WILL YOU DEPEND ON YOUR PARENTS RETIREMENT FUND?-Odunze Reginald

Experience has shown that nearly most businesses owned by  both the rich and the poor all fizzled out following the death of the bread winner or the owner of the business.

According to research ,most family members are also enmeshed in family squabbles over who takes over the estates of the deceased especially if he dies interstate. So what happens if the deceased do not bequeath anything to a family member?  Will they decide not to bury the deceased , what about if the deceased willed all his or assets to charity. What will the family members do?  And even when the family member that dies, has no will, there is that squabble between the relations  and the wife and children  the deceased, as there is this  unwritten maxim that the relations of the deceased has been before the coming of the wife and children of the deceased.

This calls for self awakening and a deliberate programme and strategies in ensuring your own successful retirement devoid of family input.

There are steps to achieving that and according to Wall Street cheat sheet “TCRS offers the following three strategic steps for achieving retirement readiness and success:

1. Save for retirement. Start saving as early as possible — and as much as possible to maximize potential compounding of investments. Save consistently over time. Avoid taking loans and early withdrawals from retirement accounts as they can severely inhibit the growth of long-term retirement savings.
2. Calculate retirement savings needs, develop a retirement strategy, and write it down. In creating a plan, consider lifestyle, living expenses, healthcare needs, government benefits, and other factors, as well as a backup plan in case retirement comes early due to an unforeseen circumstance.
3. Get educated about retirement investing. Whether relying on the expertise of professional advisers or taking a more do-it-yourself approach, gain the knowledge to ask questions and make informed decisions. Seek assistance from a professional financial adviser, if needed.” (Wall street cheat sheet)

What we are trying to say is that every human being should endeavor to put in place measures towards achieving a successful retirement during old age and not looking upon family estates as a means to survival.

Putting a hope on family estates and parent's  retirement pot portrays a lack of confidence among family members and in most extreme cases built up of  hatred, murder, kidnap and other vices that the love for money can aggravate. And according to Kiyosaki “the world of money is filled with con men and charlatans”

Adequate education as a prerequisite for a successful retirement-Odunze Reginald C

According to Francis Bacon, a 16th century English lawyer and philosopher, he said that Reading maketh a man, writing an exact man, and conference a ready man, Francis was a great contrast to his brother Roger Bacon, who was more interested in calculating the number of angels that could dance on a point of a pin, an esoteric  knowledge that you may say.  

 And according to Abraham Lincoln, he said I will study and wait, bag the certificate first and the enviable jobs later.

Awolowo in his book path to wisdom noted that it is good to search for knowledge with a relentless ardor and make no bone about your ardent love for the printed word.

Continuing Francis noted that it is good to know little about everything and everything about little but our study is not entirely on education but on getting the necessary education as regards pension. The Pension Reform Act 2004 and the Amended Pension Reform Act 2014 is the necessary working tool on any related pensions issues in Nigeria. There is nothing wrong in getting it from the book sellers or downloading the Pension Reform Act 2014 from the relevant websites which is very easy as Google search engine has made it very easy to search for any information available in the globe. It can also be downloaded from National Pension Commission website at www.pencom .gov.ng

By studying the relevant sections of the Act, contributors and retirees will be better equipped with knowledgeable information as regards the pension scheme, and when they have such information, they are more likely to plan, strategize on their contribution, they are likely to start calculating their estimated pension pot through the pension calculator so as to know whether to embark on Additional voluntary contribution or not.

Education is of necessity in every aspects of life and pension is not an exception, in my encounters with contributors and retirees, I have come across people who said that they are not interested in the scheme, and the employer has been on them to register but after concerted effort and their inability to register with any PFA, these employers over looked only for them to realized that their colleagues have a larger pension pot than they may think. The result is that they have lost out and there is no way they will measure up with their mates as they have lost a sizable part of their working life

REGINALD ODUNZE.COM

POLITICIANS AND POLITICS SAFE HEAVEN FOR RETIREMENT-Odunze Reginald C

Merrill Lynch survey found that nearly three out of four people over 50 said their ideal retirement would include working. Which is fine. Staying connected to the work world in some way can not only offer financial benefits, it can also keep retirees more active and socially engaged”

Abraham Lincoln, one of the greatest American presidents once said “that politics is too good a vocation to be left alone for politicians”.

