AXA Mansard recommends early financial planning
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.”