The Nation Newspaper

Tag: Myths

  • Myths and facts about red palm oil

    Myths and facts about red palm oil

    Since the last story we published on Palm oil, we have been overwhelmed with many questions on the health benefits and other nutritional contents of red palm oil. I hope this piece addresses the questions raised by the likes of Nneka Udokwu, Hajia Damilola Odisille, Eno Essien and the others.

    Not too long ago, I walked into a Pharmaceutical/Cosmetic shop on Opebi rd, Ikeja  and on the shelf were bottles of Red Palm Oil [RPO] food supplement capsules. Though I have heard of its existence since 2013 but it was my first time of coming across it in Nigeria.

    I checked the containers of the supplement and saw that they originated from the US. The three different brands. ‘Natural red palm oil concentrate softgels’, ‘Red palm oil capsules Juka’s Organic Co.’, ‘Red Palm oil, the new super food of the year’, by Botanic Choice’

    Stopping in my tracks I pondered ‘red palm oil in capsules, I thought some people advertise that palm oil is bad for our health especially the heart and now is being promoted as a food supplement’. I know a few people with health issues who will not touch red palm oil even with a pole.

    However, the stories are changing. Recently, in the US, a very popular American television host, Dr. OZ  referred to RPO as the miracle oil for longevity and the new weight loss miracle. Dr. Oz is an accomplished and still active cardiovascular surgeon. He is an academic and a research scientist who has hundreds of scientific publications to his name

    For years Scientists from the so called developed world especially the United States have campaigned relentlessly against the consumption of RPO. It was a target of massive advertising campaign including widely published allegations that it was hazardous to health.

    It was attacked as ‘saturated’ since it contains 44% palmitic acid and 5% stearic acid thereby allegedly raises blood cholesterol and increases the risk of cardiovascular diseases.

    Because it was comparatively new to many of the so called developed countries, it was judged solely on the basis of its saturated fatty acid content while its numerous benefits were over looked.

    Those days, especially before the 1990s, food producers in US had to state ‘No red palm oil’ in food labels for consumers to patronize them.

    However, many reputable Scientists both abroad and Home have conducted more than eighty research studies in order to help dispel these inaccurate myths and share the truth about palm oil.

    The positive results of these nutrition studies have persuaded many to reconsider their previous judgments on palm oil. A major milestone for the positive reputation of palm oil was when the US Food and Drug Administration [FDA] announced in 1994 that it would no longer permit the use of ‘No red palm oil’ labeling.

    That helped reinforce that “Facts’’ rather than “Myths” will prevail in regards to palm oil.

    A sizable and growing body of scientific evidence indicates that palm oil effect on blood cholesterol is relatively neutral when compared to other fats and oils. A recent study comparing the effect of palm oil and olive oil enriched diets on 21 healthy, free living normocholosterolemic subjects found no difference in total and LDL cholesterol levels. There appears to be several explanations. Palm oil contains a high percentage of monounsaturates[40%]. Palm oil saturated fatty acids are palmitic [44%] and stearic[5%] which do not appear to elevate blood cholesterol in people with cholesterol within normal range.

    Recent animal studies found that palm oil stimulates the synthesis of protective HDL cholesterol and removal of harmful LDL cholesterol.

    It also appears that palm oil, compared to polyunsaturated oils, poses a reduced risk for cancer. This may be due to the tocotrionols in palmoil.

    Infact, Professor KK Carol of Centre for Human Nutrition at the University of Western Ontario and David Kritchevsky of the Wister Institute recently concluded that evidence indicates that tocotrienols in palm oil are effective anti-cancer agents and provides adequate justification for clinical trials in human cancer patients.

    Recently at the International Conference Centre Birmingham at the Biomedical Science Congress, Dr. Oluwafemi O. Oguntibeju, Department of Biomedical Sciences, Faculty of Health & Wellness Sciences, Cape Peninsula University of Technology, Bellville Campus, South Africa further elucidated the potential of the red palm oil in the healing process.

