AXA Mansard has advised Nigerians to kick off the new year making wise financial decisions in order to achieve set goals in 2020 by starting the journey towards financial independence.

Speaking on financial planning, Mr. Alex Edafe, Chief Operating Officer, AXA Mansard Investments Limited, explained that, it is important to start taking decisive steps now to foster the achievement of 2020 financial goals.

Edafe stated that yearly, people all over the country aspire for financial independence by starting out with new year resolutions and set goals. However, many are still unable to realise these goals due to various reasons including low financial literacy, low determination, unclear goals and late implementation of financial plans although it is better late than never.

He pointed out that financial goals differ for everyone and could be short-term (0 – 1 year) such as investing towards the next house rent, school fees, travels, wedding, automobile among other. Medium-term (1 – 5 years) goals will not be limited to investing towards buying a property (land/house/shop), advance/continuing education, starting a business/equity ownership in business(es), future school fees whereas long-term (after 5 years) goals include philanthropy, retirement savings, financial independence among others.

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He pointed out key strategies that can be applied for financial success in the new year to include; paying attention to one’s health, building an emergency fund whilst improving financial literacy, taking insurance on risks you are unwilling to take, getting an extra source of income, automating one’s savings and investments, getting out of debt, creating and living within budget, proper recordkeeping of savings and investments.

Edafe concluded by saying that ‘financial independence can be achieved by focus and intentionality.

“As we go into the year, a great way to achieve financial independence is to invest in the AXA Mansard Money Market Mutual Fund which provides unit holders with capital preservation and competitive return. The fund is liquid, hence a unit holder can liquidate within 24hrs, affordable when you consider the minimum investment amount of N1,000, accessible through various online and offline channels and professionally managed by AXA Mansard,” he said.