person later you remember the touch! You have imprints of people on your life through sexual relationships.
Don't let anyone touch you in a way that is not holy. From hugs to kissing and then the deed happens unplanned!
Once you mess up your sexual life, it messes up your spiritual life! Get it right!
Exodus 26, 27 gives a summary of the Tabernacle. It was divided into the outer court, the Holy place, Holy of Holies. As a human being, your body is the outer court, your soul the holy place and your spirit the holy of holies!
The outer court gave access to many levities and they brought their sacrifices there. Your body is your outer court many people will have access to you, you'll meet many boys/girls but be careful, many will come and go. Proverbs 4:23
Only the priests were allowed into the holy place. The holy in your body is your soul. Your emotions are conceived there. Before you let anyone touch your soul, be very careful! The reason many broken relationship ends up a soul tie is because they let someone else make an impact on their soul and no matter how much they try to forget the person it is difficult.
Guard your soul, don't let just any nice person get in. The holy place had a lampstand in it, anyone who must get into your holy place was be a lamp. Ladies, any man that wants to court/date/marry you must have more light than you already have! He needs to be the lamp! Don't settle for less!
Only the High priest was allowed to enter into the holy of holies (Hebrews 9:7) ! He had to break through the veil to get in. There is only man allowed to get into you and that is your husband! When a man sleeps with a virgin, it's more than just sex! It's spiritual, it's a blood covenant!
Guys note, everywhere you go as a man and have sexual releases, your testicles will testify against you! The reason God gave you two testicles is because the bible says out of 2 or more witnesses, a statement is established (Deuteronomy 17:6).
There is a point when sexual activities goes beyond the physical, it becomes a demonic activity! It is spiritual!
Easy sex does not make more romance, neither does not give joy and happiness!
When you have sex while waiting to be married, you crush the foundation of your marriage
Don't let anyone blackmail you to stay in a relationship! After giving your life to Christ break away from every ungodly relationship!
Titus 2:11-12
To get out:
It requires the decision to maintain your integrity!
It requires a bold step to confront ungodly relationship you are in!
Break away and make a vow to be pure!
Keep yourself and honour God with your life!
No sex is safe sex!
Desire change, deny yourself!
LET's TALK ABOUT SEX
Proverbs 4:23, Proverbs 6: 23-27
Be careful what you take in, the music and movies you watch could desensitizes you to the truth. It is the truth you know that will set you free.
Colossians 3:5-6
You are to honour God with your body, sex is not allowed outside marriage.
Even though Nike may say 'Just do it!" You're not to with SEX!
The simple thought of sex crossing your mind is not a sin but the desire for sex is the sin!
Sex goes beyond the physical, it's spiritual and emotional!
In the bible, when a man sleeps with his wife the bible says "He knew his wife" but when a young man sleeps with an unmarried woman the bible says "He laid with her"
Don't let anybody deceive you, you can know them by their words. e.g "You don't need to tell anybody what we are about to do!"
If a guy comes to you with a condom, he is a con(artist) and you are dumb!
Virginity is something you give away and not what is taken from you by force! If you were violated and tampered with, only your virginity is broken, you destiny isn't, so don't mess up yourself! You are still so precious in God's sight. God values you, He values your body so honor Him with it!
85% of those who live together before getting married end up divorced. 50% of marriages in UK and 80% of black marriages in US end up in divorce!
If you sell yourself cheap, you end up being treated anyhow. A man who cannot treat you like a lady doesn't deserve you and any woman who cannot treat you like a prince doesn't deserve you!
Don't start what you can't handle! The skin is only a few centimetres deep and beneath that skin, there are 18million nerves passing information round. When ever someone touches you sexually, your nerves sends info that are stored somewhere in your brain. That's why when you see the person later you remember the touch! You have imprints of people on your life through sexual relationships.
Don't let anyone touch you in a way that is not holy. From hugs to kissing and then the deed happens unplanned!
Once you mess up your sexual life, it messes up your spiritual life! Get it right!
Exodus 26, 27 gives a summary of the Tabernacle. It was divided into the outer court, the Holy place, Holy of Holies. As a human being, your body is the outer court, your soul the holy place and your spirit the holy of holies!
The outer court gave access to many levities and they brought their sacrifices there. Your body is your outer court many people will have access to you, you'll meet many boys/girls but be careful, many will come and go. Proverbs 4:23
Only the priests were allowed into the holy place. The holy in your body is your soul. Your emotions are conceived there. Before you let anyone touch your soul, be very careful! The reason many broken relationship ends up a soul tie is because they let someone else make an impact on their soul and no matter how much they try to forget the person it is difficult.
Guard your soul, don't let just any nice person get in. The holy place had a lampstand in it, anyone who must get into your holy place was be a lamp. Ladies, any man that wants to court/date/marry you must have more light than you already have! He needs to be the lamp! Don't settle for less!
Only the High priest was allowed to enter into the holy of holies (Hebrews 9:7) ! He had to break through the veil to get in. There is only man allowed to get into you and that is your husband! When a man sleeps with a virgin, it's more than just sex! It's spiritual, it's a blood covenant!
Guys note, everywhere you go as a man and have sexual releases, your testicles will testify against you! The reason God gave you two testicles is because the bible says out of 2 or more witnesses, a statement is established (Deuteronomy 17:6).
There is a point when sexual activities goes beyond the physical, it becomes a demonic activity! It is spiritual!
Easy sex does not make more romance, neither does not give joy and happiness!
When you have sex while waiting to be married, you crush the foundation of your marriage
Don't let anyone blackmail you to stay in a relationship! After giving your life to Christ break away from every ungodly relationship!
Titus 2:11-12
To get out:
It requires the decision to maintain your integrity!
It requires a bold step to confront ungodly relationship you are in!
Break away and make a vow to be pure!
Keep yourself and honour God with your life!
No sex is safe sex!
Desire change, deny yourself!
The Unstoppable City Builders
Summary of Pastor Matthew Adebayo's message @ the ongoing RCCG Youth Convention in Nigeria. Read and be blessed by it.
**The Unstoppable City Builders**
Gen 11:1-8: The people had one mind, one goal, one purpose and they worked together to achieve that purpose!
The power of unity is unstoppable! If the church will come together in unity and work together with one purpose, we will build nation!
The city could refer to a place or the people while a builder is a constructor. A city builder is therefore someone constructs a city/people.
3 CHARACTERISTICS OF CITY BUILDERS
1)City builders always have a desire!
The starting points of all achievement in life starts with a desire, ability to recognise what you want in life!
Don't hide under the pretence of spirituality! Many just wait for the holy spirit to do everything but this is wrong! You need a burning desire and driving force in life.
City builders have vision! Have the image of the city you want to build in your heart, create a mental picture of desire and start working towards it.
Phil 2:5, when you have the mindset of christ, you can set your life right and your life settings will be better.
2) City builders are determined !
They are men/women of determination who have made up their mind on what to do! They are risk takers who refuse to give up come what may. 2Sam 23:15
City builders don't succumb to threats, they are not fearful. Even in the face of death city builders don't give up! Esther 4:15-16
3) City builders are Diligent!
Proverbs 22:29. They are not just hard working, they work hard to achieve what they have set their minds to do.
Prov 13:23, Prov 12:11. Any christian youth is not at work is a joker! No city builder folds his arm and gets anything done on earth.
