Invest before retirement or face the doom - An advice to civil servant
I decided to write this post base on the lifestyle of some civil servant I am seeing in my country. With $86 as the monthly minimum wage in my country, if you decided to leave your life with that without considering another source of income, prepare for the wrath as hunger and frustration will got you eaten up. The funniest thing in my country is that once there is an increment in civil servant salary, the whole market will react to it by increasing prices of all commodity. This will end up making your salary increment meaningless. Funny enough, the government are not ready to do anything about it. There is poor price country of commodities in my country.
Now to make it worse, coupled with the government poor salary, there is what we called #pension retirement savings. This is how it works. The government will be saving some percentage (%) from the $86 that they are paying you monthly which is not even enough to feed not to even talk of buying clothes and raising up a family. They will now add their own support of about some certain percentage. This might sound cool to some person. People will say they are helping you to save. This is not a bad idea but let me shock you. Do you know that after retirement i.e after serving them for 35 years, the fund is suppose to be made available instantly, but do you know a lot of civil servant die from the stress gathered from trying to get their retirement sayings back. You will start visiting bank and all you here is that you have to do this and that. If you succeed doing all this without the stress claiming your life, you will be surprised that the money will come after some long period of time. From my discoveries, they pay batch by batch. You might find out that you retire in #2020, the batch that they are paying is #2017. How long can you wait for this. Isn't this frustration?
I have seen some workers make some silly mistake through out their working years. I have also seen some got it right. In this life, what might work for you might not work for others, that does not mean you should not know your right from your wrong. Every worker should know how to save from the money they are being paid.
With what I said above, workers should be wise to an extent and know when is ideal to start having plan B. They should at this stage know that it is important to invest into business, this in a long run will serve as a savings grace for them after they might have retired from the service. It is the savings that you have that will save you from the future stress, hypertension and other cronic diseases. This savings will be your saving grace when you retires.
Investing is the amazing saving grace for all civil servant..
To get off the poverty radar, apply the below principles as a civil servant
I am going to pour out some of the strategy I know might save you from the civil servant doom. If you have more idea, you can share it below, at least this will save some soul.
i. Join co-operative and save from your salary: In my country, as a civil servant, you will come across this multi purpose cooperative society. It is different from the government retirement savings. You save any amount you feel you can afford from your salary with them, after 35 years, it will have gotten to a good amount. The good things is that they will give you all your money instantly. Lastly, you can borrow from them. You can borrow x3 of your savings, if your salary can repay the loan within 2 years duration. I love the idea as it is helpful.
Take for instance, if you are receiving $86 as salary. Ordinarily, that salary will be hard to build you a house, get you a car and help to raise your family. But if you save with co-operatibe, you can borrow money from them and use it to save for your business. The loan will be repayed from your salary within some period of time. During this period, if you focus more on your business, you will raise more that you borrow from them. And will that you can raise a family and own a house.
ii. Fixed certain percentage of your salary. Go to your bank 🏦 and tell them that you want to fix certain percentage of your salary, they will surely help out. With that, before you hit your retirement, something good will come out of your savings. Remember interest will be added from bank. Sound like a good idea, right?
iii. Team up with co-workers and contribute: You and your coworkers can team up and save monthly. If you guys are up to 12 workers, you can save together, then every month, the whole savings will ba given to one member. This act will be done monthly till all 12 members collect their savings. This is a nice idea.
iv. Lastly, try to invest in business, crypto and any legit business out there. This will help you out as time progresses.
Well, this is all I can go for the now. Try apply the principles above as a civil servant and see how your life will yield a positive return. Till another time again, remain blessed.
-
Feel free to comment and show me some love, it will motivate me to do more.
Please don't forget to support the Project community
Special Thanks to the @crypto.piotr (Founder) and the entire team for keeping the engagement high.
