Many people say that January is the longest month. But in actual fact it is not the longest because there are other months that have 31 days like January. These include March, May, July, August, October and December. January is unique because it is the beginning of a New Year after series of festivities.
So many people after spending much on festivities experience financial draught. And this is consequently followed by payment of school fees.
Beginning from February most people and families begins to feel some relief as businesses and activities for the New Year begin to pick up.
A businessman based in Lagos told This Is Money how some of his friends were coming to him for financial assistance when he himself was struggling to meet his own financial obligations.
However, financial planning is very important in an individual or family life. If you had planned very well earlier, January may not be that difficult because you would have anticipated the draught and put aside some reserve or probably cut your spending for festivities.
The importance of financial planning cannot be overemphasised because finance is the lifeblood of every business including personal and family finance business.
In view of this, experts say there is need for you to have a financial planner/adviser who can manage your finances in order to minimise loss and maximise returns.
Alatise Yusuf, a stockbroker with PAC Securities limited sees Financial Planners as registered entities who are licensed by appropriate authorities to manage the financial affairs of individual or corporate firm finances which can comprise either or both assets and liabilities. They can be an investment adviser firm, a trustee firm, audit firm among others.
Every individual as well as corporate body makes decisions on daily basis. Such decisions include deciding on what to eat, drink, wear, read, where to go and who to do business with among others. Everyone also plan for his/her finance consciously or unconsciously of which failure to plan put financial life at risk. If you really want to better your finances, then you cannot do without a financial planner.
A financial planner typically prepares financial plans for his or her clients. The kinds of services financial planners offer can vary widely. Some financial planners assess every aspect of your financial life which include saving, investments, insurance, taxes, retirement, and estate planning and help you develop a detailed strategy or financial plan for meeting all your financial goals.
Looking at the benefits of a financial planner he said they are independent entities who are able to see the financial affairs of whom ever engaged them from different perspective and by so doing, manages the portfolio professionally.
They also manage it at a reduced cost, their engagement allows the owner to channel their energy on other task, and they minimise risk and maximise returns. The management of the financial affairs can be for years.
By: HOPE MOSES-ASHIKE