If you can't take over your immediate environment, you can't take over your local government! If you can't take over your local government , you can't take over your city! If you can't take over your city, you can't take over your nation!
To be a city builder, you must start by making a difference in your immediate environment!
If you're not able fly, run! If you can't run, walk! If you can't walk, crawl! Just do something, make sure you are not stagnant!
Keep moving because if you don't move, you'll be removed!
Romans 8:14-19
Move now because God is counting on you! Move now because your nation needs you! Move now because the world is waiting for you!
**The Unstoppable City Builders**
Gen 11:1-8: The people had one mind, one goal, one purpose and they worked together to achieve that purpose!
The power of unity is unstoppable! If the church will come together in unity and work together with one purpose, we will build nation!
The city could refer to a place or the people while a builder is a constructor. A city builder is therefore someone constructs a city/people.
3 CHARACTERISTICS OF CITY BUILDERS
1)City builders always have a desire!
The starting points of all achievement in life starts with a desire, ability to recognise what you want in life!
Don't hide under the pretence of spirituality! Many just wait for the holy spirit to do everything but this is wrong! You need a burning desire and driving force in life.
City builders have vision! Have the image of the city you want to build in your heart, create a mental picture of desire and start working towards it.
Phil 2:5, when you have the mindset of christ, you can set your life right and your life settings will be better.
2) City builders are determined !
They are men/women of determination who have made up their mind on what to do! They are risk takers who refuse to give up come what may. 2Sam 23:15
City builders don't succumb to threats, they are not fearful. Even in the face of death city builders don't give up! Esther 4:15-16
3) City builders are Diligent!
Proverbs 22:29. They are not just hard working, they work hard to achieve what they have set their minds to do.
Prov 13:23, Prov 12:11. Any christian youth is not at work is a joker! No city builder folds his arm and gets anything done on earth.
If you can't take over your immediate environment, you can't take over your local government! If you can't take over your local government , you can't take over your city! If you can't take over your city, you can't take over your nation!
To be a city builder, you must start by making a difference in your immediate environment!
If you're not able fly, run! If you can't run, walk! If you can't walk, crawl! Just do something, make sure you are not stagnant!
Keep moving because if you don't move, you'll be removed!
Romans 8:14-19
Move now because God is counting on you! Move now because your nation needs you! Move now because the world is waiting for you!
Monday, October 1, 2012
Beyond Self
According to Joel Osteen, "so much of our culture is inward focused." We are all living our thought. People are conditioned to think, “what’s in it for me?” But the most rewarding way to live is not with the attitude, “How can I get blessed today?” No, if we are always self-focused wondering how we can benefit all the time, we are definitely living with a shallow, temporary mentality. Instead of looking out only for your good, turn it around and say, “How can I be a blessing to others? Who can I inspire to rise higher? What seeds of greatness can I call forth out of someone?” Leaders, that’s living at a higher level. That's living with monumental responsibility.
Today, I encourage you to be on the lookout for ways to be a blessing to other people.
Today, I encourage you to be on the lookout for ways to be a blessing to other people.
Thursday, August 30, 2012
Freedom
The pros and cons of owning your own business are vast. Few among them are PROS - Control, Money, Creativity, Freedom... CONS - Uncertainty, Risk, Lack of structure. Having taken all these factors into cognisance, I think we should ponder on the word FREEDOM. What does it mean to you? Do you long for it?
With freedom comes great responsibility. Many atimes, people mishandle it because they believe starting or owning your own business means sleeping early and waking up late; going for leisure during active hours; pursuing luxury with their capital. This has led to the collapse of several businesses. As a just and diligent minded person, your story should not be so. You should start, grow and sustain your own business while you use your freedom wisely.
Meet you at the top.
With freedom comes great responsibility. Many atimes, people mishandle it because they believe starting or owning your own business means sleeping early and waking up late; going for leisure during active hours; pursuing luxury with their capital. This has led to the collapse of several businesses. As a just and diligent minded person, your story should not be so. You should start, grow and sustain your own business while you use your freedom wisely.
Meet you at the top.
Success Management
We all aspire success. However, success do not teach us anything, but failure taught us to ask better questions. The difference between average people and achieving people is their perception of and response to failure. Failure does not mean we are failure by nomenclature. Less wonder T. S. Elliot said and I quote: "Success is relatively what we can make of the mess we have made of things."
In actual fact, we should both learn when we succeed and/or fail. But we seldom learn in success because of the pride it reinforces. In this context, kindly remember King Nebuchadnezzar who said, "This is the great Babylon which I have built by the might of my power and the glory of my majesty." Meanwhile all glory unarguably belong to God.
Hmmm...great success pave the way to illusions of omnipotence and the feeling of self-sufficiency. Dear leaders, don't fall into perils of success. Manage your little and gigantic feats and tow the path of greatness.
Have a SUCCESS-full week!
In actual fact, we should both learn when we succeed and/or fail. But we seldom learn in success because of the pride it reinforces. In this context, kindly remember King Nebuchadnezzar who said, "This is the great Babylon which I have built by the might of my power and the glory of my majesty." Meanwhile all glory unarguably belong to God.
Hmmm...great success pave the way to illusions of omnipotence and the feeling of self-sufficiency. Dear leaders, don't fall into perils of success. Manage your little and gigantic feats and tow the path of greatness.
Have a SUCCESS-full week!
Wednesday, August 1, 2012
TarGET...
When I was working in the Insurance industry, there was a lot of talk about target and how people are going extra miles to meet it.
However, I remember one of my colleagues who always maintain that target is not to be met but to be maintained. In other words, target is a driving factor. A motivation which most of the times turn out to be negative.
Perhaps target could be self-imposed. You may tell yourself that you must attain certain level of work. I often do that and it has helped me a lot of times.
For example, I blog on several social media at specified time and keep to this. But when I fail to meet up, I always feel bad.
In view of the above, I am tendering my unreserved apology for my inability to do my usual two blogs in the month of July 2012.
It is well.
However, I remember one of my colleagues who always maintain that target is not to be met but to be maintained. In other words, target is a driving factor. A motivation which most of the times turn out to be negative.
Perhaps target could be self-imposed. You may tell yourself that you must attain certain level of work. I often do that and it has helped me a lot of times.
For example, I blog on several social media at specified time and keep to this. But when I fail to meet up, I always feel bad.
In view of the above, I am tendering my unreserved apology for my inability to do my usual two blogs in the month of July 2012.
It is well.
Wednesday, July 25, 2012
Save and Invest A-S-A-P
Listed and analysed below are series of salient points on the basics of savings and investment. The import of this paper is to enable you understand the importance of planning for your financial future.
Why Save and Invest?
We start with this question because many people believe it is impossible to save talk less of investing where you do not have enough to care of your immediate needs. It starts like this: we work; we earn; we chop; then…we ‘siddon’ look for our next pay cheque. Many people experience financial hard times when they get older because they never got the facts on saving and investing. In order to be financially healthy, you must create room for saving and investing.
The best way to achieve financial success is to plan for it. Maybe you would like to:
• buy a car when you graduate from the citadel of higher learning;
• have some money set aside for special occasions or emergencies;
• build or buy a house someday; or
• live comfortably in retirement.
Once you decide what you are saving for—and when you would like to have it—you can decide how you should save and invest.
The best time to learn about money is when you're young and/or still in school. But unfortunately, we seldom take this advantage when we are young. For instance, people in my generation (myself inclusive) learnt the art of money in the hard way.