And Machiavelli in his monumental book, “The prince “noted that power corrupts and absolute power corrupts absolutely”. And that is the main reason, politicians stick to power. Though Machiavelli was dubbed the devil, by his enemies, associates and intellectual hypocrites. But he definitely made a point and such point to my greatest amazement has still been relevant till today, even though Machiavelli was writing during the time of Mussolini of France and Adolf Hitler of Germany. But what he opined has been relevant in most African countries, where there is sit tight syndrome. The depose of Mubarak of Egypt, the death of Col Gadaffi of Libya  on what has come to be termed as Arab spring are still fresh in our minds. But why do politicians sit tight?  That is not our business today; our business is the retirement of politicians.

Merrill Lynch an investment and financial guru noted above that”staying connected to the work world in some way cannot only offer financial benefits, it also keeps retirees more active and socially engaged” Merrill Lynch position has become relevant to Nigeria politicians.

As at the last count, nearly all governors who have completed their second tenures are gearing up to for senatorial seats and senators and House of Representative members  who have  done two terms are gearing up for governorship. Political analyst are of the view that they are trying to make themselves relevant, protecting and shielding themselves from any financial misappropriation during their last term  based on the principle of immunity .

But financial  analysts and investment planners have different mindset, they are of the view that they want to stay connected  to work life and enjoy the good things of life,  fame , wealth , opportunity to travel at short intervals above all a work world which keep them  more active and social engaged.

But does it give them happiness, happiness varies, what gives Retiree A happiness, may not necessarily give Retiree B happiness.  But the majority of them tend to be happy except where they have soiled their hands during electioneering campaigns and other issues that comes with it pertaining to godfathers and the relevant oath taking to keep in them in check against reneging on their promises to their financiers and king makers.

But be as it may, they tend to be happy and according to Dave Bernard in an article captioned “Finding Retirement state of mind” which appeared in US News .he stated that “they appear to be genuinely happy with their state of affairs and making the most of each day. When you ask about their retirement experience they shine a genuine smile and are happy to regale you – often at length – about how wonderful it is to be in their shoes. Their happiness is infectious and you may find yourself caught up in their joy. Although it is safe to assume not everything is perfect in their world, their overall outlook is positive. They do not believe in the impossibilities , and  even when they fail election, they will always present themselves in the next election.

Odunze Reginald, Lead Consultant , Chareg consulting

Happy New Year 2015

May the year 2015 ushers the best that we can achieve, may we be filled with abundant increase in all aspects of life , joy , peace, love , wealth and above good health.

Resolved to be healthier & wealthier? 4 habits you need to succeed-Gerri Detweiler

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Depending on which study or urban myth you believe, the typical American gains two to 10 pounds during the period between Thanksgiving and New Year's. And there is no question that December is the spendiest month of the year. Credit card issuers can document it, and retailers count on it.

