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5 Ways to Manage Wealth After Retirement in Nigeria
5 Ways to Manage Wealth After Retirement in Nigeria
By Lawrence Agbo
Are you a retiree in Nigeria and you end up not living the life you so desire for yourself after retirement? You discover that your carefully planned retirement programme could not sustain you a few years later and you wonder what you did wrong.
The answer to that question is that you lack proper management of your wealth after retirement. However, this article will enlighten you on how to manage your wealth after retirement by using deliberate planned strategies.
Here are 5 ways to manage your wealth after retirement.
Consider working part-time
Retirement is supposed to be a period of refraining from active duty and engaging in a part-time or remote job, but not to stop working entirely. The mistake most retirees make is that they fall back on their pension or savings and continue spending like they are used to while on active service.
That is the wrong way to manage wealth as a retiree and will only make you broke.
By engaging in a part-time job, you will be able to manage what you have saved durin your 35 years of active service, stay more informed and keep your brain active.
Doing a part-time job will also fetch you additional income that can cover some expenses. It also allows you to choose flexible hours and preferred times of work.
You can choose to teach or retail whichever is convenient for you and ensure you create a network. By doing this, you will come in contact with those who will need your services or expertise.
Look for passive income opportunities
Passive income is simply the earnings you receive from investments or business ventures that require no serious effort to maintain from the investor or retirer as this case may be.
While you are still on active service, ensure that you have a business that brings in passive income and if you don’t, endeavour to have an investment that brings in return.
In our society today, many retirees rely on this means and it seems very resourceful. You will see a 70-year-old man living flamboyantly and living a healthy life because he is sure of getting returns either weekly, monthly or even yearly. This is why retired landlords in Lagos State don’t lack.
They depend on the money for rent from tenants. Some even go as far as using a scheme that enables them to make a huge sum of money at once if the need arises by giving a tenant notice to quit to get a new one or increasing the house rent yearly.
This will enable you to reduce reliance on the money saved during your active days at work and it allows for more leisure time or the ability to pursue other interests.
Managing your expenses in retirement
The way you spend during retirement goes a long way to determining how will you manage it. This is the time for you to be honest with yourself as much as possible by avoiding unnecessary spending or a flamboyant lifestyle if you really want to manage your wealth.
To achieve this, create a comprehensive budget that will identify all your sources of income including your pension, passive income and part-time work and categorise how much you spend monthly on expenses.
You should focus more on your needs than wants at this stage and ensure you stay free from debt.
Use the 4% rule
This is one of the smartest rules to manage wealth after retirement by providing a specific guideline for withdrawal from savings annually.
This rule is designed to ensure that the savings last at least 30 years. This rule is also good for managing how you spend, especially when you know that you can’t get more than 4% of your savings annually
Move to a smaller property
After retirement, there is a need to move to a smaller property to cut expenses. If you have a property you put up for rent, you should move to one that is easy to maintain and put the expensive one up for rent.
The cost of maintaining a flamboyant lifestyle can be very expensive. So you need to watch out for that.
This is not the right time to move to a flamboyant house if you are a tenant. Rather, you should move to a cheaper apartment where you will pay less and still live comfortably.
Culled: Vanguard News
Over 2,000 Bibles Distributed at the Event
By Divine Perezide,
Lagos, Nigeria – Concerned mothers from the Niger Delta region have gathered in Lagos for a special spiritual deliverance prayer service, seeking divine intervention for the governors of the region. The event, tagged the “Niger Delta Governors Spiritual Deliverance Service Day,” is currently taking place at the Ijaw Monitoring Group (IMG) Office.
Organized by the National Coordinator of the Ijaw Monitoring Group, Comrade Joseph Evah, the prayer service aims to seek divine guidance and wisdom for the governors of the Niger Delta states, including Senator Duoye Diri (Bayelsa State), Rt. Hon. Sheriff Oborevwori (Delta State), Umo Eno (Akwa Ibom State), Lucky Aiyedatiwa (Ondo State), Bassey Otu (Cross River State), Sen. Monday Okpebholo (Edo State), and Siminalayi Fubara (Rivers State).
Speaking at the event, Evah emphasized the need for visionary leadership in the region, drawing inspiration from past governors who championed development. “We are inspired by the legacy of the region’s founding governors, such as HRM Alfred Diete-Spiff, Chief Udokobo Jacob Esuene, and Chief Samuel Osaigbovo Ogbemudia, who drove development and industrialization in the region in the nascent days of Nigeria,” he said.
IduwiniVoice staff correspondent Tama Perety reports that over 2,000 Bibles were distributed during the service. The prayers focused on asking for economic wisdom and a patriotic spirit among the current governors, as the region faces severe challenges, including economic hardship, insecurity, and environmental degradation.
