This of course is a welcomed development because a job promotion or a new job means that you now enjoy a new social status and have more money to spend.
This outcome also comes with a downside and if these downsides aren't properly mitigated, it could lead to some undesirable situations.
To illustrate these downsides, I will tell you the tragic tale.
A couple of years ago, a friend of mine got promoted to the position of branch manager at the bank he worked in.
As his new position accorded him, his employer offered him housing allowance in form of either a loan to buy a house or funds to rent a house in a low density neighborhood. As with all employers in the organized private sector, such a promotion meant that the individual had become a status symbol and increasing the quality of the individuals life will indirectly boost the corporate image of the organization.
But my friend didn't do anything to change his living conditions even after he accepted the housing allowance. He didn't see the need to move even though he was living in a high density area like Abakpa in Enugu or Ajegunle in Lagos. We urged him to get a new house but he refused claiming that there was no justification for him to move besides he won't allow his new position in life to change him.
He failed to realize the following things
1. He failed to realize that moving to a house equivalent to his new social status would help promote his personal image and the corporate image of the organization he worked for. For example, A good corporate image can help in motivating a company's employee and also help to inspire customer confidence in the organization's capabilities. If your employees are convinced that their hard work will be rewarded with a promotion and a better quality of life then they will work even harder. Motivated employees leads to higher productivity with in turn leads to higher profits.
My friend didn't realize that he could lose his job over a thing like that which is a real consequence of the action he took. Imagine losing your job and slipping back into poverty simply because you refused to improve your personal/corporate image.
2. The other thing he failed to realize was that his new social status made him a target for fraudulent criminal elements and he paid dearly for that negligence because He didn't put his safety in consideration.
Having refused to move after his promotion and due to the fact that he was residing in a relatively poor neighborhood, he was exposed to threats. Fraudulent criminal element had easy access to him and his family. In as much as my friend believed that his new social status would change him, he was blind to the fact that people around him now saw him differently. He was no longer seen as Johnny the up and coming hustler instead he was now seen as Johnny the bank manager. People immediately started approaching him begging for money and favors.
The story reached its climax when an unfortunate incident happened. His 6yrs old daughter was kidnapped. The kidnappers asked for a N10m ransom. This ordeal went on for over 6weeks. He eventually paid N7m to secure the release of his daughter.
After that incident, he was convinced that he needed to move and so he retained our services to find him alternative accommodation.
We eventually got him a property which he bought-
- Description: A brand new 4bedroom bungalow, fenced with a gate and an armed security guard, 5bathrooms, 2parlors, a dining, kitchen, a study and a chapel.
Located in Destiny and Oriental layout which is a low density area in Enugu.
Price: N16m; the Land cost N5.5m while the building to finishing level cost N11.5m.
The Title document of the property was a Certificate of occupancy from the Ministry of Land Enugu ( C of O )
Since he paid with a bank mortgage, we were able to secure him a good deal in financing. He paid 25% of N16m as down payment while the bank loaned him the balance of 75% of N16m to pay back in 10yrs at an interest rate of 25% per annum.
Today, he is living happily with his family in a house and neighborhood that offers adequate protection. His property is now current valued at N19.5m going by the open market value.
In conclusion, its wise to know that in as much as a new job or a promotion can be your salvation, it can also pose a big threat to your safety and job security. In order to promote your personal/corporate image and to protect yourself and your loved ones from external threats, from a real estate point of view, you need to live in a property that can offer you enhanced protection and that is equivalent to your new social status.
PS: if you ever find yourself in need of buying a house with a bank mortgage, Fedenni Homes can guarantee to get you financing from our partner primary mortgage institution at a competitive rate of between 6% - 22% interest per annum and a payback period of between 15- 30yrs for all loans within the range of N5m - N15m.
For more information, contact us.
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