Hi dear, lets talk about the #Naira, shall we? The Naira has been undergone an 8% #devaluation by CBN. Currently official pegged rate has gone from $155 to $168. Some financial experts say its a bold move in the right direction. They also say however, that Government should have diversified the economy way before now to prepare for this and ease coming shocks. What does this mean to you, to me? Inflation rates are expected to spike in a hurry. The $ has a black market value of $186 and climbing. The £.....lets not go there even. So ask yourself, will I get a pay rise, or make greater profits in business, or get contracts more easily? The answer is NO. Will school fees, cost of medicare, cost of hired help, cost of food etc increase? You better believe it will. Now ask yourself: is it wise to rely totally on my current source(s) of income? You know the answer to that yourself. Whether youre earning a meagre or an enviable salary, the experts predict turbulent times. Here are some options you may want to consider: 1) Diversification of income streams. Yes I love and pitch GWT at the slightest opportunity but thats because after trying out various Direct Marketing networks I know a good business when I see one. But even if u dont want to give GWT a chance, u should still think of something outside your current pay source 2) Small, regular savings: ARM Discovery Fund for one allows u save as little as 5k monthly and invested. Find an ARM officer or similar fund management company and invest. And if u cant afford that 5k monthly, take a look at my (1) again. U really need to diversify. 3) Investment Clubs : whether its 1k a month or N1m a month, when funds are pooled the pool affords you more opportunities and the risks are shared. Create an investment group, however small or measly it may seem. Humble beginnings have birthed many an empire. Just ensure everything is documented and guidelines are communicated. 4) Disregard all Ive said. Im no financial whiz so you dont have to believe anything I say. But for the sake of all thats pure and holy, pick up a paper (online or physical) and read on the devaluation of the Naira. Saying I didnt know wont stop the cold winds of reality looming just ahead. For more on the devaluation of the Naira please Google and/or visit punchng/business/business-economy/naira-devaluation-expect-double-digit-inflation-experts-warn/ You wanna talk some more? Cool Nkechi BBPIN 2B666A9E and 7FD63047 @nkechisreviews +2348176881335 Share please. The more people thinking about it, the better.
Posted on: Thu, 27 Nov 2014 04:43:25 +0000
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