Thursday, January 14, 2021 / 11:27AM /
By Bukunmi Adejobi, Proshare Research, and Taiyese Nifemi WebTV / Header Image
Identifying your money profile serves as the bedrock
for proper financial management for millennials. It is a financial process that
requires careful and detailed reflection based on individual traits and
The Millennial Talk program anchors
in their recent discourse highlighted four money profiles that should be
For millennials who would like to determine their
money profiles, the anchors shared the importance of identifying their money
influencers another term that cannot be overemphasized.
According to Bukunmi Adejobi one of the anchors every
individual has a different relationship with money, which are habits that have
been ingrained in them stemming from their experiences and their backgrounds
and have in turn determined their responses to preserving money.
Adejobi and her Co-Anchor Nifemi Taiyese explained the
nature and character of the following financial personalities;
- Investors - Individuals who have their eyes fixed on the next investment strategy
available, these people pride themselves with conducting intensive
research across various platforms such as the stock market, bonds and
bills markets, real estate market, agro-tech funds amongst other
investment classes. They are risk-takers who have some part of their
income in different asset classes and keep themselves abreast of
information concerning financial markets and imvestments.
- Debtors - These are people whose expenses are beyond their income, and as such owe
money to neighbors, friends, family, financial institutions, etc. The
people in this category are often stigmatized. In some quarters it
is believed that a borrower is a 'slave' to a lender.
- Savers - These people have inculcated strong savings habit into their lifestyle, it
is essential to however save towards a desired goal such as an investment
as leaving it banks yields little or no interest rate.
- Spenders - People that fall into this category spend
impulsively and are mostly advised to think about their purchase decisions
and apply the 48-hour rule.
The anchors identified a major challenge of spending
and addressed it through offering some solutions. Millennials should identify
their toxic relationships with money and work on making money and lifestyle
less combustible and toxic.
Taiyese emphasised the importance of creating and
maintaining a balance between two overlaying profiles. She mentioned the term 'poison' which is an individual's financial weakness and advised young individuals to
detect such poison and 'detoxify' their spendings.
Perspective on Personal Finance Management Goals for
Women in 2021 - Elizabeth Ekpo
6 Ways to Do
Investment Savings for Beginners
Millennials: Foundation of a Successful Financial Plan
What is Target
Saving and How Can it Work for you this and Every Holiday?
5 Tips on How to
Raise a Financially-Savvy Child
How to Move From One
Income To Many
How to Invest for
Wealth and Financial Success
Income Security from Uncertain Income
Thoughts on How to
Build Solid Wealth