ITRealms:
The Managing Director and Chief Investment Officer of FBN
Capital Asset Management, Mr. Michael Oyebola has listed benefits of personal
financing savings to media practitioners, reports ITRealms.
Speaking at the 2015 Biennial Convention of the Nigerian
Guild of Editors which ended in Lagos Saturday, on the theme “Personal Finance:
Beyond Editing: Investing for a secure future” Mr. Oyebola described personal
finance as the financial management required by an individual or a family unit to
obtain, budget, save, and spend monetary resources over time, taking into
account various financial risks and future life events.
According to him, there five key steps involve in ensuring a
successful personal finance scheme, namely by doing an assessment of one’s
assets and liabilities including income and spending habits. So, also is goal
setting for both short and long term financial objectives.
Mr. Oyebola equally listed planning, executiving and
monitoring as the remaining three key steps, stressing that by creating a plan
to accomplish one’s goals, there is need to have a good execution strategies,
which involves saving and investing money appropriately to make certain the “money
works for you”.
The monitoring and reassessment of these investments, he
said, must align with the objectives of the fund owner to ensure and apply possible
adjustments and revision where necessary.
“Personal Finance is for everyone, not only for the rich,”
he declared, stressing that potential fund owners need to focus on how much they
save rather than how much earned.
“As long as you earn something, no matter how small, you can
personally plan for your future. Personal Finance is for everyone! We all can
and SHOULD get onboard with personal financial management – it is a necessity
of life,” he said.
Just as the management of income helps in understanding how
much money one will need for a given period like monthly expenditures and savings.
He charged media practitioners to be prudent in cash flow management
and spending, noting that careful budgeting could be an asset to keep more of hard
earned cash.
Pointing out that an increase in cash flow, could lead to an
increase in capital, thus allowing the consideration for investments to improve
overall financial well-being.
Making provision for family security, he said, is an
important part of the financial planning process, in addition to having the
proper insurance coverage and policies in place could provide peace of mind for
breadwinners and loved ones as well.
“A proper financial plan considers your personal
circumstances, objectives and risk tolerance. It acts as a guide in helping
choose the right types of investments to fit your needs, personality, and
goals,” he said.
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