By Aduragbemi Omiyale
A financial literacy expert, Ms Tosin Olaseinde, has advised that in order to have a better financial second half report, one must start saving now.
She said achieving financial security is not rocket science, noting personal finance is a long-term project which mostly requires the right mindset, at 80 per cent, to succeed and only 20 per cent of knowledge.
Speaking at a special Grow With V webinar themed What Does Your Half-Year Finance Report Say? the founder/CEO of Money Africa stressed that being resilient, having multiple streams of income, and building emergency funds, are key attributes of an individual on their way to financial security.
At the event organised by VBank and anchored by the Public Relations and Communications Manager for VFD Group, Ms Lolade Nwanze, she said “the first step to financial independence is planning; what you don’t track you can’t follow through with.
“Emergency fund is extremely important. How much emergency fund do you have? Start thinking about being resilient; think of what to fall back on and how many streams of income to create. You don’t look for money when you need it, you start to look for it before you need it.”
Ms Olaseinde noted that investing in interest-yielding platforms is far better than putting one’s money in the traditional rotating savings and loans systems popularly called ‘ajo’ or ‘esusu.’
She described the latter as inefficient and warned against Ponzi schemes while stressing that compounding and time remain the best partners for financial growth.
Advising on what to invest in, the expert said, “Hedge your money by investing in stable currencies. When thinking of where to invest, think stocks, bonds, hedge funds, private capital etc.
“Remember that preservation of capital is better than high rewards when considering high-risk ventures. plan, re-evaluate, benchmark and don’t stop tracking.”
Grow With V is a monthly webinar session that brings subject experts in different knowledge areas into the same virtual room with young individuals, professionals and SMEs.
In the past, it has featured Noble Igwe, Mai Atafo and popular Instagram store owner, Maureen Edwin.
In this second half of the year, VBank is partnering with individuals and businesses to help grow their finances via a personal finance series.
VBank is a digital banking platform that allows individuals to set up a full-fledged banking account in two minutes and provides products like fixed deposits, loans and target savings as well as a budgeting feature to encourage tracking and accountability.