    Scientifically known as Elaeis Guineensis, palm oil essentially, contains, rich balanced mixture of saturated, monounsaturated and polyunsaturated fats, providing a higher level of bioavaliable nutrients than any other vegetable source.

    Like coconut oil, palm oil is also rich in medium chain triglycerides (MCTs), which mobilise body fat stores, increase the metabolic rate and is a great source of energy.

    Palm oil is a rich source of antioxidants, especially Vitamin E. While the health benefits of Vitamin E are widely known, less widely known is the fact that Vitamin E is a complex of many constituents broken into two groups: tocopherols (alpha, beta, gamma and delta) and tocotrienols (alpha, beta, gamma and delta). And while alpha tocopherol is the form most commonly marketed as Vitamin E, the full spectrum of both tocoperols and tocotrienols are required for optimal assimilation.

    The super-antioxidant tocotrienols are particularly important for optimal health. These natural antioxidants act as free radical scavengers and are believed to play a protective role in cellular aging, atherosclerosis, cancer, arthritis and Alzheimer’s disease.

    Researchers now believe that the tocopherols and tocotrienols together provide constituents that help limit damage during a heart attack.

    RPO not only supplies fatty acids essential for proper growth and development, but it is packed with an assortment of vitamins, antioxidants and other phytonutrients important for good health.

    For instance, the red colour comes from carotenes such as beta-carotene and lycopene – the same nutrients that give tomatoes and carrots and other fruits and vegetables their rich red and orange colours.

    Carotenes are valuable nutrients and powerful antioxidants. They are also important because the body can convert them into Vitamin A, an essential nutrient.

    Vitamin A deficiency can cause blindness, weaken bones, lower immunity and adversely affect learning ability and mental function.

    Additional Reports, Better Health News Journal, US.

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  • Myths about the 1966 coup and Biafra

    SIR: I am pained anytime people twist history and castigate the Igbo especially as it concerns the role played by officers from Eastern Nigeria in the January 15, 1966 coup. This is wrong and should be corrected.

    The first myth has it  that the first coup in Nigeria was inspired by the Igbo against the Nigerian state. How untrue? If it was, how come that Colonel Unegbe from the then South East, as head of the armoury in Ikeja refused to hand over the keys to the coup plotters and for that was shot by them?

    If it was so, how come that Colonel Ojukwu, as commander of a strategic military formation in Kano refused to support Major Nzeogwu and ensured that the coup didn’t succeeded wholesale in the North?

    How come that General Aguiyi Ironsi, an Igbo, rallied the troops, crushed the coup and had the perpetrators arrested?

    The gallant officers above with positions of authority who helped foiled the coup were Igbo officers and without their intervention the coup might have succeeded.

    Detractors blame General Ironsi for not having the plotters tried in a military court and shot because they were fellow Ibos like him. How could he, without a military law permitting him to do such?

    General Obasanjo it was that later promulgated the decree that called for the execution of coup plotters in the wake of the failed Dimka coup which led to the death of General Murtala Mohammed on Feb 13, 1966

    The second myth is that the Igbo have never believed in Nigeria and declared Biafra only because they failed to take power in the first coup and decided to pullout of Nigeria unilaterally. That’s not true. Secession was not a novel invention by the Igbo in 1967 and the Igbo believe in Nigeria more than other ethnic groups in Nigeria. In 1957 the Sardauna of Sokoto threatened to pull out of Nigeria if the British granted her independence because at that time the North wasn’t ready.

    In 1952 and 1957 according to British policy documents, Chief Obafemi Awolowo suggested that it should be put into the constitution that every region that wasn’t satisfied with the country should have the right to leave the union. Paradoxically In 1952 the Sardauna supported Chief Awolowo but only Dr. Nnamdi Azikiwe and the British authorities frowned at the idea and Nigeria today is a nation thanks to Dr. Azikiwe.

