" ITREALMS: NGE biennial convention 2015: FBN Capital boss advises media practitioners on personal finance

Sunday, April 26, 2015

NGE biennial convention 2015: FBN Capital boss advises media practitioners on personal finance

The Managing Director and Chief Investment Officer of FBN Capital Asset Management, Mr. Michael Oyebola has listed benefits of personal financing savings to media practitioners, reports ITRealms.

Speaking at the 2015 Biennial Convention of the Nigerian Guild of Editors which ended in Lagos Saturday, on the theme “Personal Finance: Beyond Editing: Investing for a secure future” Mr. Oyebola described personal finance as the financial management required by an individual or a family unit to obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.

According to him, there five key steps involve in ensuring a successful personal finance scheme, namely by doing an assessment of one’s assets and liabilities including income and spending habits. So, also is goal setting for both short and long term financial objectives.

Mr. Oyebola equally listed planning, executiving and monitoring as the remaining three key steps, stressing that by creating a plan to accomplish one’s goals, there is need to have a good execution strategies, which involves saving and investing money appropriately to make certain the “money works for you”.

The monitoring and reassessment of these investments, he said, must align with the objectives of the fund owner to ensure and apply possible adjustments and revision where necessary.

“Personal Finance is for everyone, not only for the rich,” he declared, stressing that potential fund owners need to focus on how much they save rather than how much earned. 

“As long as you earn something, no matter how small, you can personally plan for your future. Personal Finance is for everyone! We all can and SHOULD get onboard with personal financial management – it is a necessity of life,” he said.

Just as the management of income helps in understanding how much money one will need for a given period like monthly expenditures and savings.

He charged media practitioners to be prudent in cash flow management and spending, noting that careful budgeting could be an asset to keep more of hard earned cash.

Pointing out that an increase in cash flow, could lead to an increase in capital, thus allowing the consideration for investments to improve overall financial well-being.

Making provision for family security, he said, is an important part of the financial planning process, in addition to having the proper insurance coverage and policies in place could provide peace of mind for breadwinners and loved ones as well.

“A proper financial plan considers your personal circumstances, objectives and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals,” he said.

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