By Chris Ogbonnaya
If you are between age 45 and 55 and still in regular 9am to 5pm jobs in Nigeria, start putting things in place because you are about to retire.
No matter what, try and build a house, minimum of 2 bedroom flat anywhere even if it’s in a rural side of town. You need not live there though but just have it as a backup.
Also, look for any of your friends you can trust that’s doing well in business and invest in their businesses with a well-drawn out agreement.
Everything you know today will become the opposite when you retire to start your own business. For instance, as you are happy during public holidays, as an employer, you’ll be very sad because you are losing working hours and business.
Staple machines and stationary cost money
As the month ends, you are awaiting your salary but as an employer, you’ll start racking your brain about how to pay staff salary.
That side business you have now, trust me, it’s artificial, it’s not real. It becomes real when it starts paying your bill with zero support from your salary.
90% of you will fail in the first 3 years. But don’t panic because it’s part of the process.
Keep a lump sum you mustn’t touch no matter what. If circumstance aside from health issues causes you to touch that lump sum, close your business immediately for it is the first sign of failure. Any attempt to turn things around at this point, you will sink and end up in a pool of huge debts.
Forget that your fancy office you work in now, just get an office space you can easily afford to renew the rent.
I wish you well as you prepare for your pre-retirement.