By Cynthia Alo
Chief Operating Officer, (COO) AXA Mansard Investments Limited, Mr. Alex Edafe has advised Nigerians to kick off the year making wise financial decisions to achieve set goals in 2020 in order to start the journey towards financial independence.
He stated this in his new year message saying, “Yearly, people all over the country aspire for financial independence by starting out with New Year resolutions and set goals but that, however, many are still unable to realise these goals due to various reasons including low financial literacy, low determination, unclear goals and late implementation of financial plans, although it is better late than never.”
He explained that financial independence can be achieved by focus and intentionality adding, “It is important to start taking decisive steps now to foster the achievement of 2020 financial goals.
According to him, ”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. Medium-term (1 – 5 years) goals will 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 whereas long-term (after 5 years) goals include philanthropy, retirement savings, financial independence among others.”
He stated further, “Key strategies that can be applied for financial success in the new year include 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.