What is your Salary?

What is your Salary?

20th September, 2017

Writer: Anonymous
Edited: PAFCN Nigeria

Eye Opener
I am not interested in the amount but the type of salary. 
My friend, there are different types of salaries. Read till the end and you will understand.
There is no average income.
The rich are becoming richer, while the poor are getting poorer.
There is no middle class because it has completely disappeared.
Salary, is a specific amount of money that an employee is paid for work done.

The big question is Which type do you earn?
1. Onion Salary: - You grab it, you open it, and you cry.
2. Storm Salary: - You don’t know when it’s coming or going.
3. Menstrual Salary: - It comes once a month and lasts only four days.
4. Magic Salary: - You touch it and it disappears.
5. Amnesia Salary: - You can’t remember what you spent it on.
6. Time Travelling Salary: - You spend it paying various debts even before you collect it.
7. Active Salary - Once you stop working, it stops.
But there is another one called RESIDUAL INCOME

What is Residual Income?
You work once, and it keeps paying you over and over and over again even AFTER you have stopped working.
Whether it's magic salary, amnesia salary or onion salary, the moment it STOPS coming, your life becomes unbearable.

Financial LITERACY is the tool needed to TRANSFORM your salary into a RESIDUAL INCOME, so you can create financial freedom and time freedom.

ONLY YOUR INVESTMENT can keep you going even after all the onions, amnesty, traveling, active salaries have left you drenched.

Salary meter

Research has it that the poorest group of people in the world are Salary earners, next to beggars.
They live in a vicious cycle of poverty managed on 30 days. Salary is continuously being awaited every month and any slight delay brings about heartbreaking anxiety, pressure and disappointment.

Salary Is a short term solution to a life time problem.
Salary alone cannot solve your money problems. You need multiple Sources of income to balance.
The tax returns form contains about 11 income streams, salary is just one. Don't live Your Life fishing with just one hook, there are many fishes in the ocean.

Salary is the MEDICINE for managing POVERTY, not the CURE. Only your BUSINESS or INVESTMENT Cures Poverty


“A salary does not make a person rich, but only gives him the opportunity to take care of his needs. It is not a means of becoming wealthy. It is a means of fulfilling our potential.” ― Sunday Adelaja

Note: Most investors are not salary earners.

The difference between those beggars on the street and salary earners is one month's salary.
Truncate the flow of their salary for one month and you would realize majority belong to the lower class.
If you divide your salary by the rate of exchange, you will discover that you are poorer, relative to when you started work. Or divide your salary per annum by 2,000 hours to know what your one hour is worth. If you do not have 3 months salary in savings, you are already poor.

Being a salary earner is a mentality, break it! Your worth Is far more than your salary.
Salary Is the value someone has put on your effort,

How much do you value yourself?
You can't increase in value, unless you VALUE yourself differently.
Life Is a trade off between time, effort and reward. To be rewarded more, you have to become more valuable. Most salary earners end up poor in the long and short term.

Salary is the bribe they gave you to forget your dreams.


If I can make a teacher's salary doing comedy, I think that's better than being a teacher. - Dave Chappelle

I therefore urge every one of us to be FINANCIALLY INTELLIGENT, FINANCIALLY LITERATE and TRAIN OUR EYES TO SEE OPPORTUNITIES IN PROBLEMS. Delve into entrepreneurship because Salary is a lifetime disappointment.
Being a salary earner or investor is a decision. Life Will not change until you decide. Do that now.

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INTERVIEW Claustrophobia: The Key to Successful Interview

INTERVIEW Claustrophobia: The Key to Successful Interview

September 19th, 2017

Get to know the job intimately that you're applying for. Don't just read the job description - study it and picture yourself performing every task required of you. When you interview, framing your responses so that you reveal your significant knowledge about the job gives you a massive advantage.


