Making Money Work with Sola Adesakin

Sola Adesakin is an experienced and versatile Chartered Accountant with about 17 years of hands-on experience on Personal and SMEs finance. She is a personal Finance Coach, Trainer and Conference/Seminar Speaker. Through her blog and The Smart Stewards Academy, (www.smartstewards.com), she has helped many men and women bounce back from stress to rest and from debt to wealth.

On this Episode You will learn:

• How to Make Money Work for you.
• How to Manage and Multiply your finances.
• Why you need to have financial literacy.
• Tips to Saving and Investing the right way.

Read a Summary of the Episode below:

While defining the topic of making money work, she said that money was just a resource like oxygen and water that one needed still one has to have a good mind-set to put money to work. She pointed out that people often saw a dime as 10 Naira as insignificant she ruled this out saying that if one is to be effective at making money value has to placed on every kobo. She spoke on the side of smart work and hard work, saying that although hard work is paramount, one still needs to put in smart effort to make money.

She recalled a time that despite earning on the high side she couldn’t manage money or invest because she had no financial literacy but now after, her mindset around money had changed. She was of the opinion that anyone could attain financial freedom if they read on financial literary adding that even with the richest people in the world there were financial advisers making financial decisions for them.

She said interested persons could take free financial literacy courses online with lots of videos discussing ways to manage and multiply money amongst others. She stressed on applying for financial literacy courses within one’s geographical location as financial factors within different areas vary. She ruled out the notion that only wealthy people could invest while describing the principle of investment as simply putting one’s money to work.

She went further to explain that with savings one is able to put money aside but with an investment one’s money is able to actively work beyond their reach. For starters who are looking to invest, she said they could start by investing in real estate, stock, shares or fixed income securities as treasury bills as well as mutual funds with as low as 5,000 Naira. While advising against money doubling schemes, she said that wealth-building was a marathon that has to consistently build on and form the habit so it becomes part and parcel of the individual.

To persons who found saving difficult, she said that people work and pay for taxes, rent, bills but seldom think of paying themselves adding that one’s savings, investment was compensation for hard work. She soon announced that she would be starting a four-month saving challenge on twitter, where people can be accountable and disciplined as they save within four months through Fintech platforms. She further advised persons who struggled with saving to start by deactivating their online banking and cut off triggers of excessive spending but to also ensure to be accountable to someone.

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