However we were taught some mathematical concepts such as Simple Interest, Compound Interest etc while we are growing up. We never see the bigger picture in regard to these subjects. We are so much obsessed with learning to pass examination. Perhaps, all the mathematics, physics, economics etc that we studied in school are put in place to prepare us for the future. In order to buttress my point, let’s check out the magic of "compound interest."
What Is “Compound Interest”?
Compound interest is the interest you earn on interest.
Illustration Using Basic Arithmetic
If you have N10,000.00 and it earns 5% interest each year, you'll have N10,500.00 at the end of the first year. But at the end of the second year, you'll have N11,025. Not only did you earn N500.00 on the N10,000.00 you initially deposited - your original "principal" - but you also earned an extra N25.00 on the N500.00 in interest. Twenty-five naira may not sound like much at first, but it adds up over time. Even if you never add another dime to that account, in 10 years you'll have over N16,200.00 through the power of compound interest, and in 25 years you'll have almost N34,000.00.
The above is just an illustration using an amount as low as N10,000. Could you imagine the returns on millions of naira?
Here, we are discussing consumption versus savings and investment. Imagine you spend N1,000 on GSM recharge cards every week for say a period of 5 years, you'll spend N260,000 on recharge cards. If you give up or reduce your expenditure on that recharge cards by half and invest the money (ie N130,000) instead, earning 5% interest compounded every year for 5 years, you'll have over N165,916.60.
How Can I Save and Invest?
Many people get into the habit of saving or investing by following this advice: "Pay yourself first." Many people find it easier to pay themselves first if they allow their bank to automatically remove money from their salaries and deposit it into a separate savings or investment account. Other people pay themselves first by having money automatically deposited into an employer-sponsored retirement savings account (RSA) which is otherwise known as Pension contribution.
There are many different ways to save and invest, including:
• Savings Accounts
If you save your money in a savings account, the bank will pay you interest, and you can easily get your money whenever you want it.
• Endowment/Insurance Schemes
These schemes tend to offer higher interest rates than savings accounts.
• Fixed Deposit Accounts
You can earn an even higher interest if you fix your money while you promise that you're going to keep your money in the bank for a certain amount of time.
• Stocks
This may sound distasteful to you. But it remains a feasible cause to own part of a famous viable company that provides some of the services you and I enjoy. When you buy stock in a company-you become one of the owners while you secure your future. (Well, let’s move on as I leave this monumental topic for another day)
• Bonds
Many companies and government borrow money so they can meet their financial needs and be successful. One way they borrow money is by selling bonds. When you buy a bond, you're lending your money to the company or government so. The company and/or government promise to pay you interest and to return your money on a date in the future.
• Mutual Funds
This is another way to go. You can buy stocks and bonds by buying shares of a mutual fund. A mutual fund is a pool of money run by a professional or group of professionals who have experience in picking investments. After researching many companies, these professionals select the stocks or bonds of companies and put them into a fund. Investors can buy shares of the fund, and their shares rise or fall in value as the values of the stocks and bonds in the fund rise and fall.
• Real Estate
This is the new and latest bride in town. It is an acceptable norm that landed properties appreciate and never depreciate hence everybody wants to own land and houses. But this greatly depends on your diverse motive of owning these properties – asset or investment. As an investor you buy, hold and sell the property when it appreciates.
Risk and Return
Every item of savings or investment mentioned above has its advantages and disadvantages. Kindly note that every investment involves risks. Generally, some of the issues are:
• How fast you can get your money when you need it,
• How fast your money will grow, and
• How safe your money will be.
For example,
• Savings Accounts
Your money in Savings Account tends to be very safe because it's federally insured through the Nigeria Deposit Insurance Corporation (NDIC), and you can easily get to your money if you need it for any reason. But there's a tradeoff for security and ready availability. Your money earns a low interest rate compared with investments. In other words, it gets a low return.
• Endowment/Insurance Schemes
With these products, your money is safe depending on the viability of the Insurance or Investment Company. However, your money is not readily available until the agreed maturity date. Return here is high.
• Stocks
For decades, the investment that has provided the highest average rate of return has been stocks. But there are no guarantees of profits when you buy stock, which makes stock one of the most risky investments. If the company doesn't do well or falls out of favour with investors, your stock can fall in price, and you could ‘lose’ your money.
You can make money in two ways from stock. These are:
1. Capital gain or appreciation - when the price of the stock rises as a result of its good performance.
2. Dividend - when a company pays out a part of its profits to its shareholders. This is not automatic as a company may decide not to pay out dividends, choosing instead to keep its profits and use them to expand the business.
One of the riskiest investments you can make is buying stock in a new company. New companies go out of business more frequently than companies that have been in business for decades or longer. If you buy stock in a small, new company, you could lose it all. Or the company could turn out to be a success. You'll have to do your homework and learn as much as you can about the company before you invest. And only invest money that you can afford to lose.
• Bonds
The company's "promise to repay" your principal generally makes bonds less risky than stocks. But bonds can be risky. To assess how risky a bond is you can check the bond's credit rating. Unlike shareholders, bond holders know how much money they will make, unless the company goes out of business. If the company goes out of business or declares bankruptcy, bondholders may lose money. But if there is any money left in the company, they will get it before shareholders. Bonds generally provide higher returns (with higher risk) than savings accounts, but lower returns (with lower risk) than stocks.
• Mutual Funds
The risk involved in Mutual fund is determined by the stocks and bonds in the fund. No mutual fund can guarantee its returns, and no mutual fund is risk-free.
• Real Estate
The risk here is limited and human. You may encounter risk when you buy property from swindlers. Also, you can not rule out the unscrupulous ‘omo onile’ factor.
Conclusion
Always remember: the greater the potential return, the greater the risk. Risk is scary because no one wants to lose money, but there's also such a thing as "too safe." We all know that prices go up. That's called inflation. For example, a loaf of bread that costs fifty naira today could cost one hundred naira ten years from now. If your money doesn't grow as fast as inflation does, that's like losing money, because while fifty naira buys a whole loaf of bread today, in ten years it might only buy half a loaf.
How to Handle your Risk and Return
1. Diversify
One of the most important ways to reduce the risks of investing is to diversify your investments. It's common sense: don't put all your eggs in one basket. If you buy a mixture of different types of stocks, bonds, or mutual funds, your savings will not be wiped out if one of your investments fails. Since no one can accurately predict how our economy or one company will do, diversification helps you to protect your savings. If you had just one investment and it went down in value, then you would lose money. But if you had ten different investments and one went down in value, you could still come out ahead.
2. Manage your money
Many people do not understand what personal finance or budget means. They neither believe nor operate one. For you to excel financially, you need to plan your inflow and outflow adequately.
You should be accountable for every naira that goes in and out of your pocket.
Do not jump at every offer thrown at you by banks. Some of them might turn out to be a Trojan horse. Very prominent examples are credit cards which have entrapped and enslaved a lot of people due to high charges and interest rates.
I am not condemning credit cards. If you owe money on your credit cards, the wisest thing you can do is pay off the balance in full as quickly as possible. You may only have problem with the cards when you do not repay in full.
Once you can manage your money, then you can save and invest.
