understanding your financial status
TRANSCRIPT
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UNDERSTANDING YOUR FINANCIAL STATUS
Knowing what you can do to improve your finances
Iriobe OfunreMarch, 2017
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To know thyself is the beginning of wisdom
--
Socrates
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To understand your
financial status, you
need to first
understand yourself
Your financial status is connected to your personality
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UNDERSTANDING YOURSELFYou need to define your core values. They are the principles that guide your decisions in life. They are your beliefs, habits and priorities
Know your strengths and weaknesses, your passions and fears, your desires and dreams
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Financial Status• The financial standing of an
individual in respect to the objectives to be accomplished
• The process of measuring a person’s financial activities in monetary terms.
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DETERMINING YOUR FINANCIAL STATUSEarnings
Financial status
Attitude towards money
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Your financial status is not determined by how much you earn, but by your ability to exercise control over your finances.
A person's financial attitude, value or beliefs can influence
their financial stability and goal setting, and can be an indicator of
financial management practices such as savings, spending, loan delinquency, and
credit card debt (Chien and Devaney, 2001; Parotta and Johnson, 1998).
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Anything that attracts your attention over a
period of time. Activities that you enjoy.
Your hobbies, passions etc
Things that shape your financial status
Values: These are principles or standards that govern how you behave. It is your judgement of what is most important to you in life. (Financial security, creativity, excellence etc)
Personal Interest
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Your reasons for being in existence and things you want to accomplish in life.
Things that shape your financial status
Temperament
Your nature, in-born preferences.
Mission & Goals
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Things that shape your financial status
Strengths
SkillsAbilitiesTalents
Love for learningEmotional intelligence
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How to improve your financial status
1. Discover yourself
2. Improve your Financial literacy/ intelligence
3. Save/invest more and control your spending pattern
4. Embrace financial planning
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DEVELOPING YOUR PERSONAL FINANCIAL
PLANEvaluate your current financial status
– What is the state of your income compared to your expenses?
Define your financial goal– What are you targeting financially?
Develop a savings/investment strategy
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WHEN SHOULD YOU START?
Start now that
you are young,
and still have
time on your
side.
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Thank You