Olusegun, Tobiloba, Opeyemi, Sodiq, Aramde, Damilare, Richard, Emmanuel, Salako, Tiwatope and Tonia (Members, PAFCN Nigeria)

Have you ever wondered what hiring managers are thinking as they read over your resume (CV), and how they choose whom to interview and whom to reject?

This early screening is generally pretty straightforward on the employer side of the process. Here's a look at what most hiring managers are thinking about as they read through your resume and cover letter, and how they decide whom to invite to interview.

How closely do you match the must-have and nice-to-have qualifications for the job?
Every job has certain "must-have" qualifications – core requirements for skills or experience that you must have. Most also have "nice-to-have" qualifications that the hiring manager would like to find, but which are more flexible than the must-haves. The first thing most hiring managers will look for when reviewing your resume is how well you match up with each of those lists. If you're missing a must-have, you're probably not moving forward in the process. If you're missing some of the nice-to-haves, you still might move forward – but that will depend on the rest of the candidate pool.

What's your work history like?
If your resume is full of short stays at past employers – a year here, 18 months there, eight months over there – most hiring managers will be concerned that you won't stay long with them either. One short stay on its own isn't concerning, nor are quick departures because of layoffs or a move to another city. But if your work history is spotty overall, employers are likely to worry that you're a flight risk. On the opposite end of this spectrum, if you've stayed at your current company for 20 years, in some fields employers may worry about whether you'll be able to adapt to a new culture and way of doing things. Most won't reject you outright for it, but it's something they'll usually note as a potential concern and balance it against other factors.

Did you follow directions?
You'd think this would be an easy box to check off, but a surprising number of candidates do not follow application instructions. If you didn't include a cover letter when one was requested, mailed in your application when you were directed to submit it electronically or otherwise disregarded clear instructions, you'll lose major points with most employers.

Does your resume make it easy to find relevant information quickly?
Hiring managers are busy and when they're screening resumes, they generally just skim rather than read every word. A concise, well-organized resume of one to two pages, focusing on a clear chronological job history presented in easy-to-skim bullet points will grab more attention than a lengthier document with dense paragraphs of text, or one where it's hard to figure out what the candidate did where and when.

What can they learn about you from your cover letter?
As a candidate, you're more than just your work history – you have a personality, motivations and habits, as well. Otherwise, we'd hire people based on resumes alone and not bother to interview them. Your cover letter is where you can start to flesh out who you are, beyond the work history on your resume. When done effectively, your cover letter sends important signals about how you communicate, why you're interested in the job and ways that you might excel at the job that aren't immediately evident from your resume. It can also provide important context, such as why you're applying for a job you seem overqualified for or the fact that you'll be moving to the employer's city next month.

Are you local?
Some employers are happy to consider candidates from any location. Others prefer local candidates, and still others won't even consider long-distance candidates. Most often it comes down to how strong the local candidate pool is; for a hard-to-fill job, employers are often more open to talking with candidates from out of town. For a less-skilled, easier-to-fill job, they may choose not to deal with the potential inconveniences of distant candidates, such as needing more notice to schedule interviews and paying interview travel costs (and sometimes relocation costs).

Were you recommended by someone they trust?
If a mutual contact put in a good word for you, most hiring managers will give your application extra attention. A recommendation from a trusted source can carry enough weight to get you an interview (or at least a second look) when your application on its own might not have stood out from the competition otherwise. The closer the relationship – and the more the hiring manager trusts the contact's judgment and understanding of what she's seeking in candidates – the likelier this is to pay off for you.

What's the rest of the candidate pool like?
This is often a much bigger factor than candidates realize. You could be an excellent candidate for the job, even a line-for-line match with the job description, but ultimately your chances of getting interviewed depend on the quality of the other candidates. As the strength of the overall candidate pool increases, the bar for getting interviewed gets higher and higher. That's one of the reasons you can feel like you'd be perfect for a job and still not get invited to interview – there may be other perfect candidates in the pool, too.

