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Showing posts from 2016

NIGERIA IS IN RECESSION, FAMINE IS IMMINENT, SO HOW CAN YOU SURVIVE?

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"Nigeria has 33 silos meant for storing grains against periods of poor harvest but all silos are empty, as fear of  famine stalks the country"- Businessday Newspaper, Friday 02 December 2016.

The possibility of famine outbreak in Nigeria is becoming more of a reality with each passing day, the prices of basic food stuffs has skyrocketed, cost of food supplement is right there among the clouds, even ordinary sachet water is now twice as expensive, and this inflation seems to be accelerating, cost of basic necessities like power, transport, accommodation, fees and levy has become more expensive, yet wages are not improving, in fact many are taking pay cut just to stay employed, because many people are losing their jobs by the minute, and many expert come on TV Programmes, Radio shows, on social media and other available outlet to suggest the way out and way forward, still the economy is not improving.

Since the solution proffered so far to Nigeria's problems seems not to b…

DO YOU WANT TO COPE IN THIS ECONOMY? TRY THIS FORMULA.

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“All of us might wish at times that we lived in a more tranquil world, but we don't. And if our times are difficult and perplexing, so are they challenging and filled with opportunity.” -RFK.

Nigeria has been coping with a dire financial situation for some time now, and Analysts are saying the currency issues facing the country may linger till 2019, which means succour might not be just in sight yet, and we have to brace ourselves for more austerity and its attendant effect, which might include, more layoffs, businesses closing down, investors relocating elsewhere, unstable oil price, rising price of commodities, and limited or no access to basic amenities and services. In the face of all these challenges, the facts in the public space all seem to be pointing to one sector of the economy as the way out of all this problems, but are you ready to explore this solution?, because the solution to this crisis is in our collective hands, and we need to start doing something.

One of the be…

NEGATIVE INTEREST RATE: THE NEW NORMAL

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Whenyoulendsomebodymoney,theyusually havetopayyoufortheprivilege.That has beenabedrockassumptionoffinancial institutionsforcenturies.Butthisisan assumption that is increasingly being tossed aside by some of the world’s central banks and bond markets. In recent months a number of the world’scentralbankshaveveeredinto territory once unimaginable to most economists: negative interest rates. Investopedia says negativeinterestratepolicyisan unconventionalmonetarypolicytoolwhereby nominaltargetinterestratesaresetwith a negativevalue,belowthetheoreticallower boundofzeropercent. Standardtextbook theoriesholdthatnegativeinterestratesare infeasiblebecausedepositorsalwayshavethe outsideoptionofholdingontocash,whichis storableandthereforepaysaneffective interest rate of zero. Duringdeflationary periods, people and businesses tend to hoard money instead of spending and investing. The result is a collapse in aggregate demand which leads to prices falling even further.

Adownwardshiftinaggregate dema…

LESSON LEARNED FROM THE RECESSION: WHY YOU NEED AN EMERGENCY FUND

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James Rufai had risen through the ranks and file in his bank from being a teller through 25 years of hard work and personal sacrifices to becoming a manager. Today, his years of hardwork have come to nought; the Human Resources just served him his discharge letter. James has four children in one of the international schools at Lekki Phase I, Lagos. Among his first decisions was the withdrawal of his children from the international school because he would no longer be able to afford the requisite school fees, change of neighbourhood from posh to less posh (Lekki to Egbeda), sales of some of his exotic household furniture and car, to enable him weather the economic storm occasioned by the looming economic recession. Nigeria is technically in an economic recession and at the brink of an economic precipice. Its massive effect is spreading across every sector of the most populous country in Africa, particularly education. There are many similar stories in Nigeria today which could have bee…

JOB VACANCY

We have a job opportunity for a Lawyer with four (4) years experience in perfection and documentation/ commercial transaction. The personnel must be social media inclined with ability to market Trust product online. The role also requires client facing and marketing for new prospect on trust products.
Educational requirement; minimum of 2nd class lower in a reputable university and also at law school. international Master degree will be an advantage. gender pref. Female.
 interested persons should forward resume to hr@almconsultingltd.com with 1 week of this post.

