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Financewise

Exercising due diligence

The most common advice given in this column is “exercise due diligence.” What exactly do we mean? How do we exercise due diligence? The dictionary defines due diligence as “the care that a reasonable person would exercise in order to avoid…

Mutual Funds

A Mutual Fund is a professionally managed pool of funds collected from many investors for profitable investment in different types of investment vehicles (as guided by the fund’s investment objectives). Dividend is periodically paid to each…

Personal Accounting

Every well run business is expected to prepare its accounts (financial statements) periodically. These accounts are essential for appraising its performance and guiding its management on how to move the business forward. In business…

Planning for Dependents II

Last week we talked about the need to plan the financial welfare of our dependents. We listed 6 main areas we should be paying attention to – education planning, health insurance, estate planning, life insurance, retirement planning and…

Planning for Dependents (I)

Planning for dependents is an integral part of financial planning and wealth management. Our dependents have needs that we as responsible guardians need to make adequate provision for. There are six major ways we can make the financial…

Multiple Streams of Income

The concept of multiple streams of income is one of the main pillars of wealth creation. All income streams; active income or passive income. Active income is earned through actively working and spending time and energy in order to be…

Wealth Management in Transition Periods

Our financial well-being is not isolated from our macroeconomic environment. Inflation, government’s fiscal policies, the Central Bank’s monetary and FX policies and other relevant factors must be carefully considered when managing one’s…

Financial Goal Setting

Happy New Year readers. Thank you for your readership in 2018. This column promises to bring you more gems of wisdom for effective personal finance management and wealth creation. Our 2019 financial plans should be ready. Are they SMART?…

Looking ahead

Last week we appraised our stewardship this year. This week we will look ahead and prepare for 2019. Whether we’ve been financially responsible in 2018 or not, we can do much better in 2019. However, for next year to be better than this…

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