On February 27, 2025, the Kwara State chapter of NNEW held its inaugural meeting of the year, with
Theme: “Financial Empowerment.”
Topic: “Financial Literacy Bootcamp”
Speaker: Mrs. Damilola Olubunmi.
Participants were told that to make money work for us we have to work on the following:
Savings, Budgeting , Investment
She further explains each of them:
– Savings: is money set aside rather to be spend
– Budgeting: is planning on how to spend
– Investment: is putting back your money to get more in the future.
Further explained things to do as business owners:
* Pay yourself with 10% of your income which must be saved to reinvest for a major purpose or target need for improvement in our business.
* Factor in the economic financial decision by knowing what’s going on in the economy and the impact of it in our business.
* Reduce your dept to income issues she explains why loan keep you in circles of financial stagnation.
* Creating different values of chain from our business by having in mind what’s the need of our business.
* Collaboration.
* Set money date by going through our expenses to know what to cut down.
She also talked about how our income can be spent and it was breakdown into three segment
1) Personal financial 10% as savings
2) Emergency Fund 20% as unexpected
3) Living expenses 70% vacations,rent, transportation, food etc
She also talked about different kinds of investment we can invest in and their risk tolerance which was categories as low , medium and high risk with examples of such investments
Low risk: Mutual fund, Treasury bill and Federal bond
Medium risk: Stock, Real estate
High risk: Forex, Crypto etc