3. Make a Plan
The key to financial security is to have a "financial plan." That means you should set financial goals and start saving or investing to reach those goals. While that may sound hard, it doesn't have to be. You'll first need to figure out where you're starting from – for example, how much do you owe, how much money have you saved already, how much money will get from your job or your parents. Next, you should set goals. Do you want a car? A further college education? New clothes? Once you know what you want, when you want it, and how much it costs, you can figure out how much you need to save each week or month or year.
4. Save and Invest for the Long Term
Perhaps the best protection against risk is time, and that's what young people are fortunate to have the most. On any day the stock market can go up or down. Sometimes it goes down for months or years. But over the years, investors who've adopted a "buy and hold" approach to investing tend to come out ahead of those who try to time the market.
5. Investigate Before You Invest
Another way to reduce risk is to do your homework before you part with your hard-earned cash. Consult financial experts and regulators to check up on the background of any person or company that you're considering doing business with. Find out as much as you can about any company and that landed property before you invest in it. And beware of "get rich quick schemes." If someone offers you an especially high rate of return on an investment or pressures you do invest before you've had time to investigate, it's probably a scam.
6. Avoid the Costs of Delay
I believe you are all familiar with these assertions: delay is dangerous; procrastination is a thief of time, ‘time na money’; delay is the deadliest form of denial etc. But we rarely take them serious. As important as time is, it can be the most important factor that will determine how much your money will grow. If you saved 1,000 naira a week at 8% interest starting from the time you were eighteen years old, you would have N1,679,532 saved by the time you're 50. But if you wait until you're 30 years old to start saving, you'll have to save N2,933 a week to catch up. In fact, just one year's delay – waiting until you're 19 years old to start saving 1,000 naira a week at 8% interest – will cost you a whooping sum of N135,995.81 by the time you're 50.
Thank you.
Why Save and Invest?
We start with this question because many people believe it is impossible to save talk less of investing where you do not have enough to care of your immediate needs. It starts like this: we work; we earn; we chop; then…we ‘siddon’ look for our next pay cheque. Many people experience financial hard times when they get older because they never got the facts on saving and investing. In order to be financially healthy, you must create room for saving and investing.
The best way to achieve financial success is to plan for it. Maybe you would like to:
• buy a car when you graduate from the citadel of higher learning;
• have some money set aside for special occasions or emergencies;
• build or buy a house someday; or
• live comfortably in retirement.
Once you decide what you are saving for—and when you would like to have it—you can decide how you should save and invest.
The best time to learn about money is when you're young and/or still in school. But unfortunately, we seldom take this advantage when we are young. For instance, people in my generation (myself inclusive) learnt the art of money in the hard way.
However we were taught some mathematical concepts such as Simple Interest, Compound Interest etc while we are growing up. We never see the bigger picture in regard to these subjects. We are so much obsessed with learning to pass examination. Perhaps, all the mathematics, physics, economics etc that we studied in school are put in place to prepare us for the future. In order to buttress my point, let’s check out the magic of "compound interest."
What Is “Compound Interest”?
Compound interest is the interest you earn on interest.
Illustration Using Basic Arithmetic
If you have N10,000.00 and it earns 5% interest each year, you'll have N10,500.00 at the end of the first year. But at the end of the second year, you'll have N11,025. Not only did you earn N500.00 on the N10,000.00 you initially deposited - your original "principal" - but you also earned an extra N25.00 on the N500.00 in interest. Twenty-five naira may not sound like much at first, but it adds up over time. Even if you never add another dime to that account, in 10 years you'll have over N16,200.00 through the power of compound interest, and in 25 years you'll have almost N34,000.00.
The above is just an illustration using an amount as low as N10,000. Could you imagine the returns on millions of naira?
Here, we are discussing consumption versus savings and investment. Imagine you spend N1,000 on GSM recharge cards every week for say a period of 5 years, you'll spend N260,000 on recharge cards. If you give up or reduce your expenditure on that recharge cards by half and invest the money (ie N130,000) instead, earning 5% interest compounded every year for 5 years, you'll have over N165,916.60.
How Can I Save and Invest?
Many people get into the habit of saving or investing by following this advice: "Pay yourself first." Many people find it easier to pay themselves first if they allow their bank to automatically remove money from their salaries and deposit it into a separate savings or investment account. Other people pay themselves first by having money automatically deposited into an employer-sponsored retirement savings account (RSA) which is otherwise known as Pension contribution.
There are many different ways to save and invest, including:
• Savings Accounts
If you save your money in a savings account, the bank will pay you interest, and you can easily get your money whenever you want it.
• Endowment/Insurance Schemes
These schemes tend to offer higher interest rates than savings accounts.
• Fixed Deposit Accounts
You can earn an even higher interest if you fix your money while you promise that you're going to keep your money in the bank for a certain amount of time.
• Stocks
This may sound distasteful to you. But it remains a feasible cause to own part of a famous viable company that provides some of the services you and I enjoy. When you buy stock in a company-you become one of the owners while you secure your future. (Well, let’s move on as I leave this monumental topic for another day)
• Bonds
Many companies and government borrow money so they can meet their financial needs and be successful. One way they borrow money is by selling bonds. When you buy a bond, you're lending your money to the company or government so. The company and/or government promise to pay you interest and to return your money on a date in the future.
• Mutual Funds
This is another way to go. You can buy stocks and bonds by buying shares of a mutual fund. A mutual fund is a pool of money run by a professional or group of professionals who have experience in picking investments. After researching many companies, these professionals select the stocks or bonds of companies and put them into a fund. Investors can buy shares of the fund, and their shares rise or fall in value as the values of the stocks and bonds in the fund rise and fall.
• Real Estate
This is the new and latest bride in town. It is an acceptable norm that landed properties appreciate and never depreciate hence everybody wants to own land and houses. But this greatly depends on your diverse motive of owning these properties – asset or investment. As an investor you buy, hold and sell the property when it appreciates.
Risk and Return
Every item of savings or investment mentioned above has its advantages and disadvantages. Kindly note that every investment involves risks. Generally, some of the issues are:
• How fast you can get your money when you need it,
• How fast your money will grow, and
• How safe your money will be.
For example,
• Savings Accounts
Your money in Savings Account tends to be very safe because it's federally insured through the Nigeria Deposit Insurance Corporation (NDIC), and you can easily get to your money if you need it for any reason. But there's a tradeoff for security and ready availability. Your money earns a low interest rate compared with investments. In other words, it gets a low return.
• Endowment/Insurance Schemes
With these products, your money is safe depending on the viability of the Insurance or Investment Company. However, your money is not readily available until the agreed maturity date. Return here is high.
• Stocks
For decades, the investment that has provided the highest average rate of return has been stocks. But there are no guarantees of profits when you buy stock, which makes stock one of the most risky investments. If the company doesn't do well or falls out of favour with investors, your stock can fall in price, and you could ‘lose’ your money.
You can make money in two ways from stock. These are:
1. Capital gain or appreciation - when the price of the stock rises as a result of its good performance.
2. Dividend - when a company pays out a part of its profits to its shareholders. This is not automatic as a company may decide not to pay out dividends, choosing instead to keep its profits and use them to expand the business.
One of the riskiest investments you can make is buying stock in a new company. New companies go out of business more frequently than companies that have been in business for decades or longer. If you buy stock in a small, new company, you could lose it all. Or the company could turn out to be a success. You'll have to do your homework and learn as much as you can about the company before you invest. And only invest money that you can afford to lose.
