Nigerians have been advised to start making wise financial decision early enough this year, in order to achieve their set goals.
The Chief Operating Officer, AXA Mansard Investments LTD, Alex Edafe, who gave the advice while addressing the media on the need for good financial planning among Nigerians, said financial planning was the beginning of the journey towards financial independence.
He emphasised the importance of taking decisive steps early enough to foster the achievement of 2020 financial goals.
Edafe, stated that yearly, people all over the country aspire for financial independence by starting out with new year resolutions and set goals, but regretted that many often do not realise the goals due to various reasons including low financial literacy, lack of determination, unclear goals and late implementation of financial plans.
He, however, noted that in spite of the challenges, anyone could commence his financial planning any time, arguing that it was better late than never.
Edafe, further pointed out that financial goals differ for everyone and could be short-term (0 – 1 year) such as investing towards the next house rent, school fees, travels, wedding, automobile among others.
He also said it could be medium-term (1 – 5 years), adding that such goals would not be limited to investing towards buying a property (land/house/shop), advance/continuing education, starting a business/equity ownership in business(es), future school fees among others.
He said long-term (beyond 5 years) goals include philanthropy, retirement savings, financial independence among others.
He pointed out key strategies that could be applied for financial success in the new year includes paying attention to one’s health, building an emergency fund whilst improving financial literacy, taking insurance on risks you are unwilling to take, getting an extra source of income, automating one’s savings and investments, getting out of debt, creating and living within budget, proper record-keeping of savings and investments.
Edafe, noted that, “financial independence can be achieved by focus and intentionality.
“As we go into the year, one of the ways to achieve financial independence is to invest in the AXA Mansard Money Market Mutual Fund which provides unit holders with capital preservation and competitive return”.
According to him, the fund is liquid, hence a unit holder can liquidate within 24hours, affordable when you consider the minimum investment amount of N1,000, accessible through various online and offline channels and professionally managed by AXA Mansard.