AXA Mansard rec­om­mends early fi­nan­cial plan­ning

The Punch - - INSURANCE -

AXA Mansard, a mem­ber of AXA, a global leader in in­surance and as­set man­age­ment has ad­vised Nige­ri­ans to start the year by mak­ing wise fi­nan­cial de­ci­sions in or­der to achieve set goals in 2020 and start­ing the jour­ney to­wards fi­nan­cial in­de­pen­dence.

In a state­ment, it said, yearly, peo­ple all over the coun­try as­pired for fi­nan­cial in­de­pen­dence by start­ing out with New Year res­o­lu­tions and set goals.

How­ever, it added, many were still un­able to re­alise th­ese goals due to var­i­ous rea­sons in­clud­ing low fi­nan­cial lit­er­acy, low de­ter­mi­na­tion, un­clear goals and late im­ple­men­ta­tion of fi­nan­cial plans.

Ac­cord­ing to the state­ment, it was bet­ter to start late than never.

The Chief Op­er­at­ing Of­fi­cer, AXA Mansard In­vest­ments Lim­ited, Mr Alex Edafe, ex­plained that, “It is im­por­tant to start tak­ing de­ci­sive steps now to foster the achieve­ment of 2020 fi­nan­cial goals.

Fi­nan­cial goals dif­fer for ev­ery­one and could be short­term (zero to one year) such as in­vest­ing to­wards the next house rent, school fees, trav­els, wed­ding, au­to­mo­bile among oth­ers.

“Medium-term (one to five 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 said key strate­gies that could be ap­plied for fi­nan­cial suc­cess in the new year in­cluded pay­ing at­ten­tion to one’s health, build­ing an emer­gency fund whilst im­prov­ing fi­nan­cial lit­er­acy, tak­ing in­surance on risks one was un­will­ing to take, get­ting an ex­tra source of in­come, au­tomat­ing one’s sav­ings and in­vest­ments.

Oth­ers were get­ting out of debt, cre­at­ing and liv­ing within bud­get, proper record­keep­ing of sav­ings and in­vest­ments.

Edafe stated that fi­nan­cial in­de­pen­dence could be achieved by fo­cus and in­ten­tion.

“As we go into the year, a great way 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.

“The fund is liq­uid, hence a unit holder can liq­ui­date within 24 hours, af­ford­able when you con­sider the min­i­mum in­vest­ment amount of N1,000, ac­ces­si­ble through var­i­ous on­line and off­line chan­nels and pro­fes­sion­ally man­aged by AXA Mansard – a Fund Man­ager reg­is­tered by the Se­cu­ri­ties and Ex­change Com­mis­sion.”

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