Being resilient, having multiple streams of income, and building emergency funds, have been identified as key attributes of an individual on their way to financial security.
This formed part of the submissions made by Tosin Olaseinde, Founder/CEO of Money Africa, at the special Grow With V webinar, themed, ‘What Does Your Half-Year Finance Report Say?’ organized by banking app of the year 2020, VBank. The one-hour conversation was anchored by the Public Relations & Communications Manager, VFD Group, Lolade Nwanze.
The Financial Literacy expert reiterated that Personal Finance is a long-term project which mostly requires the right mindset, at 80 percent, to succeed, and only 20 percent of knowledge. While fielding questions from the participants and anchor, she encouraged participants to start saving now in order to have a better financial second half report.
‘’ 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 in advance,’’ she said.
She 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 as it is non-interest-yielding. She warned against Ponzi schemes too stressing that compounding and time remain the best partners for financial growth.
Advising on what to invest in, Tosin 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, reevaluate, benchmark, and don’t stop tracking.”
Pro Tip: You can also create your budget directly on your VBank App.
GrowWithV 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 which has kicked off with financial literacy expert, Tosin Olaseinde. You can watch the full conversation here using the passcode 6ov6!XzF
You can also create emergency funds by setting up Target Savings in your V app or even join the Veelage for a side source of income. Tracking is an important tool for keeping an eye on your money and the budget feature in your app allows you to do that accurately. If you are yet to download the VBank app, now is a good time to. Just click https://vbankng.onelink.me/VL90/blog to sign up and for more information.