    With the benefit of hindsight, of the three major tribes, only the Igbo truly believed in one Nigeria. Remember also that in early 1966, Isaac Boro rebelled against the federal government and called for a Niger Delta Republic. His insurrection was crushed by the Ironsi government and he was tried for treason and condemned to death but later pardoned by Gowon, joined the federal army to fight against Biafra and was killed in action.

    Biafra only became a reality as a result of the counter coup in July 1966 spearheaded by northern soldiers which killed General Ironsi, Fajuyi, hundreds of soldiers, and thousands of civilians mostly Igbos in the north.

    In the wake of that coup, the Head of State, General Gowon couldn’t stop the genocide. The conference in Aburi was the last chance to stop the slide towards anarchy and it was agreed that Nigeria should practice confederation only for Gowon to repudiate the agreement on reaching Lagos but for good reasons because it was pointed to him that Aburi had made Ojukwu the most powerful man in Nigeria on account of the oil fields in the then Eastern Region

    The Igbo in fury practically forced Ojukwu to declare Biafra which caused one of the bloodiest civil wars in history which claimed the lives of over one million people.

     

    • Essien Idiong,

    Port Harcourt, Rivers State.

  • Myths surrounding Oranmiyan Staff

    Myths surrounding Oranmiyan Staff

    Ile-Ife is an ancient town with many historic tourist attractions,ranging  from the Palace of the Ooni in Enuwa, the Ife Museum and many others.

    One of the top attractions at Ile-Ife is the Oranmiyan Staff (Opa Oranmiyan). The staff is above 18 feet and has some intricate designs on it. It has myth, history and culture around it.

    It is a must-see for tourists. A visit to the ancient city of Ife would not be complete without seeing the staff. The Oranmiyan Staff can be seen at the Oranmiyan Shrine at the Arubidi quarter of Ile-Ife. Although certain traditional rites are performed there, it is still open to tourists. But there are some parts of the shrine that could only be accessed by the initiates.

    On entering the shrine, the staff could be seen just about 40 feet away. It has a square shaped elevated demarcation made with stones. From atop the demarcation, there are three steps to walk down and get to the staff. It is further demarcated by a metal chain. The base of staff is covered with white clothes.  On the left is a small grove with tall trees shielding it from visitors. Walking further behind the staff will lead to the inner sanctum said to be for only the initiates.

    The Oranmiyan obelisk is hundreds of years old and has history behind. Lawrence Omidiora, an Ife indigene, acted as a guide on the tour of the shrine.

    “Opa Oranmiyan symbolizes the essence of Ile Ife, first as the traditional source of the Yoruba people because Oranmiyan is a descendant of Oduduwa, the progenitor of the Yoruba race. He was the grandson of Oduduwa,” he said.

    “As at the time the other Yoruba towns were being established, Oranmiyan played a prominent role in the establishment of traditional rulership in these new locations in Yorubaland. It was Oranmiyan that established dynasties in Benin and Oyo. Benin was first before Oyo,” he said.

    Although the Oranmiyan staff is said to have been used by Oranmiyan, the round obelisk   does  not look a staff a human being could carry. Omodiora said he was not aware  of any known archeological research on the obelisk to confirm the veracity of this myth about the staff.

    Omidiora explained the myth and story behind the staff.

    “Oranmiyan was a great warrior and he had a sword. At the point of his death, he dropped the sword and it transformed into the staff as we see it today. The marks you see on it are letters that some scholars said have close relationship with Greek letters.”

    Although tourists to the shrine are allowed to stand at the elevated demarcation and take pictures, they are not allowed to go near and touch the obelisk.

    According to Omidiora, the obelisk still has strong supernatural powers: “There is a belief that the staff is a living soul and must be appeased.  That is why members of the two families, Eredumi and Akogun, are involved in its worship up till today. In the period of the inter-tribal wars, the staff was always consulted before wars and the powers from the staff helped to secure victories over enemies,” he said.

