Fgc Financial Empowerment Seminar
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Rev. Laja Shoniran is a financial intelligence expert advocating for financial literacy and entrepreneurship training to empower individuals and combat poverty. He emphasizes the importance of planning for retirement, healthy financial habits, and understanding business principles to achieve financial abundance. The document outlines various strategies for managing finances, starting businesses, and preparing for a financially secure retirement.
Fgc Financial Empowerment Seminar
- 1. Foursquare Gospel Church Akute
- 2. Rev. Laja Shoniran is a well known Financial Intelligence Expert, author and a successful ManagementConsultant.A financial literacy advocate with passion for entrepreneurship training and financial literacy skills as tools for equipping young people, leaders and professionals for purposeful living and empowering them with skills to achieve their full economic potentials. He is anAlumni of Lagos Business School - PanAtlantic University, a fellow of the Certified PublicAdministrators of England andWales, a Certified ManagementConsultant with Centre for Management Development and an associate of the Certified Cost Management Institute of Nigeria. The initiator and Project Director of Financial Literacy for All andTeach ChildrenTo Save Initiatives.An NGO promoting savings culture, financial literacy and entrepreneurship in Nigeria andAfrica 2
- 3. Financial Empowerment Causes of Business Failures Retirement Planning (Life afterWork-Life) Overcoming Financial challenges in Retirement
- 4. “While the earth remains, seedtime and harvest, and cold and heat, and winter and summer, and day and night shall not cease” Genesis 8.22 ‘For the children of this world are in their generation wiser than the children of light’ Luke 16; 8 “My people are destroyed because of lack of knowledge” Hosea 4; 6 “Wisdom is the principal thing therefore get wisdom, and in all thy getting, get understanding” Proverbs 4: 7
- 5. To unlearn what we have learnt that is no longer effective To learn how to make, manage and multiply money To be Empowered Financially
- 6. Comfortable in “Uncomfort” Zone You love the old ways – resistance to change Over-Confidence/ I know it all Syndrome It is too easy or too hard Some say ‘You can’t teach old monkey new tricks’
- 7. If you don’t know what they do, you can fast and pray from now to eternity, you still wont be as buoyant as you ought to. God built the world on principles. That’s why we don’t have to pray for the sun to rise and set, for the stars to appear, for oxygen to flow into our system, for day to break or night to fall Our God is a God of order, He is not a God of confusion. He is not a moody God who blesses people as he pleases. Once you follow the principles He laid down in any area of life, you will surely get the desired results. But the problem is that most of us crave for miracles but we refuse to follow the principles. God certainly doles out miracles but it will take the principles to sustain them. So how can we cultivate the type of mindset that will bring financial abundance?
- 8. “A budget is telling your money where to go instead of wondering where it went Dave Ramsey
- 9. Average People Have Lottery Mentality. Rich people have an action mentality” Steve Siebold
- 13. Whoever thinks money doesn’t buy happiness, transfer all your money into my account …
- 14. “if you find yourself saying to yourself that you can’t afford to save money right now, you are lying to yourself”
- 18. To be given the tools and resources necessary to make confident and informed decisions An external process which builds a person’s self- esteem and confidence in his/her ability to make good decisions, to control his/her own life and to achieve success The main essence of empowerment is to become financially free – financially empowered because money answers to all things
- 19. Financial Empowerment is the process of learning, developing and establishing healthy financial habits and maintaining them for a lifetime. Healthy financial habits includes; ▪ Saving regularly ▪ Spending wisely ▪ Investing ▪ Starting and Growing your business ▪ Frugality ▪ Prudence ▪ Hard work ▪ Integrity ▪ Planning and goal setting
- 20. We need empowerment in order to manifest as children of God To fulfill the purpose of God To achieve our dreams and aspirations in life To help empower others To propagate the gospel of Jesus Christ To break the power of poverty To unleash the wealth creation power given to us by God
- 21. Identify what you have Research and acquire knowledge on how to use yourTime,Talent andTreasure Start with what you have Deploy your 3Ts to generate income Manage the money/income generated from your 3Ts Invest in stocks and other businesses so your money can continue to work for you Start your own business
- 22. There is a business in all aspects of human endeavour. Wherever there is a need there is likely a business meeting that need Business require more energy than employment More than 85% of businesses stated today will not be existing in five years Business failure is no respecter of size of business. Micro fails; small fails; medium fails; large fails and Multinational fails as well There are 400million businesses around the world
- 24. Starting a business for a wrong reason; Lack of planning; Insufficient funding; Poor management; Lack of focus; Lack of Market differentiation; Outsourcing can eliminate unnecessary spending; Mismanagement of business funds; Lack of business visibility; Poor customer services. No generating enough sales
- 25. You are not in business until you make a sale The Business of the business man is to manage the money that the business is generating
- 26. Stamp Collecting – Philately Other collectibles – jewellery, arts, Blogging Writing – freelancer.com Programming/coding Playing an instrument Hand crafting Baking and cooking Photography and Graphic designs
- 28. ‘To live in misery is to leave your twilight years to chance!’ ‘The secret of your future is hidden in your daily routine’ Mike Murdock “The future belong to those who see possibilities before they become obvious”. - Theodore Levitt
- 29. You will have 25 - 35years of life after work-life Work-lifeWithdrawal Syndrome Have to live on a fraction of your current income Need more money to meet golden years expenses May need another sources of income Live to see your children grow old Likelihood of living in old peoples’ home
- 30. Are you Ready? Are you Preparing?