THIS WAS NOT THE PLAN - PART 3

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We have decided to share Jumoke’s story with you for a worthy cause. We believe all knowledge does not originate from direct experience and sometimes we have the opportunity to learn from the experience of others. Read on and remember the lessons in this story…..
Although men made advances at her, she made it clear that her children were her priority and committed all her time and efforts towards their upbringing.After a few years she accumulated enough to buy a house and two shops at an Ultra-Modern market. At least, she had an alternative source of income from the rent she received from the shops and she believed she had acquired these assets for her children to inherit in the future.
Dayo got to hear of her success and decided to seek her out. He begged her to return and made promises to change his attitude towards her and the children. Her Mother also advised her to reconcile for the sake of the children but the truth is Dayo never cared about her or the children. He never bothered…

THIS WAS NOT THE PLAN- PART 2

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Last time we started a short story on Jumoke and Dayo (true story, only names have been changed).The story continues this week. We would appreciate your views and comments on this story. ************************ Jumoke had lost count of how many times Dayo beat her and pushed her out of their house or abandoned her on the road if they had an argument in the car while driving home from somewhere. On one occasion while she was pregnant for their first child, he put his fist through the passenger window of his car and dragged her through it,after punching her in the stomach several times she ended up in the hospital; needless to say she lost the baby. She got pregnant again, this time with twins but things remained the same he abused her again and again. After she delivered, he would complain when the babies cried and tell her `to shut them up or else.’ Every day Jumoke lived in fear, never knowing what Dayo’s mood would be. After years of abuse, Jumoke was determined to turn her life around…

THIS WAS NOT THE PLAN

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Jumoke’s journey to hell began twelve years ago when she met Dayo at a friend’s wedding in Surulere. She was 22 at the time and a graduate of Business Administration, Obafemi Awolowo University. He was 2 years older, kind, attentive and friendly. Quite typically, she soon fell for him. He was a good looking, sweet and loving man whom she was lucky to be dating and of course things moved pretty fast, they were a married couple by traditional rites within 6 months.
Within a few months of their marriage,his behaviour got more and more controlling, he wouldn't let Jumoke out the house to search for a Job which they desperately needed. Soon he started to hit her and threatened to kill her if she leaves him. She was scared for her life and there were times when she returned home to her parents but her mother was constantly reminding her that nobody’s marriage is perfect, she should be patient, Dayo will change.
The story continues in a forthnight. However, we would like to know what you …

WHY YOUR BIRTHDAY SHOULD REMIND YOU TO WRITE OR REVIEW YOUR WILL

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From the moment we are born, we begin to die.” -Jane Teller. Our birthday is a special day, and that is why we commemorate it every year, it is a great day that brings joy and happiness to families, friends, and everyone that hears about the arrival of the bundle of joy, and wants to join in celebration afterwards. As the years go by, it becomes a day of thanksgiving, when our achievements get celebrated, when our friends and families spoil us, and when we generally get to have fun, but most importantly it is also a time to do a lot of soul searching, because with each birthday we draw closer to the end of our time either we like it or not, so have you written your will? or have you reviewed your will in recent times?.
Writing your will or reviewing it periodically does not mean you are about to die, it simply means you are proactive, you care about your beneficiaries, you care about your assets, and how it will be administered when you are unable to supervise it yourself. Many peop…

SECURING WEALTH FOR FUTURE GENERATIONS

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Benefactors often talk of a long-standing sense of responsibility toward their loved ones. They want to provide for their family even when they are no longer there. They wish to provide, not just for the next generation, but several after that; so that their successors can enjoy a good standard of living, protection against emergencies and have a useful platform from which to make the most of their own successes. Effective Wealth Management is a result of careful financial and estate planning. Without proper planning and proficient management, the wealth could easily be lost in future generations to: Family conflict,Taxes, poor investments, and unprepared recipients of the wealth.
You may have different ideas about how you want to achieve this; such as helping your children buy their first home, kick-starting a business or paying for your Children’s education.There is an array of options available to help you protect your legacy and pass on your wealth and it is our belief that action t…

ARE YOU GUARDING YOUR SAVINGS CAREFULLY?

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The economic news in recent times is worrisome, and we cannot afford to lose our hard earned money to personal/government frivolities or some unnecessary expenses, gone are the days that you can keep your money in banks and go to sleep, fully assured that your money is safe, these days one has to be careful due to the rate at which banks are changing name, management, all kinds of deductions that is cumbersome to understand, and various bank charges that is not adding any value to your savings. Keeping your money through other available options is not totally fool proof, you just have to be keen, and very interested in how your money is kept, what it is used for and why it is either growing or reducing. This is not the time to be living a lifestyle that is above your means and income, but it is the best time to keep saving, and protect your savings aggressively, there are all kinds of schemes out there to get at your money, from the seemingly harmless every weekend Aso-Ebi, to the ge…

EMPOWERING YOUR CHILDREN FOR THE FUTURE

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Children are the most vulnerable segment of our demography, mainly because they cannot take any independent decision especially as regards their future. On the other hand they represent a vital part of any population for the reason that they ensure continuity.
At a time like this when the economic situation is not encouraging, our focus ought to be protecting our children from suffering the effects of a raging economic storm. This is the time to ensure that they are healthy; physically and psychologically by monitoring what they eat, drink, their personal hygiene, their recreational activities, their association, and to cap it all, their academic progress.
The future of education is no longer about the ability to read and write but extends to the ability to apply knowledge to the ever changing dynamics presented by world and contribute something valuable to the society. Beyond basic literacy skills, our children need to have qualitative education to equip them for the future.
Quali…

