ABAKWA FINANCE CLUB

05/12/2014

Dynamic planning and forecasting are vital analytical techniques that can help any business keep pace with changing economic conditions

05/12/2014

The person who says it cannot be done should not interrupt the person who is doing it.

05/12/2014

In the past few decades, research from across the natural and social sciences has provided stunning insights into the way people think and make decisions. Whereas the first generation of development policy assumed that humans make decisions deliberately and independently based on consistent and self-interested preferences, recent research shows that decision making rarely proceeds this way.

World Development Report 2015: Mind, Society, and Behavior shows that paying attention to how humans think—the mind—and how history and context shape thinking—society—can improve the design and implementation of development policies and interventions that target human choice and action—behavior.

The Report shows that poverty is not simply a state of material deprivation, but also a "tax" on cognitive resources that affects decision making. It emphasizes that all humans, including experts and policy makers, are subject to psychological and social influences on thinking, and that development organizations could benefit from means to improve their own deliberations and decision making.

World Development Report 2015:

outlines three principles of human decision making: thinking automatically, thinking socially, and thinking with mental models.

discusses how taking the human factors more completely into account in decision making sheds light on a number of areas: the persistence of poverty, early childhood development, household finance, productivity, health, and climate change.

draws on findings from many disciplines, including neuroscience, cognitive science, psychology, behavioral economics, sociology, political science, and anthropology.

"This Report distills new and growing scientific evidence on a broader understanding of human behavior so that it can be used to promote development."
—Kaushik Basu, Senior Vice President and Chief Economist, The World Bank Group

Engineers, private firms, and marketers of all stripes have long paid attention to how people actually make decisions, to the role that context and social preferences play in our decision making, and to the use of mental shortcuts and mental models to filter and interpret information. The development community is beginning to do the same. World Development Report 2015 aims to inspire and guide researchers and practitioners to discover the possibilities and limits of a new set of approaches

09/10/2014

Lions don't have to roar. There is power in silence, confidence and persistence. Those who work don't talk and those who talk don't work. Handle your business and measure your efforts by results. Focus your time, energy and activity on mastering and executing a plan.
Avoid the energy draining practice of telling people what you're going to do. Instead, spend your time and effort in doing the things that are necessary to accomplish your goals. Keep your focus and stay determined in order to pursue your dream. Let your work, not your words, speak for itself. With God first in all , u are sure of a victory.

18/07/2014

truly comprehensive, strictly fee only financial planning

Many large financial services firms now offer personal financial planning components. Sound, thoughtful and experienced financial planning is certainly extremely important in an uncertain world. Still, searching for a trusted, unbiased and dedicated professional financial planner to serve as a guide in making complex, layered, and interwoven financial and investment decisions can be an arduous process.

For most large institutions careful and attentive personal financial planning is neither a key revenue driver nor a core competency. Planning is not the primary purpose of these firms. It is not the reason for their existence. Most banks, brokerage firms, insurance companies, large investment advisory firms, national accounting firms, and others now provide financial planning services in one form or another. Nonetheless, in virtually all cases, these firms are in the primary business of providing something else: countless products and services relating to banking and credit, brokerage, insurance, investment management, tax and accounting, etc.

In such firms, personal financial planning is regarded internally as something of a loss leader. For them, the real impetus behind offering financial planning is to provide an opening to sell other, far more lucrative products and services. Moreover, once customers have been sold multiple accounts with corresponding debit and credit cards, online bill payment services, mortgage loans, lines of credit, brokerage and investment management accounts, etc., moving becomes exponentially more difficult. Customers become lifetime recurring revenue streams.

Smart consumers are becoming increasingly resistant to such strategies. And for good reason. For long enough, they have been trapped by default. They are deciding to lose the weight - the weight of never-ending fees and middlemen. They are discovering the many benefits of fiscal as well as physical fitness.

How best to travel lightly? How to handle one's personal finances and investments without all of the financial industry's excess baggage? One might attempt to educate oneself and go it alone. The challenge is in staying current on a wide range of issues. Many people have busy careers and families not to mention other outside interests. Finding a small, independent and reliable source for personal financial and investment advice on an as-needed basis may present an attractive alternative. While not common, small, highly qualified firms do exist that do not have asset minimums and do not require ongoing asset management fees.
Choosing the right financial planner

A good financial planner will generally have at least a decade of experience in advising others in important matters involving personal financial planning and investments. The best planners are also excellent listeners. A professional background in law, accounting, finance or engineering is helpful but not essential. Practices vary, but many top practitioners are fee only Certified Financial Planners® with one or more professional degrees. Financial planning for these individuals is both a passion and a core competency. It is what they do best. All or a substantial portion of their firms' revenues are generated by financial planning, whether on an hourly or flat (fixed) fee basis.

Fee only financial planners are true fiduciaries. They are professionals who are obligated to act in their clients' best interests. Careful, attentive, individualized financial planning is hard work. It is time consuming. It does not lend itself particularly well to scale.

Commerce-buying and selling-does help make the world go around. Smart consumers, however, are jumping off what increasingly seems to be less merry-go-round-and more just plain runaround. Like-minded fee only professional financial planners are true and trusted fiduciaries with no competing sales goals or directives. They are there if, as and when needed to help with a wide range of issues relating to personal finance and investing. For these planners, financial planning is akin to a religious calling.

No hidden agendas. No lurking product sales. No commissions or ongoing asset management fees. Just an unswerving commitment to helping you manage, protect and grow your resources while living life to its fullest.