- 31. We live out our lives in search of, and waiting for, our golden years of retirement, assured that all will be well, if we can just reach the age of 65. But, even if we sweat and toil for the financing to support our life of ease and leisure, how many of us actually plan on just what we will do, when our days are no longer filled with the 8 to 5 scope of work? Is there life after work-life/retirement? Are there several ways to stay active and make money after retiring? 31
- 32. Your future is a direct derivative of the plans you place in motion today. STAGE 1 STAGE 2 STAGE 3 Morning Afternoon Evening Infant Adulthood Old Age Childhood Economic Age Retirement Dependent Independent HARVEST ENTREPRENEURSHIPTRAINING 32
- 33. Planning for the three stages of retirement ensures peace. STAGE 1 STAGE 2 STAGE 3 Immediately Later Much Later Abundance Limited Options Old Age Issues High Energy Low Energy Inactivity Independence Require Assistance Dependence ENTREPRENEURSHIPTRAINING 33
- 34. 75% of retirees loose all or some part of their terminal benefits to scams and fraudulent businesses Decide how you intend to spend your retirement – idleness is a killer in retirement Don’t wait till you’re too tired before retiring Be aware of all the benefits that should accrue to you upon retiring Attend seminars and workshop on retirement planning – knowledge is power Personal savings and investment should be part of the retirement planning Develop a hobby you are passionate about Join and be active in Professional/Alumni associations and humanitarian club
- 35. Start a business in the area of your experience Use the network you have built over the years Attend entrepreneurship seminars often prior to your retirement Don't invest all your benefit in a business. Any business can fail Be creative, start a business that requires little capital – be a consultant
- 36. This is the digital age and technology is making life easier and things that are hitherto impossible possible Be digitally compliant. More than half of the world’s population are online don’t be excluded Technology can make running, monitoring and growing your business much easier Social media should be used to enhance your social interaction and relationships
- 37. Do you know your networth? How much of your assets have you secured through insurance What is the estimate of the returns on your investments? Can the return take care of your living expenses when you retire Have you written a will? – After life Budget
- 38. Develop interest in the digital reality of today, be social media compliant Don’t expect your children to come take care of you – they are not wired like that Expect to pay your grand children school fees.There are more grandparents paying the school fees of there grandchildren today than ever in the history of the world
- 39. About 78% of retirees will encountered insufficiency of financial resources
- 40. Lack of planning – Leaving retirement to chance Inadequate provision for retirement Spending retirement income for emergencies Inadequate retirement income Expectations from family and friends Inability to change to a moderate life style Lack of interests outside job during employment
- 41. Take Stock of your assets Learn new skills –YouTube videos Become active in alumni/professional associations, volunteer group etc Re-activate your hobbies Curtail your social spending
- 42. Visiting my age-long friends to keep in touch Engaging in part-time assignments to make more money Engaging in political activities Learning to mind my business Learning to live a moderate life style Talking to people I trust Dedicating more time to Religious Activity/Charity Engaging in exercise to keep fit Taking up contract appointment Participating in activities of Union of Pensioners
- 43. See god as the source of all gold Learn to Manage your resources better Use your mind; be creative and dream big Develop positive mental attitude Enlarge your network – Manage Relationship Take responsibility for your life Develop skills for the digital age Don’t forget to develop your spirit through the word of God
- 44. Rev. Laja Shoniran Managing Consultant Infinite Intel Consult HRTraining, Recruiting, Outsourcing & Business Consultants Project Director Financial Literacy for All (Teach Children to Save Initiative) Tel: 08023005235 E-mail: [email protected] Website: www.mymoney-ng.com
Editor's Notes
- #32: No matter how hard we may work in the pre-65 years, we still may not have enough money to see us through the so-called golden years. With pension and retirement benefits becoming more insecure, and retirement money being spent on survival before 65, there may not be enough money to allow for even the basics of survival, once retirement is finally achieved. So, what does one do? How can a retiree enjoy life after age 65, and still afford to eat and sleep under a safe, secure roof?
- #34: Immediately after retirement – Abundance of energy and money Second stage of retirement: As the body slows and the desire for travel wanes, there are fewer opportunities for consumption. Costs creep up again in the third phase, in which seniors may become physically or mentally impaired
- #36: The mindset for having a successful career in the public service is quite different from what is required to succeed in the business world Less than 1% of former employees NCC will be able to do business as contractors and consultants to NCC Entrepreneurship training should be an essential part of retirement planning
- #44: Use your mind, use your imagination - dream big The Human Mind is a GOLD MINE It needs to be explored to bring out great ideas. All that we see around us are results of the exploration of the human mind. That is what makes man different from all other creatures of God Research has shown that as much as 50,000 different thoughts go through our mind on daily basis but majority of these thoughts are negative. The creative force for dominion lies in the mind Create a strong passion for what you do; ‘success is not all about doing what you love doing but about creating a passion for what you have to do’ Stop blaming somebody else for what you are going through; if you succeed it is your choice and if you fail its still your choice