Expert tasks women on dangers of Ponzi schemes, non-essential purchases

Ma Semai (2nd R) and her colleagues exchange embroidery skills at an embroidery workshop in Daban Town of Dongxiang Autonomous County, Linxia Hui Autonomous Prefecture of northwest China's Gansu Province, May 30, 2020. Ma, 36-year-old and of the Dongxiang ethnic group, is one of the female embroiderers working in a traditional embroidery workshop established by local government as an approach to poverty reduction. The workshop has employed over 80 local women from the Dongxiang ethnic group who are good at embroidery, and has also attracted nearly 200 local female villagers to complete its orders at home. (Photo by Ma Xiping/Xinhua)

Nigerian women have been charged to beware of investing their monies into Ponzi schemes promising financial independence and high returns, stressing the need for adherence to the 30-day rule of savings instead.

Mrs Titilola Oladejo, a Financial and Investment Expert, gave the charge Saturday, at a webinar on Skills and Tools on Practical Financial Advice, organised by Mothers United and Mobilised (MUM). 

Oladejo expressed worry  that women still spent huge amount of their monies and capital on non-essential expenses, saying it was necessary to overcome impulse spending and boost savings overtime.

According to her financial independence for women is key to living a life of fulfilment, noting the 30-day rule which urges an individual to take the money meant to be spent on an impulse buy and save it in a savings account instead for 30 days.

“Financial independence for women is crucial, we must defer all non-essential purchases like Asoebi, fancy items and others. I am not saying you should be frugal always, but planning is important always to know what is a need and a want. 

“Women must beware of trending Ponzi schemes here and there, most of them attract new investors for nonexistent or failing businesses. They promise high return of investment, be careful not to put your money in such businesses,” she warned.

The expert noted that as the cycle of life of women emerges, there are more financial responsibilities per time, hence the need to cultivate a habit of budgeting and avoid going into debts, rather they should build their wealth early, live according to their means and avoid comparisons, noting that with a proper financial plan in place, pressures would reduce. 

While listing active income, passive income and portfolio incomes as revenue sources, Oladejo said women ought to carry out due diligence effectively when planning for investments. 
She said to invest in any business, they should consider its registration, licensing, track record and their credibility, saying assets could be gotten with investments from mutual funds, treasury bills, Bonds among others. 

Oladejo noted that women who have retired should make short-term investments which had high returns with emphasis on credibility and sustainability. 

“Women can generate business ideas by identifying the challenges around them and a need for change, they must be conscious of their environment at all times be proactive and futuristic in their thinking, they must take advantage of technological disruptions and unexpected changes around,” she added.

Convener and host of the event Dr Boluwaji Onabolu, noted that MUM is a group of Nigerian women, taking a stand with the Nigerian Youths, Children, to advocate for a better future through speaking, praying, advocacy and empowerment. 
She said the event was part of MUM’s interventions to reposition and empower women for wealth creation and contribute to social and economic development, adding that mothers who are united and mobilised can help nurture to ensure rights to safety and development of Nigerian youths. 

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