Knowing your Money Profile: A Bedrock to Financial Stability for Millennials

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Thursday, January 14, 2021 / 11:27AM / By Bukunmi Adejobi, Proshare Research, and Taiyese Nifemi WebTV / Header Image Credit: iStock


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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 attitudes.

 

The Millennial Talk program anchors in their recent discourse highlighted four money profiles that should be considered.

 

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.


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Proshare Nigeria Pvt. Ltd.

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