IN TIMES LIKE THIS FINANCIAL PRUDENCE IS THE KEY

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Financial prudence is a key accounting principle which ensures that income, and assets are not overstated, hence preventing overspending which can cause financial strain for any entity, currently we can say the effect of the dollar rate is having an adverse toll on the Nigerian economy, the state of the power sector is nothing to write home about, there is a lingering fuel scarcity whose end is not in sight, and there is water scarcity, so for you to enjoy any of this services, you have to provide for your self, and it does not come cheap anymore.

The inflationary effect of the phase Nigeria is going through now is so evident that we obviously do not need an Economist to point it out, since food, transport, clothing, water etc. now cost more, yet salaries are not being reviewed upwards for the majority, in fact people are losing their jobs faster than how they are getting employed, so we are here to provide you with a way forward at no cost, we are going to stress the need for everyo…

DOES THIS PICTURE INDICATE THAT THIS YEAR WILL BE GOOD FOR YOU?

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The above picture is a symbolic one that best describe Nigeria's current economic situation, but despite this situation, austere times are known to come with its inherent opportunities, and in view of this , do you think this year can be a good one for you?

MAKING A WILL PROTECTS YOUR MOST IMPORTANT ACHIEVEMENT IN LIFE

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It is true that a will becomes active after the death of the testator, and you probably imagine yourself  living to a ripe old age before dying, so you feel you don't need to do a will now. You are not alone in that thought, because no one likes to contemplate their own death or that of a loved one, in the same vein no one is immune from aging or dying. However a will is more about protecting your investments, tangible and intangible asset, it is a vital financial management tool you create when your mind is still lucid, and alive, to protect your investment, and beneficiaries when you no longer can.

It is so important that everyone has a will. it gives you peace of mind to know that when you can no longer protect your children, spouse, beneficiaries, and your investment in case of death or incapacitation, they will have an anchor to lean on. There are three criteria that validate a will and all of them are tied to  the clarity of your mind. They include the ability to understand…

HAVING A LAST WILL AND TESTAMENT IS NOT A DEATH SENTENCE

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To begin with, it is important we dispel the misconception, and stigma attached to drawing up a will and testament , especially in our local environment, because some still believe that it something done in anticipation of death, and so if one is not planning to die, will and testament should be far from one's mind, We are here to tell you that it is mere tales by moonlight, having a will and testament does not mean any misfortune will happen to you, it is simply a plan, that takes into consideration your asset, and your loved ones, especially when you are indisposed for any reason whatsoever.

Last will and testament is one of the important tools of estate planning, and in our previous article titled "Let's talk about estate planning part I "  we stated clearly that as long as you have an asset, tangible(landed properties, cars, jewellery e.tc.) or intangible (stocks, shares, pension, gratuity etc.) you must have a plan as to how it should be handled in case you are…

CAN YOU SURVIVE THE HARD TIMES AHEAD?

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"Hard times ahead, CBN warns Nigerians" This is the headline on the cover page of  The Punch newspaper of  the 27th Jan. 2016, and looking at other news headlines, we will see that this hard times is not really ahead, because it is already happening, and it is not peculiar to only Nigeria, it is happening across the world so in other not to be under high pressure, and too much stress we need to brace ourselves, and start taking austere measures that will keep us financially afloat in this hard times. There will be general increase in prices of everything e.g. School fees, price of basic amenities like house rent, water, electricity, food, clothes, transport etc. Job losses will also be rampant, because many businesses will come under the kind of pressure that will make them collapse, and new jobs or ventures might not be able to survive, but if we are prepared, we can be able to remain afloat financially. This is not the time to throw parties, buy expensive clothes and acces…

HOW INNOVATION CAN MAKE YOU SUCCEED IN THE NEW YEAR

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Once again we wish you all a happy and prosperous new year, by now the euphoria of the festive period is fast wearing off, and you all have to return to your jobs, schools, businesses, and whatever earns you your daily bread, with the mindset that this year must be better than last year in all ramifications, but for this year to be better than last year you must look back to review how you executed your daily activities, plans, decisions, and effort in the past year, what it helped you achieve, you will then measure it against your set goals or target, so as to determine if your achievement for last year met your expectations, and also see if your effort is commensurate to your achievement, while bearing in mind that there is room for improvement, because the only constant thing is change.

This year you have to be innovative, because of the rising competition for the diminishing resources, the prices of oil is down, new jobs are yet to be created, old jobs are getting lost, debt ev…