Monday, February 20, 2017

Self Love, Save a Little (Anti Ponzi)


Good morning! Its a Monday and I want to share a neat savings plan with y'all. I know there's the recession, many of us(yes!including me) may have done some get-rich-quick schemes. The truth is the nature of success in itself is progressive and sometimes difficult or time consuming. That way when you make profit you're more sound in your spending and investing.


That said, let me introduce you guys to the Old Mutual savings plan. Its a simple plan that gives you
2 saving strategies within a single investment. Your investment or premium(which you would be required to pay monthly or as negotiated) is split up into two: Long Term and Short Term pockets.
Long term pocket is about 80% of your premium/investment while Short term pocket is about 20%. The reason for the split is to give investors access to their funds(short term) for emergencies or necessary expenses, while still saving for a long term goal. Withdrawals can be made at any time but charges apply. Short term pocket withdrawal is free twice per calendar year. Long term withdrawals are subject to charges. 
There are also charges on your contributions depending on the amount. Please see table below for better understanding.

MY SAVINGS PLAN

FEATURE

DESCRIPTION

Minimum ContributionN3 000
Long and Short Term PocketPremium split using N3 000/month as an example:
80% Long - N2 400
20% Short - N600
Part Withdrawal - Short TermYES! You can withdraw money. The first two withdrawals per calendar year are free.
Part Withdrawal - Long TermPart withdrawals are possible but subject to charges.
Annual interest rate earned - Short TermMonetary Policy Rate less 7%
Annual interest rate earned - Long TermMonetary Policy Rate less 3%

HOW MUCH DO I PAY?

You can choose to save between N3 000 and N25 000 per month with your premium automatically split between the two pockets.

PREMIUM TABLE - SPLIT AND CHARGES

WHAT YOU PAY PER MONTH

WHAT GOES IN TO THE SHORT-TERM POCKET

WHAT GOES IN TO THE LONG-TERM POCKET

CHARGES - LONG-TERM POCKET

WHAT'S LEFT IN LONG-TERM POCKET AFTER CHARGES

N3 000N600N2 400N360N2 040
N5 000N1 000N4 000N600N3 400
N10 000N2 000N8 000N1 200N6 800
12 000N2 400N9 600N 1 440N8 160
N25 000N5 000N20 000N3 000N17 000
There is nothing as good a saving a little Naira. 3000 a month can make you a millionaire. Its not so long as we think. And I think saving gives enough time to think about what you really want to invest the money in. Thanks for time. For additional information or inquiries comment below.

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