A word of advice: Your interview is about you. It's not about the school you went to, what you majored in, what your GPA was, or who your parents happen to be or know. Most of that stuff is right on your resume, and it might even have gotten you into the room, but it won't get you much farther. Ivanka Trump

Above all, Prayer goals a long way in securing a suitable place for you. Men may spurn our appeals, reject our message, oppose our arguments, despise our persons, but they are helpless against our prayers.

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Goal Setting: The Real Professional's habit

GOAL SETTING: The Real Professional's habit

September 19th, 2017

Richard Okunola

"Goals is the end towards which effort is directed…i.e that which an individual attempts to accomplish”. However, when Individuals have different goals, they will interpret and respond to events in different ways based on their mental framework. These differences are referred to as goal orientations.

A Goal is a dream with a deadline... If you fell yesterday, stand up and keep moving today

In 1960, President J.F. Kennedy of the United States called together scientists, head of airlines and engineers and gave them an assignment; land an American on the moon in the next ten years. Nobody had done it before. How they would do it nobody knew. All they had was a goal and a promise of all they would need. They beat their target by one year and landed someone in the moon by 1969.

Have you dared to set a goal? How to achieve it is not the problem. The way God designed life is for you to decide what you want.  Many people do not set goals because they do not know how they are going to get provision and some are afraid of not being able to achieve such goals. But that is not the way it works. The style is to decide what you want and then God will supply the ‘how’ to get it.

I want us to go into practical dimensions of planning.

The major part to planning is to write it down (I know of several people who are afraid of writing down their goals). We must cultivate the habit of writing. When we pray, meditate and plan, a biro and writing material are compulsory.  At this time, ideas will flow but if they are not written down they fly. We use the biro and writing material to capture, put them down and turn them into reality in our lives. We must cultivate the writing habit. It is too crucial and important. The shortest pencil is better than the longest memory.

"Nothing will work unless you make a move"

3 Major Things Planning Helps Us Do.
1.Planning helps us define our direction. There are always so many options opened but when you sit down to plan, you are able to define accurately where you want to go.
2.Planning increases our personal efficiency by cultivating principles and habits that move us towards greatness on a daily basis. It helps us identify our strengths and weakness. When we sit down to analyze how far we have come, suddenly we realize there are some things that have worked. In planning, I have realized that one needs to deal with one’s weakness. I am an idealist. I always plan on ideal circumstances and the ideal circumstances are usually not realistic.
3.Planning helps us build self-confidence. When we begin to achieve our goals, it envelops our self-image and self-esteem. This gives us the confidence to confront bigger issues; it moves us forward.

One other characteristic of planning is that it is continuous. When we make plans, we need to ensure they are flexible. It is not like a neurotic surgeon that the plan must be fulfilled to the letter.

Benefits of Goals setting

1. Goals improve our self-image because we have a sense of accomplishment on a daily basis. Every day I write the things I want to accomplish during the day. I mark them as the day goes by. It gives me tremendous fulfillment to know that I have spent my time on something worthwhile during the day. By the time one adds much accomplishment on a daily basis for 365 days, one would have made tremendous progress in life.

2. Goals make one aware of one’s strength.

3. Goals make one aware of one’s weakness.

4. Past victories motivate for present success.

5. Written goals help to visualize and actualize success. That is the best way to recapture it. It is the first step towards actualizing our dream.

6. Goals force us to set priorities. Usually, the thing one wants to accomplish is more than time will permit, so we have to prioritize. Some of us spend time on things that we think are urgent but are not important. They do not give us any serious movement in life. We usually spend our time on such things but when we sit to plan we identify the things that are most crucial to our success in life.

7. Goals make us responsible for our own success. The starting point for success is taking personal responsibility.

Before one sets goals, one needs  to write down personal affirmations.

