Living in a country like Nigeria, where the lack of structure and planning for citizens’ welfare and retirement is evident, it’s crucial to take charge of your financial future. With some states still owing workers’ salaries and pensioners barely scraping by, relying on others for financial security is not a viable option. To maintain a comfortable lifestyle now and in retirement, you must be self-funded.
Acquiring the skills and knowledge to manage your finances effectively is vital. However, managing money requires discipline, knowledge, and motivation. Many people desire more money but lack the know-how to make or manage it. Some are too busy or distracted to focus on wealth creation, while others daydream about winning the lottery or gaining a political position to access public funds.
The reality is that acquiring a lump sum of money doesn’t automatically solve all your problems. Without the tools and skills to manage it, the chances of benefiting from it in the long term are slim. Take, for instance, lottery winners who lose their entire windfall within a few years and end up broke and unhappier than before.
To achieve financial success, you need to focus on four fundamentals: discipline, financial knowledge, financial goal and being intentional. If you can bring these elements together, your chances of creating wealth will increase significantly. Being intentional with ones finances is key; you must be genuinely interested and make significant moves in improving your financial situation to succeed.
The first step towards financial success is to identify your needs, objectives, and intentions. For example, if your objective is to live well at retirement, then maintain your focus on that. Develop a plan to achieve this goal, and be prepared to adjust it as you progress through life. Take intentional steps to achieve this. If you’re above 60 and unable to do active work, then never neglect your ability to invest in your social capital. If you share finances with a partner, it’s essential to understand their attitude towards money management and work together to avoid derailing your plans.
A recent survey by Westpac Bank found that over 50% of couples quarrel over money matters, highlighting the importance of aligning your attitudes towards money management. With more women taking on senior roles and earning higher incomes, it’s crucial for couples to discuss and align their financial goals. Couples need to be true to themselves and align to re-align their financial objective towards retirement.
To achieve financial success, you may need a document outlining your goals and objectives, guiding you through investment decisions, and helping you plan and monitor your finances. Seek professional guide from a financial advisor or your bank.
Identifying your goals, managing cash flow, and finding an accountability partner and financial advisor are also critical to your financial growth and wealth creation.
Don’t leave your life to chance; take control and live financially intentionally. If you leave your financial life to chance; there’s chances that you will be left with nothing. Because nothing happens by chance.
As you enter into the last quarter of the year, review how far you have gone and re-align where necessary.
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