    Despite its age and history, the staff still plays an important role in the installation of traditional rulers of some towns and cities. He said: “Before some kings are installed, the sword of  office for each of these kings must be removed from the the Oranmiyan Shrine and given to them.”

    Also, according to the guide, the Oranmiyan Staff plays a role in the installation of a new Ooni of Ife since the staff, an embodiment of not just the spirit of Oranmiyan, but of all the other Ooni that had ruled Ile-Ife.

    The guide further said: “The attributes of Oranmiyan must be embraced by the Ooni. He  needs these to effectively function. Some of these attributes are within the shrine and with the staff of Oranmiyan. So it is important for a person ascending the throne of Ooni  to be familiar with the shrine and staff.”

  • Myths, modes of Ife sculptures

    Myths, modes of Ife sculptures

    Nigeria is rich in heritage. The ancient city of Ile-Ife is one of such places, ELIZABETH HAMBOLU writes on how ancient artists documented Ife’s greatness in various media.

    Located in Osun State, Ile-Ife stands tall for its glorious past.

    The ancient city, which was the cradle of Yoruba civilisation, is regarded as the ancestral homeland of all Yoruba speakers, from which traditional, political and religious authorities were derived.

    Classical Ife civilisation flourished between the 12th and 15thAD and this is attested to by sculptural works in Bronze, Stones, Terracotta and other artistic production in the form of beads and architectural elegance represented by potsherd pavements.

    How these objects came to the limelight has often been attributed to the activities of a German explorer, Leo Frobenius, who came to Ile-Ife in 1910 to dig and cart away some of these magnificent and rare ancient arts. It must, however, be noted that the existence of some of these objects was naturally known to the people of Ile-Ife who, in the first case, were responsible for showing Frobenius the location of the objects.

    From the available records of the regrettable transactions that took place, it is obvious that the people also knew the value of the objects.  Regarding who tricked who, that will forever remain a subject of controversy.  The exploits of Frobenius now spurned the British Colonial masters to begin to contemplate actions towards the prevention of looting of other Ife sites. Frobenius went ahead to make indelible comments about the Ife objects to the effect that they were so exquisite to such an extent that they could not have been the work of  the Ife people of  his days but rather that of some form of their superior ancestors whose works were comparable to those of Greek Civilization.

    1938 was to be another hallmark year in the discoveries of Ife Bronzes which motivated the establishment of the Museum with close collaboration of the Ooni of Ife and colonial officers.  A long list of committed archaeologists worked over several decades to bring about more discoveries and better understanding of Ife Civilisation.

    Ife sculptures occupy a place of pride among other Nigerian objects in national exhibitions and those that are taken out for international exhibitions. They represent and are also used as emblems of Yoruba culture.

    Art critics have often argued that more should be done to comunicate Ifeancient civilisation to school children. And to serve this purpose and more, the Museum of Ife Antiquities now called National Museum Ile-Ife was set up during the colonial era.

    Below is an illustrateion of how ancient artists documented this greatness of Ife in various media, such as clay (terracotta & potsherd pavements) stones, bronze and beads.

     

     Ori-Olokun

    This is the most famous of the Ife bronze heads and it has a chequered history.

    It was produced through lost-wax or cire-perdue casting method. The Olokun head was dug up in the late 19th Century in the Olokun Grove.  In the past it was used in yearly rites when honouring Olokun, the goddess of the sea and patroness of bead making.  Experts have said it probably represents an Ooni and in its original form, probably had nothing to do with Olokun. The Ori-Olokun is associated with wealth.

    We see that people, since the times immemorial, have been so conscious about wealth and they make effort to see that their businesses prosper.

     

    Sculpture of a couple

    The couple above portrays an Ooni and his queen. They hold hands together with their legs entwined together. Their necks are heavily beaded.  They put on their head crowns and staff of office (Ase).

