“An investment in knowledge pays the best interest.” – Benjamin Franklin
As much as money may be the root of all evil, it is a necessary evil or wouldn’t you agree? Professional security and investment officer Benedicta Omoruyi discuss the importance of saving even at this time. Her YouTube channel “Finance Chit-Chat”, is dedicated to improving the financial literacy of millennials and the general public.
The lockdown created a money down situation where as a result of not putting money aside, so many people are now cash strapped and struggling in the pandemic. If you’re struggling financially in these times, we hope you get some insights that will help you. When you save, you accumulate wealth, you have emergency funds and you have what it takes to achieve financial freedom.
Interesting Points from the Video Include:
- Savings is the money set aside after you have incurred other expenses from your income.
- The importance of savings cannot be overemphasized. One of them is having funds available for emergencies. A good example is the lockdown situation that happened some months ago.
- Benedicta describes the dangers of not having a savings culture by telling a story of a man she met in Mushin who narrated how the lockdown was difficult for him and his family because he didn’t have any savings. It was so bad that at some point, all he had was N50.
- She stresses the difference between reserves and savings and indicated that most Nigerians have only reserves.
The Advantages of Savings
a) You always have money for emergencies or situations outside control b) You have money to carry out your goals. c) You have something in your name. something you can hold on to and in the future, pass on to your kids. d) You have money for your necessities or day to day activities
From making up your mind to having a financial goal, Benedicta lays out the 411 of savings for beginners. Don’t allow situations to get critical before you start learning how to save. It is important you start now for a better future!
“Rich old people are more attractive than poor old people, so by all means, try to get rich before age sets in. Otherwise, you’ll just be playing catch-up for the rest of your life and that will just wear you out, let me tell you.” – Jill Connor Browne
Financial independence is important and what everyone craves, both young and old. A lot of the time, people are clueless on how to achieve this because these things are not taught in schools. So, what can you do about it? You can join us every week as we engage in Mimosas and enlightening money conversations! Want to be rich and famous? Join the tribe!
Anchor – Benedicta Omoruyi
Production – Epilogues production