The main reason for having a savings is to gain financial freedom, which is why you must never dip into your savings.
Saving money is a good thing, but savings alone will not make you wealthy. It is what you do with your savings and what you don’t do with it that makes the difference.
The main reason for having a savings is to gain financial freedom, which is why you must never dip into your savings.
Here are things you should never do to your savings.
1. Spend it
It is very easy to spend money these days, even without having cash. With just an ATM card, you can spend money anywhere.
This should be different with your savings. You should not spend what is in your savings at all. Until you have reached the saving limit you planned to achieve.
2. Loan it out
Never loan out money from your savings to family members or friends. You can loan out money from another money source but not from your savings.
Yes, they are family, they are friends, they are friends of a friend, but you don’t know their ability to pay you back. So don’t take the risk.
There is always a chance that you might not get it back, so don’t loan out money from your savings
3. Investing in what you have no idea about
You need to know some things before investing. Don’t gamble in your savings by investing in something you have no idea about.
If it sounds too good to be true, then it might be very risky to try. Your savings are meant to grow on its own with an effort from you. Don’t be greedy and start looking for ways to double your savings. It just might not end well.
4. Give it out
It is good to be generous but you should not give out your savings all in the name of generosity. Wait till you are financially secured before you think of being a philanthropist. Build your wealth first and then you can contribute to the society.
5. Leave it for so long in a savings account
It’s good to save and all but putting your savings for too long in a savings account without doing anything meaningful with it is not the best. Especially with banks that pay very low interest on savings. Find profitable things you can do with your savings when you have enough. The real value of money would have gone down in few years because of rising prices.
On Monday,the foreign ministers of Japan and Russia met in Moscow to push ahead with their efforts to strike a peace deal and put an end to a decades-old dispute over four strategic islands. Russian Foreign Minister Sergei Lavrov while meeting his counterpart from Japan Taro Kono, said that the resources for cooperation were “truly inexhaustible” and should be used to work towards a peace agreement.
Japan and Russia have never signed a treaty ending World War II. The USSR invaded the far-eastern Kuril chain in the final days of the war and Japan refuses to give up its claim to them although the United Nations formally recognises them as Russian territory.
“It’s a difficult issue, we have to deal with the legacy of World War II, whose outcomes have been codified in the UN charter and Allied documents,” Lavrov said.
In November, Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe agreed to accelerate talks on a peace agreement which would build on a 1956 Japan-USSR declaration which restored diplomatic ties.
The joint declaration said that the USSR agreed to hand over two of the islands — Habomai and Shikotan — to Japan following a peace deal. Japan however demanded sovereignty over all the disputed islands, which include Iturup and Kunashir and peace talks stalled.
In remarks before the Monday meeting, Japan’s Kono said the two countries must use the great potential for cooperation.
He said, in remarks translated into Russian, that they should “speed up (peace) negotiations, going beyond the boundaries of previous positions,” without elaborating.
The Kuril islands had been neglected by Moscow for decades, however in recent years it increased its military presence there, to a furious reaction from Japan.
Ceding any islands to Japan is unlikely to go down well in Russia, where a wave of patriotic sentiment has been whipped up by the Kremlin since 2014, when Moscow annexed the Crimea peninsula from Ukraine.
The governor of the Russian island of Sakhalin, who also administers the Kurils, last week said locals oppose territorial changes. Hundreds protested recently against any handover.
“The Kuril islands are Russian soil, that is clear. The issue of handing over the Kuril islands is not on the agenda,” governor Valery Limarenko told Gazeta.Ru news website.
What are your thoughts on this story? Let us know in the comment section below.
Great Victory For CJN, Walter Onnoghen, As Over 150 SANs Warm Up To Defend Him At CCT, Free Of Charge
If there ever is anything we can call the backbone of any nation, the youth population undoubtedly remain foremost in the scale of ranks.
The essence of the youth, in national development, can neither be overlooked nor belittled. An immutable truth, as can be observed through the realities of life, is that every new generation of the human race tend to be more open to new ideas as well as newly arising phenomena. Thus brimming with natural energy, enthusiasm, ambitiousness, foresightedness, vigour, talents, inventiveness and openness to new trends of life, the youth remain immensely significant in any nation that must attain its full potential.
All that the nation needs then is to simply ensure to make adequate use of the youth’s inherent potential energy waiting to be tapped.
However, the lingering questions are: have the youth always exerted their roles towards contributing to national development? Does society even provide enough enabling environment for the exertion of these roles? These questions and many more remain of great concern in the world at large, in Africa as a continent and, much more pressingly, in Nigeria as a nation.
However, the ugly reality hitting us in the face in Nigeria precisely is the fact that the potential resourcefulness of the youth is often rendered impotent and, thus, not well utilised. There are a number of young people in Nigeria who have proven their mettle across different fields or spheres of life. Shall we talk of art and literature, or science and technology, or leadership, entrepreneurial and problem solving skills, or even more? In these areas and many more, a number of Nigerian youth have shown excellence beyond a doubt. They have proven to be invaluable and priceless and very much possessive of development-spurring acumen.
Nonetheless, the sad story here is that, instead of the youth to be encouraged and further nurtured in the country, their hopes, aspirations, talents, passion and creativity are greeted with disillusionment. Then, they travel to other countries of the world to offer their brains for money. Hence, the other lands’ economy takes a ride up the slope while ours bends for a drink that is non-existent.
Perhaps we even need not talk about the neglect of the youth’s impact in contributing to Nigeria’s national development since even the exceeding human resources of the country are not tapped into as expected. And all these only keep Nigeria further dipped into the cesspool of underdevelopment.
