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The average Nigerian income earner often shies away from discussions about life insurance because they think life insurance does benefit them while they are alive and in good health. Some are not even aware of “money-back life insurance” plans, while some others believe that their pension (RSA) is enough security for them despite the fact that many retired folks still struggle financially. Apart from this, many are not well informed about the various categories of life insurance products available, such as: endowments, term-life, and whole-life policies; nor the unique benefits each of these products do offer. You see, life insurance is actually meant to provide financial protection for only the living - but maybe you weren't initially aware that life insurance will save you from the following situations while you’re still alive, hale, and hearty here in Nigeria: 1. Paying High Taxes: One of the benefits of having an active life insurance policy is that it provides you with signi

Your investments are always prone to "threats" and "risk". These risks and threats could be due to unpleasant events, changes in market trends, world politics, government policies, socio-economic dynamics, new industry trends, or even technological advancements. This is why you need to create some sort of balance in your financial life, and the way to guarantee this stability in your finance is through diversification - dividing your financial resources (money) into several segments like slices of pizza. You should not be putting all your eggs in one basket in a world filled with various risks, especially if you are a breadwinner. So what is the solution? The solution is to frequently allocate a certain percentage (or a fixed amount) of your monthly/yearly income into the 6 KEY AREAS OF LONG-TERM FINANCIAL STABILITY, which include your: - Bank account balance - Personal/life savings - Equity investments - Property/Life Insurance - Emergency funds, and - Business inv

A common question my clients ask when we sit down to discuss about financial planning with focus on family goals, children's progress, and retirement aspirations is "Chris, how do I  manage my income with all these bills I always have to pay?“ This is the simple tip I give them, which they find to be very effective - but before I talk about it, here are some things you should consider: 1. If you worry about it, there's a 90% chance that you can fix it. 2. The foundation of financial progress is constant earning and saving.  3. Financial success is in how much you keep & give, not how much you spend. 4. Life is about giving and receiving.  5. All through your life you will pay money to other people in the form of taxes, bills, fees, and charges; but the money you save and the assets you keep is how you pay yourself.  Now here's the tip. 1. Make a list of all your weekly necessities (not wants) and calculate how much you spend every week and every month on them. For

Have you ever experienced the same problem so often that you began to think the gods were against you? Or have you ever felt so stuck in an unpleasant reality for much longer than you felt you should? Well, maybe it’s high time you stopped treating symptoms, and started curing the condition. But curing the condition wouldn’t be possible without understanding the root cause of the problem and putting in place counter measures to solve the problems once and for all. So how do you go about it? Read on. The concept called “Root Cause Analysis (RCA)” helps you effectively solve problems right from the source or root. The analysis was developed to enable you (or your team) identify what went wrong, and “why” it happened. You see, actually understanding why a problem exists is necessary for developing an effective cure. In the field of management science, there are several tools used to solve both simple and complex business, social, and economic problems. But for the sake of making this arti

I spoke with a young man in the neighborhood yesterday evening.  He told me that he was diagnosed with depression after a few sessions and a test with a psychiatrist. This young man still in his early 20s, said that he had a very low self-esteem and often thought deeply about what was wrong with him because some of his age mates and friends in the neighborhood were already driving their own cars and spending money lavishly. He said sometimes he felt he was being watched, mocked, and judged. I did emphasize with him. But I also made him understand that he had the power to choose his mood, feelings, and thoughts. He immediately agreed and confirmed that the psychiatrist had actually said exactly the same thing. You see, in the world today a lot of people actually look fine on the outside but are severely battling with their sanity on the inside. So be kind to people, check up on them, and listen to them. The simple act of giving them a listening ear, might just be all they need to stay a