«Life is either a daring adventure or nothing.» – Helen Keller

For all those who are not familiar with the above-subject head, it is simply an investment scheme where a fixed amount of money invested generates a fixed amount of interest every month. In this case (as of today), you place Four hundred and Fifty Thousand Naira (N450,000.00) with the company above and you get Forty Thousand Naira (N40,000) every month and your initial capital remains intact which you can withdraw at least 6 months after initial deposits. Wow! This a appears great especially for employees who have access to loan, up-fronts and bulk savings; but a deeper look into this scheme, the downside far out weighs the obvious jackpot!

The successes of schemes like this, reveals the values of an average Nigerian living in Nigeria- the craze for quick money without labor. The ability to out smart the system and come off as a financial independent being, is the prevailing index that filters down the thoughts of an average youth including me;

I remember engaging in a similar scheme during my National Youth Service Year (a compulsory one-year military programme designed to integrate various cultures in Nigeria), where I placed twenty five thousand naira (N25, 000) and I was promised Ninety Thousand Naira (N90, 000) at the end of 3 months and my initial deposit will remain intact. This initial deposit was the only savings I had which was a combination of income generated from pre-Youth Service Year and Housing Allowance offered to me by University of Uyo (My primary assignment). To cut to the chase, I lost the money!

I am sure you will be wondering, how stupid I was to do such a crazy thing. But stop to think of it, I am a very smart guy when it comes to money matters but the craze to be financially liberated actually blinded my eyes to see the intricacies of what I was getting into. I saw the proposed end not the process so I missed the obvious. The scheme had been running for two years fool proof and evidences of those who had participated where at my nook and corner but the whole scheme went under when I place my money there. My only savings!

I learnt a lot of lessons from this experience which I am willing to share with you.

1. God is not interested in a money making scheme where you personally learn nothing from. You are aware of what they do but you are not involved. I have never seen a man, that became wealthy, who puts his money in a scheme he is not involved in. You hear of people who made money from schemes but have you asked yourself how the person is faring after one-year of making the money. Is the person wealthier? The answer is NO! What happened was simply a gamble; all the guys that boasted of making money from the scheme I lost my money in, are not better than they were before.

2. Making money is very strategic; it involves a lot of wisdom, experience and tactics. Even if you decide to put your money in such scheme, should you put facilities obtained from the bank or your whole income in it? This describes how financially unintelligent you are because you have not managed the risk. I hear some employees say things like even if they lose the money they still have a job. I cringe when I hear this because they fail to see that their jobs are also investments which are risky; you put about 60% of your time on earth doing a job, you get some proceeds from it and you don't mind the way it goes. If you place some of your money in this scheme, even if it blows over, you always have something to fall back on.

3. Since putting you money in this scheme worked, you have simply formed a habit which is very hazardous. Your money is a representation of the time you give to an employer and tripling your money in scheme like this will eventually catch up with you in the long run. It is like Gambling; the casinos have worked the percentages out – they are sure you will loose at least 80% of what you win back in the casino. So is gambling your way through life, you will eventually loose what you make – it's a matter of time.

4. Be sure to have an insider in any company you invest in; preferably the secretaries. They know what goes on and will tell you when the company is falling apart so you can do the needful. I remember a friend telling me of how happy a business man was, when he was told to remove his money from a pending failed bank before it collapsed.

Nospetco Joint Venture Management Services is highly risky because you are not aware of their bi-annual or annual profit and loss statement. You are involved in the risk but not involved in the profit sharing for example during the one week strike, account holders were given Thirty thousand naira instead of forty because of strike and when the company makes higher profit you are still given forty thousand. Just this weekend a prospective account holder was telling me he will get his money back if the company folds up. This is the level of ignorance that exists amongst investors who failed to understand that they are part of the business once they invest their money.

All said and done, I am not against taking risk but managing risk since every venture is a risk. This prompted my thoughts to Fabian – one of the star character of the popular «Cuando Seas Mia» – whose guiding principle to any investment as «ALL OR NOTHING» which simply means its either you put all your money into any investment or don't put it all. Guess what? He ended up in Jail……………

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