“Rather than utilise their brimming energy for decision-making purposes especially as regards areas concerning the youth themselves, egoistic politicians devilishly take advantage of the pervading unemployment or lack of good living amongst the youth. The youth are therefore turned into agents of crises upheaval, instead of catalysts of developmental ideas.”
By Yusuff, Uthman Adekola
What’s your take?
Statistics may be open for interpretation, but once you accept their credibility, you cannot argue with the numbers presented. These numbers cut across a range of issues in the Nigerian economy, but all of them are fundamentally important to Nigeria’s future.
Here are the 10 numbers that make us worried about the Nigerian economy in 2019.
1. 8.2 million – National Bureau of Statistics
The number of youths in Nigeria that became unemployed between the third quarter of 2015 and the third quarter of 2018.In Q3’15, Nigeria had 5.0 million unemployed youth. Three years later, Nigeria had 13.2 million unemployed youth, and they accounted for 30% of the youth labour force. Nigeria’s youth population has often been considered a selling point, but Nigeria’s long-running inability to create viable jobs for its growing labour force.
2. 66% – Budget Office of the Federation
How much of its earnings the Federal Government (FG) spent on servicing in its debt (paying interest on funds borrowed) in the first half of 2018.The FG has gradually spent more of its income repaying debt, from 22% in 2012 to 68% in 2017. Meanwhile, in 2016, the Debt Management Office set a threshold of 28% for this number, above which Nigeria’s debt can be considered unsustainable. After we breached that number, no new threshold was set.
3. 1st – World Poverty Clock, The Brookings Institute
Nigeria’s rank in countries with the highest number of poor people.According to findings compiled by The Brookings Institute, Nigeria overtook India to become the country with the highest number of poor people: 87 million.
4. 5% – Budget office, BudgIT, CBN
Nigeria’s Tax-GDP ratio, making it one of the worst 10 tax collectors in the world.Despite being the largest economy in Africa, the Nigerian Government generates less taxes than Angola (12.5%), Kenya (16.3%), and South Africa (27.3%). Nigerian government’s inability to collect taxes is both a cause and effect of many of the economic challenges the nation faces.
5. 1987 – National Bureau of Statistics
The last year that economic growth in the agriculture sector was as low as it was in the second quarter of 2018 (1.2%).Agriculture had previously been the silver lining in Nigeria’s cloudy economy, but the impact of heightened farmer-herdsmen conflict in the country has taken its toll on food production as the sector grew by just 1.2% year-on-year in Q2’18.
6. Every 4 seconds – United Nations
A baby is born in Nigeria. With a population now estimated over 200 million and a growth rate above 2.5% (7th in the world), Nigeria is set to become the 3rd most populous country in the world by 2050.
This certainly will be a good news for a ll users of cooking gas in their homes. This is as the NNPC has just released a communication on its plans to bring down the cost of cooking gas in the nation.
The Nigerian National Petroleum Corporation (NNPC) is set to implement an effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas.
The Corporation explained in a press release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, that the move to stop the export of propane and butane which is anchored by the Crude Oil Marketing Division of the Corporation would enable the Corporation boost supply of LPG to the domestic market thereby leading to a natural downward slide in the price of the product in the country.
The NNPC spokesman quoted the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mallam Mele Kyari, as saying: “Currently some of our butane and propane entitlements are exported largely due to lack of vessels to make sure that these things come into the domestic markets and the absence of a commercial framework.
What we are going to do is to make sure we put the right commercial framework in place so that those exports are converted into domestic consumption”.
Mallam Kyari who disclosed this at a strategy session said the Division was working in concert with stakeholders to create the enabling environment for in-country production of LPG and cessation of export of the country’s equity butane and propane entitlements due to an absence of in-country vessels for transport and other considerations.
The COMD GGM said that the goal of the Division in 2019 is to complete the automation process in the marketing and sale of Nigerian crude oil grades which teed-off in 2017, noting that all hands must be on deck to achieve 100 percent, end-to-end conclusion of the process.
What are your thoughts on this story?
President Buhari May Extend IGP, Ibrahim Idris’ Tenure ‘Indefinitely’, Following Pressure From Powerful Northerners
Nigerians eager to see the radical decision and policy the Nigerian National Petroleum Corporation, NNPC, said it would take to bring the price of cooking gas in Nigeria.
NNPC said it’s ready to execute the right commercial framework that would bring to an end the export of propane and butane, major components in the production of Liquefied Petroleum Gas, LPG, also known as cooking gas.
The corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, who made the declaration, said the move to stop the export of propane and butane, which is anchored by the Crude Oil Marketing Division of the corporation, would create room for the boosting of the supply of LPG to the domestic market, which would in turn lead a natural downward slide in the price of the product across the country, The Next Edition reported.
Ughamadu, quoting the Group General Manager, COMD of the corporation, Mele Kyari, in a statement issued in Abuja said, “Currently some of our butane and propane entitlements are exported largely due to a lack of vessels to make sure that these things come into the domestic markets and the absence of a commercial framework.
“What we are going to do is to make sure we put the right commercial framework in place so that those exports are converted into domestic consumption.”
Kyari noted that the division was working hand in hand with stakeholders to create an environment for in-country production of LPG and stoppage of export of the country’s equity butane and propane entitlements due to the absence of in-country vessels for transport and other considerations.
According to him, the goal of the division in 2019 is to complete the automation process in the marketing and sale of Nigerian crude oil grades which teed-off in 2017, noting that all hands must be on deck to achieve 100 per cent end-to-end conclusion of the process.
Nigerians have heard several promises regarding petrol in the past, do you believe that NNPC can reduce the price of cooking gas?