• Bonds
The company's "promise to repay" your principal generally makes bonds less risky than stocks. But bonds can be risky. To assess how risky a bond is you can check the bond's credit rating. Unlike shareholders, bond holders know how much money they will make, unless the company goes out of business. If the company goes out of business or declares bankruptcy, bondholders may lose money. But if there is any money left in the company, they will get it before shareholders. Bonds generally provide higher returns (with higher risk) than savings accounts, but lower returns (with lower risk) than stocks.
• Mutual Funds
The risk involved in Mutual fund is determined by the stocks and bonds in the fund. No mutual fund can guarantee its returns, and no mutual fund is risk-free.
• Real Estate
The risk here is limited and human. You may encounter risk when you buy property from swindlers. Also, you can not rule out the unscrupulous ‘omo onile’ factor.
Conclusion
Always remember: the greater the potential return, the greater the risk. Risk is scary because no one wants to lose money, but there's also such a thing as "too safe." We all know that prices go up. That's called inflation. For example, a loaf of bread that costs fifty naira today could cost one hundred naira ten years from now. If your money doesn't grow as fast as inflation does, that's like losing money, because while fifty naira buys a whole loaf of bread today, in ten years it might only buy half a loaf.
How to Handle your Risk and Return
1. Diversify
One of the most important ways to reduce the risks of investing is to diversify your investments. It's common sense: don't put all your eggs in one basket. If you buy a mixture of different types of stocks, bonds, or mutual funds, your savings will not be wiped out if one of your investments fails. Since no one can accurately predict how our economy or one company will do, diversification helps you to protect your savings. If you had just one investment and it went down in value, then you would lose money. But if you had ten different investments and one went down in value, you could still come out ahead.
2. Manage your money
Many people do not understand what personal finance or budget means. They neither believe nor operate one. For you to excel financially, you need to plan your inflow and outflow adequately.
You should be accountable for every naira that goes in and out of your pocket.
Do not jump at every offer thrown at you by banks. Some of them might turn out to be a Trojan horse. Very prominent examples are credit cards which have entrapped and enslaved a lot of people due to high charges and interest rates.
I am not condemning credit cards. If you owe money on your credit cards, the wisest thing you can do is pay off the balance in full as quickly as possible. You may only have problem with the cards when you do not repay in full.
Once you can manage your money, then you can save and invest.
3. Make a Plan
The key to financial security is to have a "financial plan." That means you should set financial goals and start saving or investing to reach those goals. While that may sound hard, it doesn't have to be. You'll first need to figure out where you're starting from – for example, how much do you owe, how much money have you saved already, how much money will get from your job or your parents. Next, you should set goals. Do you want a car? A further college education? New clothes? Once you know what you want, when you want it, and how much it costs, you can figure out how much you need to save each week or month or year.
4. Save and Invest for the Long Term
Perhaps the best protection against risk is time, and that's what young people are fortunate to have the most. On any day the stock market can go up or down. Sometimes it goes down for months or years. But over the years, investors who've adopted a "buy and hold" approach to investing tend to come out ahead of those who try to time the market.
5. Investigate Before You Invest
Another way to reduce risk is to do your homework before you part with your hard-earned cash. Consult financial experts and regulators to check up on the background of any person or company that you're considering doing business with. Find out as much as you can about any company and that landed property before you invest in it. And beware of "get rich quick schemes." If someone offers you an especially high rate of return on an investment or pressures you do invest before you've had time to investigate, it's probably a scam.
6. Avoid the Costs of Delay
I believe you are all familiar with these assertions: delay is dangerous; procrastination is a thief of time, ‘time na money’; delay is the deadliest form of denial etc. But we rarely take them serious. As important as time is, it can be the most important factor that will determine how much your money will grow. If you saved 1,000 naira a week at 8% interest starting from the time you were eighteen years old, you would have N1,679,532 saved by the time you're 50. But if you wait until you're 30 years old to start saving, you'll have to save N2,933 a week to catch up. In fact, just one year's delay – waiting until you're 19 years old to start saving 1,000 naira a week at 8% interest – will cost you a whooping sum of N135,995.81 by the time you're 50.
Thank you.
Saturday, June 30, 2012
MISPLACED TRUST
One of Don Moen's lyrics state "Trust in the Lord with all your heart..." In other words, trust in man could be nothing but vanity. It is not out of place for us to adore some few individuals in our societies and communities as our role models.
Respect is indeed mutual. Some people are admired and respected even while they do not notice. In this case, of what level of proficiency could these people safeguard their repute.
As a matter of fact, humans will always be humans.
Respect is indeed mutual. Some people are admired and respected even while they do not notice. In this case, of what level of proficiency could these people safeguard their repute.
As a matter of fact, humans will always be humans.
Thursday, June 21, 2012
Who Cares?
“I appeal to those responsible for the violence to immediately stop the spilling of the blood of many innocents.” GEJ from Rio in Brazil. Hmmm...how I wish to reserve my comments. But it good to note that we are on our own. People earn huge salaries and allowances to cater for the welfare of the Nigerian citizenry; to defend the unity of the country by ensuring security of lives and properties; to defend the sovereignty of Nigeria by upholding the Constitution at all times, but what do we get? Nothing!!! I read in the press this morning that Mr President can rule from anywhere. Gosh, my heart bleeds. War isn't more than this. Call people in Kaduna and Damaturu and confirm what I'm saying. I just spoke with my friends and families in Damaturu...huh, things have fallen apart! But we won't stop, we'll continually pray because they've affirmed to us that we are 'on our own'.
Wednesday, May 30, 2012
LEADERSHIP & TEAMWORK
Leaders think, consider and then make decisions. How they think, what they choose to consider and the criteria they use in making decisions colour the organisation’s entire modus operandi. Depending on the level of challenges and support from the management, variables in an organization interact on the basis of culture that exists within the organization. It was emphasized that we get the culture that we deserve.
Leadership has to be authentic and sustainable. However, authenticity and sustainability are trust based. Without trust there is no foundation for permanent success. Teamwork and organizational success are based principles, ethics and values that are inherent in every individual and organization. It was held that values which are most times misconstrued for preferred behaviours can only be upheld and appreciated when they are challenged. This section was concluded with the assertion that - for leaders to get result they should always concentrate on the team and individual members of the team rather than the task.
NEGOTIATION AND CONFLICT MANAGEMENT
It was observed that many people see negotiation as an art of argument which involves two or more people trying to outsmart one another. It is indeed far from that. It is a business activity, if well managed could create business relationship. However, negotiation is depicted as skill which can be learnt.
For effective negotiation, clear objective and goals are required. On Conflict Management, the term conflict is described in two perspectives:
a) Functional Conflict – constructive incongruity which improves performance.
b) Dysfunctional Conflict – destructive and hinders organizational performance.
On general note, it was advised that win-win form of negotiation and conflict management should be engaged at all times. In the same vein, the faculties tutored us on Corporate Governance and Corporate Social Responsibility (CSR) and their effect on sustainability. In practical terms, we are advised to see regulation as a guide and not a constraint. We should always endeavour to see the big picture beyond what the rules say. Having explored the biographies of great leaders, five lessons are deduced:
• Stay Positive
• Stay Action Orientated
• Stay Organised
• Stay Focused
• Stay Flexible
In order to drive home their points, the faculties elucidated the subjects by analyzing number of case studies in class. CONCLUSION A leader is said to be resilient. He should be a 360 degree personality who knows his onions. In addition, a resilient leader is required to understand change; promote change; cope with change and value change at all times.