    As seen from the object it further attest to what God wants from couples; that in their marriage vows they are to stand by themselves without breaking the vows. They are to cooperate with one another, because in the Holy book, God said a man will leave the father and mother and cling to his wife to become one flesh and here the above figure clearly demonstrate that in its action.

     

    Bronze heads found

    in a grove (1938)

    This terracotta head is exhibited at the Ile-Ife Museum. It is the head of a queen. This object shows elements of royalty, meaning that all through the ages there have been Queens, Olori or Aya Obas, most especially in the western parts of Nigeria. Other states have their own title for king’s wives, e.g. in lgbo the Queen is called   Lolo.

     

    Beaded neck

    The beaded necklaces and bracelets on this torso (chest) are similar to those that are worn today by certain Yoruba traditional leaders. It is likely that a pair of bow-shaped badges once hung from the necklaces.  The use of beads is spread across the nation, some use it elaborately and some do not. The Obas and Obis in the southern parts use beads more elaborately as symbols of authority and power more than the traditional rulers in the North. Beads are profusely used in this figure which confirms that it is a royal object.

     

    Stones

    The ‘staff of Oranmiyan’, Opa Oranmiyan, a shaft of granite gneiss more than 5.4 meters in height, (about three times the height of an average man) is studded with spiral headed iron nails along its height.  According to Professor Willet, while the significance of the arrangement of nails is no longer known, a hole and engraved lines at the top of the object confirm the object’s phallic identity. This site is a focus of remembrance. It has historical and mythological significance, as the ancestors are remembered by a commemorative object. The granite column of Opa Oranmiyan is believed to be the walking stick of Oranmiyan, one of the sons of Oduduwa. Oranmiyan is said to be the fourth Ooni of Ife, a warrior and founder of the Kingdoms of Oyo and Benin.

    Apart from Opa Oranmiyan, there are other stone sculptures called   Opa-ase (staff) given to a king when he is crowned.  This is regarded as staff of authority. The king in his power can give it to any of his senior chiefs to represent him in a function if he is not able to attend.

     

    Idena (gatekeeper)

    Idena figure is believed to be a representation of a security man.  This is shows that in the past there were also security challenges that warranted them to have gate keepers. This figure is exhibited at the National Museum, Lagos.

     

    Contemporary uses of Ife art

    The Ife objects are in different exhibitions both home and abroad, in private and National Museums. Ife bronze were first exhibited during the reign of Ooni Adesoji Aderemi  in 1948 at the British Museum. It is at this time that the bronze received wider attention of the Europeans.

    Ife objects are exhibited at Volkerkunde Museum in Berlin Germany and British Museum. Ife objects now serve as regional and national symbols.  The bronze are no longer in use in their original context, which are within shrines.  Some Institutions/ Business enterprises now use replicas and drawings of the famous bronze (Ori- Olokun ) as symbols, branding and logo.  For example, many business operators consider the Ori-Olokun which is associated with wealth as appropriate for branding their  businesses.  Examples of such are Oyo State Television Station, Obafemi Awolowo University, Ife (OAU), Odu’a Investment Company, and Airport Hotel, Ikeja-Lagos. In this hotel, one of their bars’ is named Ori-Olokun bar, and many reproductions of Ife art adorn their walls.

     

    Museum

    Museum is a house or set of buildings where objects of  historical, scientific, artistic value are preserved and displayed for the public view and education of the general public. Museum building is not just a place for keeping old relics, but it is by far, more than that.  It is where education takes place.

    The mission of National Commission for Museums and Monuments is to educate the general public with some of these objects in its collections.  School children constitute a very important segment of any society. They are of especial significance for the museum world, for in essence museums are set up to convey to succeeding generations the achievement of our predecessors. It is therefore very clear why school children should be brought often to the museum.

    In doing this, we must make children’s visits worthwhile. To achieve this, consultation with teachers before bringing students is very important.

