Greetings to the peace-loving people of Rivers State. This is another episode of RivEthics on Radio, our character-building weekend show. I am honoured to welcome you to this episode. Please remember that it’s a great idea to change the world, but the realistic thing is to start from self. We have a business episode this week and our topic today is Personal Financial Planning.
Everything that is important and significant deserves careful planning and implementation. So we plan weddings, plan academics, plan careers, plan the week, plan the day, etc. The obvious reason is to avoid failure. However, very few people engage in financial planning, mostly on account of ignorance and lack of financial education. Well, the consequences could be grave, as running your finances without financial planning will lead to wastage and missed opportunities. The great news is that financial education or literacy is a discipline that can be easily acquired. It is not reserved for financial experts. Everyone that earns and spends money ought to do so smartly. Hence the need for financial education.
Let us examine the common characteristics amongst those who have a long proven history of financial planning and intelligence and have earned and managed high incomes successfully.
• Planning: They create a comprehensive financial plan of action that they manage and implement on a daily basis.
• Save 10% of Income: They save at the very least 10% of their earned income and utilize it for investment purposes.
• Minimise Purchasing Liabilities: They avoid purchasing liabilities or restrict making such purchases from profits earned from smart investments.
• Set long and short-term money goals: Goals provide these people with both short and long-term objectives that keep them focused and motivated throughout their day.
• Strategically spend money: Every purchase they make is thought through carefully.
It is time to hear from our guest speaker this week, Mr. Anthony Onah, a financial analyst and consultant economist. He will throw more light on this interesting subject. Please enjoy the episode.
Our dear Rivers People, please remember to always let your manners speak for you.
God bless and keep you and your families and God bless Rivers State.
Her Excellency, Justice (Mrs.) Eberechi Suzzette Nyesom-Wike, the Wife of the Governor of Rivers State and Initiator of the RivEthics Social Development Initiative.
You can also listen to and download the Pidgin English version of this Episode below