-Segun-Martins Ogunyemi REPORT ON LEADERSHIP DEVELOPMENT PROGRAMME: A FOUR-DAY TRAINING SEMINAR ORGANISED BY PSYNTECH LIMITED AT PENINSULA HOTEL, LEKKI, LAGOS ON 21ST – 24TH MAY 2012.
Leadership has to be authentic and sustainable. However, authenticity and sustainability are trust based. Without trust there is no foundation for permanent success. Teamwork and organizational success are based principles, ethics and values that are inherent in every individual and organization. It was held that values which are most times misconstrued for preferred behaviours can only be upheld and appreciated when they are challenged. This section was concluded with the assertion that - for leaders to get result they should always concentrate on the team and individual members of the team rather than the task.
NEGOTIATION AND CONFLICT MANAGEMENT
It was observed that many people see negotiation as an art of argument which involves two or more people trying to outsmart one another. It is indeed far from that. It is a business activity, if well managed could create business relationship. However, negotiation is depicted as skill which can be learnt.
For effective negotiation, clear objective and goals are required. On Conflict Management, the term conflict is described in two perspectives:
a) Functional Conflict – constructive incongruity which improves performance.
b) Dysfunctional Conflict – destructive and hinders organizational performance.
On general note, it was advised that win-win form of negotiation and conflict management should be engaged at all times. In the same vein, the faculties tutored us on Corporate Governance and Corporate Social Responsibility (CSR) and their effect on sustainability. In practical terms, we are advised to see regulation as a guide and not a constraint. We should always endeavour to see the big picture beyond what the rules say. Having explored the biographies of great leaders, five lessons are deduced:
• Stay Positive
• Stay Action Orientated
• Stay Organised
• Stay Focused
• Stay Flexible
In order to drive home their points, the faculties elucidated the subjects by analyzing number of case studies in class. CONCLUSION A leader is said to be resilient. He should be a 360 degree personality who knows his onions. In addition, a resilient leader is required to understand change; promote change; cope with change and value change at all times.
-Segun-Martins Ogunyemi REPORT ON LEADERSHIP DEVELOPMENT PROGRAMME: A FOUR-DAY TRAINING SEMINAR ORGANISED BY PSYNTECH LIMITED AT PENINSULA HOTEL, LEKKI, LAGOS ON 21ST – 24TH MAY 2012.
Sunday, May 27, 2012
Values vs Preferred Behaviours
Values are important and enduring beliefs or ideals shared by the members of a culture about what is good or desirable and what is not. This is a general view. In real sense, values are defined by the way we see them. In preferential order, one may category honesty as his primary value while the other would say his is compassion.
Most of the times we mistaken values for preferred behaviours which are tend to change in the face of stiff challenges.
Value is a concept that depicts the beliefs of an individual. Values are considered subjective and vary across people and cultures. As a result, it is determined or influenced by various background such as social and educational background. Also, values may be ethical, moral, doctrinal, ideological, political, religious, social and aesthetic based.
Monday, April 30, 2012
Personal Finance
Personal financial planning consists of three general activities:
-Controlling your day-to-day finances to enable you to do the things that bring you satisfaction and enjoyment.
-Choosing and following a course toward long-term financial goals such as buying a house, sending your kids to college, or retiring comfortably.
-Building a financial safety net to prevent financial disasters caused by catastrophic illnesses or other personal tragedies.
The first and most important aspect of personal financial planning is budgeting.
Why Should I Budget?
Controlling your financial affairs requires a budget. For many people, the word "budget" has a negative connotation. Instead of thinking of a budget as financial handcuffs, think of it as a means to achieve financial success.
Whether you make thousands of dollars a year or hundreds of thousands of dollars a year, a budget is the first and most important step you can take towards putting your money to work for you instead of being controlled by it and forever falling short of your financial goals.
To those of you who think you know where your money goes without keeping detailed records, I issue this challenge: keep track of every cent you spend for one month. I promise you'll be surprised and perhaps shocked by how much some of your "small" expenditures add up to.
For an eye-opening illustration, try the American Express Saving or Spending Big Calculator. Enter the cost and frequency of a habit or indulgence and how many years you expect it to continue. Click a button and see not only how much you'll spend over the specified time period, but how much that same amount would grow to if you invested it at various rates of return. Mind-boggling!
Budgeting and tracking your expenses gives you a strong sense of where your money goes and can help you reach your financial goals, whether they are saving for a down payment on a house, starting a college fund for your kids, buying a new car, planning for retirement, paying off the credit cards, or saving for that trip to Aruba.
Since financial matters are one of the leading causes of marital discord and divorce, getting a handle on your spending, implementing a budget, and saving for the future can also have positive effects on your relationship with your spouse or partner.
-Controlling your day-to-day finances to enable you to do the things that bring you satisfaction and enjoyment.
-Choosing and following a course toward long-term financial goals such as buying a house, sending your kids to college, or retiring comfortably.
-Building a financial safety net to prevent financial disasters caused by catastrophic illnesses or other personal tragedies.
The first and most important aspect of personal financial planning is budgeting.
Why Should I Budget?
Controlling your financial affairs requires a budget. For many people, the word "budget" has a negative connotation. Instead of thinking of a budget as financial handcuffs, think of it as a means to achieve financial success.
Whether you make thousands of dollars a year or hundreds of thousands of dollars a year, a budget is the first and most important step you can take towards putting your money to work for you instead of being controlled by it and forever falling short of your financial goals.
To those of you who think you know where your money goes without keeping detailed records, I issue this challenge: keep track of every cent you spend for one month. I promise you'll be surprised and perhaps shocked by how much some of your "small" expenditures add up to.
For an eye-opening illustration, try the American Express Saving or Spending Big Calculator. Enter the cost and frequency of a habit or indulgence and how many years you expect it to continue. Click a button and see not only how much you'll spend over the specified time period, but how much that same amount would grow to if you invested it at various rates of return. Mind-boggling!
Budgeting and tracking your expenses gives you a strong sense of where your money goes and can help you reach your financial goals, whether they are saving for a down payment on a house, starting a college fund for your kids, buying a new car, planning for retirement, paying off the credit cards, or saving for that trip to Aruba.
Since financial matters are one of the leading causes of marital discord and divorce, getting a handle on your spending, implementing a budget, and saving for the future can also have positive effects on your relationship with your spouse or partner.
Friday, April 27, 2012
Thirst for Success
Success does not come to everybody but to only those that yearn and work for it. However, the way and manner at which we classify success differ. To some, success is measured by how money they have in your bank account while to others, success is the degree of accomplishment they attain on personal and/or organisational pedestal.
Friday, March 30, 2012
Leadership Traits You Need to Thrive in Tough Times!
Trying to grow your business in this sluggish economy is a little like trying to swim through Jell-O. Ineffective or uncertain leaders definitely need not apply.
So what does it take to lead a small business through this ongoing economic mess? The blogosphere is humming with ideas lately. Here's a roundup of the important traits for entrepreneurs in 2012:
1.Listen. Tune in to what workers and customers are saying, and you'll find great ideas for how to move forward.
2.Give credit. Workers love leaders who acknowledge their ideas.
3.Be yourself. In our age of sound bites and phony smiles, tell your story honestly. It's rare and refreshing, and makes workers feel like they know you -- and want to help you succeed.
4.Communicate. So much company dysfunction can be prevented with clear communication. Otherwise, workers are in the dark. And soon, they won't care.
