Nairametrics| On this episode of Everyday Money Matters at LagosTalks 91.3, the Nairametrics duo of @TunjiAndrews and @Ugodre addressed the following questions;

First Question

Hi guys, I work as a teacher with an average secondary school in Lagos. My employer just came up with a ‘reward scheme’ for interested teachers. He says he’s ready to purchase a plot of land for each teacher now and allow us pay back gradually from our salaries for a 3-year period. Seeing as I’m married with 2 kids, the salary is not yet enough. Removing 50% will seriously affect my expenses. But the allure of owning a plot of land is still strong. What do you think? Is my employer trying to tie me down?

Second Question

My kids just got admission into university this year. They keep asking for money before their monthly allowance is exhausted. What would be the best way to teach them how to live within their monthly allowance?

Third question

I run a small super market and employ five staff. I was advised by my bank, to reduce the volume of cash I hold and do more of electronic transactions. The staff still prefer to be paid their salaries by hand. How do I convince them to accept payments through the bank?

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  1. On the First question, it is true the allure of owning a piece of real estate may be strong…it is however important to understand the legal process involved in ownership, transferring ownership and perfection of title. Most time land scammers exploit the sentiments of people that cloud sound judgment in this important transaction. My advise would be ask important questions regarding current ownership of the land, transfer process of ownership and other legal detail to avoid parting with your hard earned money only to realize it was all a scam or some sort of oversight.

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