June 24, 2021

NEWS AGENCY OF NIGERIA

Africa's Media Giant

Beware of Ponzi schemes, impulsive buying, expert tasks women

Illustration for Ponzi Scheme

Illustration for Ponzi Scheme

Mrs Titilola Oladejo, a financial and investment expert, urges Nigerian women to shun Ponzi schemes that promises high returns.

By Tosin Kolade

Nigerian women have been called upon to avoid impulsive buying and tread carefully while seeking to invest their monies, urging them to shun Ponzi schemes promising high returns.

Mrs Titilola Oladejo, a financial and investment expert, made the call at a webinar on Skills and Tools on Practical Financial Advice organised by Mothers United and Mobilised (MUM).

She said it was worrisome that women still spent huge amount of their monies and capital on non-essential expenses, calling for an adherence to the 30-day rule of savings.

According to her, the rule tells an individual to take the money meant to be spent on an impulse buy and save it in a savings account instead for 30 days.

She said it was necessary to overcome impulse spending and boost savings over time, saying financial independence for women is key to living a life of fulfillment.

“Financial independence for women is crucial, we must defer all non-essential purchases like ‘Asoebi’, fancy items and others. I am not saying you should be frugal always, but planning is important always to know what is a need and a want.

“Women must beware of trending Ponzi schemes here and there, most of them attract new investors for nonexistent or failing businesses.

“They promise high return on investment, be careful not to put your money in such businesses,” the financial expert advised.

According to her, there are some financial responsibilities associated with the life cycle of women, hence the need to cultivate a habit of budgeting and avoid going into debts.

She urged women to build their wealth early, live according to their means and avoid comparisons, noting that with a proper financial plan in place, pressures would reduce.

While listing active income, passive income and portfolio incomes as revenue sources, Oladejo said women ought to carry out due diligence effectively when planning for investments.

She said to invest in any business, they should consider its registration, licensing, track record and their credibility, saying assets could be gotten with investments from mutual funds, treasury bills, bonds, among others.

Oladejo noted that women who had retired should make short-term investments which had high returns with emphasis on credibility and sustainability.

According to her, wealth creation is not a bleak idea, but can be created with the right knowledge and by being innovative, calling for more awareness on how to generate more income for women.

“Women can generate business ideas by identifying the challenges around them and a need for change, they must be conscious of their environment at all times.

“Women should be proactive and be futuristic in their thinking, they must take advantage of technological disruptions and unexpected changes around,” she said.

Event Host and Convener, Dr Boluwaji Onabolu, noted that MUM is a group of Nigerian women, taking a stand with the Nigerian youths to advocate for a better future through speaking, praying, advocacy and empowerment.

She said the event was part of MUM’s interventions to reposition and empower women for wealth creation and contribute to social and economic development.

According to her, mothers who are united and mobilised can help nurture to ensure rights to safety and development of Nigerian youths.

Onabolu said the group had petitioned the National Human Rights Commission, the Senate and other relevant bodies to insist on accountability and redress regarding the 2020 Lekki Shooting incident.

She noted that the organisation had also given a cash donation of N100,000 to a young widow, Omobolanle Bakare, whose husband was allegedly killed by police stray bullet in Surulere, Lagos State.

The convener added that plans were on to sensitise women on importance of COVID-19 prevention and vaccination in partnership with the National Primary Healthcare Development Agency. (NAN)

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