And January? That's when we resolve to lose weight and save money. Can we attack them together? Or does it make more sense to do one, then the other? While many people will make an effort (good intentions but no specific plan) and others will look for the quickest fixes (deprivation), some of us will find that the changes hoped for in January feel like a normal part of life by June. If you need motivation for making financial changes, check out just how much your debt is costing you over the course of a lifetime. And know, too, that people who exercise and pay attention to what they eat tend to be healthier and feel better.
Ellie Kay, co-author of "Lean Body, Fat Wallet," said it might be easier to do both at the same time since the same four habits are required for each endeavor. So success in one area helps reinforce the habits you need for the other.
1. A Sense of Entitlement Can Be Your Friend
The first habit is to monitor your thoughts and redirect them. If you've been stopping for milkshakes on the way home from soccer because it's been a long, tiring day and you are entitled to a treat, change that. You are entitled to a life free of financial worry, and you are entitled to inhabit a body that is as healthy as you can make it. You deserve those things. You are worthy of them. And so taking a walk is what you do because you are entitled to it; you are worth taking care of. Got that? No? That is why it bears repeating. Over and over until you believe it.
Athletes visualize success because it's a tool that works. See yourself succeed (and watch those reruns). Because it will take some time to override those old thoughts of, "I always start well, but…" and "I just can't get control of my sweet tooth." Every year, some people succeed. Tell yourself that in 2015, you will be one of them.
2. Have a Plan for Temptations
The second habit is what the authors call the 3-D habit, and it's a way to keep bad habits from getting the better of you. The D's are for determine, distract and delay. Determine your goal (and remind yourself of it). In the face of temptation, find a way to distract yourself so that you can perhaps interest or immerse yourself in an activity that does not run counter to your goals. And finally, delay. Feel like you must have the carrot cake or the 75%-off Christmas decorations? Can you see if the need is just as urgent in an hour? Do you have a buddy you can call for support?
3. Keep Up With the Numbers
The third habit is knowing and keeping up with your numbers. It essentially means recognizing that the intake and outgo are, one way or another, going to balance out.
With weight, it means if you are taking in more calories (intake) than our body uses in a day (outgo), that unused energy will be banked in the form of fat. With money, it's making sure that every dollar that comes in has a destination and actually goes there (you want a fatter bank account). For both, the secret is tracking. You are essentially balancing a checkbook in real time.
It is only human to underestimate how long we exercised or how much we spent (overestimating the size of our bills or how many steps we took in a day is much less common). Knowing numbers also lets you measure progress. While you may be measuring steps walked or shrinking balances, your persistence may also be paying off in more global measures, like weight, blood pressure, cholesterol levels, net worth or credit scores. Monitoring your progress can help you keep track of how far you've come (you can see your credit scores for free on Credit.com, while you're at it).
4. Are You Counting the Minutes Until it's Over?
The last habit is sustainability, meaning you could live this way and still enjoy your life. A couple of months back, Credit.com staffers went on a "spending freeze," with varying degrees of success. While a freeze can — and did — help shine a spotlight on areas where we could most easily cut back, it also showed us where it was extremely difficult to do so. And if you feel deprived, your efforts are doomed. Make sure you are not being so restrictive that you just can't wait for this to be over.
These four habits are the ones that, practiced consistently, can give you what you want. Here's how it might look in practice. Kay says improving both physical and fiscal fitness requires some tracking, but the tracking isn't difficult. In fact, you can do most of it on your smartphone while waiting in line, while on hold on the phone, etc. If you received a fitness tracker as a gift, use it. There are plenty of financial and fitness-tracking apps that can help you get control.
And although she concedes a healthier lifestyle may have some initial startup costs (let's say you spend 10% more on groceries and avoid the pesticide-laden "dirty dozen" and replace some cheap, processed food with fresh fruits and vegetables), she says that over time, the cost of continuing to be unhealthy will outweigh any savings that come from eating cheaper, less nutritious food. So buy those athletic shoes with good support, but be sure you're getting a good price. Also check with your health insurance, Kay says. Sometimes you can get a discount for enrolling in a fitness program or sharing fitness data that verifies you are getting a certain amount of exercise.
Get the Family on Board
She also recommends enlisting your family's help — and making it fun. (Yes, fun.) There has to be room for fun. If you are able to eat a meal out, consider giving each child a spending allowance and allow them to keep what they do not spend. You won't have to deny them $3 soft drinks; most will decide they would rather have money and drink water, and that lesson is important.
Decide on a family reward for paying off a certain amount of debt. (A camping trip can be fun, Kay notes, and plan modest splurges.) While it's good to tell kids that you're saving money or trying to pay off debt, Kay cautions about telling children the amounts; that is not something they should worry about. You can share the small sacrifices you've decided to make to help save money, and ask what they can do. Talk to them about making money (that's the other way to help save more), and encourage budding entrepreneurs. Tell them the family is working toward financial peace and security. Tell them that you — and they — deserve it.
Recognize Enemies of Success
Among the threats to your success are rationalizing — and we all do it sometimes. Try hard to recognize it and get back on track. Also be careful about judging yourself too harshly. You won't be perfect, and you won't meet every single goal every single day. But if you are meeting weekly goals, you're on your way to succeeding. (That means if if it's 10 p.m. and you've walked only 5,000 steps and your goal was 10,000 that you need not lace up your shoes. Just walk more tomorrow.) Kay recommends being "diligent without being legalistic."
Give your goals a reality check, too. Goals that are too ambitious set you up for failure — as do goals that are too vague. It's reasonable to commit to doing aerobic exercise four times a week; it's not reasonable to go to your 25th high school reunion looking just like you did when you graduated. It's not reasonable to decide in January that by June you will have paid off $30,000 in debt if you have an average income. As motivating as it might be to dream that those things are going to happen, it is a recipe for failure.

Finally, don't let procrastination keep you from being successful. It won't be easier to start in February… or March. Trust us on this. Accept that you will screw up some days and fail to do what you hoped. And that you will succeed if you start again now instead of deciding that you blew it, and what's the use of trying? A small setback doesn't have to become a roadblock if you let that first habit — believing you are entitled to succeed — help you get back on track.

Culled from credit.com