Friday letters are usually dedicated to taking questions from our community. Do you have a question for us? Please feel free to
- send an e-mail to info@themoneyafrica.com; or
- send a DM to any of our social media channels, or
- simply fill out this form. Don’t worry, your responses are kept anonymous.
***
Question
My dad bought shares but was covert about it until his death, when my mother found out. She tried to process the collection of the dividend it accrued over the years, but it was unsuccessful.
I was young then, so I had no in-depth knowledge about shares, dividends, and all that until recently when I came across the unclaimed dividends released by the SEC. When I inputted my name and that of my siblings using the link, names came up. However, the problem is that many other related names also came up so I couldn’t differentiate ours from the others. How will I begin the process? Is there a need for a stockbroker? How can I get one if there’s a need?
Answer
I understand your concern regarding the unclaimed dividends associated with shares purchased by your late father, and I commend your initiative in seeking to resolve this matter. Here is what you can do to navigate the process of claiming unclaimed dividends.
Start by gathering any relevant documents related to the shares your father purchased, such as share certificates, dividend statements, or correspondence from the company or registrar. This information will help clarify the details of the shareholding and facilitate the claims process. Cross-reference this information with what is obtained from the SEC’s unclaimed dividends portal.
Next, you want to identify the registrar responsible for managing the shares in question. This information may be indicated on the share certificates or obtained from the company’s website or investor relations department. Reach out to the registrar to inquire about the procedure for claiming unclaimed dividends and verify ownership of the shares. Prepare any necessary documentation to support your claim, such as proof of identity and proof of relationship to the deceased shareholder (if applicable).
A stockbroker will help provide guidance and expertise in navigating any complexities of the process and facilitate the claims process on your behalf.
If you decide to engage a stockbroker, you can search for licensed stockbrokers or brokerage firms operating in your area. Look for reputable firms with experience in handling share-related matters and providing personalised service to clients.
I hope these steps provide you with a starting point for resolving the issue of unclaimed dividends. If you have any further questions, you can join us this Sunday for a special webinar on unclaimed dividends and how you can reclaim what’s rightfully yours! If you have ever wondered about unclaimed dividends and how to avoid missing out on your investments, this webinar is for you.
To join this informative session, simply sign up here to join our community and receive exclusive access to the webinar. Don’t miss this opportunity to learn valuable insights into managing your investments and securing your financial future.
***
Question:
What is the ideal amount that I can put aside from a monthly remuneration of N170,000 after removing tithe and taxes?
Answer
Establishing an investment plan tailored to your financial goals and circumstances is essential for building generational wealth and achieving financial security. This is what we preach at MoneyAfrica. Here are some considerations to help you determine the ideal savings amount:
1. Assess your financial goals: It all starts by identifying your short-term and long-term financial goals. These should also include building an emergency fund (which should amount to at least 3 to 6 months of your earnings), investing for retirement, or funding education expenses. Prioritise your goals based on their importance and urgency.
2. Budgeting: Create a detailed budget that outlines your personal monthly income and expenses. Deduct mandatory expenses such as tithe and taxes from your monthly remuneration of N170,000. Allocate a portion of the remaining amount towards essential living expenses such as housing, utilities, groceries, and transportation.
3. Emergency fund: Prioritise building an emergency fund to cover unexpected expenses and financial emergencies. Aim to save three to six months’ worth of living expenses in a readily accessible account like a savings account or money market fund. Start by setting aside a portion of your income each month until you reach your target.
4. Savings goals: Determine how much you need to invest each month to achieve your specific goals. Whether it’s saving for a major purchase, retirement, or other financial objectives, calculate the amount you need to set aside each month to stay on track towards those goals.
5. Percentage-based approach: You can adopt a percentage-based approach to savings, where you allocate a certain percentage of your monthly income towards savings. We recommend investing at least 20% of your income (that is, at least N34,000), but the ideal percentage may vary based on individual circumstances and goals.
You must remain honest with yourself, especially if you do not have as much responsibility or dependants. This way, you can invest much more for the rainy days.
***
Would you like to know the state of your finances?
Take this test to see how you are doing financially
***
Do you know that we have our own podcast? It’s MONEYTALKS!💚
Here’s a link to listen to all the amazing episodes we have!
***
Thank you for reading Money Africa’s Blog.
Please feel free to share it.
Do you have any questions? You can send an e-mail to info@themoneyafrica.com or send a DM to any of our social media channels.
***
MoneyAfrica premium plan
Are you a mid to high-income earner? Do you find communities a bit too busy? You should sign up for our premium plan.
You can learn more about that here.
***
We often get questions regarding how to plan your finances to align with your relocation plans, especially for students seeking to further their studies. As always, we have heard you, and we have put together an e-book to help you navigate this. Follow this link, to get your FREE copy of the e-book: The Japa Encyclopedia.
***
Get our annual subscription and learn more about investing safely and building a solid portfolio in 2024.
Don’t forget to:
- Join our community, if you want to smash your 2024 financial goals. It takes at least 30 days to build great habits that will last you a lifetime. So why not start now? There is a lot you can achieve.
- If you would like to document your financial journey in 2024, then our journal would be an excellent fit for you. It costs ₦7,500 (excluding delivery).
- Get a budget sheet to track your monthly expenses. Click here
- Get an investment tracker to be on top of all your investments. Click here
MoneyAfrica is a financial literacy platform. Our goal is to make everyone better with their finances.
We do this by engagements via our:
– social media handles
– platforms for paid community members (for adults and students)
– webinar sessions with corporate clients
Would you like to join any of the communities? Please click here
Would you like us to hold a webinar for your company’s staff? Please send an email to info@themoneyafrica.com
