7 proven ways to build your retirement portfolio in Nigeria





These 7 proven ways to build your retirement portfolio are just like pillars in building a strong house.  A strong building needs a strong foundation, proper time and a good plan.  The foundation will ensure the houses remains strong even after many years; the plan will ensure that the house is built in a flexible way that allows adjustment and execution. 

1.      A retirement portfolio should be diversified sufficiently to manage risks and flexible enough to allow changes if need be. It should also be prepared in a simple way and not too complicated to give one a headache. Rather it should state clear goals and actions to be taken at what time.

2.      One should start early.  You do not have to be an expert or a genius to build your retirement portfolio, but you must start early enough at a young age so as to accumulate more by the time one is retiring.

3.      If one is lucky to be working for a organization or a company that has a retirement plan, one should take advantage and join as early as possible.  Some companies contribute a favorable amount towards the pension scheme and leave you at freedom to make a choice of your own contribution with some allowing you to save up to 25% of your own income.  If you are self employed you can still have an account that offers individual pensions plan at low cost.

4.      Investment is a key that unlock wealth.  Whether you are a guru in the stock market or you know nothing about it, a portion of what you plan to save should be put for growth in the stock market, money market fund and bonds.  A wise saying says, cast your bread in many waters and after many days, you will find it again.  As you cast your saving in different investment you will enjoy them in your retirement.

5.      Understand your financial goals. You cannot hit a target you are not aware of its location.  You must locate and identify your financial goals, identify a starting point and decide what you want.  Some actions may require urgency and others flow as you proceed.  You might need a  financial coach  to guide you on some issues so as to avoid making mistakes.

6.      Write down a plan. Writing your retirement plan will give you a wider picture of your retirement needs that will prompt you to asses your anticipated lifestyle and what you already have in terms of assets.

7.      Stay updated and Be on the know how of investment. By being currently updated with current news and consistently invest   one will be able to smooth out the inevitable daily fluctuation in the market.  it will help one to have an effective strategy of  buying  extra shares when the price is low and buy few shares as the price go higher.

Building an ideal portfolio should be made an ongoing process while still evaluating all essential components and regularly checking whether one is on track. A life coach or a financial partner can be of great help when need be.

Article by Bibi Apampa,  Wealth and Business Coach who specializes in helping people plan towards being Rich, Healthy, Wealthy and Wise in Retirement. To get a free book on how to Retire Rich and Happy Visit http://www.RetirementBusinessNigeria.com













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