21/03/2014

I was taught in Counselling classes (back in 2000), that only reality any of us can come from 100% is a personal experience.. (that's how I communicate..). But ...I notice..that if we references personal thought or experience to validate any points we try to make, that gets us branded us `self-centred' or `arrogant'. People rather quote other far away people, dead people or books - to make themselves look all `educated, pompous, academic' and such. My advise - stay true to the self.. use personal experiences to illustrate points. Then, no one else is an Expert in what you are saying..other than you yourself!

12/11/2013

THE ABC ON HOW TO MANAGE AND SAVE YOUR MONEY.

Learning how to manage your own finances is a critical skill that helps to ensure your financial stability in the future. Whether you are interested in saving for retirement, creating a nest egg or paying down debts, there are positive steps that you can take to streamline the techniques you use to manage your money. No matter how good or bad your current finances are, there is always room for improvement

1. Goal Setting
o It is hard for anyone to begin implementing financial management techniques unless they have concrete goals for their financial future. Determine where you see yourself financially in the next five years, the next ten years and at retirement. You may not have aspirations to be a millionaire, but simple things like saving for a downpayment on a home or calculating what it will take to put your children through college are perfect examples of short and long-term goals. Calculate your income against expenses to get an accurate view of where you need to save and reallocate funds to achieve your goals. Open a specific savings account or investment account to track your savings.

2. Budgeting Skills
o Once you have your goals in place, it will be much easier to take a hard look at where your money is going. By writing down your expenses and categorizing them as "need to have" and "nice to have," you will quickly realize opportunities to save. If your five year plan, for instance, is to buy a house, you may decide that you can sacrifice a few extra meals out per month and place the equivalent funds into your savings account. Be specific in your savings plan. When you take into account your paycheck and your expenses, choose a concrete figure that you need to save. Analyze all your bills for savings opportunities and remember to check different providers for services such as cell phone service, Internet and cable. If you choose a cable bill that is 2,000FCFA lower than your current plan, for instance, you should allocate that 2,000FCFA to your savings account. An extra income should not generate and additional spending but rather and additional savings.
o

3. Saving
o Now the hardest part - saving. To successfully take control of your finances, you need to think of your savings account as untouchable. Where many people feel temptation is when the savings account starts to grow. Remember the long term goals. Resist the urge to splurge on a vacation or something else that may tempt you when you see the extra zeros in your bank account. Your savings will continue to grow, especially if you set an automatic savings money transfer or a standing order . The same goes for credit cards. It's tempting to "buy now and pay later," but remember that anything placed on a credit card and not paid right away will accrue interest as well, meaning you are paying more for items than what the price actually was. And finally consider your savings as your top expense.

12/11/2013

PERSONAL FINANCIAL MANAGEMENT TECHNIQUES

Learning how to manage your own finances is a critical skill that helps to ensure your financial stability in the future. Whether you are interested in saving for retirement, creating a nest egg or paying down debts, there are positive steps that you can take to streamline the techniques you use to manage your money. No matter how good or bad your current finances are, there is always room for improvement, If you follow these THREE basic Steps;


1,Goal Setting

It is hard for anyone to begin implementing financial management techniques unless they have concrete goals for their financial future. Determine where you see yourself financially in the next five years, the next ten years and at retirement. You may not have aspirations to be a millionaire, but simple things like saving for a down payment on a home or calculating what it will take to put your children through college are perfect examples of short and long-term goals. Calculate your income against expenses to get an accurate view of where you need to save and reallocate funds to achieve your goals. Open a specific savings account or investment account to track your savings.

2, Budgeting Skills

Once you have your goals in place, it will be much easier to take a hard look at where your money is going. By writing down your expenses and categorizing them as "need to have" and "nice to have," you will quickly realize opportunities to save. If your five year plan, for instance, is to buy a house, you may decide that you can sacrifice a few extra meals out per month and place the equivalent funds into your savings account. Be specific in your savings plan. When you take into account your paycheck and your expenses, choose a concrete figure that you need to save. Analyze all your bills for savings opportunities and remember to check different providers for services such as cell phone service, Internet and cable. If you choose a cable bill that is 2,000FCFA lower than your current plan, for instance, you should allocate that 2,000FCFA to your savings account.

3,Saving

Now the hardest part - saving. To successfully take control of your finances, you need to think of your savings account as untouchable. Where many people feel temptation is when the savings account starts to grow. Remember the long term goals. Resist the urge to splurge on a vacation or something else that may tempt you when you see the extra zeros in your bank account. Your savings will continue to grow, especially if you set an automatic savings money transfer or a weekly or monthly standing Order . The same goes for credit cards. It's tempting to "buy now and pay later," but remember that anything placed on a credit card and not paid right away will accrue interest as well, meaning you are paying more for items than what the price actually was. Also consider your allocated monthly or weekly savings as an obligatory expense.


Read more: http://www.ehow.com/list_7299747_financial-management-techniques.html

Learning how to manage your own finances is a critical skill that helps to ensure your financial stability in the future. Whether you are interested in saving for retirement, creating a nest egg or paying down debts, there are positive steps that you can take to streamline the techniques you use to…

12/11/2013

Learning how to manage your own finances is a critical skill that helps to ensure your financial stability in the future. Whether you are interested in saving for retirement, creating a nest egg or paying down debts, there are positive steps that you can take to streamline the techniques you use to manage your money. No matter how good or bad your current finances are, there is always room for improvement.

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