5.Don't be trendy. Avoid the "strategy du jour" problem. Choose a course and stick to it.
6.Beat anxiety. Stop worrying and turn your negative emotions -- regret, fear, sadness -- into teachers that help shape your character.
7.Be service-oriented. Leaders can be sort of self-involved, forgetting that they are in a position of leadership. To serve customers, shareholders and workers stay focused on others.
8.Be accountable. Define the results you want, and acknowledge when a screw-up is your fault.
9.Use empathy. Demographic changes have foisted more and more women into the workplace. Make sure your communication and leadership style is a fit for today's workforce.
10.Share the big picture. If your workers don't know the company's overall goals, it can be hard for them to solve problems. That leaves you having to micromanage every problem instead of being able to delegate and offer guidance.
11.Keep your cool. The days when being a screamer worked are long gone. If workers are worried about whether you're in a good mood today or not, little gets done.
12.Think like an immigrant. When you arrive on new shores, you often see the business world with fresh eyes. Use your unique perspective to spot opportunities others are missing.
Culled from AFRICA BUSINESS FORUM CONSORTIUM.
So what does it take to lead a small business through this ongoing economic mess? The blogosphere is humming with ideas lately. Here's a roundup of the important traits for entrepreneurs in 2012:
1.Listen. Tune in to what workers and customers are saying, and you'll find great ideas for how to move forward.
2.Give credit. Workers love leaders who acknowledge their ideas.
3.Be yourself. In our age of sound bites and phony smiles, tell your story honestly. It's rare and refreshing, and makes workers feel like they know you -- and want to help you succeed.
4.Communicate. So much company dysfunction can be prevented with clear communication. Otherwise, workers are in the dark. And soon, they won't care.
5.Don't be trendy. Avoid the "strategy du jour" problem. Choose a course and stick to it.
6.Beat anxiety. Stop worrying and turn your negative emotions -- regret, fear, sadness -- into teachers that help shape your character.
7.Be service-oriented. Leaders can be sort of self-involved, forgetting that they are in a position of leadership. To serve customers, shareholders and workers stay focused on others.
8.Be accountable. Define the results you want, and acknowledge when a screw-up is your fault.
9.Use empathy. Demographic changes have foisted more and more women into the workplace. Make sure your communication and leadership style is a fit for today's workforce.
10.Share the big picture. If your workers don't know the company's overall goals, it can be hard for them to solve problems. That leaves you having to micromanage every problem instead of being able to delegate and offer guidance.
11.Keep your cool. The days when being a screamer worked are long gone. If workers are worried about whether you're in a good mood today or not, little gets done.
12.Think like an immigrant. When you arrive on new shores, you often see the business world with fresh eyes. Use your unique perspective to spot opportunities others are missing.
Culled from AFRICA BUSINESS FORUM CONSORTIUM.
Monday, March 5, 2012
The Efficient & Effective Leader
Who is a Leader? (Matthew 20:25-28)
In His instructions to His disciples on how they were to lead, Jesus sent a clear message to all those who would follow Him that leadership was to be first and foremost an act of service. Therefore it is correct to say that a leader is a servant. A glorified servant!
From His command, two points are cardinal. One, a good leader must be a genuine follower of Christ. Second, there is no exception to His command. As we all know, whatever or wherever we are in life, we are always at the middle. Today, you are leaders with vast followers, but you are all followers of another leader who is the ultimate. As Christian leaders, we must follow Jesus as our ultimate leader.
The truly exciting part of following Jesus is that He never sends you into any situation with a faulty plan or plan to fail.
What are the expectations from a Leader? (Titus 1:7-14)
If I should ask people that are here present, there will be array of expectations from our leaders. Apart from the fact that humans are Oliver Twist who always want more, leaders have the responsibilities of meeting some set goals even from moral point of view. According to the scriptures that we just read, the following are expected from leaders:
a) He must not be arrogant
b) He must not be a drunkard
c) He must not be greedy for gain
d) He must be hospitable i.e. approachable
e) He must be a lover of good
f) He must have self control
g) He must be upright i.e. a man or woman of integrity
h) He must be holy
i) He must be disciplined
Hmmm…discipline! This is the biggest of all. This is because if you are not disciplined it may be difficult for you serve the master Jesus diligently in the first place. For instance, it is easy for a disciplined brethren to accept Christ faster that a person who is undisciplined.
Other expectation is Commitment, that is a leader must at all times show
• Commitment to increasing knowledge of Jesus Christ
• Commitment to the body of Christ
• Commitment to proffering solutions to needs of the Church
• Commitment to the well-being of his followers
• Commitment to the Church’s vision and values
As a leader in the body of Christ, what is your role to the society at large?
Inasmuch as we dwell in this world, we have salient role(s) to play in the society at large. The onus is on you to evangelise the goodness of God to the society by your lifestyle. Being ambassadors of Christ here on earth, you are required to propagate the gospel by your virtues as leaders. The Bible in Matthew 7:16 states that “By their fruits we shall know them. Therefore, be of good fruit to the society.
Challenges facing Leadership in the 21st Century
Challenges facing Leadership in the 21st Century are numerous and insurmountable. Among them are:
1) Dealing with and accomplishing a mission with uncommitted people
2) The need to establish a clear sense of purpose and direction
3) Selection of right and merited people to carry on the work
4) Training, development and delegation issues
5) Constant conflicting demands on time, energy and resources
6) Fierce competition (inside and outside the Church)
7) Turnover, betrayal, and lack of understanding by friends and family
8) Constant scrutiny and challenges of commitment and integrity
9) Temptations of instant gratification, recognition and misuse of power
10) Effective handling of criticisms, rejection, distractions and opposition.
Frankly speaking, the above challenges make the art of leadership burdensome. Less wonder it is often said that “uneasy lies the head that wears the crown”. Nevertheless, it is an easy task when you align yourself with the biblical norms of leadership. According to Roman 12:2, you should no longer conform to your old ways; you should rather be transformed by renewing your mind. It is important for you to know that leadership is a matter of the heart, head and hands. When you put these three to work, you can handle even the tempest challenges such as gratification, recognition and applause.
It is important for you to note that as you enter into this season of leadership, the quality of your service will be a direct result of your spiritual preparation. In other words, you have to be prepared. Study the words of God often, read books on the subject of leadership. There are inspirational authors such as John C. Maxwell, Ken Blanchard, Brian Tracy, Warren Blank, Warren Bennis, Max DePree, Stephen Covey and so on.
As a leader in the 21st Century, you are required to play both visionary role and implementation role by doing the right thing and doing things right, hence you are an Efficient and Effective leader.
‘Segun-Martins Ogunyemi, is a professional accountant, brand and management consultant. He is the Founder/President of JUST Leadership Foundation (an online-based leadership network).
Wednesday, February 29, 2012
Leadership Challenges in the 21st Century
When the word leadership is mentioned challenges which is otherwise known as responsibilities are vast and synonymous.
I want to welcome you all to the new world. If it seems that leading means striving, running as fast as you can and grappling with new issues every day, you are not alone. Leading effectively in the face of today's fundamental challenges requires greater skill, courage and integrity than ever before.
I want to welcome you all to the new world. If it seems that leading means striving, running as fast as you can and grappling with new issues every day, you are not alone. Leading effectively in the face of today's fundamental challenges requires greater skill, courage and integrity than ever before.
