“Don’t Spend to Impress Spend to Invest” – Mr. Peter Asare Nyarko Executive Director, Clfe Africa

[vc_row full_width=”stretch_row” pix_particles_check=”” css=”.vc_custom_1648218350020{padding-top: 80px !important;padding-bottom: 80px !important;background-color: #ffffff !important;}”] Speaking at the Startup Dialogue Mr. Peter Asare Nyarko the Executive Director of Centre For Financial Education (CFLE Africa) advised participants to not spend to impress but rather spend to invest. He spoke on five major things one should know when planning for their finance and how one could transition wealth for generations

These were the five major things one needs to know when planning for their finance according to him.

  1. The meaning of money. To plan your finances there is the need to know and understand what money is.
  2. Making of money. After understanding what money is, one would need to know how to make money.
  3. Managing money. This comes you have made money, and you learn to manage it.
  4. Multiply money.
  5. Move money

[pix_img rounded_img=”rounded-lg” align=”text-center” img_div=”text-center” style=”” hover_effect=”” add_hover_effect=”” width=”480px” image=”15900″][vc_column_text]One should be able to transition wealth for generations when one follows these steps.

  1. Always keep financial documents (paperwork) in an easy-to-locate place. All receipts, account numbers, etc of an organization should be put where they can be easily accessed.
  2. There is a need to know your Net worth (Assets and Liability). As an organization, it is important you know the difference between your assets and liabilities.
  3. There is a need to know your cash flow. This is your income versus expenditure. Know how much you earn and what you spend.
  4. Prioritize financial independence and retirement.
  5. Plan for major expenditures.
  6. Understand investment. The science of making money, your money must work as hard as you do.
  7. You can avoid taxes but do not evade taxes.

By following the above steps one would be able to manage their finances and also transition their wealth for generations.

Source: enterprisebureau.org

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