Retirement In Nigeria; How Do Various People See Or Plan For It In Nigeria?
Source
I read a post by @ScaredyCatGuide and this propelled me to write this views about money and retirement in Nigeria. For many people in Nigeria, retirement is an age, they feel it's a period where they can no longer work or become productive and even if they saved, owned assets or properties or didn't save as well before that period it wouldn't be a definitive factor in their decisions to either retire or not. This mostly happens to public servants. the minimum wage of a public servant monthly is ₦30, 000 which is about $79USD and some of these public servants works for like 40 and living off this meagre wages and at the end they retire with nothing because they're deemed too old to continue work but not too poor to leave work.
Retirement In Average Or Wealthy People?
While retirement should be at the end of hitting a sizeable percentage of your life goals normally, for wealthy people in Nigeria it's about leaving their businesses for their children to handle when they leave colleges and acquire loads of MSC's BSC's and so many other degrees, they're already fulfilled financially and they're children gets to take over from them whether they're capable or not to handle their businesses. So for wealthy people it isn't about time it's about manifestation of offspring, leaving the business for their blooded relative or next of kin and further increasing the gap between the the rich and poor, making it unable for educated, qualified and diligent personnel to have a job
As as for the not wealthy people, it's about time. You see people acrrue debts without thinking of a time when they wouldn't be able to pay back. Some people just want to go to work, feed and cloth sparingly not shouldering thoughts as to how they'll cater for any unanticipated financial burdens as it might come by in life. Now apart from having a cogent means of income, how about having enough savings to cater for emergencies? Maybe a medical emergency or otherwise? Now because these people see retirement as an age, they don't plan for it, they feel if they have capable children who has grown up to be able to shoulder financial responsibilities then their futuristic needs would have been met but then at the end of the day their hopes are dashed and they keep living peasantly because they illy planned their retirement.
Source
An Event & Stage Of Retirement..
Is often a goal which people should plan for, in Nigeria, training a child in college is often seem an investment but then a person who is financially educated should know that this isn't true. A college educated is a requirement in child training or grooming. However because a son or daughter is educated it doesn't mean their degrees would automatically become financially rewarding to a parent who's retiring without having other plans in place. Looking At the economically inept circumstances in Nigeria, this notion is even further proven into a theory by me and not just an observation. However people's pocket size sometimes differentiates their requirements policies. Insurance companies knows that most Nigerian people do not have legible retirement plans and they use this fact in their advertising copies to make their millions.
Conclusion.
I understand that money can be fleeting and that's why I'm planing to save all the money I'll earn going forward in Crypto assets and real-time businesses by this way I can retire anytime whether I'm fit to work or not, this wouldn't be my yardstick for retirement because if being too old to work is a yardstick for retirement then it means one didn't have enough while they were younger and this wouldn't translate to not making the right decisions. In my own assertions I'll retire, stop work, maybe own a few hundreds of thousands of token assets like @onealfa or @trumpman or even @taskmaster4450le and earn passive income, go on holiday to any country I like and have a vacation for 6 months twice in a year. In reality it's important as a Nigerian to start thinking of retirement once you're up to 18-years old. This helps a person have a clearer vision of what matters and not the time factor
Interested in some more of my works?
The Motivating To Stay Mentally Healthy In An Unmotivated Universe
The Nigerian State; What Change Would Generally Influence The Economy & More?
Scouting In Football; A Failed Commercialised Venture In Most Football Clubs?
Our Love... That Glitters.... (An Original Poetry)
Doing Right By Our Consciousness; Is Death Always Peaceful As It Is Often Thought?
What Is And Isn't The True Definition Of Weakness?
My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog
Posted Using LeoFinance Beta