I call mine – "My Success Creed"

A friend called hers -- "My Future"

In this, I wrote down everything I want to become in life. It is placed next to my bed; I see it every day. It encompasses every area of my life. It is important that you write it and read it to yourself every day. You can save it as an article on your notepad/tablet/phone. When you write your personal affirmation, do not write it in future tense. Do not say, “I will become,” say, “I am.” A number of questions will help you in writing your personal affirmation statements and they are:

• How can I achieve peace of mind?
• What sort of work will I do?
• How will my wife/husband look like?
• How much do I want to earn?
• What car brand do I want?
• What quality of knowledge do I want to acquire?
• What result can I achieve in this semester?
• Can I be an ICAN award winner?

After writing your personal affirmation, it is important to analyze where you are right now, because it is difficult to accurately decide where you are going if you cannot analyze where you are. For me, a normal routine is what I call personal realization project which I  carry out once in a month. There I write in a dairy(usually my notepad), ‘Where I am coming from’, ‘Where I am now’, ‘Where I am going.’ A number of questions will help to determine the answers to these questions and they are:

• Is my present situation satisfactory or unsatisfactory?
• What makes my present situation unsatisfactory or satisfactory?
• How can I change my present situation?
• Do I live a balanced life?
• Am I straightforward and honest with myself?

Dimensions To Goals

1)       Short Range Goals: include daily, weekly, and yearly goals.

2)       Medium Range Goals: five-year goals.

3)       Long Range Goals: ten years and above.

- Educational goals are the most important for Professionals.

Are you setting goals for your children? Will you quit reading literary junk? When will you stop reading things that do not contribute to your destiny? Do you have a daily time for study? Are you going to achieve great wisdom?  Do you know all there is to know about your work?  Will you share your knowledge with others? Can you force yourself to become a student? Do you possess educational balance in your life?

What you will find out is that as you write all this goals down, you change even on paper before you stand up to do anything. You experience a powerful internal change and this will provoke an external change of equal degree in your life.

"Unless you start doing something different,

you are in for more of the same."

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LBS Faculty, Kayode Omoregie Reappointed on the ICAN Board

Monday, September 18, 2017

Richard Okunola

Kayode Omoregie, Faculty, Finance was recently reappointed to serve on the Board of the Corporate Restructuring and Reengineering Faculty of the Institute of Chartered Accountants of Nigeria (ICAN) for a second term.

Omoregie who is a Fellow of the Institute of Chartered Accountants of Nigeria had previously served on other committees of the institute, including 3 terms on ICAN International Conference Committee, where he was the Rapporteur General for the ICAN International conferences in 2011, 2012 and 2015. He has also served on the board of the Public Practice Section (PPS) of ICAN.

Omoregie holds a BSc in Chemistry from the University of Lagos and an MBA from Lagos Business School. He is a fellow of the Chartered Institute of Taxation of Nigeria (CITN) and an associate of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) where he is a member of the governing council.

His areas of teaching and consulting interests include competitive strategy formulation, performance management, corporate value creation and measurement, business valuation and business restructuring. He is also active in the areas of entrepreneurial finance, financing models and financial modeling. His current academic research interests are in the areas of SME financing, evaluation of SME loan default risk and evaluating SME funding absorptive capacity.

His professional experience includes senior consulting positions at Arthur Andersen (now KPMG Professional Services), Chief Financial Officer at Kiwi Nigeria Limited (A Sara Lee Chicago Company) and Finance Director of Chartered Aluminum Systems Plc. He is an Advisory Partner with the firm of Osaretin Omoregie & Co (Chartered Accountants), and a director of Resource Edge Limited, a strategy, performance and financial advisory consultancy.

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ICAN Lagos district, Custodian to collaborate on economy

ICAN Lagos district, Custodian to collaborate on economy

18th September 2017   | 1:44pm

Richard Okunola

The Lagos Mainland District and Society (LMDS) of the Institute of Chartered Accountants Nigeria (ICAN), and Custodian and Allied Insurance Plc have mulled collaboration that would enable the organisations grow and add meaningfully to national economy.
  
Speaking during a courtesy visit by the accounting body to the insurance firm in Lagos, LMDS Chairman, Blessing Osakwe-Ogo, said the association is determined to promote activities that would add significantly to the country’s economy.She bemoaned that the district is confronted with challenges that have crippled its effective contributions to the nation’s economy.
  
