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Five Principles of Responsible Borrowing

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Borrowing and lending are integral parts of human existence. Individuals, Corporates and even Nations have to play one of these roles at one time or the other. Maybe you have been or are about to be on the borrowing side of life, the principles below will help you sail safely and successfully.

  1. Do Not Exaggerate Your Income

Blowing up your income for purposes of borrowing can be easily spotted out and may come back to haunt you in many ways. At the very least it causes the lender to doubt the character of the borrower.

  1. Do not indulge on Credit

Excessive or uncontrolled indulgence must never be the outcome of your borrowing. This is a common challenge amongst first-time borrowers who suddenly come into new money.

  1. Do not use loans to pay loans

Many still make the always fatal flaw of using loans to pay loans. This leads to deeper pits which eventually become too difficult to fill.

  1. Do not Avoid Repayments

Obviously, this leads to bad credit, which in turn inhibits your ability to borrow again, a typical situation you always want to avoid.

  1. Do not Borrow Ignorantly.

Know why you need a loan, what it will do for you, and how it will positively affect your overall bottom-line.

Boost Your Business with Low Interest Government Funds

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AGSMEIS is an Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

https://nirsalmfb.caderp.com/account/landingpage

 

Abridged Requirements for CBN’S N50bn COVID-19 fund

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The N50 billion COVID-19 fund of the Central Bank of Nigeria (CBN) is being disbursed to suitably qualified applicants who meet the guidelines and requirements set by the Apex bank in the wake of the global Pandemic.

The 50 billion Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMES) is a means to give relief to the economically vulnerable population during these stressful and trying times.

According to the CBN, eligible households or SMES shall submit applications directly to NIRSAL Microfinance Bank (NMFB).

The applicant must, amongst others, submit BVN number and business registration (where applicable). There is no need to submit a business plan anymore to access the fund. This was initially a compulsory requirement for accessing the COVID-19 loan.  The CBN has also waived the guarantor requirement for interested applicants.

Do you think you qualify for the CBN intervention fund? Find out more using this link: https://nmfb.com.ng/covid-19-support/

Start A Dropshipping Business this 2020

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Basically, the concept of dropshipping involves selling without inventory, i.e. selling a product or service before you buy it. This is a different approach to the traditional way of buying products, stocking up before you sell – also known as wholesale selling

Naturally, dropshipping is more cost effective than selling wholesale where you need to order products in bulk and display same before you sell. With dropshipping you don’t need to place an order with your supplier until a customer has placed an order with you.

 

How To Start A Dropshipping Business.

  1. Step 1: Find a niche. Make sure to pick an area where you have comparative advantage and fully understand the dynamics of buying and selling. This      will give you an edge over competition
  2. Step 2: Find a supplier.
  3. Step 3: Choose your platform, your technology interface.
  4. Step 4: Promote your business
  5. Step 5: Get your finances in order.
  6. Step 6: Make  a sale and receive payment, then fulfill the order
  7. Step 7: Repeat the process

Do you think that you will be the next drop shipping mogul? find out how to start here: https://www.oberlo.com/

Buzz your Wallet Driving for Bolt

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How to Become a Bolt Driver in Just a Few Days

For starters, every Bolt driver in Nigeria must meet a minimum age requirement and possess some valid documents. Necessities  include:

  • A valid driver’s license (more info here)
  • Insurance (Bolt cover, more info here)
  • A smartphone with GPS (more infohere)
  • A vehicle: not older than 13 years, 4 doors, fully functional AC
  • Clean criminal record

If these are covered, then all it takes to join is signing up. After registering your details (which you can do in under 5 minutes), you will receive an email with all the necessary information about upcoming trainings and information about getting your documents inspected.

Follow this link to know more:  https://blog.bolt.eu/enng/how-to-become-a-bolt-driver-in-nigeria/

 

Five Secrets of the Rich

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The rich keep getting richer deliberately because they have mastered the fundamentals. Getting rich and staying rich requires peculiar habits, below are five of such an indispensable routine of the rich.

  1. They do not depend on Salary

Someone has said that a Job is just a means of staying over-broke (JOB = Just Over Broke) earning a salary is not usually the end of the story. The rich know that in order to grow wealth, it’s important to make your money work hard for you.

  1. They Earn Compound Interest but do not Pay Compound Interest

A wise man once said that compound interest is the eighth wonder of the world! Those who understand it earn it; those who do not understand it pay it! Certainly the rich understand the basic concepts of compound interest and continually earn from it, you should too, it’s worth the effort.

  1. They Take advantage of Time, not Timing

Very related to compound interest is the time of money “Time is more important to investment success than timing,” explained Peter Lazaroff, a certified financial planner.” “Most of the population believes that timing the market’s moves is the key to growing rich through the stock market. The wealthy, however, understand that time and compound returns are the most important factor in growing wealth.”

  1. They understand value over Cost

Even with associated costs, the wealthy still use the lawyers and accountants to their advantage when figuring out how to maximize their wealth, especially over multiple generations, and they are not afraid to spend money upfront for counsel to get these answers.

5. They Put Things Down in Writing.

The rich don’t just wish things to happen, rather, they plan out things that will happen.

When Thomas Corley, (author of Rich Habits: The Daily Success Habits of Wealthy Individuals) did a survey, he noted that 67 percent of the wealthy people he surveyed wrote down their goals, while 81 percent kept a to-do list.

If your vision is to become a multimillionaire, write it down with a clear-cut an action plan of how you intend to make it happen. Those who (not having the future they desire) dare to create one, most times end up having the future they created.