Overcoming Financial Drawbacks

Conventional wisdom dictates to us that as kids all we require to be happy are: sweets, chocolate, some play and tv time. As teenagers we need nothing to make us happy, we are moody half the time and our happiness is as unpredictable as Balotelli’s hairstyle. But from the age 20 – 45 it all changes, our happiness is tied to our financial decision making/investments and their outcomes. In essence within these ages it can all go wrong or turn out amazing financially for us.

Dealing with financial crisis as adults can be challenging, but each investor has to believe that they can overcome the obstacles they face. OR as conventional wisdom has it ‘Listen to all the brokers/portfolio managers and Do The OPPOSITE of what they say” 🙂
Seriously though, in my modest view the following steps are key to helping us fight through a financial crisis:

1) Do Not Panic: it is important to remain as calm as possible, especially mentally. You can bang tables, punch walls but always remember when it comes to making decisions you never make objective ones if you are anxious or panic.

2) Access Information: The individual needs to access as much information as possible. Such informations should be discussed with individuals who not only have a better understanding of the present situation but can analyse the short to medium term outlook.

3) Appraise Assets and Liabilities: There is a need to appraise all existing assets and liabilities so as to determine the real impact of the financial crisis on your portfolio and to put things into proper perspective. Basically there is a need to take stock. Only when this has been done can the true extent of the financial crisis be known and necessary action taken on how to rectify the situation.

4) Create A Plan: A detailed and documented action plan has to be be prepared and followed in other to salvage your portfolio. The individual may seek the assistance of a financial planner/adviser, who will assist with the crafting of a holistic strategy and executing the daily tactical plan.

5) Execute The Plan: It is important to note that the steps created in the action plan need to be adhered to and periodically reviewed. If your finances have taken a hit or your investment a setback your road to recovery usually starts with ‘belt-tightning’ procedures, do not sabotage such processes out of pride.

6) Learn The Valuable Lessons: Diversify your portfolio as much as possible. Booms and burst will happen, it is a matter of time and the wise disern the times.

Always decide what your investment timeframe is ‘short-term’ or ‘long-term’ AND
Remember speculators in any investment are the high risk takers who might either gain all or lose all, Be an investor and have a logical plan.
BOOM!

Advertisements

Hospitality Recruitment In Delta State

VIA HotNigerianJobs.com

Our client, a major player in the Hospitality Industry
located at Asaba, Delta State requires the services of
the vacant position:

Job Title: Hotel Manager
Code: EMD001
Location: Asaba, Delta State
Required Qualifications, Skills and

Required Experience

-HND/B.Sc in Hotel management or any of the SocialSciences.

-Four years relevant experience in at least a Four-Star Hotel

-Good marketing, negotiation and communication skills,

-Knowledge of QuickBooks and Roommaster would be added advantage

Application Closing Date
19th November, 2013
Method of Application
Qualified applications should forward their application (stating the code as the subject of the application) to:

Managing Partner,
NED Consultants
nedrecruit@gmail.com

Nigerian Tourism: A Passport to Economic Diversification

In a paper titled ‘Growth Opportunities in the Travel Agency/Hospitality Sector’ delivered by the Zonal Head of Business Banking, Abuja Mrs Sandra Okoli, the plan by the Federal Government to diversify the economy from crude oil production is an amazing initiative. All around the world, Tourism has become a major source of economic growth, employment, and foreign exchange earning and Nigeria should be no different.

According to her, the potential annual export revenue generation for Nigeria is in the excess of $224 million or N35 billion while the potential total annual revenue generation is about $520 million or N83 billion. She also noted that tourism can contribute over the current five per cent to the nation’s Gross Domestic Product.

But the reality in the sector is rather gloomy, take for example the reported takeover of 85 per cent of the shares in the multi-billion naira Tinapa Resort. Does this reflect a depressed tourism industry or is it just that tourism ventures entered in or promoted by the Federal and State governments have been business failures?

But tourism is big business in many countries and the involvement of government in those countries are always vital. Where does the Nigerian government get it wrong then? Take for example in Egypt where despite the Arab spring of 2012, tourism still brought in 9 million. Tourism is vital to economies and big foreign exchange earners of Dubai, South Africa, Singapore, Kenya, Malaysia, Thailand, India, Brazil, China to name a few and their Governments have played massive roles in these successes.

Why then is Nigeria’s case different? Why then does the governments involvement in national projects like Yankari Game Reserve, Tinapa and Gurara Falls always turn out massive failures?

It has to be noted that the Nigerian ideas are usually amazing, the implementation is what seems to lack. Take for example the Tinapa Resort which was designed as a veritable tourism attraction and investment centre (with facilities for retail, wholesale, leisure and entertainment) to rival places like Dubai at a cost of $350 million in 2007 has been running at a loss for 6 years. Why does this keep happening I ask myself?

In my opinion, all that needs to be done is for the leadership through the Nigerian Tourism Development Corporation to have a Tourism Strategy. Government should build structures, government do not necessarily need to run those tourism based businesses. For the national tourist sites the government needs a more professional driven workforce who set out to help the government make a profit while naturally running the business efficiently.

The government needs to decide what role they have to play in strengthening and diversifying the Nigerian economy through properly harnessing the huge potential of the Tourism industry.

Nigeria has diverse cultures, a huge population, a rising middle class, workforce, improving structures, natural wonders et al- all these if harnessed has a potential to create jobs, build capacity, develop structures and generate massive income.