Sunday, February 19, 2012
Being Plain...
Why complain; why explain...
Being plain means your life is explicit and devoid of ambiguity. I often ask, why do people have to always complain or explain when they can be simply plain. I have heard people saying they are hard nut to crack. Huh?! That's not virtue in anyway. Leaders and winners alike always Keep It Simple and Short (KISS)!
Being plain means your life is explicit and devoid of ambiguity. I often ask, why do people have to always complain or explain when they can be simply plain. I have heard people saying they are hard nut to crack. Huh?! That's not virtue in anyway. Leaders and winners alike always Keep It Simple and Short (KISS)!
Monday, January 30, 2012
Africa that I know...
Africa that I know has strength, vigour and capabilities in all ramifications. Why are we belittling ourselves? Cultivating inner awareness, introspection and reasoning can be more effective than meditation and prayer. We lived greater part of our years as apologetic creatures who do more of prayers than working. I mean structural and intellectual works that imbibe promotion and growth.
We often subject ourselves to neurotic subservience before the Western world. It's high time Africa re-told its story. Enough of pictures of crying starving babies to get aid. What is the essence of celebrating annually Malaria Day, AIDS Day, Tuberculosis Day...?
These mediocrity must stop! We need to show our progress and successes.
We often subject ourselves to neurotic subservience before the Western world. It's high time Africa re-told its story. Enough of pictures of crying starving babies to get aid. What is the essence of celebrating annually Malaria Day, AIDS Day, Tuberculosis Day...?
These mediocrity must stop! We need to show our progress and successes.
Thursday, January 19, 2012
THRIVE BEYOND SUBSIDY
The fuel pump price increase that greeted Nigerians on January 1st 2012 has made us almost forgotten the euphoria of New Year. It’s in fact a leap year! In reality, the hike in prices has come to stay hence we need to brace up to the task of making our little (in economic perspective) income count. As individual and/or business owners enormous challenges beckon in 2012. At this critical time or times ahead, information is key!
The road to abundance and prosperity starts in your own mind. Many people believe that government policies and their impact will help them to succeed. Many feel that subsidy on every commodity in the land will make things better. Do not forget that life itself is built on the concept of ‘give and take’. When government gives you succor in one hand (e.g. subsidy), it impoverishes you in the other (e.g. tax).
Still others maintained status quo of blaming the economy, taxes, the removal of subsidy on Petrol Motor Spirit (PMS) and countless other factors which are beyond the control of most people.
While all of these issues do have an impact on our collective abundance and prosperity, they are all inconsequential compared to the most important factor of all your focus. Energy flows to where attention goes. What you focus on has the greatest impact on your abundance and prosperity. Now more than ever, it’s important to realize that YOU and YOU ALONE hold the keys to your financial success.
In the grand scheme of things, it doesn’t really matter what happens in the Senate, House of Representatives, Aso Rock or any place else. The only thing that matters is what happens inside of YOU.
The fact is, you can still make money and enjoy a wonderful lifestyle regardless of what’s happening in the economy. All it takes is focus, simple knowledge, and realizing how powerful and resourceful you really are.
Sadly, many people relinquish their personal power by inadvertently giving it to other people, institutions and the government.
Personal power is also dissipated when we listen to the news, especially political and economic news, most of which have been terrible lately. Please note! I’m not saying to ignore economic and political news. That would be irresponsible.
But what I am saying is to not let it sour your entire outlook on what is and isn’t possible financially. According to Loesje “99.99% of what happens is not on the news.”
For many people, bad economic news is a self-fulfilling prophesy. It gives them an excuse to complain and be negative instead of being positive and focusing on opportunities to succeed.
Here are tips for thriving in times like this:
1 - Start Your Own Business
I’ve been urging and showing people (even here) how to start their own businesses for a very long time. It does not matter whether you are having a salaried job, start part-time business in the area of your utmost interest.
If one of your goals in life is to achieve material wealth and financial independence, one of the quickest and surest ways to achieve those results is through owning a business of your own. Period!
Owning a thriving and profitable business beats investing and speculating in the stock market.
It teaches patience and money sense: two qualities needed to make a fortune. If you already have a business, make it better by engaging in strategic thinking.
By taking advantage of tough time to think strategically, you can spot new opportunities you didn’t think you had. This includes tapping new markets, launching new products, streamlining operations and countless other growth-oriented maneuvers.
In effect, this will open a new stream of income for you.
2 - Pay Close Attention to What You Think and Say
During tough times, it’s easy to get into the habit of thinking negative thoughts, criticize and making negative comments, especially when the mass media makes it easy for you to do so.
Constantly thinking and talking negatively will only serve to bring you down. And it affects everyone around you. Before you know it, you’ll end up in one of those self-fulfilling prophecies mentioned earlier.
Stay informed, but don’t keep repeating what you hear on the news. Remember, energy flows to where attention goes.
Monitor your thoughts and speech at all costs. According to Frank Outlaw…
“Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny”.
By focusing on the positive, you’ll also do wonders for your creative thinking which allows you to come up with solutions to your problems. It also allows you to see new opportunities.
3 – Practise Frugality
In other words, take a sharp axe to your expenses. Tighten up your spending pattern. Not too many people like to talk about this, but if you want to thrive during uncertain economic times, it may be the perfect time to take a serious look at every single one of your personal expenditures.
Actually, this is good practice at ANY time, regardless of how much or how little money you have.
George Clason said and I quote “Do not confuse needs with wants. All are burdened with more desires than they can gratify.” This may be contrary to what prosperity teachers would teach you. It is a principle – you either maximize your income or minimize your expenses; or better still achieve both. Mind you, reducing your expenses does not mean that you don’t have enough money. I believe it tells the world that you are smart enough to handle more money.
Watch and moderate your spending on recharging phones, home Internet, running generators and cars; and boost your savings. Common! ‘tis doable.
4 - Stay Employable
Are you saying that I am contradicting myself? Nah nah…far from it. Inasmuch some of us even majority are still in salaried employment we still have to address this subject matter. Believe me, the uncertain moments may force businesses to downsize as we sail into the year proper. There’s no such thing as guaranteed employment anymore, but keeping your skills on the leading edge will go a long way toward staying as employable as possible. Within the ambit of your income, engage in courses and programmes that will add value to your career. At very least, make sure you're reading the latest books and leading blogs in your field.
However, a well-conceived personal business is always the last resort to keep you going when other doors are shut.
5 - Count Your Blessings Not Your Problems
If you really take stock of all the things you do have in your life, I bet you will be amazed.
Too often people focus on what’s missing in their lives and as a result, they ignore the riches they do have; like a great family, a loving spouse, wonderful children, fantastic pets, loyal friends, and a wonderful ideas-driven group like JUST Leadership Foundation. Do you know that that freedom you possess to think, act and relate is a blessing? In the affirmative, it is!
Focusing on your blessings will cause you to feel grateful. In the words of Charles Dickens “Reflect upon your present blessings of which every man has many - not on your past misfortunes, of which all men have some.”
And when you feel grateful, you create a shift in your thinking from the negative to the positive.
Being positive opens the doorway to your mind. Only when its open, can opportunity can jump in.
Your Financial Destiny is in Your Own Hands. Grab it!
‘Segun-Martins Ogunyemi, is a professional accountant, brand and management consultant. He is the Principal Consultant of Pro Logic Ideas Consulting, Nigeria.
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