Noting that the insurance company remained key in addressing some of the challenges, she said the association would continue to seek collaboration to address its basic challenges.

Osakwe-Ogo, who emerged Chairman of the district last month, as the second female to attain such a position in the district, said the association is underfunded.

“The most pressing need of the district is to secure a befitting building. Presently, we are in a rented apartment situated in an environment not befitting a district of our great institute.”
According to her, the Institute also lacks fund to sustain the activities and programmes of the district, adding that the group will diversify its revenue base, launch initiatives on membership, prioritise welfare of members and community initiatives that would improve the nation’s economy.
The Managing Director, Custodian and Allied Plc, Toye Odunsi, said the company would collaborate with the district to achieve its goals. Odunsi, who urged members of the association to patronise insurance products to address their key challenges, was hopeful about the future of the sector in meeting the direct needs of the ordinary citizen.
  
He noted that Nigerians are becoming aware of the need to insure themselves, adding that insurance could become more effective if government introduced a credit scheme. “Insurance is becoming responsive and this deepens the penetration in Nigeria.”

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EFCC inspects Diezani’s N7bn Dubai properties, moves for forfeiture

EFCC inspects Diezani’s N7bn Dubai properties, moves for forfeiture

Published September 18, 2017

Richard Okunola

Operatives of the Economic and Financial Crimes Commission have visited two mansions in Dubai allegedly belonging to a former Minister of Petroleum Resources, Diezani Alison-Madueke.
The properties, located at E146 Emirates Hill and J5 Emirates Hill, are said to be worth 74,000,000 dirham (N7.1bn).
Emirates Hill, which has been described as the Beverly Hills of the United Arab Emirates, is home to some of the richest men in the world including billionaire Chairman of the Stallion Group, Sunil Vaswani.

Others, who are Diezani’s neighbours, include the immediate past Prime Minister of Pakistan, Nawaz Sharif; a former President of Pakistan, Asif Ali Zardari; and Robert Mugabe junior, the son of the President of Zimbabwe and one of Africa’s longest serving leaders, President, Robert Mugabe.
A source within the EFCC told our correspondent that the anti-graft agency was already applying for the forfeiture of the properties through the Office of the Attorney General of the Federation.
If the commission is able to clear all legal hurdles and ensure the final forfeiture of the property, it would bring the total amount of cash and assets finally recovered from Diezani to $200m (N70bn).
A detective, who did not want his name in print, said the anti-graft agency would exploit the Mutual Legal Assistance Treaty the Federal Government had recently signed with the government of the UAE.
The agreements, signed by President Muhammadu Buhari, are Agreement on Mutual Legal Assistance in Criminal Matters, Agreement on Mutual Legal Assistance in Civil and Commercial Matters, Agreement on the Transfer of Sentenced Persons and an Extradition Treaty.
The source stated, “We have informed the UAE authorities that from our investigation, we believe Diezani bought the properties with the proceeds of crime. The whole process is still ongoing but with the MLAT, signed by President Buhari, it has made work a lot easier for us.”
The detective explained that before the Federal Government signed the treaty, the UAE law prevented foreign officials from having access to properties in the country without the express permission of its owner.
He added that with the new treaty, the UAE authorities were more cooperative and would readily give information of properties from their Land Registry System.
Meanwhile, the Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay(SAN), who hailed Buhari for signing the treaty, told The PUNCH that some corrupt senators, who also owned properties in Dubai, would be made to forfeit them.
Sagay also disagreed with some legal experts who said the Dubai treaty would need to be ratified by the National Assembly before it could be activated.
He said, “The UAE MLAT is not a treaty as such but an agreement; so, it will be operated without their (senators) approval.
“So, let that start worrying them (senators). He (President) will implement it directly. So, those of them that have acquired properties in Dubai and other Middle-East countries should kiss their properties good bye.”

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