    As has been observed by Museum education experts, mid-stream consultation that allows meeting of minds between what the museum has to offer, the school curriculum, historical needs and what the children want is very important. This enables a form of genuine engagement, so schools and teachers should be seen as active partners rather than being mere recipients of what the museum has to offer. All stakeholders here should know how to measure success.  Each child is entitled to benefit from learning experiences in the museum, thus very important to find out what students really think of our collections and exhibits.

    We should not hesitate to make the best use of new technologies, which are indeed very prevalent as they provide rich, interactive learning experiences they must not be ignored.  New technologies encourage creativity and innovation.

    It has been advocated that we should use objects/museums to deliver non-core and cross curricula activities.  In this case, we use artifacts as spring board for class activities and use museum as stimulus for work as contained in the national curriculum.  Museums enable experiencing the world through art in a different way.  In this way   children are thought how to really see things deeper than mere surface level.

    Ife Museum sculptures are used to provide new and stimulating learning environments, providing access to rich resources which are meaningful and relevant both to the curriculum and the pupils.  Information concerning production, materials utilised and historical implication is presented to students. These are in addition to their aesthetic value, environmental relevance, and history of objects, value, and their relationship with other objects.

    In exploring the symbolic meaning of objects students get a deeper understanding of the cultural meaning behind them. The physical experience of visiting Ile- Ife museum, right at the heart of the cradle of the Yoruba race, creates huge excitement.  Indeed a visit to Ife museum should be a rite of passage for all students of the South western Nigeria.

    Careful readers of this article would have noticed that some issues were left unattended to. This is deliberate. After listening carefully to the museum educators at Ife museum, students should be able to answer some of the questions I will list below and then follow up with their own questions.

    A few samples of questions will suffice for now: When were the Ife sculptures produced? Who produced them? Why were they produced? Who owned them? When and how where they brought to the museum?

    Are there other art objects in the media?

    When these are answered satisfactorily, the students can then move to the next level of asking questions which relates to Ife sculptures to other ancient art traditions of Nigeria.

    Brilliant students from Kwara State for example could ask about possible relationship between Ife and Esie soapstone sculptures. Do the Ile -Ife people have stories of people turning into stone? Drinking from their wealth of experience of Benin art, students from the south- south geo-cultural zone might ask if Ife art could be regarded as ‘Court art’ the way those of Benin are referred to.

    They might want to ask, where is the equivalent of Igun Street in Ile-Ife? Students from other parts of Yoruba land might also want to ask why Ife art is deficient in wood sculpture. There are many more ways of interrogating Ife sculptures and visitors can be rest assured that the ever willing educators         of Ile -Ife museum are always ready to provide answers and where not exactly possible to provide precise ones, they can at least shine a little light into complex issues.

    At the museum, there are off course rules to obey, token to be paid to enable one benefit from a rewarding museum experience.

     

     

  • Seven retirement Myths debunked

    MYTH 1- I am too old to save for retirement

     

    Too old? Many workers, especially in the private sector, may one day wake up to realize that they are ÀÛ+Üfty or more without a retirement savings plan. Fear would envelope them and they would conclude it is already too late to start. They were stuck; they had missed their opportunity. Not true. While it’s true that you’re better off starting at age 25 than 50, it is also true you’ll be better off starting at age 50 than, say, 70. Then again, 70 is a better start than 90, isn’t it? The past is the past. We must stop peering at the rearview and instead look ahead toward the horizon. As long as you’re still breathing, it’s never too late to start. It’s never too early, either.

    MYTH 2-I am too young to save

    for retirement

     

    Too young? If you’re younger than 30, you have it made! Young people, no matter your tax bracket, have a significant opportunity to become truly wealthy thanks to the power of compound interest. Someone who invests $25,000 by age 25, with a 12 per cent rate of return, will have more than $2 million by age 65 even if he or she doesn’t add another dollar after age 25. Conversely, if that same person waits until age 30, he or she will have to contribute more than three times as much to achieve the same outcome. The lesson? Compound interest is the best ways to grow your money over the long haul so start while you’re young.

