The Head of Sales at Stanbic Investment Management Services, Mariam Maku Amissah, says financial wellness and financial independence are possible in 2022 with little changes to one’s habit.
Speaking as part of the Effective Living Series on the Citi Breakfast Show and Breakfast Daily on Citi FM and Citi TV respectively, she said one can go on retirement on their own terms if they plan and work towards it.
“You can retire on your terms, but you need to know what your terms are to work on it,” she said.
Maku Amissah further shared nine (9) pillars for achieving financial wellness in 2022:
First, she called for the drawing up of a financial plan.
“It may sound very easy, but it is not easy. I suggest you find an investment advisor, and it doesn’t come at a charge. A retirement plan is part of the financial plan. Don’t wait for the retirement to plan your retirement,” she noted.
She also made a case for drawing and sticking to budgets.
“What are you doing now in terms of your budget, and a budget tells you where your money goes to instead of wondering where it went. You also have to make provision for savings on your budget, including paying yourself,” she said.
Other points she mentioned included:
Investment in viable financial vehicles
Getting an extra source of income
Having accountability partners
“The journey to financial wellness is a long one, and so you need someone by the roadside that is cheering you on,” Maku Amissah noted.
Paying off one’s debts is also critical for achieving financial wellness in 2022 in addition to avoiding a quick cash scheme.
Last, she called for the creation of an emergency fund.
“The emergency fund is really a fund that when you have lost your job, for instance, you have the capability to take care of yourself and family for at least six months until you land your next job.”
Listen to the full audio below:
