IFUMSA × RiseVest: How to Build Towards Financial Freedom
It is said that money is one form of power, but what is more powerful is financial education. This statement could not be more valid in a system such as ours. More emphasis is laid on studying courses and acquiring skills that would enable one to command a high salary with little or no attention to saving, investments, and other money-growing enterprises.
Luckily, IFUMSA came to the rescue with the Quintessential team’s debut financial literacy programme in conjunction with Risevest titled “How to build towards Financial Freedom.” As earlier announced, this was to be the first of a series tagged: “The Smart Money Doctor Series.”
The Webinar could best be described as “value overload” as so many financial nuggets were shared as well as a proven way to build wealth from an elementary stage.
The programme commenced with the Quintessential President ‘Lolu Akinteye appreciating all present and sharing a few words on the importance of the programme. Yemi and Dotche were the two representatives from Risevest. In the lecture that followed, Dotche stated that the beginning of every financial journey was a source of income, with money being the tool that allows you to build towards financial freedom. And for one to achieve financial freedom, one must consciously ensure that one’s income is always higher than one’s expenses.
Dotche also emphasised that it’s easier to cut down on expenses than to increase one’s income in practice, so financial prudence is key. He then talked about savings and investments. Worthy of note is the need for the creation of an emergency fund by way of saving. Basically, an emergency fund is the sum of at least three months worth of your expenses, so you aren’t immediately stranded if you lose your source of income. He also stated that savings are best kept where it’s liquid, i.e. easily accessible.
On the other hand, investments help you grow your income, make you financially independent and financially secure to freely make choices such as travelling for leisure, following your passion, etc. As it is commonly said, investments are usually not without risks and the higher the risk, the higher the returns. He also further explained the relationship between savings and investment in wealth creation by stating that billionaires invest their savings, and compounding the profits helps them build wealth.
Furthermore, Dotche talked about Risevest as an avenue to build wealth through investments, emphasising it as stress-free. Its global assets are not subject to currency devaluation. It allows you to invest as low as $10 (N5,200). He also briefly outlined the steps involved in setting up an account on the platform-download the app, sign up, verify your account, choose a plan, add funds, etc.
There was also an avenue for questions and answers. Someone asked if the recent freezing of Risevest’s account by CBN would affect the finances of their customers and or intending customers, to which Dotche emphatically responded in the negative. “You can be sure that your investments and funds are safely managed and that funding and withdrawals will continue to be processed as normal as all our US operations remain intact,” he said.
It was an hour well spent for all attendees judging from the affirmations on the WhatsApp page after the program. We can only anticipate the next programme in this amazing series, coming up on 11th December, 2021.
Let’s have it for the Quintessential team!👏🏻