Personal finances are the financial management required by a person or family to budget, save and spend their monetary resources over time, taking into account financial risks and future events in their lives. The key component of personal finance is financial planning, which is a dynamic process that requires regular monitoring and evaluation. In general, there are four steps: 1. Evaluation: The financial situation of a person or family is assessed through a balance sheet showing the values of personal assets (for example, automobile, home, investments in shares of companies and clubs, bank accounts), together with the personal liabilities (for example, credit card debt, bank loans, mortgages). Personal income and expenses are listed in a personal income statement. 2. Creation of the plan: The financial plan details how to carry out objectives. It could include reducing unnecessary expenses and increasing job performance independently. 3. Execution: The execution of a financial plan often requires discipline and perseverance. Many people get help from professionals such as accountants, financial advisors and lawyers. 4. Control and re-evaluation: As time passes, the financial plan is monitored for possible adjustments, as well as a previous contingency plan for special cases. In times of crisis it is important to learn how to manage your finances.
Not when Mr. Philips Ayeni is around, there can never be a dull moment with him.
With his huge sense of humour that is electrifying and expance of knowledge that he has built in the last three decades that cut across different sectors, I will always want him to talk to either get me laugh or get me think.
Many quiet side talks he had with me at this meeting.
He is a Chartered Accountant and Deputy Managing Director of Precise Financial Solutions, (PFS). PFS is a software/fintech company that makes cheque clearing happens within 24 hours rather 3 days it used to be before among many global projects they are working on.
His areas of endeavours cover accountancy, tax administration, auditing, research & development with the application of the features of modern Information Technology as a tool.
Even when you are not eating, he will great you "eku ilabe"