THREE PRINCIPLES TO MASTER FOR GENERATIONAL WEALTH

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August 12, 2020

Decisions decide wealth

In 2010, one year after bitcoin launched the price of one bitcoin was less than a dollar, many did not understand the new technology but Laszlo Hanyecz had bitcoin, lots of it! On May 22, 2010, he bought two pizzas for ten thousand (10,000) Bitcoin. It seemed like a joke to him. 10,000 bitcoin then was worth less than 100 dollars. 10,000 bitcoin today is worth one hundred and fifteen million dollars ($115,000,000) this is not a joke anymore but I am sure you caught the joke – decisions decide wealth! Generational wealth is usually the product of deliberate decisions.

Wealth is a process, not an event

In 2005, Gradish Duzak won the zap millions lottery jackpot! It was worth $50 million at the time. What a resounding event! Duzak was finally rich beyond his dreams Three year later Duzak was flat broke almost homeless – sounds like a familiar story right? I bet you have heard one quite similar! It happens all the time. The moral of the story remains however, that generational wealth is a process not an event! To keep wealth over time requires hard and constant work not one time luck!

Wealth must be disciplined otherwise it will be wayward

A fool and his money will soon part ways! So says an old proverb. Lasting wealth is for the disciplined not the freehanded. Habitual retention of income is the pathway to lasting fortunes Delayed gratification is always a useful tool to discipline the mind. Riches do grow wings that itch to fly, these wings must be deliberately tamed. Learning to make income procreate is always better than learning new ways to spend income. The number one cure for a lean purse is to learn to keep that which you already have earned.

US Africa Development Foundation invests $20m to create prosperity pathways in Nigeria

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obbuuz

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August 12, 2020

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In the last ten years, the US Africa Development Foundation has sought to sustainably improve the lives and livelihoods of underserved Nigerian communities in both rural and urban areas.

USADF is a founding member of Power Africa established by the United States of America’s Congress to support and invest in Africanowned and led enterprises. The foundation operates a participatory, locally-led and community-driven approach to development in Africa.

In Nigeria, it has invested over $20 million (N7.57 billion) in the last ten years with a focus on early start entrepreneurs, cooperatives in agriculture and energy. The Foundation has projects in the northern part of Nigeria, Middle Belt, South West, South-south, and South East with impact measured using the triple bottom of impact on people, the environment, and profits. Nigeria occupies a significant position because of the scale of projects’ impact.

“We start in the communities with focus on food security, job creation, and power,” C.D. Glin, president and CEO of USADF said on Power Solutions, a Nigeria Info FM programme. “In Nigeria, we have investments in powers solutions such as solar, hydro, biomass, and biogas.”

Glin said USADF is driving energy access through the Power Africa for marginalised and underserved communities with a concentration on off-grid energy. Finding, funding and supporting earlystage energy entrepreneurs constitute the Foundation’s operational model. “We are investing in Nigerian energy solutions for Nigeria, that is, locally-led solutions. We bring capital and build local capacity.”

Through Power Africa, USADF and All On, an offgrid energy impact investing company seeded by Shell in Nigeria have established the Nigeria Off-grid Energy Challenge, a multi-year partnership to identify and help scale innovative off-grid solutions to “power up” unserved and underserved areas in Nigeria.

Sixteen Nigerian companies have been selected through the 2018 and 2019 editions. The winners of 2019 Nigeria Off-grid Energy Challenge were ICE Commercial Power, Sosai Renewables, Greenage Energy, Pirano Energy, Sholep Energy, Entric Power Systems, ACOB Lighting, Nexgen Energy, and Protergia Nigeria. In the first edition of the Challenge in 2018, the recipients were Prado Power Ltd, Darway Coast, Auxano, Eastwind Labs, Alyx, Creeds Energy, and ikabin.

Culled from businessday

Bitcoin offers Nigerian diaspora new ways of remitting money home

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obbuuz

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August 11, 2020

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Bitcoin is offering Nigerians in diaspora new ways sidestepping multiple exchange rates, high and sometimes hidden charges and the lack of interoperable platforms.

Although the financial technologies (FINTECH) ecosystem has provided appreciable solutions, exchange rate arbitrage opportunities remain. Nigeria occupies a special place among the countries who suffer the most.

Overseas Development Institute (ODI) had a report published in 2016 that Africans are paying the world’s highest money transfer fees; an average of 12 percent in fees to transfer money back to relatives in Nigeria. In addition to the huge fees, the foreign currency gets converted using uncertain exchange rates.

With bitcoin, a new kind of money that is created based on mathematical proof and held electronically without any centralised banks or government authority, money can be sent from abroad to family or friends (beneficiaries) in Nigeria at extremely low fees and better exchange rates than banks and money transfer operators, using a bitcoin wallet.

What is a bitcoin wallet? Bitcoin wallets operate like a financial institution account, an area wherein the holder can send and receive bitcoins from different bitcoin users. This is available at Redimit or Binance.

Bitcoin wallets enable the sending and receiving of the cryptocurrency by adhering to the bitcoin protocol. These wallets are intricate software programmes that enable individuals with little to no technical knowledge to interact with the bitcoin blockchain to transact value globally, without barriers.

There are several Nigeriaprimarily based and bitcoin platforms. A bitcoin wallet holder can purchase, send or receive bitcoins using Naira Nigeria; top of them are platforms like Binance, Redimit, Quidax and Patricia.