    To visually illustrate the difference between starting at age 25/35.

     

    MYTH 3-I don’t make enough

    money to save for retirement

     

    Actually, there is no reason y o u s h o u l d n ‘ t r e t i r e a millionaire. That’s right. Virtually everyone, even minimum-wage earners, has the opportunity to be a millionaire when they retire. It sounds too good to be true, but the math proves otherwise: a 25-year-old who sets aside only $23 per week will retire with more than a million dollars if the money is invested properly (12 per cent rate of return). Okay, so maybe you’re not 25 anymore me, either! That’s all right. Older folks simply need to a d j u s t a c c o r d i n g l y. B e t t e r m e n t h a s a wo n d e r f u l l y i n t u i t i ve i nve s t m e n t – a n d – retirement calculator to help you understand exactly how much money you need to save based on your age and financial objectives.

     

    MYTH 4- Inflation will hurt

    my retirement nest egg

     

    This is the only myth that is partially true; however, its truth is irrelevant. While it is true $100 dollars ten years from now will probably possess less buying power than $100 today, the flip side of that coin is also true, and considerably more important: your $100 ten years from now will be worth infinitely more than your friend’s $0 invested. In fact, solid investments are the only way to outpace inflation. It is better to invest your $100 than keep it in a bank or under your mattress.

    MYTH 5- I’d rather spend my money on something else

     

    When intentions are good, this excuse occasionally sounds like the most compelling reason to avoid saving for the future. True, we sometimes cling selfishly to money, using our income to purchase superfluous trinkets of ostensible success, but frequently we want to use our money to contribute beyond ourselves like charities, nonprofits, and loved-ones in need. Contributing to others is certainly admirable, and I believe giving is living, so I want you contribute generously, but I’ve found the best way to help others is to help yourself first the best way to give generously is to have more to give. Investing in yourself ÀÛ+Ürst helps you ÀÛOÜex your giving muscle. There’s a reason airlines tell you to “secure your own oxygen mask before helping others”.  If it’s easier to breath, it’s easier to help people in need.

     

    MYTH 6- The Stock Market isn’t safe

     

    Translation: You don’t understand the stock market. That’s okay. I don’t completely understand the stock market, either not intimately anyway (I am not a financial advisor, nor do I play one on the Internet). The only people who must have an advanced understanding of the stock market’s intricacies are stock brokers, day traders, and fund managers. Rather than allocating several hours a day to learn the nuances of mutual funds, index funds, and individual stocks, I choose to use an investing service that takes the guess work out of investing. It is true any investment introduces risk into the equation, but long-term investing in the stock market has proven to be the best way to grow your retirement savings: over the last 25 years, including 2008’s steep decline and subsequent Great Recession, the market has averaged a rate of return of nearly 11%. Even when you account for 1929’s Great Depression, the market has averaged greater than nine per cent growth over the past 100 years (source: Morningstar). Investing in the market is the most stable good-growth investment one can make in the long-term, especially when using online tools that help you outperform the market, many of which are discussed in this essay.

     

    MYTH 7- I don’t have enough time or knowledge to manage my retirement savings

     

    It’s true you and I will likely never have as much financial wisdom as the experts, but that’s precisely why we must seek out tools developed by trusted, reputable experts. Although I’m usually a do-it-yourself kind of guy, I don’t DIY my investment strategy; rather, I did my research and found online investment tools that allow me to control my money without being overly controlling. I don’t want to constantly scrutinize my investments tweaking and reacting out of fear every time the market goes up or down but I don’t want to ÀÛOÜy blind, either. Rather than flying the plane myself, I put the best possible pilot in the cockpit.

    • Culled from Premium Pension