Vetiva-Proshare Tweet Meet: Nimi Akinkugbe shares tips on personal finance

Proshare

 

Thursday, March 16, 2017 6.00pm/Proshare WebTV

Nigerian erstwhile banker and entrepreneur Mrs Nimi  Akinkugbe today charged Nigerians to take savings and investments seriously, to boost their personal finance and enhance wealth management.

She shared this at a tweet meet organized by Vetiva Capital in partnership with Proshare Nigeria, on the social media platform “Twitter”.

Focusing on “Lessons in Personal Finance”, Mrs Akinkugbe entertained questions on developing multiple income streams, investment strategies , saving for the children and financial planning.

With a 23 year banking experience, She advised Nigerians to explore Mutual Funds investments, which remained a popular investment vehicle. The personal finance expert was of the strong view that Mutual Funds provide diversification, as funds are pooled to invest in a variety of securities.

Speaking further She stressed that Mutual Funds offered liquidity and provides ease in terms of entry and exit, but harped on the need for professional advise to invest  in them. Highlighting the opportunities for low-income earners, Akinkugbe shared that with people could invest in Mutual Funds, with N5,000.00

Nimi Akinkugbe who has a passion for empowering people in their personal finances, raised the need for the building of multiple competencies that lead to streams of income. According to her diverse skills and talents, will help build passive income.

Giving her perspective on Savings and Investments, she saidSaving isn't an option, it is a necessity particularly during challenging times with some level of uncertainty. There is a phrase “ Pay yourself First” Before you pay bills, before you buy anything set aside part of your income to save.  If you wait, by the time you’ve paid for everything else—rent, groceries, utilities, there will be nothing left to save”.

The publisher of the book, the A-Z of Personal Finance, noted that  the importance of saving and having emergency funds cannot be overemphasized. “Things happen; you need a buffer”. For those working she recommended the “Automated Savings”,  which means automating your savings so funds are debited as soon as your salary is credited.

For Parents concerned about finances for raising their children, she believed it takes much effort, discipline and consistency. In her words “You must set aside the funds for college from now apart from fees. They will help determine how much you need to save to reach your target”.

In the area of debt, she made a point that it was important to pay off the ones with high interest, as it was not wise to service a loan that is being earned on a deposit.

Mrs Akinkugbe is the CEO of Bestman Games and was  recently inaugurated as  a member of the Lagos State Economic Advisory Committee. 

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