How to send bitcoins to Nigeria

Once the bitcoin is obtained the holder could move in advance and create a bitcoin sell order at Redimit with the quantity of bitcoin to be sent. The guidelines below will be helpful.

Four simple steps in bitcoin sell order

Visit Redimit or any other bitcoin exchange and click on sell bitcoin. Enter the value of bitcoin in United States dollar and the sender/receivers bank details. Copy Redimit’s wallet to send bitcoin. Upon receipt, naira will be paid instantly into the receiver’s bank. After receiving the bitcoin, Redimit can pay naira into the Nigerian bank account.

Remittances to Nigeria from the diaspora have increased by 210.30 percent in the past decade. It rose from $5.66 billion recorded in 2010 to $17.57 billion as of November 2019.

The available options to send and receive money in Nigeria include Western Union, Ria Money Transfer and Payoneer. Other options which allow only receipt of money in Nigeria are Transferwise and Paypal.

So far, Chipper Cash, which was launched in 2014, is probably one of the easiest solutions to cross-country money transfer. But it currently works only in seven African countries, namely: Ghana, Kenya, Rwanda, Tanzania, Uganda, Nigeria and South Africa.

Recently, however, more cryptocurrency platforms are beginning to explore the opportunities available in remittances. Last year, Binance, a cryptocurrency exchange partnered with Flutterwave to allow naira deposits on its platform.

In February 2020, Patricia Technologies Limited launched a debit card that enables users to withdraw money from their Bitcoin wallet at any ATM (Automated Teller Machine).

How long does sell order take to complete?

Sell bitcoin order on Redimit are usually completed within minutes. Order will be completed when admin has verified bitcoin in the admin wallet.

Culled from Businessday

5 Big Lessons from the Book “the Richest Man in Babylon”

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obbuuz

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July 29, 2020

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The Richest Man in Babylon is a 1926 book by George S. Clason that dispenses financial advice through a collection of parables set 4,000 years ago in ancient Babylon. The book remains in print almost a century after the parables were originally published, and is regarded as a classic of personal financial advice.

“Start thy purse to fattening” – Pay yourself first

Learn to see the value of your work, and place a priority on paying yourself first. By creating a simple system to allocate where your money gets spent, you stand a good chance of buzzing your wallet. Here’s a simple system you can practice.

- 10% = Pay yourself first.
- 10% = Pay debts (start with most small, expensive, high interest debts first).
- 10% = Future savings.
- 10% = Generosity (charity, church tithe, non-profit organisations etc.)
- 60% = Living expenses, including mortgage.

“Control thy expenditures” – Live within your means

Don’t spend more than you make. Either spend less, or earn more. Be clear on the difference between a desire and an expense. Resist the habit of spending more as we earn more. Just because our income might increase, doesn’t mean our spending should.

“Make thy gold multiply” – Make money work for you

Understand compound interest, and how you can benefit from it. There are many investment vehicles, choose the one you understand the most. You may also consider opening an online high interest account, that you can’t access with a ATM card. Set aside part of your income for short and long term Investments.

“Guard thy treasures from loss” – Safeguard your wealth

Have a variety of insurance policies, income protections etc. Creating financial reserves or emergency funds is a good way to stay financially disciplined within your budget. Seek advice from people who are experts in their particular field, people who have actually experienced what you’re attempting to invest in.

5. “Increase thy ability to earn” – Invest in your personal development

We live in a very exciting time: the Information and Innovation Age. Knowledge is literally at your fingertips, thanks to the Internet. Strive to become wiser and more knowledgeable. We must practice to often set aside part of our income for our personal development.

Double Your Money With Government Bonds

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obbuuz

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July 29, 2020

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Use Government Bonds to Preserve Capital

Government Bonds are a risk free way to tuck your hard earned money as you continue to live within your means.

Simply put, Government bonds enable you to lend money to your Government to use for developmental purposes like roads, hospitals and other critically needed infrastructure. Because Goverments are soverieign and harldy fail, this investment vehicle helps you to stash up some wealth over time risk free. Some Nigerian Government Bonds pay up to 15% per annum so that you can double you rmoney after seven years.

Be sure to watch out for inflation, as it may erode the time value of your money.

In anycase, Government bonds are a sure-proof way to preserve your capital while you continue to live within your means

Click here: https://www.dmo.gov.ng/ to check out the latest Nigerian Government Bonds.

Five ways to save more in 2020

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obbuuz

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July 29, 2020

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Make a budget

Remember, those who fail to plan always plan to fail. This is one of life’s surest principles. You can’t break it! You can only break yourself against it. A budget keeps you aligned, it keeps you in check, it helps you to know where you are going, so you can make better decisions.

Use the 24 hour Rule

Basically, this rule says you should wait for at least twenty four hours before you buy anything! The trick here is that you may not need that item anymore after the basic twenty four hour period, or better still you may find a cheaper alternative.

Save the little you have now

Many still make the age-long mistake of waiting till there really have much before attempting to start saving. The question is – how much is much-enough? Start from what you have now to put little bits away. Remember it is little drops that make an ocean.

Always spend less than you earn

There is a saying that if your outgo exceeds your income, your upkeep will become your downfall! Living below your means will always ensure that you have something to put aside.

Earn on Your Savings.

Make sure to put your savings to work to earn more or born more children as we say where I come from. Passive incomes are one of the surest ways to grow wealth. Your savings can earn more in a high yielding account or in a deposit scheme that locks up your money while earning your interest!