Evah and the participating mothers expressed their hope that the spiritual exercise would inspire the governors to take bold steps in addressing the issues plaguing the Niger Delta. Quoting from the event’s advertorial, Evah stated, “A mother’s prayer is the solution to her children’s predicament.”
The organizers remain optimistic that the prayers of the mothers will bring about a positive transformation in the region’s leadership, ultimately leading to development and prosperity for the Niger Delta.
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Ijaw Youths Network Celebrates High Chief Kestin Pondi, MD of Tantita Security Services, on His Birthday
The Ijaw Youths Network (IYN) has extended warm birthday wishes to Engr. Kestin Pondi, the Managing Director of Tantita Security Services Nigeria Limited.
In a statement released on Tuesday, IYN President Frank Ebikabo and Secretary Federal Ebiaridor praised High Chief Pondi as a visionary businessman, philanthropist, and an esteemed son of the Ijaw nation. They acknowledged his unwavering dedication to fostering peace, economic progress, and development in the Ijaw region, the broader Niger Delta, and Nigeria as a whole.
The statement highlighted Pondi’s outstanding contributions to the socio-economic advancement of local communities. According to Ebikabo and Ebiaridor, his efforts through Tantita Security Services have not only enhanced security but have also created economic opportunities for thousands of youths across the Niger Delta. They commended him for empowering young people, which has had a ripple effect in boosting economic stability in the region.
IYN also lauded Pondi’s leadership abilities and strategic vision, which they said had positioned Tantita Security Services as a trusted name in the private security sector.
The statement further read:
“The Ijaw Youths Network (IYN) felicitates the Managing Director of Tantita Security Services Nigeria Limited, Engr. Kestin Pondi, on this auspicious occasion of his birthday.
“We are very proud of him as a great and worthy son of the Ijaw nation, who believes in the peace and development of the Ijaw nation and indeed the Niger Delta.”
“As the Managing Director of Tantita Security Services Limited, you have made unparalleled contributions to the fight against oil theft and the desires of millions of Nigerians to wrest our economy from the talons of oil thieves and their allies.”
“We are proud of your courage, your capacity, and dedication to the cause of this great country.”
The statement also highlighted Pondi’s humanitarian efforts, emphasizing his commitment to uplifting those in need.
“Back home, you have shown yourself as a man of great compassion who has touched the lives of many in unforgettable ways. Your passion to render help to those not known to you and rescue many from the claws of poverty and challenges speaks volumes about your humanity. You are a shining star, and may you continue to grow brighter and brighter.”
Concluding, the IYN expressed deep admiration for Pondi, offering prayers for his continued success and divine protection.
“The Ijaw Youths Network is proud of you, and we pray that the Almighty would continue to prosper you and put you under the banner of divine protection.”
By Divine Perezide
Renowned American musician Jermaine Jackson, elder brother to the late Michael Jackson, has reportedly expressed deep admiration for the Nigerian music duo P-Square, acknowledging their tribute to the King of Pop in their hit song “Personally.” according to a Facebook post by Celebrity Social Influencer, Tunde Ednut.
In a statement that has sparked discussions among fans worldwide, Jermaine Jackson revealed that the Jackson family was highly impressed by P-Square’s performance and even extended a lucrative offer for them to perform at the Grammy Awards, Ednut Stated.
“To thank P-Square for the Tribute Dance they gave Michael Jackson, we offered them $4-million to perform at the Grammys this year but they turned it down,” Jermaine Jackson stated.
Further elaborating on the family’s admiration for the Nigerian duo, he added:
“The entire Jackson family was very impressed with P-Square’s tribute to Michael Jackson in their hit record, ‘Personally.’ It’s not every day that a phenomenal band like P-Square comes along. When I saw the dancing of P-Square, I was really knocked out because they’re so sensational. ‘Personally’ kind of reminded me of the ‘Jackson 5’ when we started music.”
The opportunity for P-Square to perform at the Grammy Awards was meant to be a moment of global recognition, but their split as a group prevented them from accepting the offer.
“We were really excited to see P-Square perform their tribute to Michael Jackson this year at the Grammys. So we reached out to them and offered them $4-million hoping they’d come, but they rejected it because they’re not together any longer. But I wanna thank P-Square for doing such an incredible tribute to my brother Michael Jackson, and I really hope they can be reunited again and hope to meet with them someday,” Jermaine Jackson expressed.
This revelation has reignited conversations about the importance of unity within families, with many fans reflecting on the moral lesson that “there’s nothing like peace and love in any family; it brings forth progress.”
The thought of a collaboration between Michael Jackson and P-Square remains a dream that fans can only imagine. However, Jermaine Jackson’s comments have reinforced the immense global impact of P-Square’s artistry and their connection to the legacy of the King of Pop.