YOUR PERSONAL WEALTH

Our world as we know it is changing – the environment, the economics of nations, religion, social norms, etc. The fabric of our beliefs and values are threatened and the internet has made the world so much smaller and information so much easier to obtain. We are increasingly faced with change on every level of life.

Family dynamics are also changing. In a 2013 Shriver Report, it is estimated that Women make up about 45% of the global workforce and are either the breadwinner in their families or contribute significantly to household expenses. What does this portend for the growing female population, especially entrepreneurs and small business owners? Furthermore, EFInA in its 2014 financial inclusion survey showed that even though the number of financially excluded persons in Nigeria decreased to 36.9m, of this number, 57.9% or 21m are women. We all will need to acquire new skills to successfully run our homes and businesses and ensure our employees are also on the right track to avoid extra burdens to us and our revenue lines. Where we choose to remain and operate at the same levels, we will find our businesses struggling and our personal lives disorganized.

Recent happening in economies around the world tell us that 2014 was just the tip of the ice berg and that 2015 will be a challenging year especially for those of us who remain aloof and ill prepared. Here is a quick look at three major changes that occurred in the last quarter of the year: •Falling oil prices- This affects everyone no matter your gender age or religion. Reduced earnings for Nigeria from oil exports means less funds available to finance development and government business. I n turn, suppliers and government contractors will not get paid on time and so payment cycles for their own network of suppliers will be disrupted. Cut backs on jobs and government expenses will follow and a possible increase in taxes and taxable items •Devaluation of the naira by about 8.4%- while this was inevitable, for an import dependent economy this immediately hikes up the cost of production of goods and consequently the prices of goods. •Increase in MPR to 13%- interest rates will increase both on deposits and lending. Most banks have already reviewed their lending rates and so cost of borrowing increases and will in turn affect cost of production and the cost of the goods being supplied to the market.

•There are also the issues of the elections and the impact on our economic activities, the continuing insurgency in the north east, the withdrawal of foreign investments from our economy through equity transactions and the seemingly insurmountable epileptic power supply

What then should be your response to these events and how can one adequately prepare for 2015? As the year comes to an end, you will need to assess your progress in 2014 and think of what you can do differently in 2015 to ensure financial success.

Let me share with you some important tips on where you should be focusing your efforts in 2015. •Develop a short, medium and long term plan for your personal and business finances

No matter how often you hear it said, it never loses its efficacy. Plan, Plan and plan again. The success of a plan is not so much in your having the plan, but the discipline it takes to make one and follow it through. There will be challenges and setbacks along the way but having a good idea of where you want to be helps to keep you focused and hopeful even in the midst of setbacks. Review your expenses

Now is a good time to begin planning on reducing excess and needless spending. Calculate your monthly expenses and review areas you can cut back or eliminate without totally disrupting your lifestyle. •Shore up your savings… start TODAY! Without savings, you cannot invest. You MUST have seed money or savings to start a business, buy land or enrol for a programme. If you have spent all year spending every naira you made, now is the time to take corrective action and set yourself on a new path for 2015. So what can you do?

•Join an esusu group in your office, school, church or fa mily. Seek like-minded people please

•Start an investment club yourself- get 5 or 6 of your friends and colleagues and commit to saving a certain amount for 6months. It’s a start and by half year 2015 , you will have enough to start an investment account

•Set up a standing order on your account for the next 12months and put away a decent sum each month. By the end of 2015, you will be surprised at how much you have saved. Protect your assets:

Take out an insurance policy- Car, Health, Household, Life, and Education. If you have saved enough money to buy a car or some other asset why would you not protect it? Ensure you have a valid insurance policy for your assets. It may look like needless expense now, but it always pays off in the event of a loss. Key policies to have are Car, home and health. Life is a mandatory requirement by law for all employees so you should be covered if you are in paid employment.

•Maintain a disciplined approach to saving and spending.

Remember it’s not how much you save when you start but the acquisition of sound financial habits that will give you a secure and stable future.

So take time out to think through your resources and goals for 2015 and work out a realistic financial plan. Seek relevant information from experts and be prepared to take corrective measures in the event of a downward trend in your plan. All in all, remain focused on your budget and plans.

Have a fulfilling 2015.

Seek relevant information from experts and be prepared to take corrective measures in the event of a downward trend in your plan. All in all, remain focused on your budget and plan