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"Dream big dreams;
only big dreams have the power
to move men's souls."
- Marcus Aurelius

PERSONAL FINANCE & RETIREMENT PLANNING

Genesis 30:30 The little you had before I came has increased greatly, and the LORD has blessed you wherever I have been. But now, when may I do something for my own household.

A research finding which has been replicated on virtually every comer of the earth and in every type of economic and political climate concluded as follows: If you randomly select 100 young men at age of 20 and follow them up for the next 40 years, at age 60, the following will be found:

1 of them will be financially independent 4 of them will be financially independent
5 of them will still be working, struggling to make ends meet
36 would have died
54 will be broke, penniless, dependent on relatives, children, government and church welfare.

Calculate how many years more for you to clock or by how many years you have passed this retirement age, and determine which bracket you are likely to find yourself. None of the bracket comes as a gift, but as a choice. It does not come by luck or by chance. It is understanding that brings outstanding results. It is understanding the rules in life that makes you to become a ruler on earth.

God Perspectives On Your Personal Finance
1. God rates your spiritual responsibility based on how responsible you are financially Luke 16: 10-12. Whoever can be trusted with very little can also be trusted with much and whoever is dishonest with very little will also be dishonest with much. So if you have not been trust worthy with someone else's property, who will give you property of your own?

2. He wants you healthy, wealthy and wise above every other things in life III John 2.
3. He takes delight and pleasure in our prosperity Psalm 35:27
4. 16 out of Jesus 38 parables were concerned with how to handle money and possessions
5. One Bible teacher says, "Christ said more about money than heaven or hell combined. "
6. In the Gospels, one out of every 10 verses deal directly with the subject of money.
7. Bible includes 500 verses on prayer, less than 500 verses on faith, but more than 2,000.
verses on money and possession.

Listen to Solomon: Ecclesiastes 10: 19 "A feast is made for laughter, and wine maketh merry but money answereth all.

HOW YOU CAN RETIRE RICH
The research results quoted earlier stated that only 5 % of the populace ever attain financial independent at 60. On the other hand millionaires are made in America every six and half minutes. The following have been found to be simple principles which if anyone practices he will retire rich.

1. MAKE A DECISION THAT YOU ARE GOING TO JOIN THE 5% THAT ARE FINANCIALLY INDEPENDENT.
A firm, clear unequivocal decision that you are going to do something actually changes your brain psychology. Art Williams, the biggest insurance magnate in America decided to become financially independent within 10 years. He went ahead to attain this and much more.

2. SET A GOAL TO ACHIEVE A CERTAIN AMOUNT OF MONEY BY A CERTAIN DATE
If the date is three to five years away, set ~cub goals of one year, six month, one month and so on. Art Williams set the goal of having an income of $30,000 a year for life. He figured that if he accumulated $300,000 cash and got 10% interest, he would withdraw $30,000 each year forever without touching the principal. He set ten years as the target.

3. MAKE DETAILED PLANS OF HOW MUCH YOU ARE GOING TO EARN, WHAT YOU ARE GOING TO SAVE AND STICK TO YOUR PLANS.
Art Williams has been selling insurance part time for two and half years. He saved all the money he had made ($42,000) in his savings account. With 10% returns he saw himself netting $100,000 in ten years. He decided to save $1,000 a month for ten years to give him the extra $200,000 year. Thus he had the $300,000 a year, to give $30,000 a year for life.

4. TO BECOME WEALTHY SPEND 10 TO 20 PERCENT LESS THAN YOU EARN ON EVERY SINGLE INCOME THAT PASSES THROUGH YOUR HANDS.
Parkinson's law says that, "Expenses rise to meet income". You succeed financially to the degree to which you break Parkinson's Law. If you could save N83 a month or Nl,OOO a year over a working life of forty years from age 25 to 65, you would have saved N40,000. If you could afford to save N20 (twenty naira) per day over a ten year period, you will have a cumulated N2 million at 12% compound interest rate, tax free. N100 per month at 10% interest will yield Nl,118,000 after 40 years.

If your company does not have a retirement plan, open a Personal Retirement Account (PRA) with your bank. For somebody doing business for himself, a Simplified Employee Pension (SEP) is his best bet. Most insurance companies operate this scheme under various names. Proverbs 21 :20. The wise saves for the future, but the foolish man spends whatever he gets. (Living Bible)

5. CAREFULLY SAVE AND INVEST THE MONEY YOU ARE PUTTING AWAY EITHER IN TAX SHELTERED ANNUITY OR PERSONAL PENSION PLANS OF SOME INSURANCE COMPANIES.
Investing in those plans that enable you to cater for your capital needs on retirement, gives you a guaranteed income for the rest of your life and adequately secured financial protection. Watch closely if it contains the following benefits options:

a. Lump sums cash option - whereby the whole accumulated cash entitlements is withdrawable immediately you leave active service.

b. Annuity option - that enables you withdraw the cash benefit periodically as pension from the date of retirement.

c. Cash/Annuity option: in which part of the accumulated cash benefit is received in lump sum and paid at an agreed interval for the rest of your life. As much as possible the funds should be invested in economic growth areas such as land, houses, etc.

Flexible Investment Plan can be commenced ten years ahead of retirement. Save 10-15% of your income in an insurance company.
Executive Personal Pension (EPP) for young executives who want to retire at 50 (Check with your Insurance Company).

STUDY, RESEARCH AND INVESTIGATE FINANCIAL OPPORTUNITIES
Don't rush into investment of your money. If it sounds too good to be true, it probably is. Avoid any kind of "get-rich-quick" scheme.

Stick with what you know.
Don't risk borrowed money.
Don't make quick decisions. Seek good counsel Diversify.
Be suspicious.

7. GET OUT OF DEBTS AND STAY OUT OF DEBT FOR THE REST OF YOUR LIFE.
People who accumulate a lot of money over their life time are people with low debt or no debt. Provo 22:7 "Just as the rich rule the poor, so the borrower is servant to the lender."

8. CONTINUALLY LOOK FOR WAYS TO INCREASE AND ADD VALUE TO WHAT YOU DO.
All wealth comes from adding value of some kind. Add value to your customers. Go the extra mile at work.

9. ONCE YOU BEGIN PUTTING YOUR MONEY AWAY, RESOLVE TO NEVER TOUCH THE MONEY.
No matter what happens, except to create your own "financial fortress".